MIRA
INFORM REPORT
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Report Date : |
23rd
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
KANSAI PAINT SALES CO LTD |
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Registered Office : |
3-12-1 Minamirokugo Ohtaku Tokyo 144-0045 Japan |
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Country : |
Japan |
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Financials (as on) : |
31/03/2006 |
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Date of Incorporation : |
Apr 1989 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wholesalers of industrial paints |
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 Limit : |
YEN 146.1 MILLION |
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Status : |
Fair |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
NAME
KANSAI
PAINT SALES CO LTD
REGD NAME
Kansai
Paint Hambai KK
MAIN OFFICE
3-12-1
Minamirokugo Ohtaku Tokyo 144-0045 JAPAN
Tel:
03-5711-8901
Fax:
03-5711-8931
URL: http://www.kansai.co.jp/ (of
the top parent, Kansai Paint Co Ltd)
E-Mail address: info@kansai.co.jp/ (of the top parent)
ACTIVITIES
Wholesale of industrial paints
BRANCHES
Sapporo, Sendai, Toyama, Nagoya, Osaka, Hiroshima, Kitakyushu,
other (Tot 17)
FACTORY(IES)
(Parent & group mfrs)
OFFICER(S)
KAZUHIRO FUJITA, PRES Kozo
Sasaki, rep dir
Shuzo Fujimoto, dir Yuji
Sekiguchi, dir
Sadashi Hayami, dir Yoshiharu
Shimada, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 37,469 M
PAYMENTS REGULAR CAPITAL Yen 415 M
TREND STEADY WORTH Yen 926 M
STARTED 1989 EMPLOYES 600
COMMENT
WHOLESALER SPECIALIZING IN INDUSTRIAL PAINTS, OWNED BY KANSAI
PAINT CO LTD. FINANCIAL SITUATION
CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 146.1 MILLION, NORMAL 30 DAYS TERMS.
HIGHLIGHTS
The subject company was established as a sales dealership, as KK
Kanpe Kyohan Tokyo, by Kansai Paint Co Ltd (see REGISTRATION) to market the
parent’s paints products over the Eastern part of Japan. Established also were three dealerships to
cover Mid Japan/Western Japan and Kyushu areas. In July 2002 all the four dealerships were amalgamated to
integrate operations into the one dealership as captioned. The firm wholesales industrial and building
paints & coatings, others. Goods
are all supplied from the parent and group firms and distributed through sub
dealership agents nationwide.
The sales volume for Mar/2005 fiscal term amounted to Yen 37,469
million, a slight down from Yen 37,553 million in the previous term. The profit, on the other hand, improved to
register Yen 218 million net profit for the term. This compares with Yen 180 million net losses the previous term,
coming from the merger and liquidation of offices expenses.
For the term ended Mar 2006 the net profit is believed posted at
Yen 220 million, on a 6% rise in turnover, to Yen 39,700 million. This reflects the sales growth of the parent
(see REGISTRATION).
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 146.1 million, on normal 30 days terms.
REGISTRATION
Date Registered: Apr
1989
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 33,200 shares
Issued: 8,300 shares
Sum: Yen 415 million
Major
shareholders (%): Kansai Paint Co Ltd*(100)
*.. One of two largest paint mfrs, based in Osaka, founded 1918,
listed Tokyo & Osaka S/E’s, capital Yen 25,658 million, sales Yen 210,964
million (up 7.2%), recurring profit Yen 18,903 million (up 7.8%), net profit
Yen 22,042 million (up 12.9%), total assets Yen 266,886 million, net worth Yen
152,175 million, net worth ratio 57.0%, employees 1,826, pres Shoju
Kobayashi. (All figures as of Mar/2006
fiscal term; the percentage in parenthesis compared with the previous fiscal
term).
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Wholesales industrial paints (100%):
Building & construction
materials: building finish coatings, mastic
coatings, osmatic water-absorption-
proof coatings, flooring coatings, epoxy flooring coatings,
synthetic resin coatings, roof coatings, anti-
corrosive coatings, photo catalytic-proof coatings, antimycotic/antibacterial
coatings, in-hospital infection-
proof coatings, antibiotic coatings, other;
Civil Engineering materials: water holding coatings, pavement markers (paint-type),
anti-corrosive for
repairing, osmatic water-absorption-proof coatings, anti-corrosive
coatings, anti-water absorbent coatings,
graffiti-proof coatings, sign/bill-preventive coatings, other.
Clients: Agent dealerships nationwide
No. of accounts: About 20 for distribution to downstream markets
Domestic areas of activities: Nationwide
Suppliers: [Mfrs] Supplied wholly from the parent, Kansai Paint Co
Ltd, and group firms.
Payment
record: Regular
Location: Business area in Tokyo.
Office premises at the caption address are owned by the group and
maintained satisfactorily.
Bank References
Bank of Tokyo-Mitsubishi UFJ (Oimachi)
Mizuho Bank (Shinagawa)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms
Ending: |
31/03/2006 |
31/03/2005 |
31/03/2004 |
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Annual Sales |
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39,700 |
37,469 |
37,553 |
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Recur. Profit |
(*) |
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551 |
324 |
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Net Profit |
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220 |
218 |
-180 |
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Total Assets |
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14,681 |
15,492 |
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Current Assets |
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13,521 |
14,428 |
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Current Liabs |
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13,035 |
14,267 |
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Net Worth |
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926 |
872 |
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Capital, Paid-Up |
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415 |
415 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.95 |
-0.22 |
15.10 |
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Current Ratio |
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103.73 |
101.13 |
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N.Worth Ratio |
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6.31 |
5.63 |
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R.Profit/Sales |
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1.47 |
0.86 |
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N.Profit/Sales |
0.55 |
0.58 |
-0.48 |
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Return On Equity |
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23.54 |
-20.64 |
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Notes: Forecast (or estimated) figures for the 31/03/2006 fiscal
term.
(*) Data disclosed by the Taxation Office as the pretax profits.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |