MIRA
INFORM REPORT
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Report Date : |
15.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
DIO
CHEMICALS LTD |
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Registered Office : |
St
Luke’s Tower 13F, 6-1 Akashicho Chuoku Tokyo 104-0044 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
June, 1956 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturing of insect nets, agricultural nets, construction
nets and window screens. |
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
231.4 millions |
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Status : |
Fair |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
DIO
CHEMICALS LTD
REGD NAME
Daio
Kasei KK
MAIN OFFICE
St
Luke’s Tower 13F, 6-1 Akashicho Chuoku Tokyo 104-0044 JAPAN
Tel:
03-6830-3000
Fax:
03-6830-3001
E-Mail address: info@dionet.jp
ACTIVITIES
Mfg of insect nets, agricultural nets, construction nets, window
screens
BRANCHES
Osaka, Fukuoka
FACTORY(IES)
Fukuroi, Kakegawa
OFFICERS
Sadamu Konishi, ch TSUTOMU
GOTO, PRES
Hiroshi Suganuma, s/mgn dir Kotaro
Furuhashi, mgn dir
Kiyoaki Ohtani, dir Hiroshi
Tanaka, dir
Yen Amount: In million
Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 5,670 M
PAYMENTS REGULAR CAPITAL Yen 1,287 M
TREND STEADY WORTH Yen 7,392 M
STARTED 1956 EMPLOYES 147
COMMENT
MFR SPECIALIZING IN AGRICULTURAL & INSECT NETS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 231.4 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for 31/03/2007 fiscal term
HIGHLIGHTS
The subject company was established originally as Tokai Henshoku KK by Kakiuchi KK & Matsuya Omori as a specialized mfr of insect netting. This is a specialized mfg of insect netting, agricultural netting, construction-use netting & sheets, made of polypropylene. Also mfrs window screens. In Oct 1970, changed the name to the captioned. In Apr 2005, became a wholly owned consolidated subsidiary of Wavelock Holdings Co Ltd (see REGISTRATION) through capital exchange.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 5,670
million, a 33.8% up from Yen 1,413 million for irregular 4 months (due to the
change in accounting term) in the previous term. Agricultural nets and construction nets rose as the construction
industry revived. The recurring profit
was posted at Yen 891 million and the net profit at Yen 540 million, respectively,
compared with Yen 183 million recurring profit and Yen 75 million net losses
the previous term for 4 months. The
previous term’s losses refer to extraordinary losses of Yen 189 million coming
from the asset impairment accounting system employed from that term.
For the current term ending Mar 2007 the recurring profit is
projected at Yen 900 million and the net profit at Yen 550 million,
respectively, on a 20% rise in turnover, to Yen 6,800 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 231.4 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jun
1956
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 40
million shares
Issued: 10,253,562
shares
Sum: Yen
1,287.47 million
Major shareholders (%): Wavelock Holdings Co Ltd*(100)
*.. Mfr of PVC wall paper bases & PP-molded products, at the caption address, founded 1964, listed Tokyo S/E (Second Section), capital Yen 2,143 million, turnover Yen 18,861 million, recurring profit Yen 1,682 million, net profit Yen 1,133 million, total assets Yen 20,523 million, net worth Yen 10,089 million, employees 499, pres Jun Kinebuchi.
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Manufactures insect nets, garden nets, agricultural nets to protect against insects, sunlight, wind, birds, etc, construction nets & sheets used in home remodeling, various types of nets used in landscaping, window screens, others (--100%).
Products are branded as “Wavelock” sheets.
Clients
[Mfrs, DIY goods stores, wholesalers] Tostem, Taiyo Kogyo, Tontai
Co, other.
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Dainichiseika Color & Chemicals Mfg, Japan
Polyethylene Corp, Japan Polypropylene Corp, other.
Payment record: Regular
Location
Business area in Tokyo.
Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
Mizuho Bank (Nihombashi)
Shizuoka Bank (Tokyo)
Relations: Satisfactory
FINANCES: (Non-Consolidated in million yen)
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME STATEMENT |
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Annual
Sales |
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5,670
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1,413
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Cost of
Sales |
3,411
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839 |
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GROSS PROFIT |
2,259
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574 |
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Selling
& Adm Costs |
1,473
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435 |
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OPERATING PROFIT |
785 |
138 |
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Non-Operating P/L |
106 |
45 |
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RECURRING PROFIT |
891 |
183 |
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NET
PROFIT |
540 |
-75 |
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BALANCE SHEET |
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Cash |
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350 |
355 |
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Receivables |
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1,527
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1,472
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Inventory |
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1,866
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1,701
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Securities, Marketable |
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Other
Current Assets |
110 |
71 |
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TOTAL CURRENT ASSETS |
3,853
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3,599
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Property
& Equipment |
4,523
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4,582
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Intangibles |
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158 |
134 |
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Investments, Other Fixed Assets |
548 |
548 |
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TOTAL ASSETS |
9,082
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8,863
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Payables |
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398 |
364 |
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Short-Term Bank Loans |
290 |
127 |
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Other
Current Liabs |
620 |
637 |
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TOTAL CURRENT LIABS |
1,308
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1,128
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Debentures |
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200 |
400 |
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Long-Term Bank Loans |
90 |
211 |
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Reserve
for Retirement Allw |
87 |
99 |
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Other
Debts |
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5 |
52 |
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TOTAL LIABILITIES |
1,690
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1,890
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MINORITY INTERESTS |
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Common stock |
1,287
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1,287
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Additional paid-in capital |
1,302
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1,302
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Retained earnings |
4,758
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4,367
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Evaluation p/l on investments/securities |
43 |
24 |
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Others |
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2 |
1 |
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Treasury stock, at cost |
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(8) |
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TOTAL S/HOLDERS` EQUITY |
7,392
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6,973
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TOTAL EQUITIES |
9,082
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8,863
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ANALYTICAL RATIOS Terms
ending: |
31/03/2006 |
31/03/2005 |
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Net Worth (S/Holders' Equity) |
7,392
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6,973
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Current Ratio (%) |
294.57
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319.06
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Net Worth Ratio (%) |
81.39
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78.68
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Recurring Profit Ratio (%) |
15.71
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12.95
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Net Profit Ratio (%) |
9.52 |
-5.31
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Return On Equity (%) |
7.31 |
-1.08
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Notes: The 31/03/2005 term is for irregular 4 months due to the
change to Apr/Mar from Dec/Nov in
accounting term.
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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