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Report No. : |
335831 |
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Report Date : |
10.08.2015 |
IDENTIFICATION DETAILS
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Name : |
MISUMI CORPORATION |
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Registered Office : |
Iidabashi First Bldg, 2-5-1 Koraku Bunkyoku Tokyo 112-0004 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
April, 2005 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Export, Catalog Sales of Precision Machinery Parts. |
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No. of Employees : |
530 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 an 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. Scarce in many natural resources,
Japan has long been dependent on imported raw materials. Since the complete
shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster
in 2011, Japan's industrial sector has become even more dependent than it was
previously on imported fossil 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
impressive - 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 aftereffects 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 four times
since 2008. 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 of that year disrupted
manufacturing. The economy has largely recovered in the four years since the
disaster, although reconstruction in the affected Tohoku region has lagged, in
part due to a shortage of labor in the construction sector. Japan enjoyed a
sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s
“Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of
monetary easing, “flexible” fiscal policy, and structural reform. Abe’s
government has replaced the preceding administration’s plan to phase out
nuclear power with a new policy of seeking to restart nuclear power plants that
meet strict new safety standards, and emphasizing nuclear energy’s importance
as a base-load electricity source. Japan joined the Trans-Pacific Partnership
(TPP) 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 2014 stood as the fourth-largest economy in the
world after first-place China, which surpassed Japan in 2001, and third-place
India, which edged out Japan in 2012. While seeking to stimulate and reform the
economy, the government must also devise a strategy for reining in Japan's huge
government debt, which amounts to more than 230% of GDP. To help raise
government revenue, Japan adopted legislation in 2012 to gradually raise the
consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8%
implemented in April 2014. That increase had a contractionary effect on GDP,
however, so PM Abe in late 2014 decided to postpone the final phase of the
increase until April 2017 to give the economy more time to recover. Led by the
Bank of Japan’s aggressive monetary easing, Japan is making progress in ending
deflation, but demographics - low birthrate and an aging, shrinking population
- pose major long-term challenges for the economy.
|
Source
: CIA |
MISUMI CORPORATION
REGD NAME: KK
Misumi
MAIN OFFICE: Iidabashi
First Bldg, 2-5-1 Koraku Bunkyoku Tokyo 112-0004 JAPAN
Tel: 03-5805-7050 Fax: 03-5805-7458
*.. Moved to the caption address from the
one as given
URL: http://www./misumi.ec.com
E-Mail address: (thru the URL)
Import, export, catalog
sales of precision machinery parts
Kumamoto,
Yokohama, other (Tot 15)
USA, UK, Germany, China (2), Hong Kong, Korea, Taiwan, Thailand,
Singapore, India, Vietnam (--subsidiaries)
(Subcontracted - about
150 makers)
RYUSEI OHNO, PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 133,668 M
PAYMENTSREGULAR CAPITAL Yen 850 M
TREND UP WORTH Yen 83,150 M
STARTED 2005 EMPLOYES 530
CATALOG SALES OF PRECISION MACHINEY PARTS, WHOLLY OWNED BY MISUMI GROUP INC.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR CREDIT ENGAGEMENTS: US$500,000 / O/A 90 DAYS TERMS.
The subject company
was established originally in 1963 and was reorganized through merger of Misumi
Corp and Suruga Seiki Co in Apr 2005, and formed a holding company, Misumi
Group Inc (See REGISTRATION). This is a mail-order house for precision
machinery parts, particularly of standardized parts for FA equipment and metal
molds. Not involved in
production. Cooperative makers of about 150 both at home and abroad produce
Misumi-brand products based on
customer needs. Goods are imported from subsidiary factories and purchasing offices
overseas.
The sales volume
for Mar/2015 fiscal term amounted to Yen 133,668 million, a 16% up from Yen
115,301 million in the previous term.
Exports were robust to USA, Korea, China, other. The recurring profit was posted at Yen 14,117
million and the net profit at Yen 9,097 million, respectively, compared with
Yen 13,623 million recurring profit and Yen 8,692 million net profit,
respectively, a year ago.
For the current
term ending Mar 2016 the recurring profit is projected at Yen 15,000 million
and the net profit at Yen 9,500 million, respectively, on a 5% rise in
turnover, to Yen 140,500 million.
Business is seen expanding steadily.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date
Registered: Apr 2005
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized:
68,000 shares
Issued:
17,000 shares
Sum:
Yen 850 million
Major shareholders (%): Misumi Group Inc* (100)
*.. Holding company of
Misumi group firms, founded 2005, listed Tokyo S/E, capital Yen 6,840 million,
turnover Yen 208,562 million, operating profit Yen 23,759 million, recurring
profit Yen 14,291 million, net profit Yen 14,291 million, total assets Yen 184,784
million, net worth Yen 132,138 million, employees 8,876, pres Ryusei Ohno,
concurrently
Nothing detrimental is known as to the
commercial morality of executives.
Activities: Mail-Order House
for distributing precision machinery parts by catalog and online: factory
automation systems, die components, electronics products, optical equipment,
other (--100%)): linear shafts,
aluminum frames, filter units, screws, air cylinders processed urethane &
rubber, anti-vibration & soundproof materials, insulator plates, switches,
cutters, others;
(Overseas
sales ratios 40%)
Clients: [Mfrs,
wholesalers] Exports to: Misumi USA, Misumi S/E Asia, Misumi Korea, Misumi
Precision Shanghai, Misumi Taiwan, other.
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Suruga Seisan Platform, Suruga Seiki Co, AIO Precision, Yamada
Kikai Kogyo, Morimoto Seimitsu Shaft, SP Parts, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Mizuho
Bank (Kinshicho)
MUFG (Fukagawa)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2016 |
31/03/2015 |
31/03/2014 |
31/03/2013 |
|
|
Annual
Sales |
|
140,500 |
133,668 |
115,301 |
108,814 |
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Recur.
Profit |
|
15,000 |
14,117 |
13,623 |
15,116 |
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Net
Profit |
|
9,500 |
9,097 |
8,692 |
8,620 |
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Total
Assets |
|
|
116,476 |
108,029 |
90,418 |
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Current
Assets |
|
|
60,563 |
58,026 |
46,863 |
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Current
Liabs |
|
|
19,071 |
18,404 |
17,324 |
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Net
Worth |
|
|
83,150 |
77,408 |
71,351 |
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Capital,
Paid-Up |
|
|
850 |
850 |
850 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
5.11 |
15.93 |
5.96 |
0.44 |
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Current Ratio |
|
.. |
317.57 |
315.29 |
270.51 |
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N.Worth Ratio |
|
.. |
71.39 |
71.65 |
78.91 |
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R.Profit/Sales |
|
10.68 |
10.56 |
11.82 |
13.89 |
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N.Profit/Sales |
|
6.76 |
6.81 |
7.54 |
7.92 |
|
Return On Equity |
|
.. |
10.94 |
11.23 |
12.08 |
Notes: Forecast (or estimated) figures for the
31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.81 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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 |
-- |
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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.