MIRA
INFORM REPORT
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Report Date : |
16.08.2007 |
IDENTIFICATION DETAILS
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Name : |
S-TEC CORPORATION |
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Registered Office : |
2-4-19 Meieki Nishiku |
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Country : |
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Financials (as on) : |
30.09.2006 |
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Date of Incorporation : |
November 1957 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, wholesale of food additives, pharmaceutical
intermediates, health foods |
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 271.6 MILLION |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
S-TEC CORPORATION
REGD NAME: Estekku KK
ADDRESS
MAIN OFFICE
2-4-19 Meieki Nishiku
Tel : 052-565-1255
Fax : 052-581-2770
URL : http://www.s-tec-nagoya.com/
E-Mail :
s-tec@s-tec-nagoya.com
ACTIVITIES
Import, wholesale of food additives, pharmaceutical
intermediates, health foods
BRANCHES
FACTORY(IES)
OFFICERS
TAIZO SHIMIZU, PRES Ken’ichiro
Shimizu, s/mgn dir
Hisao Kobayashi, dir Katsuo
Michiko Shimizu, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 7,739 M
PAYMENTS REGULAR CAPITAL Yen
50 M
TREND STEADY WORTH Yen
1,955 M
STARTED 1957 EMPLOYES 31
COMMENT
Importer and Wholesaler Specializing in Food Additives and
pharmaceutical Intermediates.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 271.6 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by father of Taizo
Shimizu in order to make most of his experience in the subject line of
business. The firm has been succeeded by
his descendants; T Shimizu took the pres office in Jan 1967. This is a trading house for import and
wholesale of food additives, food materials, pharmaceutical intermediates,
health foods, other (see OPERATION).
Clients are food processors, pharmaceutical mfrs, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Sept/2006 fiscal term amounted to Yen
7,739 million, a 2% down from Yen 7,930 million in the previous term. While pharmaceuticals & health foods
remained in good demand, food materials were under pressure on prices due to
competition of cheaper imports. Profits
deteriorated: recurring profit was posted at Yen 313 million and the net profit
at Yen 170 million, respectively, compared with Yen 394 million recurring
profit and Yen 225 million net profit, respectively, a year ago.
For the current term ending Sept 2007 the recurring profit
is projected at Yen 310 million and the net profit at Yen 170 million,
respectively, on a similar turnover, at Yen 7,800 million. Weaker Yen may contribute.
The financial situation is considered maintained FAIR and
good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 271.6 million, on 30 days normal terms.
REGISTRATION
Date Registered : Nov
1957
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
400,000 shares
Issued :
100,000 shares
Sum : Yen 50 million
Major shareholders (%): Taizo Shimizu (55) & families
(--45)
No. of shareholders: 14
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Wholesales food additives, pharmaceutical
intermediates, health foods, pharmaceutical filling machines, others (--100%).
(Products handled):
Food materials: corn
starch, soybeans, sugar, sugar alcohol, proteins, dairy products, oil &
fats, flavoring agents, fruit juices, fruity flesh, farm products, others:
Food additives: sweeteners, coloring agents, gel agents,
stabilizers, anti-oxidant agents, acidifiers, flavoring agents, emulsifying
agents, amino acids, vitamin acids, minerals, preservatives, others;
Pharmaceutical intermediates: diluting agents, coupling
agents, elasticizer, coating agents, sugar-coating agents, coloring agents,
surfactants, solvents, others;
Health foods: vitamins, minerals, co-enzyme, peptide,
propolis, EPA, oligosaccharide, chitosan, collagen, herbs, royal-jelly, honey,
oil & fats, bifidus, crude drugs, crude drugs extracts, other.
Clients: [Food processors, pharmaceutical mfrs] Ono
Pharmaceutical, Meito Sangyo, Yamanouchi Pharmaceutical, Imura Confectionary,
Eisai Co, Meito
Adams, Pfizer
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsubishi Corp, Mitsui &
Co, Eisai Co, Shin-Etsu Chemical Ind,
San-Ei Gen FFI Inc, Fine Chemical Japan, Tanabe Pharmaceuticals, other.
Payment record
Regular
Location
Business area in
Bank References
Juroku Bank (
SMBC (Nagoya-Ekimae)
Relations: Satisfactory
FINANCES: (In Million
Yen)
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Terms Ending: |
30/09/2007 |
30/09/2006 |
30/09/2005 |
30/09/2004 |
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Annual Sales |
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7,800
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7,739
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7,930
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7,131
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Recur. Profit |
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310 |
313 |
394 |
289 |
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Net Profit |
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170 |
170 |
225 |
174 |
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Total Assets |
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4,292
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4,036
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3,646
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Current Assets |
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3,541
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3,278
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2,861
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Current Liabs |
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2,334
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2,234
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2,057
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Net Worth |
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1,955
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1,800
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1,587
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Capital, Paid-Up |
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50 |
50 |
50 |
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Div.P.Share(¥) |
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<Analytical
Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
0.79 |
-2.41
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11.20
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6.86 |
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Current Ratio |
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151.71
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146.73
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139.09
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N.Worth Ratio |
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45.55
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44.60
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43.53
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R.Profit/Sales |
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3.97 |
4.04 |
4.97 |
4.05 |
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N.Profit/Sales |
2.18 |
2.20 |
2.84 |
2.44 |
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Return On Equity |
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8.70 |
12.50
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10.96
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Notes: Forecast (or estimated) figures for 30/09/2007 fiscal
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. |
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%)