MIRA
INFORM REPORT
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Report Date : |
28th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
YOTAI REFRACTORIES CO LTD |
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Registered Office : |
8-1 Nishiki-Nakamachi Kaizuka City Osaka-Pref
597-0093 Japan |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
August
1936 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer
of fire bricks, refractories; engineering works |
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 689.2 Million |
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Status : |
Fair |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Company Name
YOTAI REFRACTORIES CO LTD
REGD NAME
KK Yotai
MAIN OFFICE
8-1 Nishiki-Nakamachi Kaizuka City Osaka-Pref
597-0093 JAPAN
Tel :
0724-30-2100
Fax :
0724-30-2113
URL : http://www.yotai.co.jp/
E-Mail address : ktokunaga@yotai.co.jp
ACTIVITIES
Mfg of fire bricks, refractories;
engineering works
BRANCHES
Tokyo, Nagoya, Fukuoka, Okayama
FACTORY(IES)
Okayama, Gifu, Osaka
OVERSEAS
Liaoning (China) (--subsidiary factory)
CHIEF EXEC
KAZUO SHINOMIYA, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 16,088 M
PAYMENTS REGULAR CAPITAL Yen 2,654 M
TREND STEADY WORTH Yen 15,422 M
STARTED 1936 EMPLOYES 708
COMMENT
MFR OF FIRE-RESISTANT BRICKS. FINANCIALS SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 689.2 MILLION,
NORMAL 30 DAYS TERMS.
Forecast (or estimated) figures for
31/03/2007 fiscal term
HIGHLIGHTS
The subject company was established on
the basis of engineering division separated from Osaka Cement Co Ltd (now
Sumitomo Osaka cement Co Ltd), invested from several other parties, for mfg
high-grade refractories. Mid-size
fire-resistant brick mfr. Fire bricks
for electric furnaces accounts for 50% of total sales. Noted for strong sales to cement, glass and
incinerator industries. In Oct 1993,
merged with Osaka Yogyo of old Osaka Cement group. Fast growing in new ceramic related
field.In Jul 2004 founded JV in China, New Yotai Refractory Co Ltd, mfr of
burned basic bricks, and made it a wholly owned consolidated subsidiary in Jul
2005.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal
term amounted to Yen 16,407 million, a 5.9% up from Yen 15,483 million in the
previous term. Demand rose from
electric furnaces and cement industries on the back of robust exports to
China. Domestic sales of cement rose
2.5% from the previous year spurred by robust exports. Refractory production rose 1.4% to 1.2
million tons from the previous year.
Full production at its subsidiary plant in China contributed fully to
the earnings growth. The recurring
profit was posted at Yen 600 million and the net profit at Yen 338 million,
respectively, compared with Yen 401 million recurring profit and Yen 231
million net profit, respectively, a year ago.
Hikes in fuel and materials costs were absorbed by cost reduction
through procurement of materials & products from China. Earlier stockpiling of raw materials before
price hikes also contributed to profit improvement.
For the current term ending Mar 2007
the recurring profit is projected at Yen 750 million and the net profit at Yen
400 million, respectively, on a 12.8% rise in turnover, to Yen 18,500 million.
Refractories will continue expanding on the back of increasing production of
crude steel which rose 2.2% for the first half 2006 from the corresponding
period a year ago.
Half yearly results ending Sept/2006:
sales Yen 9,048 million, operating profits Yen 269 million, recurring profit
Yen 324 million, net profit Yen 143 million.
The financial situation is considered
maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 689.2
million, on 30 days normal terms.
REGISTRATION
Date Registered : Aug 1936
Legal Status : Limited Company (Kabushiki Kaisha)
Authorized : 70 million shares
Issued :
25,587,421 shares
Sum :
Yen 2,654 million
Major shareholders (%): Sumitomo Osaka
Cement Co Ltd*(14.0), Company’s Treasure Stock (12.4), Dai-Sho-Kin (4.8),
Nippon Life Ins (3.4), Kredietbank (Lux) Bourgeois FJO (3.1), Sanei Kosan
(2.9), Kurashiki Seika Niuke Kumiai (1.8), Bank of Ikeda (1.7), Resona Bank
(1.5), Nippon Koa Ins (1.4); foreign owners (3.1)
No. of shareholders: 2,790
*.. 3rd ranked cement mfr of
Sumitomo group, founded 1907, listed Tokyo, Osaka S/E’s, capital Yen 41,654
million, sales Yen 191,993 million, recurring profit Yen 12,877 million, net profit Yen 2,694 million, total assets Yen
321,139 million, net worth Yen 135,394 million, employees 2,684, pres Yasuyuki Odagiri
Listed on the S/Exchange (s) of: Osaka
Managements
Kamekichi Hara, ch; Kazuo Shinomiya,
pres & CEO; Takeaki Fujiwara, mgn dir; Hiroshi Nakamura, dir; Isao Iwade,
dir; Yoshiki Nakagawa, dir; Jiro Enami, dir; Shoichi Tanaka,dir; Katsuhiko Maeda, dir; Kazunori Baba, dir
Nothing detrimental is known as to the
commercial morality of executives.
Related companies
New Yotai Refractory Co Ltd* (China)
*.. Mfr of burned basis bricks for iron
& steel, cement, non-ferrous metals and glass
industries, at Nonlou Economic Development
Zone, Dashiqiao City Liaoning (China), founded Jul 2004 as JV and in Jul 2005
became a wholly owned subsidiary, capital Yen 480 million, 40,000MT/year production
capacity.
OPERATION
Activities: Manufactures refractories
(84%): fire-resistant bricks, monolithic refractories, paper clay, new ceramics
(abrasive-resistant alumina ceramics, electric part sintering furnaces),
engineering works (16%): furnace plant designing, installation, maintenance,
etc works, including overseas works, catalysts for town gas plants, other.
Refractories for electric steel
furnaces accounting for 50% of total sales.
Clients
[Electric furnace steel mfrs, cement
mfrs,] Tokyo Steel Mfg, Ube Industries, Sumitomo Osaka Cement, Takano
Refractories, other.
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Ube Materials,
Iwatani International, Sojitz Chemicals, other.
Payment record
Regular
Location
Business area in Kaizuka City, adjacent
to Osaka City. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References
Bank of Tokyo-Mitsubishi UFJ (Dojima)
Resona Bank (Dojima)
Relations: Satisfactory
FINANCES
(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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16,407 |
15,483 |
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Cost of
Sales |
13,920 |
13,421 |
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GROSS PROFIT |
2,486 |
2,062 |
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Selling
& Adm Costs |
1,965 |
1,765 |
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OPERATING PROFIT |
521 |
297 |
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Non-Operating P/L |
79 |
104 |
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RECURRING PROFIT |
600 |
401 |
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NET
PROFIT |
338 |
231 |
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BALANCE SHEET |
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Cash |
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1,228 |
1,133 |
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Receivables |
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7,327 |
6,663 |
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Inventory |
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4,663 |
3,467 |
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Securities, Marketable |
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100 |
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Other
Current Assets |
263 |
675 |
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TOTAL CURRENT ASSETS |
13,481 |
12,038 |
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Property
& Equipment |
6,738 |
6,338 |
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Intangibles |
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106 |
13 |
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Investments, Other Fixed Assets |
5,754 |
3,479 |
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TOTAL ASSETS |
26,079 |
21,868 |
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Payables |
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2,140 |
2,018 |
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Short-Term Bank Loans |
3,750 |
2,300 |
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Other
Current Liabs |
1,381 |
1,241 |
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TOTAL CURRENT LIABS |
7,271 |
5,559 |
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Debentures |
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Long-Term Bank Loans |
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Reserve
for Retirement Allw |
1,696 |
1,698 |
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Other
Debts |
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1,618 |
795 |
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TOTAL LIABILITIES |
10,585 |
8,052 |
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MINORITY INTERESTS |
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Common stock |
2,654 |
2,654 |
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Additional paid-in capital |
1,710 |
1,710 |
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Retained earnings |
9,001 |
8,833 |
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Evaluation p/l on investments/securities |
2,566 |
1,167 |
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Others |
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118 |
1 |
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Treasury stock, at cost |
(555) |
(550) |
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TOTAL
S/HOLDERS` EQUITY |
15,494 |
13,815 |
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TOTAL EQUITIES |
26,079 |
21,868 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2006 |
31/03/2005 |
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Cash Flows from Operating Activities |
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294 |
-91 |
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Cash Flows from Investment Activities |
-1,515 |
-983 |
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Cash Flows from Financing Activities |
1,289 |
335 |
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Cash, Bank Deposits at the Term End |
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1,228 |
1,133 |
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ANALYTICAL RATIOS
Terms ending: |
31/03/2006 |
31/03/2005 |
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Net Worth (S/Holders' Equity) |
15,494 |
13,815 |
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Current Ratio (%) |
185.41 |
216.55 |
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Net Worth Ratio (%) |
59.41 |
63.17 |
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Recurring Profit Ratio (%) |
3.66 |
2.59 |
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Net Profit Ratio (%) |
2.06 |
1.49 |
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Return On Equity (%) |
2.18 |
1.67 |
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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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