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MIRA INFORM REPORT
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Report No. : |
493594 |
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Report Date : |
24.02.2018 |
IDENTIFICATION DETAILS
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Name : |
MURATA MFG CO LTD |
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Registered Office : |
1-10-1 Higashi-Koutari Nagaokakyo City Kyoto-Pref 617-0132 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2017 |
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Date of Incorporation : |
Dec., 1950 |
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Com. Reg. No.: |
1300-01-030475 (Kyoto-Nagaoka) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Electric Components, Other. |
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No. of Employees : |
8381 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
Yen 65,738.5 Million |
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Status : |
Excellent |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Japan |
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 |
JAPAN - ECONOMIC OVERVIEW
Over the past 70 years, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (slightly less than 1% of GDP) have helped Japan develop an advanced economy. Two notable characteristics of the post-World War II 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 have significantly eroded under the dual pressures of global competition and domestic demographic change.
Measured on a purchasing power parity basis that adjusts for price differences, Japan in 2017 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. For three postwar decades, overall real economic growth was impressive - a 10% average in the 1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the aftereffects of inefficient investment and the collapse of an asset price bubble in the late 1980s, which entailed considerable 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.
Japan enjoyed an 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. Led by the Bank of Japan’s aggressive monetary easing, Japan is making modest progress in ending deflation, but demographic decline – a low birthrate and an aging, shrinking population – poses a major long-term challenge for the economy. The government currently faces the quandary of balancing its efforts to stimulate growth and institute economic reforms with the necessity of addressing its sizable public debt, which stands at 235% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate. However, the first such increase, in April 2014, led to another recession, so Prime Minister ABE has twice postponed the next increase, now scheduled for October 2019. Structural reforms to unlock productivity are seen as central to strengthening the economy in the long-run.
Scarce in critical natural resources, Japan has long been dependent on imported energy and raw materials. After the complete shutdown of Japan’s nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than before on imported fossil fuels. However, ABE’s government is seeking to restart nuclear power plants that meet strict new safety standards and is emphasizing nuclear energy’s importance as a base-load electricity source. In August 2015, Japan successfully restarted one nuclear reactor at the Sendai Nuclear Power Plant in Kagoshima prefecture, and several other reactors around the country have since resumed operations; however, opposition from local governments has delayed several more restarts that remain pending. Reforms of the electricity and gas sectors, including full liberalization of Japan’s energy market in April 2016 and gas market in April 2017, constitute an important part of Prime Minister Abe’s economic program.
In October 2015, Japan and 11 trading partners reached agreement on the Trans-Pacific Partnership (TPP), a pact that had promised to open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Japan was the first country to ratify the TPP in December 2016; the United States signaled its withdrawal from the TPP in January 2017, and in November 2017 the remaining 11 countries agreed on the core elements of a modified agreement, which they renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
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Source
: CIA |
Company
name and address
MURATA MFG CO LTD
REGD NAME: KK
Murata Seisakusho
MAIN OFFICE: 1-10-1
Higashi-Koutari Nagaokakyo City Kyoto-Pref 617-0132 JAPAN
Tel:
075-951-9111 Fax: 075-955-6526
*..
The is its Factory in Yasu City -
URL: http://www.murata.com
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of electric
components, other
BRANCHES
Tokyo, Yokohama,
Nagaoka, other (Tot 18)
OVERSEAS
Asia, Europe,
Americas, other (--subsidiaries)
FACTORIES
Higashi-Omi, Yasu
City (Tot 2)
OFFICERS
TSUNEO MURATA,
PRES & CH
Tohru Inoue, s/mgn
dir Norimi
Nakajima, s/mgn dir
Nobutaka Fujita, v
ch Hiroshi
Iwatsubo, mgn dir
Yoshito Takemura,
mgn dir Takashi
Shigematsu, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,135,524 M
PAYMENTS REGULAR CAPITAL Yen
69,444 M
TREND SLOW WORTH Yen 1,354,819 M
STARTED 1950 EMPLOYES 8381
COMMENT
MFR OF ELECTRONIC COMPONENTS, OTHER
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 65,738.5 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
This is the
leading mfr specializing in electronic components, with ceramic capacitors
ranked top in the world market. Well-known for its consistent production
process starting from materials. A comprehensive mfr of electronic components,
such as dielectric products including laminated ceramic capacitators;
piezoelectric devices including ceramic filters; and high frequency devices
using thin film formation technology & high frequency microwave circuit
design technology. The overseas sales ratio is around 90% but the production
ratio is slightly less than 30%. Currently fostering a sensor related field
FINANCIAL
INFORMATION
The sales volume
for Mar/2017 fiscal term amounted to Yen 1,135,524 million, a 6.18% fall from
Yen 1,210,341 million in the previous term.
The recurring profit was posted at Yen 200,418 million and the net
profit at Yen 156,060 million, respectively, compared with Yen 179,173 million
recurring profit and Yen 203,776 million net profit, respectively, a year ago.
For the current
term ending Mar 2018 the recurring profit is projected at Yen 180,000 million
and the net profit at Yen 144,000 million, respectively, on a 19.77% rise in
turnover, to Yen 1,360,000 million.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 65,738.5
million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1950
Regd No.: 1300-01-030475
(Kyoto-Nagaoka)
Listed company: Tokyo, Singapore S/E’s
Legal
Status: Limited
Company (Kabushiki Kaisha)
Authorized: 581
million shares
Issued:
225,268,592 shares
Sum:
Yen
69,444 million
Major shareholders
(%):
JP Morgan Chase Bank 380055 (8.2), Company’s Treasury Stock (5.5), Japan
Trustee Services T (5.1), Master Trust Bank of Japan T (3.5), Nippon Life ins
(3.2), Bank of Kyoto (2.3), Meiji Yasuda Life Ins (2.3), other; foreign owners
(42.9)
No.
of shareholders: 46,660
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures
electronic components (67%), module products (33%)
Overseas Sales
Ratio (92%)
Clients: [Mfrs,
wholesalers] Murata Electronics Trading (Shanghai), Murata, other
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Izumo Murata Mfg, Fukui Murata Mfg, Marubun, Kanazawa Murata Mfg,
Shenzhen Murata Technology, other
Payment
record: Regular
Location: Business area in
Kyoto. Office premises at the caption address are owned and maintained satisfactorily.
Bank
References:
Mizuho
Bank (Kyoto)
SMBC
(Kyoto)
Relations:
Satisfactory
FINANCES
(In Million
Yen)
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Terms Ending: |
31/03/2018 |
31/03/2017 |
31/03/2016 |
31/03/2015 |
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Annual
Sales |
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1,360,000 |
1,135,524 |
1,210,341 |
1,043,542 |
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Recur.
Profit |
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180,000 |
200,418 |
279,173 |
238,400 |
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Net
Profit |
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144,000 |
156,060 |
203,776 |
167,711 |
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Total
Assets |
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1,634,999 |
1,517,784 |
1,431,303 |
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Current
Assets |
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871,431 |
835,369 |
815,849 |
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Current
Liabs |
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208,734 |
185,623 |
198,534 |
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Net
Worth |
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1,354,819 |
1,229,159 |
1,123,090 |
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Capital,
Paid-Up |
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69,444 |
69,444 |
69,444 |
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Div.Ttl
in Million (¥) |
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46,688 |
42,340 |
31,756 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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19.77 |
-6.18 |
15.98 |
23.25 |
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Current Ratio |
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417.48 |
450.04 |
410.94 |
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N.Worth Ratio |
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.. |
82.86 |
80.98 |
78.47 |
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R.Profit/Sales |
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13.24 |
17.65 |
23.07 |
22.85 |
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N.Profit/Sales |
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10.59 |
13.74 |
16.84 |
16.07 |
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Return On Equity |
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.. |
11.52 |
16.58 |
14.93 |
Notes: Forecast (or estimated) figures for the
31/03/2018 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.82 |
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1 |
INR 90.40 |
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Euro |
1 |
INR 79.76 |
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Yen |
1 |
INR 0.61 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.