MIRA
INFORM REPORT
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Report Date : |
27.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
C I AGRO CORPORATION |
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Registered Office : |
Yaesu Takaracho Bldg 4F, 1-18-1 Kyobashi Chuoku Tokyo 104-0031 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
Dec 1971 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of
agricultural equipment, fertilizer |
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 91.3 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
C I AGRO CORPORATION
REGD NAME
C I Agro KK
MAIN OFFICE
Yaesu Takaracho Bldg 4F, 1-18-1 Kyobashi Chuoku Tokyo 104-0031 JAPAN
Tel : 03-5159-3765
Fax : 03-5159-3752
URL : http://www.ciagro.co.jp
E-Mail address: info@ciagro.co.jp
ACTIVITIES
Import, export, wholesale of agricultural equipment,
fertilizer
BRANCHES
Osaka, Nagoya, Sapporo, Sendai, Kochi, Fukuoka, Kagoshima
OFFICERS
HISASHI KOKUBU, PRES Takashi
Kojima, mgn dir
Takeo Shimizu, mgn dir Kaoru
Hinami, dir
Masashi Nakajima, dir Kozo
Itsumi, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 21,692 M
PAYMENTS REGULAR CAPITAL Yen 250 M
TREND STEADY WORTH Yen 781 M
STARTED 1971 EMPLOYES 108
COMMENT
TRADING HOUSE SPECIALIZING IN AGRICULTURAL EQUIPMENT, WHOLLY
OWNED BY C I KASEI CO LTD. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 91.3 MILLION, 30 DAYS NORMAL
TERMS.
HIGHLIGHTS
The subject company was established originally on the basis of
agricultural division separated from Itochu Corp, as C I Agro Systems Corp, and
in Dec 2005 merged with Tajisho KK, in the similar business line, to rename as
captioned. This is a trader
specializing in import, export and wholesale of agricultural equipment &
supplies, fertilizers, soils, other.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 21,692 million, a 26% hike from Yen 17,172 million in the previous term. This is thanks to the said merger. The recurring profit was posted at Yen 339 million and the net profit at Yen 190 million, respectively, compared with Yen 148 million recurring profit and Yen 217 million net profit, respectively, a year ago. The worsened net profit includes extraordinary losses from the merger costs.
For the term just ended Mar 2007 the net profit was projected at
Yen 200 million, on a 6% rise in turnover, to Yen 23,000 million. Final results are yet to be released.
The financial situation is considered maintained FAIR and good
for ORDINARY business engagements. Max
credit limit is estimated at Yen 91.3 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec
1971
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 20,000
shares
Issued: 5,000
shares
Sum: Yen
250 million
Major shareholders (%): C I Kasei Co Ltd*(100)
*.. Leading processor of synthetic resin products, Tokyo,
founded 1963, affiliated to Itochu Corp, listed Tokyo S/E, capital Yen 5,500
million, turnover Yen 90,993 million, recurring profit Yen 1,959 million, net
profit Yen 949 million, total assets Yen 85,554 million, net worth Yen 22,456
million, employees 1,930, pres Hiroshi Kitamura
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports, exports and wholesales agricultural
equipment & supplies, fertilizers, other related goods (--100%).
(Handling
items):
Agricultural equipment & supplies Div: coated equipment, green house equipment, rice padding equipment, packaging materials, horticultural supplies, nursery materials, bulbs, seeds & seedlings, non-woven materials, other agro equipment & supplies;
Fertilizer Div:
chemical fertilizers, compound fertilizers, organic chemicals, soil
conditioners, liquid fertilizer, molding, agricultural products, other.
Clients: Farm coops, DIY stores, chain stores, horticultural stores, other
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] C I Kasei, Itochu Corp, Kuki
Hiryo Kogyo, Nihon Hiryo, Tomoe Kagaku Kogyo, other. Also supplied from: Frans Van Zeal BV, Stal & Plast AS,
Govita AS, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
Mizuho Bank (Yokoyamacho)
SMBC (Nihombashi)
Relations: Satisfactory.
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2007 |
31/03/2006 |
31/03/2005 |
31/03/2004 |
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Annual
Sales |
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23,000 |
21,692 |
17,172 |
14,000 |
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Recur.
Profit |
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339 |
148 |
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Net
Profit |
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200 |
190 |
217 |
102 |
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Total
Assets |
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11,481 |
12,559 |
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Current
Assets |
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10,855 |
11,911 |
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Current
Liabs |
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10,390 |
11,697 |
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Net
Worth |
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781 |
618 |
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Capital,
Paid-Up |
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250 |
250 |
250 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
6.03 |
26.32 |
22.66 |
3.83 |
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Current Ratio |
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104.48 |
101.83 |
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N.Worth Ratio |
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6.80 |
4.92 |
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R.Profit/Sales |
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1.56 |
0.86 |
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N.Profit/Sales |
0.87 |
0.88 |
1.26 |
0.73 |
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Return On Equity |
.. |
24.33 |
35.11 |
.. |
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Note: Forecast (or estimated) for the 31/03/2007 fiscal
term.
CONSOLIDATED FINANCIALS
OF C I KASEI CO LTD
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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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90,993 |
101,112 |
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Cost of Sales |
73,670 |
80,798 |
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GROSS PROFIT |
17,322 |
20,314 |
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Selling & Adm Costs |
15,642 |
17,809 |
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OPERATING PROFIT |
1,680 |
2,504 |
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Non-Operating P/L |
279 |
-65 |
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RECURRING PROFIT |
1,959 |
2,439 |
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NET PROFIT |
949 |
849 |
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BALANCE SHEET |
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Cash |
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2,635 |
3,785 |
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Receivables |
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30,106 |
33,926 |
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Inventory |
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11,194 |
11,450 |
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Securities, Marketable |
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Other Current Assets |
2,048 |
3,395 |
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TOTAL CURRENT ASSETS |
45,983 |
52,556 |
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Property & Equipment |
31,642 |
34,080 |
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Intangibles |
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549 |
482 |
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Investments, Other Fixed Assets |
10,327 |
5,008 |
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TOTAL ASSETS |
88,501 |
92,126 |
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Payables |
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23,910 |
26,501 |
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Short-Term Bank Loans |
14,825 |
19,687 |
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Other Current Liabs |
5,465 |
6,285 |
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TOTAL CURRENT LIABS |
44,200 |
52,473 |
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Debentures |
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Long-Term Bank Loans |
11,717 |
8,676 |
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Reserve for Retirement Allw |
2,840 |
2,957 |
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Other Debts |
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4,832 |
5,116 |
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TOTAL LIABILITIES |
63,589 |
69,222 |
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MINORITY INTERESTS |
2,147 |
2,442 |
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Common
stock |
5,500 |
5,500 |
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Additional
paid-in capital |
3,982 |
3,982 |
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Retained
earnings |
12,742 |
11,372 |
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Evaluation
p/l on investments/securities |
882 |
270 |
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Others |
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(78) |
(406) |
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Treasury
stock, at cost |
(264) |
(257) |
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TOTAL S/HOLDERS` EQUITY |
22,764 |
20,461 |
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TOTAL EQUITIES |
88,501 |
92,126 |
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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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3,068 |
7,172 |
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Cash
Flows from Investment Activities |
-1,182 |
-4,348 |
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Cash
Flows from Financing Activities |
-2,030 |
-4,229 |
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Cash,
Bank Deposits at the Term End |
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2,623 |
3,772 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
22,764 |
20,461 |
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Current
Ratio (%) |
104.03 |
100.16 |
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Net
Worth Ratio (%) |
25.72 |
22.21 |
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Recurring
Profit Ratio (%) |
2.15 |
2.41 |
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Net
Profit Ratio (%) |
1.04 |
0.84 |
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Return
On Equity (%) |
4.17 |
4.15 |
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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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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%)