MIRA
INFORM REPORT
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Report Date : |
20.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
MITSUBISHI CHEMICAL FUNCTIONAL PRODUCTS INC |
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Registered Office : |
Daiichi Tekko Bldg 6F, 1-8-2 Marunouchi Chiyodaku Tokyo 100-0005 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Sept 1976 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of industrial materials, building materials, functional materials, other |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 952.5 millions |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name
MITSUBISHI CHEMICAL FUNCTIONAL PRODUCTS INC
REGD NAME
Mitsubishi Kagaku Sanshi KK (Sanshi means industrial materials)
MAIN OFFICE
Daiichi Tekko Bldg 6F, 1-8-2 Marunouchi Chiyodaku Tokyo 100-0005 JAPAN
Tel : 03-5293-6601
Fax : 03-5293-9470
URL : http://www.yes-mks.co.jp/
E-Mail address: Not
specified (thru the URL to each division)
ACTIVITIES
Mfg of industrial materials, building materials, functional
materials, other
BRANCHES
Osaka, Nagoya, Sapporo, Fukuoka
FACTORY(IES)
Naoetsu (Niigata), Sakaide (Kagawa)
OFFICER(S)
MASAMI SEGAWA, PRES & CEO Kiyoshi Takahashi, mgn dir
Tokitaro Hoshijima, mgn dir Susumu
Kimura, mgn dir
Takahisa Andoh, dir Shigeki
Iida, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 52,409 M
PAYMENTS REGULAR CAPITAL Yen 2,764 M
TREND STEADY WORTH Yen 10,978 M
STARTED 1976 EMPLOYES 410
COMMENT
MFR SPECIALIZING IN INDUSTRIAL MATERIALS, WHOLLY OWNED BY MITSUBISHI CHEMICAL CORP. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 952.5 MILLION, 30 DAYS NORMAL TERMS
Forecast (or estimated) for the
31/03/2008 fiscal term.
HIGHLIGHTS
The subject company was established on the basis of the industrial materials development division separated from the former body of Mitsubishi Chemical Corp (see REGISTRATION) for mfg industrial materials. Specializes in mfg civil engineering materials, building materials, and other functional industrial materials. In Apr 2008, aiming to integrate group operations by merging with sister companies. Domestic clients are major metal/nonferrous metal industries, gas companies, other makers nationwide.
FINANCIALS INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 52,409 million, a 16.2% up from Yen 45,089 million in the previous term. This is largely referred to the materials price hikes. Also weaker Yen increased sales in Yen terms. The recurring profit was posted at Yen 3,667 million and the net profit at Yen 1,643 million, respectively, compared with Yen 2,759 million recurring profit and Yen 2,123 million net profit, respectively, a year ago.
For the current term ending Mar 2008 the recurring profit is
projected at Yen 3,900 million and the net profit at Yen 1,643 million, on an
8.8% rise in turnover, to Yen 57,000 million.
The financial situation is considered maintained FAIR and good
for ORDINARY business engagements. Max
credit limit is estimated at Yen 952.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: Sept
1976
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 16
million shares
Issued: 5.5
million shares
Sum: Yen 2,764 million*
* Capital increased in Mar/2007
from Yen 2,000 million.
Major shareholders (%): Mitsubishi Chemical Corp*(100)
* Nation’s largest comprehensive chemical mfr, Tokyo, founded 1950, listed Tokyo, Osaka SE’s by the holding company, Mitsubishi Chemical Holdings Corp, capital Yen 50,000 million, turnover Yen 1,137,584 million, recurring profit Yen 66,056 million, net profit Yen 222,9117 million, total assets Yen 2,179,675 million, net worth Yen 558,351 million, employees 27,509, pres Yoshimitsu Kobayashi
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Manufactures industrial materials:
(Sales Breakdown by divisions):
Composite materials Div (38%): coal tar pitch based carbon fiber, carbon fiber reinforced plastics, alumina fibers, fire-resistant alumina fibers, others:
Civil engineering materials Div (6%): riverbank reinforcement materials, soil erosion preventive agents, earth-filling materials, epoxy foam blocks, ground reinforcement agents, under-drain systems, others;
Heating/Air-conditioning materials Div (15%): floor heating systems, floor heating mats, hot water supply systems, snow melting systems, air-conditioners, air coolers, others;
Carbon/Alumina materials Div (30%): carbon fibers, carbon fiber composite board, concrete reinforcing materials, heat-resistant refractory materials, high-temperature cushion materials, high-temperature sealing materials, others.
Functional materials Div (4%): pothole fillers, heat-resistant urethane materials, road water-proofing systems, concrete curing & deterioration preventive systems, resin-based floorings, expandable polyurethane heat preventive materials, concrete reinforcing materials, others;
Logistics materials Div (7%): plastic pallets, flexible containers, packaging materials, others;
Exports
(34%)
Clients: [Mfrs, wholesalers] Tokyo Gas, Sumisho Metalex, Ibiden
Co, Izawa Metal, MC Non-ferrous Metal Products, Mitsubishi UFJ Lease &
Finance, Orient Corp, Kinsho Corp, other.
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsubishi Chemical, Alpolic Co, Toyo Polymer, Diatex, Sanken Industry Inc, Sumitomo Corp, Marubeni Corp, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
MUFG (Yaesudori)
Norin Chukin Bank (H/O)
Relations: Satisfactory
FINANCES
(Consolidated in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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52,409 |
45,089 |
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Cost of Sales |
39,549 |
33,657 |
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GROSS PROFIT |
12,860 |
11,432 |
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Selling & Adm Costs |
9,314 |
8,239 |
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OPERATING PROFIT |
3,546 |
3,193 |
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Non-Operating P/L |
121 |
-434 |
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RECURRING PROFIT |
3,667 |
2,759 |
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NET PROFIT |
1,643 |
2,123 |
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BALANCE SHEET |
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Cash |
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72 |
101 |
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Receivables |
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12,309 |
9,101 |
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Inventory |
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5,638 |
4,603 |
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Securities, Marketable |
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Other Current Assets |
7,611 |
5,049 |
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TOTAL CURRENT ASSETS |
25,630 |
18,854 |
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Property & Equipment |
10,036 |
6,691 |
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Intangibles |
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29 |
33 |
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Investments, Other Fixed Assets |
2,290 |
731 |
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TOTAL ASSETS |
37,985 |
26,309 |
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Payables |
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11,262 |
8,483 |
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Short-Term Bank Loans |
4,800 |
4,800 |
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Other Current Liabs |
6,928 |
4,479 |
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TOTAL CURRENT LIABS |
22,990 |
17,762 |
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Debentures |
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Long-Term Bank Loans |
3,850 |
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Reserve for Retirement Allw |
150 |
135 |
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Other Debts |
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17 |
28 |
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TOTAL LIABILITIES |
27,007 |
17,925 |
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MINORITY INTERESTS |
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Common stock |
2,764 |
2,000 |
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Additional paid-in capital |
1,742 |
980 |
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Retained earnings |
6,495 |
5,403 |
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Evaluation p/l on
investments/securities |
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Others |
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(23) |
0 |
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Treasury stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
10,978 |
8,383 |
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TOTAL EQUITIES |
37,985 |
26,309 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
10,978 |
8,383 |
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Current Ratio (%) |
111.48 |
106.15 |
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Net Worth Ratio (%) |
28.90 |
31.86 |
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Recurring Profit Ratio (%) |
7.00 |
6.12 |
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Net Profit Ratio (%) |
3.13 |
4.71 |
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Return On Equity (%) |
14.97 |
25.33 |
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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. |
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%)