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Report No. : |
347347 |
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Report Date : |
31.10.2015 |
IDENTIFICATION DETAILS
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Name : |
MURATA MACHINERY LTD |
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Registered Office : |
136 Takeda-Mukaishirocho Fushimiku Kyoto 612-8686 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
December 1938 |
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Com. Reg. No.: |
1300-01-000054 (Kyoto-Minamiku) |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Subject is manufacturer of textile machinery, communication equipment, machine tools |
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No. of Employee : |
3,000 |
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 : |
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 – 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.
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Source
: CIA |
MURATA MACHINERY LTD
REGD NAME: Murata
Kikai KK
MAIN OFFICE: 136
Takeda-Mukaishirocho Fushimiku Kyoto 612-8686 JAPAN
Tel: 075-672-8130
Fax: 075-672-8691
URL: http://www.muratec.net.jp/
E-Mail
address: (thru the URL)
Mfg of
textile machinery, communication equipment, machine tools, other
Tokyo,
Osaka, Nagoya, Yokohama, Fukuoka (Tot 5)
Inuyama,
Kaga, Ryuoh, Oita, Ise, Gifu (Tot 6)
China (6), Hong Kong, Korea (2),
Thailand, Vietnam, Indonesia, India (3), Bangladesh, Pakistan, Europe/Mid
East (4), N/S Americas (2)
(--subsidiaries)
DAISUKE
MURATA, PRES Jun’ichi Murata, ch
Yosuke
Murata, v pres Toshihiro
Okada, mgn dir
Akira Maeda, mgn dir Yasuo Uozumi, mgn dir
Yen
Amount: In
million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 164,239 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
900 M
TREND SLOW WORTH Yen 143,313 M
STARTED 1938 EMPLOYES 3,000
MFR SPECIALIZING IN TEXTILE MACHINERY AND OTHER INDUSTRIAL
MACHINERY.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS
The subject company was established by a certain Murata for
mfg textile machinery and has been
succeeded by his descendants. The firm
has since diversified operations into communications
equipment, logistics & automated systems, machine tools, etc, in addition
to textile machinery, which
still remains as the main pillar. Focusing on FA/OA equipment & systems,
and communications/networking equipment. In 2009, acquired Assist Technologies Japan, mfr of automated
semiconductor making machinery. Aggressively
advancing into overseas markets such as China, India, other, with exports accounting
for 70% of total sales. Clients include machinery mfrs, wholesalers, other.
The
sales volume for Mar/2015 fiscal term amounted to Yen 164,239 million, an 8%
down from Yen 177,945 million in the previous term. Demand for the textile machinery saturated
for the term and sales dropped. The
recurring profit was posted at Yen 14,227 million and the net profit at Yen
8,762 million, respectively, compared with Yen18,066 million recurring profit
and Yen 10,042 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 8,950 million, respectively, on a 3%
rise in turnover, to Yen 169,500 million.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
Date Registered: Dec 1938
Regd No.: 1300-01-000054
(Kyoto-Minamiku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 18 million shares
Issued:
13,820,000 shares
Sum: Yen 900 million
Major shareholders (%): Murata KK*(39.3), Murata Kosan
KK*(15.2), Jun’ichi Murata (13.9), Daisuke Murata (4.9), Yosuke Murata (4.0)
*
Group subsidiaries
No. of shareholders: 20
Nothing
detrimental is known as to the commercial morality of executives.
Activities:
Manufactures:
Textile Machinery (29%):
spinning frames, auto winders, electric dobbins;
Communication Equipment (5%):
digital multifunctional products, laser & thermal Fax machines;
Logistics & Automation Equipment
Systems (17%): systems for medical supplies, apparel,
beverages, foodstuffs, sporting, data management, others;
Machine Tools (25%):
tuning machines, sheet metal fabricating machines, lathes;
Others (24%)
Export (70%).
Clients:
[Mfrs, wholesalers] Toshiba Corp, Toyota Tsusho Corp, Yamazen Corp, Butai Agri-Innovation, Marubeni Techmatecs, Toyo
Corp, Oki Electric Ind, Yamato Transport Co, Hitachi Zosen Corp, other.
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Fanuc Ltd, Konica Minolta Business Technologies, Fuji
Xerox, Tokai EC, SMC, Uster Technologies, Takebishi Corp, NEC Fielding, Okura
Yusoki Co, Nihon Package Inc,
other.
Payment record: No
Complaints
Location: Business
area in Kyoto. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References:
Mizuho
Bank (Kyoto-Chuo)
SMBC
(Kyoto)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2016 |
31/03/2015 |
31/03/2014 |
31/03/2013 |
|
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Annual
Sales |
|
169,500 |
164,239 |
177,945 |
133,205 |
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Recur.
Profit |
|
15,000 |
14,227 |
18,066 |
7,382 |
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Net
Profit |
|
8,950 |
8,762 |
10,042 |
7,513 |
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Total
Assets |
|
|
269,466 |
236,314 |
225,611 |
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Current
Assets |
|
|
166,134 |
164,317 |
162,953 |
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Current
Liabs |
|
|
100,471 |
101,342 |
111,482 |
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Net
Worth |
|
|
143,313 |
126,291 |
114,129 |
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Capital,
Paid-Up |
|
|
900 |
900 |
900 |
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Div.P.Share(¥) |
|
|
10.00 |
0.00 |
10.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
3.20 |
-7.70 |
33.59 |
-0.81 |
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Current Ratio |
|
.. |
165.36 |
162.14 |
146.17 |
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N.Worth Ratio |
|
.. |
53.18 |
53.44 |
50.59 |
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R.Profit/Sales |
|
8.85 |
8.66 |
10.15 |
5.54 |
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N.Profit/Sales |
|
5.28 |
5.33 |
5.64 |
5.64 |
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Return On Equity |
|
.. |
6.11 |
7.95 |
6.58 |
Notes:
Forecast figures for the 31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.22 |
|
|
1 |
Rs.99.93 |
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Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
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Analysis Done by
: |
KIN |
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Report Prepared
by : |
ASH |
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.