MIRA INFORM REPORT

 

 

Report Date :

13.04.2007

 

IDENTIFICATION DETAILS

 

Name :

CBC CO LTD

 

 

Registered Office :

CBC Bldg, 2-15-13 Tsukishima Chuoku Tokyo 104-0052

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

Nov 1935

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Trading firm for import, export, wholesale of chemical products, IT-related products, security-related products

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 3094.4 millions

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

name

 

CBC CO LTD

 

 

REGD NAME

 

CBC KK           

 

 

MAIN OFFICE

 

CBC Bldg, 2-15-13 Tsukishima Chuoku Tokyo 104-0052 JAPAN

Tel: 03-3536-4500

Fax: 03-3536-4774

OSAK OFFICE: Ehime Bldg, 1-7-7 Kawaramachi Chuoku Osaka 541-0048;

Tel: 06-6206-5001;

Fax: 06-6222-3797

URL: http://www.cbc.co.jp/

E-Mail address: info@cbc.co.jp

 

 

ACTIVITIES

 

Trading firm for import, export, wholesale of chemical products, IT-related products, security-related products

 

 

BRANCHES

 

Osaka, Nagoya, Fukuoka, Mishima

 

 

OVERSEAS

 

New York, Los Angeles, London, Milan, Paris, Düsseldorf, Warsaw, Taipei, Bangkok, Singapore, Jakarta, Chittagong, Mumbai, China (5)

 

 

FACTORY(IES)

 

(Subcontracted)

 

 

OFFICER(S)

 

UTARO DOI, PRES                                Takashi Shimaoka, s/mgn dir

Takayasu Owada, s/mgn dir                    Koichi Morimoto, mgn dir

Shoichi Takabatake, mgn dir                   Hidekazu Atarashi, dir   

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 149,091 M

PAYMENTS      REGULAR                     CAPITAL           Yen 850 M

TREND             STEADY                       WORTH            Yen 17,150 M

STARTED         1935                             EMPLOYES      385

 

 

COMMENT

 

TRADING HOUSE SPECIALIZING IN INDUSTRIAL CHEMICALS & IT-RELATED PRODUCTS.         FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

MAX CREDIT LIMIT: YEN 3,094.4 MILLION, 30 DAYS NORMAL TERMS.

 

 

 

HIGHLIGHTS

           

The subject company was established originally in 1925 by a certain Doi, and has been succeeded by the present executives.  This is a trading firm specializing in industrial chemicals, synthetic resins, medical products, agricultural chemicals, etc.  Of recent development include security apparatus, such as monitoring camera lenses, devices, etc, both rising in demand at home and abroad.  Goods are originally designed and manufactured on consignment by overseas factories.  Also handles liquid crystal display panels and peripherals.  In Jun 2006, acquired all stocks of PROCOS, pharmaceutical fine chemicals mfr, Italy, to make it a wholly owned subsidiary.  Clients are major mfrs in the related fields.

           

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2006 fiscal term amounted to Yen 1149,091 million, a 1.7% up from Yen 146,546 million in the previous term, helped by rising demand for liquid crystal display panels, coupled with robust demand for security-related products, both at home and abroad.  Production at China factories expanded.  The recurring profit was posted at Yen 3,751 million and the net profit at Yen 2,367 million, respectively, compared with Yen 3,519 million recurring profit and Yen 1,889 million net profit, respectively, a year ago.

 

For the term just ended Mar 2007 the recurring profit was projected at Yen 4,000 million and the net profit at Yen 2,370 million, respectively, on a 1.3% rise in turnover, to Yen 151,000 million.  Similar favorable markets continued.

 

The financial situation is considered FAIR and good for ordinary BUSINESS engagements.  Max      credit limit is estimated at Yen 3,094.4 million, on 30 days normal terms.

 

REGISTRATION

 

Date Registered:            Nov 1935

Legal Status:                 Limited Company (Kabushiki Kaisha)

Authorized:                    68 million shared

Issued:                          17 million shares

Sum:                            Yen 850 million

Major shareholders (%): Utaro Doi (22), U-D KK (14.8), Shotaro Doi (13.1), MD (9.8), Employees’ S/Holding Assn

                                    (9.3)

No. of shareholders:       221

 

Nothing detrimental is knows as to the commercial morality of executives.

 

 

OPERATION

 

Activities: A trading house specializing in security-related products (monitoring camera lenses, apparatus, etc), liquid crystal display panels & peripherals (--54%), other industrial chemicals, synthetic resins, medical products, agricultural chemicals, foodstuffs, clothing, others (--40%). (Export 18%)

 

Clients: [Mfrs, wholesalers] Circle K Sunkus, Toppan Printing, Nitto Denko Corp, Nippon Paint, Takeda Chemical, other

 

No. of accounts: 1,000

 

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Asahi Denka Kogyo, Shin-Etsu Chemical, Okura Ind, Mitsubishi Rayon, Sumitomo Chemical, Dainippon Ink & Chemicals, Kyowa Hakko Chemical, Samsung, LG (--Korea) other

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are owned and maintained satisfactorily.

 

           

Bank References

 

MUFG Bank (Tokyo)

Mizuho Bank (Kyobashi)

 

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2006

31/03/2005

INCOME STATEMENT

 

 

 

  Annual Sales

　

149,092

146,547

 

  Cost of Sales

136,376

134,425

 

      GROSS PROFIT

12,716

12,122

 

  Selling & Adm Costs

9,249

8,202

 

      OPERATING PROFIT

3,467

3,919

 

  Non-Operating P/L

547

-400

 

      RECURRING PROFIT

4,014

3,519

　

      NET PROFIT

2,367

1,890

BALANCE SHEET

 

 

 

 

  Cash

　

2,063

4,295

 

  Receivables

 

49,558

48,384

 

  Inventory

 

5,157

4,872

 

  Securities, Marketable

　

　

 

  Other Current Assets

3,768

3,573

 

      TOTAL CURRENT ASSETS

60,546

61,124

 

  Property & Equipment

3,257

25,228

 

  Intangibles

 

358

329

 

  Investments, Other Fixed Assets

34,407

(329)

 

      TOTAL ASSETS

98,568

86,352

 

  Payables

 

30,993

30,550

 

  Short-Term Bank Loans

19,400

17,900

 

　

 

　

　

 

  Other Current Liabs

6,847

8,259

 

      TOTAL CURRENT LIABS

57,240

56,709

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

8,663

8,106

 

  Reserve for Retirement Allw

521

592

 

  Other Debts

　

5,305

1,530

 

      TOTAL LIABILITIES

71,729

66,937

 

      MINORITY INTERESTS

 

 

 

Common stock

850

850

 

Additional paid-in capital

　

　

 

Retained earnings

17,063

14,527

 

Evaluation p/l on investments/securities

8,924

4,038

 

Others

 

1

0

 

Treasury stock, at cost

　

　

 

      TOTAL S/HOLDERS` EQUITY

26,838

19,415

　

      TOTAL EQUITIES

98,568

86,352

ANALYTICAL RATIOS            Terms ending:

31/03/2006

31/03/2005

 

 

Net Worth (S/Holders' Equity)

26,838

19,415

 

 

Current Ratio (%)

105.78

107.79

 

 

Net Worth Ratio (%)

27.23

22.48

 

 

Recurring Profit Ratio (%)

2.69

2.40

 

 

Net Profit Ratio (%)

1.59

1.29

 

 

Return On Equity (%)

8.82

9.73

 

           


 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions