MIRA
INFORM REPORT
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Report Date : |
25.08.2007 |
IDENTIFICATION DETAILS
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Name : |
KV ARTEC INC |
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Registered Office : |
1576-2 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
Aug 1993 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Import, wholesale of
firebricks |
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 20.6 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
KV ARTEC INC (NOT
ONE WORD, AS GIVEN)
REGD NAME
KV Artec KK
MAIN OFFICE
1576-2
Nakahiro-Higashioki Ako City Hyogo-Pref 678-2810
Tel : 0791-45-2810
Fax : 0791-45-2811
URL : N/A
ACTIVITIES
Import,
wholesale of firebricks
BRANCHES
Nil
OFFICERS
SHIGERU
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,150 M
PAYMENTS REGULAR CAPITAL Yen 470 M
TREND STEADY WORTH Yen
169 M
STARTED 1993 EMPLOYES 13
COMMENT
IMPORTER AND WHOLESALER SPECIALIZING IN FIREBRICKS, JV OF
COOKSON OVERSEAS (
MAX CREDIT LIMIT: YEN 20.6 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established as 50/50 JV between Cookson
Overseas (UK) and JFE Refractories Corp, Hyogo-Pref (see REGISTRATION) in order
to market firebricks and other refractory materials utilizing the wide networks
of the
FINANCIAL INFORMATION
Financials are only partially disclosed, except for the 31/03/2005 fiscal term when digested financials were released as attached.
The sales volume for Mar/2006 fiscal term amounted to Yen 1,150 million, a 10% up from Yen 1,050 million in the previous term. This is thanks to the hike in material prices. The net profit was posted at Yen 24 million, down from Yen 28 million a year ago.
For the current term ending Mar 2007 the net profit was projected and believed posted at Yen 24 million, on a 4% rise in turnover, to Yen 1,200 million.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 20.6 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Aug 1993
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 9,400 shares
Issued: 9,400 shares
Sum: Yen 470 million
Major shareholders (%): JFE Refractories Corp*(50),
No. of shareholders: 2
*.. Mfr of refractory materials, based in Hyogo-Pref, founded
1938 as Kawasaki Refractories Corp, name changed to JFE Refractories Corp in
Apr 2004 when the parent merged to become JFE group firm; capital Yen 948
million, turnover Yen 21,832 million, recurring profit Yen 634 million, net
profit Yen 323 million, total assets Yen 18,258 million, employees
413, pres Yuichi Nakata
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports and wholesales firebricks and other refractory materials (--100%).
Products are supplied from both parents.
Clients: [Steel mills] Nippon Steel, JFE Steel, Sumitomo Metal Ind, Kobe Steel, China Steel, Nakayama Steel Works, Nisshin Steel, other.
No. of
accounts: 300
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] JFE Refractories & Cookson Overseas.
Payment
record: Regular
Location: Business area in
Bank References
Mizuho
Bank (Kobe-Chuo)
SMBC (
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
31/03/2006 |
31/03/2005 |
31/03/2004 |
31/03/2003 |
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Annual
Sales |
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1,150 |
1,050 |
1,000 |
950 |
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Recur.
Profit |
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Net
Profit |
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24 |
28 |
25 |
25 |
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Total
Assets |
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472 |
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Current
Assets |
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464 |
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Current
Liabs |
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321 |
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Net
Worth |
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169 |
145 |
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Capital,
Paid-Up |
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470 |
470 |
470 |
470 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
9.52 |
5.00 |
5.26 |
-5.00 |
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Current Ratio |
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.. |
144.55 |
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.. |
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N.Worth Ratio |
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30.72 |
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.. |
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R.Profit/Sales |
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.. |
.. |
.. |
.. |
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N.Profit/Sales |
2.09 |
2.67 |
2.50 |
2.63 |
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Return On Equity |
.. |
19.31 |
.. |
.. |
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Notes:
Digested financials are disclosed for the 31/03/2005 fiscal term only.
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%)