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Report No. : |
308393 |
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Report Date : |
25.02.2015 |
IDENTIFICATION DETAILS
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Name : |
MORIMATSU INDUSTRY CO LTD |
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Registered Office : |
1430-8 Minobe Motosu City Gifu-Pref 501-0413 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
May, 1964 |
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Com. Reg. No.: |
2000-01-010256 (Gifu-Minobe) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Stainless Tanks |
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No. of Employees : |
590 |
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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Maximum Credit Limits : |
YEN 316.5 MILLION |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 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 |
MORIMATSU INDUSTRY CO LTD
REGD NAME: Morimatsu
Kogyo KK
MAIN OFFICE: 1430-8
Minobe Motosu City Gifu-Pref 501-0413 JAPAN
Tel: 058-323-0333 Fax: 058-323-4969
URL: http://www.morimatsu.co.jp
E-Mail address: (thru the URL)
Mfg of stainless
tanks
Tokyo, Nagoya,
Osaka, Fukuoka, Sendai, Hiroshima, other (Tot15)
China, Hong Kong,
USA, & Sweden
At the caption
address, Gifu (2), Ibaraki, Sapporo
TERUMOTO
MATSUHISA, PRES
Nobuo Matsuhisa,
ch Kunihiko Katsuno, v ch
Eizo Matsuhisa,
s/mgn dir Hiroyuki Matsuhisa, mgn
dir
Yen Amount: In
million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 4,476 M*
PAYMENTSNO
COMPLAINTS CAPITAL Yen 280 M
TREND UP WORTH Yen 11,551 M
STARTED 1947 EMPLOYES 590
*.. For 4 months
only due to change in accounting term
MFR OF STAINLESS TANKS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT:
ESTIMATED AT YEN 316.5 MILLION, ON 30 DAYS NORMAL TERMS.
The subject company
was established by Tatsuo Matsuhisa in order to make most of his experience in
the subject line of business. Nobuo is
his son, and Terumoto his grandson, who took the pres office in Aug 2013. This is a specialized mfr of stainless tanks
for building-use, industrial-use and plants (See OPERATION). Top-ranked maker in Japan in this line of
business. Goods are widely
exported. Clients include machinery
mfrs, wholesalers, other, nationwide
The sales volume
for Dec/2013 fiscal term for 4 months due to change in accounting term to
Jan/Dec from the previous Sept/Aug amounted to Yen 4,476 million, a 4% down as
adjusted on a 12-month basis Yen 14,006 million in the previous term on a
12-month basis. The recurring profit was
posted at Yen 257 million and the net profit at Yen 54 million, respectively,
compared with Yen 2,353 million recurring profit and Yen 1,508 million net
profit, respectively, a year ago.
For the term that
ended Dec/ 2014 the recurring profit was projected at Yen 2,400 million and the
net profit at Yen 1,600 million, respectively, on a 5% rise in turnover, to Yen
14,700 million.
Final results are
yet to be released.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit
limit is estimated at Yen 316.5 million, on 30 days normal terms.
Date
Registered: May 1964
Regd
No.: 2000-01-010256 (Gifu-Minobe)
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized:
2.2 million shares
Issued:
560,000 shares
Sum:
Yen 280 million
Major shareholders (%): Nobuo Matsuhisa (37), Employees’ S/Holding
Assn (29), Eizo Matsuhisa (8), Terumoto
Matsuhisa (7), Nagoya Small & Medium Business Promotion & Investment (6)
No. of shareholders: 11
Nothing detrimental is known as to
the commercial morality of executives.
Activities: Mfg of building
equipment (stainless tanks), water supply equipment, plant equipment (--100%)
(Mfg
products):
Building
Equipment: stainless-steel panel water tanks, stainless-steel hot water supply
tanks, heat exchangers (tubular or late method), pressure vessels, oil tanks,
other;
Water
Supply Equipment: stainless-steel distribution reservoirs (mopit-X, XT, YZ, WP);
Plant
Equipment: a wide variety of tanks for plants
Clients: [Mfrs,
wholesalers] Sanki Engineering, Dai-Dan Co, Asahi Kiki, Watanabe Pipe, Takasago
Thermal Engineering, Yuasa Trading, Kawasaki Setsubi Kogyo, Shin-Nippon Air
Technologies, Taikisha Ltd, Asahi Kogyosha, other
No. of accounts:
350
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Nippon Steel & Sumikin Stainless, Nippon Yakin Kogyo, POSCO,
JFE Steel, Mori Industries Inc, Alfa Laval, UEX Co, Rintatsu Co, Nippon Metal
Ind, Mizushima Metal Ind, other
Payment record: No Complaints
Location: Business area in
Motosu City, Gifu-Pref. Office premises
at the caption address are owned and maintained satisfactory.
Bank References:
Juroku Bank (H/O)
Ogaki Kyoritsu Bank (Gifu)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/12/2014 |
31/12/2013 |
31/08/2013 |
31/08/2012 |
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Annual
Sales |
|
14,090 |
4,476 |
14,006 |
11,930 |
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Recur.
Profit |
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2,400 |
157 |
2,353 |
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Net
Profit |
|
1,600 |
54 |
1,508 |
1,040 |
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Total
Assets |
|
|
33,330 |
29,567 |
26,242 |
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Current
Assets |
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|
11,699 |
8,734 |
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Current
Liabs |
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|
11,383 |
8,401 |
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Net
Worth |
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|
11,551 |
12,277 |
10,696 |
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Capital,
Paid-Up |
|
|
280 |
280 |
280 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.92 |
-4.12 |
17.40 |
7.09 |
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Current Ratio |
|
.. |
102.78 |
103.96 |
.. |
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N.Worth Ratio |
|
.. |
34.66 |
41.52 |
40.76 |
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R.Profit/Sales |
|
17.03 |
3.51 |
16.80 |
.. |
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N.Profit/Sales |
|
11.36 |
1.21 |
10.77 |
8.72 |
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Return On Equity |
|
.. |
0.47 |
12.28 |
9.72 |
Notes: The 31/12/2013 fiscal term is for 4 months
only due to change in accounting term to Jan/Dec from the previous Sept/Aug term. Growth rates are adjusted on a 12-month
basis.
Forecast (or
estimated) figures for the 31/12/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.28 |
|
|
1 |
Rs.96.21 |
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Euro |
1 |
Rs.70.60 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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 |
-- |
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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.