MIRA
INFORM REPORT
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Report Date : |
14.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
MARUZEN CHEMICALS CO LTD |
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Registered Office : |
2-4-7 Doshomachi Chuoku Osaka 541-0045 |
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Country : |
Japan |
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Date of Incorporation : |
March 1938 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of industrial chemicals,
pharmaceuticals raw materials, agricultural chemicals |
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 589.7 MILLION |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
MARUZEN CHEMICALS CO LTD
REGD NAME: Maruzen Yakuhin Sangyo
KK
ADDRESS
MAIN OFFICE
2-4-7 Doshomachi Chuoku Osaka 541-0045 JAPAN
Tel: 06-6206-5669
Fax: 06-6206-5660
URL: http://www.maruzen-chem.co.jp
E-mail: info@maruzen-chem.co.jp
ACTIVITIES
Import, export, wholesale of industrial chemicals, pharmaceuticals
raw materials, agricultural chemicals
BRANCHES
Tokyo, Fukuoka, Nagoya, Kanazawa, Sapporo, Sendai, other
(Tot 8)
OVERSEAS
Korea, USA, Taiwan (2), Singapore, China (--affiliates)
OFFICERS
RYOICHI YANAGIHARA, PRES Masahiko
Shigemura, mgn dir
Ichiro Katayama, mgn dir Masaru
Fukita, dir
Hiromasa Hamatani, dir Masaya
Nishiyama, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 50,040 M
PAYMENTS REGULAR CAPITAL Yen 330 M
TREND STEADY WORTH Yen 3,255 M
STARTED 1938 EMPLOYES 197
COMMENT
TRADING HOUSE SPECIALIZING IN INDUSTRIAL CHEMICALS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 589.7 MILLION, 30 DAYS NORMAL
TERMS. .
HIGHLIGHTS
The subject company was established by Yuteki Hayashi in
order to make most of his experience in the subject line of business. Incorporated 1938 and the firm has been
succeeded by the present executives.
This is a trading house for import, export and wholesale of industrial
chemicals, pharmaceuticals raw materials, agro chemicals, synthetic resins
& molds, foodstuffs, other. Sales
agents in USA, China, Korea, Taiwan to strengthen overseas operations.
FINANCIAL INFORMATION
The sales volume for Oct/2006 fiscal term amounted to Yen
50,040 million, a 3.4% up from Yen 48,398 million in the previous term. Hikes in materials prices contributed. Also business in China, Taiwan & Korea
were brisk. The recurring profit was
posted at Yen 651 million and the net profit at Yen 300 million, respectively,
compared with Yen 575 million recurring profit and Yen 285 million net profit,
respectively, a year ago.
For the term just ended Oct 2007 the recurring profit was projected
at Yen 660 million and the net profit at Yen 300 million, respectively, on a 4%
rise in turnover, to Yen 52,000 million.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 589.7 million, on 30 days normal terms.
REGISTRATION
Date Registered : Mar
1938
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
7.2 million shares
Issued :
1.8 million shares
Sum : Yen 330 million
Major shareholders (%): Maruzen Tochi Tatemono*(28.3),
Employees’ S/Holding Assn (13.3)
Real estate owner, owned by the subject.
No. of shareholders: 49
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: A trading house for import, export and wholesale
of:
(Sales breakdown by divisions):
Industrial chemicals (36&): toxic
substances, deleterious substances, dyestuffs, paints, oils & fats,
industrial electronics products & materials, high-pressure gases, liquefied
gases, pharmaceuticals raw materials & intermediates, disinfection
chemicals, healthcare equipment, cosmetics, veterinary pharmaceuticals, others;
Agricultural chemicals (16%):
agricultural materials, animal feeds, fertilizers;
Foods (10%): liquors, marine products, livestock
products, food additives, other;
Electronics (22%): synthetic resins & molded
products, machinery & equipment, pollution processing & industrial
pollution processing, other;
Building materials, others (8%):
building & construction materials, automobile parts, office supplies,
electric home appliances, others;
Overseas sales (8%).
Clients: [Mfrs, wholesalers] Zen-Noh, Asahi Glass, Sekisui
Chemical Ind, Coca-Cola Japan, Murata Machinery, Showa Denko, Otsuka Chemical,
other
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Sekisui Chemical Ind, JSR,
Otsuka Chemical, Stella-Chemifa, Asahi Glass, Showa Denko, SDS Biotech, other.
Payment record
Regular
Location
Business area in Osaka.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Mizuho Bank (Osaka)
SMBC (Osaka-Chuo)
Relations: Satisfactory
FINANCES: (In Million
Yen)
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Terms Ending: |
31/10/2007 |
31/10/2006 |
31/10/2005 |
31/10/2004 |
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Annual Sales |
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52,000
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50,040
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48,398
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45,571
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Recur. Profit |
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660 |
651 |
575 |
465 |
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Net Profit |
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300 |
300 |
285 |
153 |
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Total Assets |
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21,791
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20,964
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Current Assets |
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14,985
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13,275
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Current Liabs |
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12,951
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12,020
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Net Worth |
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3,255
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3,013
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Capital, Paid-Up |
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330 |
330 |
330 |
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Div.P.Share(¥) |
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20.00
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25.00
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20.00
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.92 |
3.39 |
6.20 |
3.94 |
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Current Ratio |
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115.71
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110.44
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N.Worth Ratio |
.. |
14.94
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14.37
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.. |
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R.Profit/Sales |
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1.27 |
1.30 |
1.19 |
1.02 |
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N.Profit/Sales |
0.58 |
0.60 |
0.59 |
0.34 |
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Return On Equity |
.. |
9.22 |
9.46 |
.. |
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Notes: Forecast (or estimated) for the 31/10/2007 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%)