|
Report Date : |
10.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
MORIMURA BROS INC |
|
|
|
|
Registered Office : |
Morimura Bldg,
1-3-1 Toranomon Minatoku Tokyo 105-8451 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
27.10.1876 |
|
|
|
|
Com. Reg. No.: |
(Tokyo-Minatoku)
029693 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Imports, exporter and wholesaler of Metals, Light Metals, Chemical Materials, Electronic Materials, Ceramics & Minerals products (for Refractories) |
|
|
|
|
No of Employees : |
260 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
Yen 1,421.3 Million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
Japan ECONOMIC OVERVIEW
In the years following World War II, government-industry
cooperation, a strong work ethic, mastery of high technology, and a
comparatively small defense allocation (1% of GDP) helped Japan develop a technologically
advanced economy. Two notable characteristics of the post-war economy were the
close interlocking structures of manufacturers, suppliers, and distributors,
known as keiretsu, and the guarantee of lifetime employment for a substantial
portion of the urban labor force. Both features are now eroding under the dual
pressures of global competition and domestic demographic change. Japan's
industrial sector is heavily dependent on imported raw materials and fuels. A
small agricultural sector is highly subsidized and protected, with crop yields
among the highest in the world. While self-sufficient in rice production, Japan
imports about 60% of its food on a caloric basis. For three decades, overall
real economic growth had been spectacular - a 10% average in the 1960s, a 5%
average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in
the 1990s, averaging just 1.7%, largely because of the after effects of
inefficient investment and an asset price bubble in the late 1980s that
required a protracted period of time for firms to reduce excess debt, capital,
and labor. Modest economic growth continued after 2000, but the economy has
fallen into recession three times since 2008. A sharp downturn in business
investment and global demand for Japan's exports in late 2008 pushed Japan into
recession. Government stimulus spending helped the economy recover in late 2009
and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude
earthquake and the ensuing tsunami in March disrupted manufacturing. The
economy has largely recovered in the two years since the disaster, but
reconstruction in the Tohoku region has been uneven. Prime Minister Shinzo ABE
has declared the economy his government's top priority; he has overturned his
predecessor's plan to permanently close nuclear power plants and is pursuing an
economic revitalization agenda of fiscal stimulus, monetary easing, and
structural reform. Japan joined the Trans Pacific Partnership negotiations in
2013, a pact that would open Japan's economy to increased foreign competition
and create new export opportunities for Japanese businesses. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2013 stood as the fourth-largest economy in the world after second-place
China, which surpassed Japan in 2001, and third-place India, which edged out
Japan in 2012. The new government will continue a longstanding debate on
restructuring the economy and reining in Japan's huge government debt, which is
exceeding 230% of GDP. To help raise government revenue and reduce public debt,
Japan decided in 2013 to gradually increase the consumption tax to a total of
10% by the year 2015. Japan is making progress on ending deflation due to a
weaker yen and higher energy costs, but reliance on exports to drive growth and
an aging, shrinking population pose other major long-term challenges for the
economy.
|
Source : CIA |
MORIMURA BROS INC
Morimura Shoji KK
Morimura Bldg, 1-3-1
Toranomon Minatoku Tokyo 105-8451 JAPAN
Tel:
03-3502-6431 Fax: 03-3503-2002
URL: http://www.morimura.co.jp/
E-Mail address: sales-hq@morimura.co.jp
Imports, exporter
and wholesaler of Metals,
Light Metals, Chemical Materials, Electronic Materials, Ceramics & Minerals
products (for Refractories)
Osaka,
Nagoya, Okayama, Kitakyushu
USA (2), Netherlands, Hong Kong
(3), China (4), Singapore, India (Chennai) (Subsidiaries): Chettinad
MB-F Hi Silica Pvt Ltd (India); Morimura Bros (HK) Ltd (Hong Kong); New Leo Electronics (Shenzhen)
Ltd (China).
YUSUKE MORIMURA, PRES Yoshihiro Ueda, S/mgn dir
Shunji Akieda, s/mgn dir Ichiro Wakui, mgn dir
Makoto Katagiri, mgn dir Toshiro Kato, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 84,163 M
PAYMENTS No
Complaints CAPITAL Yen 180 M
TREND UP WORTH Yen 6,926 M
STARTED 1876 EMPLOYES 260
TRADING
COMPANY SPECIALIZING IN METALS & INDUSTRIAL CHEMICALS.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 1,421.3 MILLION, 30 DAYS NORMAL TERMS
This an old-established trading firm dating back to 1876 when Ichitaro
Morimura and his brother Toyo founded a trading firm named “Morimura Gumi”, and
has been succeeded by their descendants.
The firm has played major role in establishing a number of major
ceramic-related companies, such as Toto Ltd, NGK Insulators Ltd, NGK Spark Plug
Co Ltd, Noritake Co Ltd, etc. In1993
Shunsuke Morimura, now ch, was appointed as pres, and in 2002 the current pres
Yusuke Morimura was appointed to the pres office. This is a trading company now handling a wide
range of materials from ceramics, industrial chemical materials to foods,
household items (see OPERATION). Overseas trading ratio is very high.
Sole agent for: Norsk Hydro ASA (Norway); Magnesium Electron Ltd (UK).
Marketing rights from: Alcoa Inc (USA); Titanium Metals Corp (USA),
Valtimet
The sales volume for Dec/2013 fiscal term amounted to Yen 84,163
million, an 8% up from Yen 77,626 million in the previous term. Resins and metal demand rose. The recurring profit was posted at 2,482
million and the net profit at Yen 2,160 million, respectively, compared with
Yen 2,479 million recurring profit and Yen 1,098 million net losses,
respectively, a year ago.
For the current term ending Dec 2014 the recurring profit is projected
at Yen 2,500 million and the net profit at Yen 2,200 million, respectively, on
a 3% rise in turnover, to Yen 86,500 million. .
Weaker Yen may contribute to raise earnings in Yen terms.
The financial situation is considered FAIR to GOOD and responsible for
ORDINARY business engagements. Max
credit limit is estimated at Yen 1,421.3 million, on 30 days normal terms.
Date Registered: 27 Oct 1876
Regd No.: (Tokyo-Minatoku) 029693
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 6
million shares
Issued: 1.8
million shares
Sum: Yen 180 million
Major shareholders (%): Morimura Homeikai Foundation
(12.3), Shunsuke Morimura (12.2), Employees’ \s/Holding Assn (12.0), Yusuke
Morimura (9.6), MUFG (5)
No. of shareholders: 63
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports
and wholesales (sales breakdown by items) (--100%):
Metals, light
metals: magnesium ingots, magnesium rolled products, aluminum/magnesium die-cast products, magnesium alloy recycling,
aluminum primary & secondary products, stainless steel products, aluminum
master alloy & grain refiner, aluminum metal products, special magnesium
alloy ingots, prototyping of magnesium casting, titanium products;
Chemical materials
& products: organic & inorganic chemicals used as engineering plastics, color additives for printing ink, metal
surface treatments, and various treatments for printed circuit boards, plating
materials, catalysts, other;
Electronic
materials & products: quartz, silica powder, fused silica, feldspar
& powder, quartz materials & components, electronic parts, fine
chemical products, Chin-hae (Korea) silica stone, fusing quartz, cristobalite,
electronic parts key materials, optical fiber cable connecting parts, other;
Ceramics &
minerals (for refractories): alumina, silicon carbide, bauxite, magnesia
clinker, alumina cement, kyanite, andalsite, other;
Others (8%): Industrial machinery
(automotive parts, construction machines, emission
gas analyzers, cutting tools, hydraulic fitting products), aromatics &
foodstuffs (oils & fats, spirits, aroma chemical, frozen foods, functional
food materials), household products (rubber boots & sandals, shoes, model
trains, gardening materials, wiper blades, other).
Imports &
exports (50%).
(Breakdowns are
all about)
Clients: [Mfrs,
wholesalers] Kawasaki Heavy Ind, Fuji Heavy Ind, Krosaki Harima Corp, NGK
Insulators, Toyama Murata Mfg, Denki Kagaku Kogyo, Hitachi Zosen, Toyo Ink Mfg,
Almatis Ltd, Sumitomo Corp, Morimura Bros Co Shanghai, Morimura Bros Co Hong
Kong, Morimura Bros Inc USA, Nippon Electric Glass Co, other.
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Alcoa Japan Ltd, Morimura Chemical Ltd, Showa Denko, Toto Ltd, Tosoh Ltd, Morimura Bros (HK),
Alcoa Inc (USA), Hydro Magnesium X’ian Co Ltd (China), Almatis Ltd, Sumitomo
Bakelite, Sumitomo Chemical, other.
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank
References:
MUFG (Toranomon)
Mizuho Bank (Toranomon)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/12.2014 |
31/12.2013 |
31/12/2012 |
31/12/2011 |
|
|
Annual
Sales |
|
86,500 |
84,163 |
77,626 |
77,837 |
|
Recur.
Profit |
|
2,500 |
2,482 |
2,479 |
2,527 |
|
Net
Profit |
|
2,200 |
2,160 |
1,098 |
-4,312 |
|
Total
Assets |
|
|
32,758 |
31,140 |
34,437 |
|
Current
Assets |
|
|
24,883 |
24,575 |
26,851 |
|
Current
Liabs |
|
|
21,788 |
22,484 |
26,105 |
|
Net
Worth |
|
|
6,926 |
4,335 |
3,037 |
|
Capital,
Paid-Up |
|
|
180 |
180 |
180 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.78 |
8.42 |
-0.27 |
5.37 |
|
|
Current Ratio |
.. |
114.21 |
109.30 |
102.86 |
|
|
N.Worth Ratio |
.. |
21.14 |
13.92 |
8.82 |
|
|
R.Profit/Sales |
2.89 |
2.95 |
3.19 |
3.25 |
|
|
N.Profit/Sales |
2.54 |
2.57 |
1.41 |
-5.54 |
|
|
Return On Equity |
.. |
31.19 |
25.33 |
-141.98 |
|
Forecast
for the 31/12/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.06 |
|
UK Pound |
1 |
Rs.99.35 |
|
Euro |
1 |
Rs.80.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.