MIRA
INFORM REPORT
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Report Date : |
16.09.2014 |
IDENTIFICATION DETAILS
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Name : |
KOMATSU LTD |
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Registered Office : |
2-3-6 Akasaka Minatoku |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
May, 1921 |
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Com. Reg. No.: |
0104-01-010465 (Tokyo-Minatoku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha |
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Line of Business : |
Manufacturing of construction & mining equipment, forest machines,
industrial machinery |
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No. of Employees : |
47,208 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
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.
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Source
: CIA |
Company name and address
KOMATSU
LTD
REGD
NAME: Komatsu Seisakusho KK (as
registered)
MAIN
OFFICE: 2-3-6 Akasaka Minatoku Tokyo
107-8414 JAPAN
Tel: 03-5561-2616 Fax: 033505-9662-
URL: http://www.komatsu.co.jp
E-Mail address: info@komatsu.co.jp
ACTIVITIES
Mfg of construction & mining equipment,
forest machines, industrial machinery
BRANCHES
Komatsu, Osaka, other
OVERSEAS
China (33), USA (73), Mid/South America
(17), Europe (13), Mid East (10),
Africa (15), Asia (15), Oceania (2)
FACTORIES
Japan (8), America (12), Europe (5), Asia
(7), other
CHIEF EXEC
TETSUJI OHHASHI, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,953,657 M
PAYMENTS REGULAR CAPITAL Yen 67,870 M
TREND UP WORTH Yen 1,441,111 M
STARTED 1921 EMPLOYES 47,208
COMMENT
LARGEST MFR OF
CONSTRUCTION MACHINERY & EQUIPMENT
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
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Results: |
31/03/2011 |
1,843,127 |
219,809 |
150,752 |
(%) |
972,680 |
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(Consolidated) |
31/03/2012 |
1,981,763 |
249,609 |
167,041 |
7.52 |
1,057,457 |
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31/03/2013 |
1,884,991 |
204,603 |
137,135 |
-4.88 |
1,252,695 |
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31/03/2014 |
1,953,657 |
242,056 |
169,604 |
3.64 |
1,441,111 |
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31/03/2015 |
1,880,000 |
237,000 |
154,000 |
-3.77 |
.. |
Unit:
In Million Yen
Forecast
figures for the 31/03/2015 fiscal term.
HIGHLIGHTS
This is the
leading mfr of construction machinery, including hydraulic power shovels. Top-ranked in Asia including China. Also produces semiconductor-making machines
and other industrial machinery such as automobile-related presses, diesel power
generators, and press brakes.
Aggressively involved in global operations, focusing on China, Europe
& America, with 25 factories in 10 countries. In the mining equipment business, the firm
will strengthen marketing of labor-saving unmanned dump trucks to its loyal
customers, so as to secure a profit source even in slumping market. It will reorganize agency networks in North
America in line with increasing rental demand.
FINANCIAL INFORMATION
The sales volume
for Mar/2014 fiscal term amounted to Yen 1,953,657 million, a 3.6% up from Yen
1,884,991 million in the previous term.
Sales of construction machinery fared well in Japan, and were on a
recovery trend in China, due in part to the positive impact of the weaker
Yen. The recurring profit was posted at
Yen 242,056 million and the net profit at Yen 159,518 million, respectively,
compared with Yen 204,603 million recurring profit and Yen 126,321 million net
profit, respectively, a year ago. .
For the current
term ending Mar 2015 the recurring profit is projected at Yen 237,000 million
and the net profit at Yen 154,000 million, respectively, on a 3.8% down in
turnover, to Yen 1,880,000 million.
Sales to mines are recovering slowly, and demand in North America will
bottom out.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
Date Registered: May 1921
Regd No.: 0104-01-010465 (Tokyo-Minatoku)
Legal
Status: Limited Company (Kabushiki Kaisha
Authorized: 3.955 million shares
Issued:
983,130,260 shares
Sum: Yen 67,870 million
Major shareholders
(%):
Japan Trustee Services T (3.8), Master Trust Bank of Japan T (3.6), Taiyo Life
Ins (3.4), Nippon Life Ins (3.0), Company’s Treasury Stock (2.9), State Street
Bank & Trust (1.8), SMBC (1.8), BONY Mellon for Depositary RH (1.6), JP
Morgan Chase Bank 380072 (1.3), Bank of New York Melon SANV 10 (1.2); foreign
owners (42.7)
No.
of shareholders: 217,723
Listed
on the S/Exchange (s) of: Tokyo
Managements: Kunio Nogi, ch;
Tetsuji Ohhashi, pres; Mikio Fujitsuka, s/mgn dir; Fujitoshi Takamura, s/mgn
dir; Hisashi Shinozuka, mgn dir; Kazunori Kuromoto, mgn dir; Masanao Mori, mgn
dir
Nothing detrimental is known as to the
commercial morality of executives.
Related
companies: Komatsu America, other. (Total
143 consolidated subsidiaries).
OPERATION
Activities: Manufactures
construction machinery:
(Sales Breakdown
by Divisions): construction & mining machinery, vehicles (90%), Industrial
machinery & others (10%).
Overseas Sales
Ratio (78%): Americas 22.7%, Europe/CIS 8.9%, Asia, others 45.8%
Clients: [Mfrs, wholesalers]
Sumitomo Corp, United Tractors, Komatsu group firms, Sumitomo Nacco Materials
Handling, Muroto Tekkosho, Morooka Co, other
No.
of accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Komatsu group
firms, Nagatsu Kogyo group, other
Payment
record: Regular
Location: Business area in Tokyo. Office premises at the caption address are
owned and maintained satisfactorily.
Bank
References:
SMBC
(H/O)
MUFG
(H/O)
Relations:
Satisfactory
FINANCES (In Million Yen)
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FINANCES: (Consolidated in million yen) |
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Terms Ending: |
31/03/2014 |
31/03/2013 |
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INCOME STATEMENT |
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Annual Sales |
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1,953,657 |
1,884,991 |
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Cost of Sales |
1,393,048 |
1,377,459 |
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GROSS PROFIT |
560,609 |
507,532 |
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Selling & Adm Costs |
320,114 |
295,730 |
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OPERATING PROFIT |
240,495 |
211,602 |
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Non-Operating P/L |
1,561 |
-6,999 |
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RECURRING PROFIT |
242,056 |
204,603 |
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NET PROFIT |
169,604 |
137,135 |
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BALANCE SHEET |
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Cash |
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90,872 |
93,620 |
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Receivables |
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617,334 |
606,904 |
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Inventory |
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625,077 |
633,647 |
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Securities, Marketable |
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Other Current Assets |
159,859 |
157,885 |
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TOTAL CURRENT ASSETS |
1,493,142 |
1,492,056 |
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Property & Equipment |
667,347 |
585,220 |
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Intangibles |
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94,552 |
93,226 |
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Investments, Other Fixed Assets |
396,515 |
347,355 |
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TOTAL ASSETS |
2,651,556 |
2,517,857 |
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Payables |
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234,231 |
26,275 |
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Short-Term Bank Loans |
294,000 |
335,949 |
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Other Current Liabs |
264,000 |
465,352 |
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TOTAL CURRENT LIABS |
792,231 |
827,576 |
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Debentures |
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Long-Term Bank Loans |
311,067 |
343,814 |
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Reserve for Retirement Allw |
49,428 |
49,912 |
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Other Debts |
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57,719 |
63,860 |
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TOTAL LIABILITIES |
1,210,445 |
1,285,162 |
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MINORITY INTERESTS |
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Common stock |
67,870 |
67,870 |
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Additional paid-in capital |
138,984 |
138,818 |
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Retained earnings |
1,141,751 |
1,034,504 |
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Evaluation p/l on investments/securities |
30,035 |
(43,440) |
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Others |
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104,682 |
97,731 |
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Treasury stock, at cost |
(42,211) |
(42,788) |
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TOTAL S/HOLDERS` EQUITY |
1,441,111 |
1,252,695 |
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TOTAL EQUITIES |
2,651,556 |
2,537,857 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2014 |
31/03/2013 |
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Cash Flows from Operating Activities |
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319,424 |
214,045 |
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Cash Flows from Investment
Activities |
-167,439 |
-131,397 |
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Cash Flows from Financing Activities |
-155,349 |
-71,814 |
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Cash, Bank Deposits at the Term End |
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90,872 |
93,620 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
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Net Worth (S/Holders' Equity) |
1,441,111 |
1,252,695 |
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Current Ratio (%) |
188.47 |
180.29 |
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Net Worth Ratio (%) |
54.35 |
49.36 |
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Recurring Profit Ratio (%) |
12.39 |
10.85 |
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Net Profit Ratio (%) |
8.68 |
7.28 |
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Return On Equity (%) |
11.77 |
10.95 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.99 |
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|
1 |
Rs.99.10 |
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Euro |
1 |
Rs.79.03 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.