MIRA
INFORM REPORT
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Report Date : |
18.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
KOA FIREPROOFING INDUSTRIES CO LTD |
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Registered Office : |
3904-7 Honami Bizen Okayama-Pref 705-0033 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Apr 1948 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of fireproof bricks for
electric furnaces |
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 234.6 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
KOA FIREPROOFING INDUSTRIES CO LTD (This is the English style the firm uses)
REGD NAME
Koa Taika Kogyo KK
MAIN OFFICE
3904-7 Honami Bizen Okayama-Pref 705-0033 JAPAN
Tel : 0869-67-0231
Fax : 0869-67-3312
URL : http://www.optic.or.jp/com/koua/koua.html
E-mail :
okayama@koa-ref.co.jp
*The given address is its Tokyo Office at: Uchida Bldg 4F, 1-8 Nihombashi-Hakozakicho
Chuoku Tokyo 103-0015, as given
ACTIVITIES
Mfg of fireproof bricks for electric furnaces
BRANCHES
Tokyo
FACTORY(IES)
At the caption address
OFFICERS
MINORU OH’I, PRES Tsutomu
Watanabe, s/mgn dir
Toshiro Korenobu, dir Manabu Kanai, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 5,717 M
PAYMENTS REGULAR CAPITAL Yen 92 M
TREND STEADY WORTH Yen 2,393 M
STARTED 1948 EMPLOYES 67
COMMENT
MFR OF FIREPROOFING BRICKS. FINANCIAL SITUATION
CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 234.6 MILLION, 30 DAYS NORMAL
TERMS.
HIGHLIGHTS
The subject company was established as a specialist silica
brick mfr for steel industry. Specialist
mfr of fireproof products for electric furnaces used in steel mfg, with
consistent engineering system from design to construction. Products are: magnesia carbon bricks, base
bricks, special clay bricks, etc. Also
handles block materials, repair materials, and a wide range of fireproofing
products & materials. Products are
also imported and exported. Clients
include major general trading houses nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 5,717 million, a 14% up from Yen 5,015 million in the previous term. Exports of fireproof products into Indonesia increased. Weaker Yen also assisted. The net profit was posted at Yen 168 million, up from Yen 28 million a year ago. The last booked some extraordinary losses.
For the current term ending Mar 2008 the net profit is
projected at Yen 150 million, on a 10% rise in turnover, to Yen 6,200
million.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 234.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr
1948
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 73
million shares
Issued: 18.48
million shares
Sum: Yen 92.4 million
Major shareholders (%): Masahiko
Takada (20)
No. of shareholders: 87
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Manufactures fireproof bricks used in electric furnaces & steel making furnaces, such as: magnesia carbon bricks, base bricks, high alumina bricks, special clay bricks, block materials, repair materials, others (--100%).
Exports fireproofing materials to Indonesia, other.
Imports magnesia clinkers from China, other.
Clients: [Steel mills, wholesalers] Tokyo Steel Mfg, Hitachi Metal Ind, Daido Steel Co, Topy Ind, Godo Steel, other. Exports to Indonesia, other.
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Sumitomo Corp, Sojitz Corp,
Nittetsu Mining, Ohara & Co, Fuji Kozai, other. Imports from China, other.
Payment record: Regular
Location: Business area in Bizen City, Okayama-Pref. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References
Chugoku Bank (Katakami)
Shoko Chukin Bank (Okayama)
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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5,717 |
5,015 |
5,009 |
4,667 |
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Recur. Profit |
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133 |
210 |
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Net Profit |
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168 |
28 |
87 |
82 |
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Total Assets |
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4,035 |
4,124 |
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Current Assets |
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2,929 |
2,937 |
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Current Liabs |
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1,243 |
1,315 |
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Net Worth |
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2,393 |
2,240 |
2,229 |
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Capital, Paid-Up |
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92 |
92 |
92 |
92 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
14.00 |
0.12 |
7.33 |
10.20 |
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Current Ratio |
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.. |
235.64 |
223.35 |
.. |
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N.Worth Ratio |
.. |
55.51 |
54.05 |
.. |
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R.Profit/Sales |
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.. |
2.65 |
4.19 |
.. |
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N.Profit/Sales |
2.94 |
0.56 |
1.74 |
1.76 |
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Return On Equity |
.. |
1.25 |
3.90 |
.. |
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Notes: Partial figures for the 31/03/2007 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%)