MIRA
INFORM REPORT
|
Report Date : |
13.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MARUZEN CHEMICAL TRADING CO LTD |
|
|
|
|
Registered Office : |
Sanshin Hatchobori Bldg, 2-25-10
Hatchobori Chuoku Tokyo 104-0032 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
1969 |
|
|
|
|
Legal Form : |
Limited
Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Import, export,
wholesale of petrochemicals |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
YEN 314.9 MILLION |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
CO. NAME
MARUZEN CHEMICAL TRADING CO LTD
REGD NAME
Maruzen Yuka Shoji KK
MAIN OFFICE
Sanshin Hatchobori Bldg, 2-25-10
Hatchobori Chuoku Tokyo 104-0032 JAPAN
Tel :
03-3551-1450
Fax :
03-3551-1426
URL : http://www.chemiway.co.jp/
(Of the parent, Maruzen Petrochemical Co Ltd)
E-Mail address : mpckoho@chemiway.co.jp
ACTIVITIES
Import, export,
wholesale of petrochemicals
BRANCHES
Osaka
OFFICER(S)
HIROMI OHSHITA, PRES
Suehito Hayashida,
s/mgn dir
Masaaki Nakaya, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 21,539 M
PAYMENTS REGULAR CAPITAL Yen 200 M
TREND STEADY WORTH Yen
1,331 M
STARTED 1969 EMPLOYES 30
COMMENT
TRADING HOUSE
SPECIALIZING IN PETROCHEMICALS, WHOLLY OWNED BY MARUZEN
PETROCHEMICAL CO LTD.
FINANCIAL SITUATION
CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS:
US$625,000 / O/A 60
DAYS.
MAX CREDIT LIMIT
YEN 314.9 MILLION, 30
DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company
was established originally as Maruka Kogyo KK primarily for non-life insurance
sales agency operations. In Apr 1976,
advanced into sales of petrochemicals, the products of the parent and its group
firms. In Nov 1985 renamed as captioned. In Jul 1987. launched coastal transport
operations. This is a trading house
specializing in petrochemicals, with marine and land transportation business
operations, primarily serving for the Maruzen Petrochemical group firms. Clients include petrochemical mfrs, traders,
etc, nationwide.
FINANCIAL INFORMATION
The sales volume for
Mar/2006 fiscal term amounted to Yen 21,539 million, an 89% up from Yen 11,573
million in the previous term. This is
attributed to the merger of sister companies, in addition to steep hike of
petroleum chemical prices as oil prices skyrocketed. The recurring profit was posted at Yen 541 million and the net
profit at Yen 342 million, respectively, compared with Yen 263 million
recurring profit and Yen 121 million net profit, respectively, a year ago.
For the current term
ending Mar 2007 the net profit is projected at Yen 350 million, respectively,
on a 9% rise in turnover, to Yen 23,500 million. Petrochemicals continue in rising demand with prices hiking. With the weaker Yen against foreign
currencies the sales in Yen terms are expected to be revised upwards.
The financial
situation is considered maintained FAIR and good for ORDINARY business
engagements. Max credit limit for the
subject firm is estimated at Yen 314.9 million, on 30 days normal terms. The proposed amount is considered within the
firm’s financial capabilities.
REGISTRATION
Date Registered: Mar 1969
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 1.6 million shares
Issued: 400,000 shares
Sum: Yen 200 million
Major shareholders
(%): Maruzen Petrochemical Co Ltd*(100)
*.. Mfr of
petrochemicals (ethylene, propylene, benzene, methanol, other), at the caption
address, founded 1959, capital Yen 10,000 million, turnover Yen 363,952
million, recurring profit Yen 22,255 million, net profit Yen 13,544 million,
total assets Yen 168,001 million, employees 659, pres Yoichi Nonaka
Nothing detrimental
is known as to the commercial morality of executives.
OPERATION
Activities: Trading house for
import, export and wholesale of petrochemical products (Ethylene, propylene, BTX,
ethylene glycol, MEK, other derivatives), precision chemical products, marine
(coastal) & overland transport of petrochemical products (25%); non-life
insurance sales agency, others (5%).
(Breakdown % is all about).
ClientS
[Petrochemical mfrs,
wholesalers] Maruzen Petrochemical, API Corp, Mitsubishi Gas Chemical, Nisso Shoji, API Corporation,
Takaroku Shoji, Taimei Shoji, Taiyo Material, other.
No. of accounts
800
Domestic areas of
activities
Nationwide
Suppliers
[Mfrs, wholesalers] Maruzen
Petrochemical Co, API Corp, Idemitsu Kosan, Keiyo Polyethylene, Konan Chemical,
other.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are
leased and maintained satisfactorily.
Bank References
Bank of
Tokyo-Mitsubishi UFJ (Tokyo)
Chiba Bank (Tokyo)
Relations:
Satisfactory
FINANCES
(In Million
Yen)
|
Terms Ending: |
31/03/2007 |
31/03/2006 |
31/03/2005 |
31/03/2004 |
|
|
Annual Sales |
|
23,500 |
21,539 |
11,374 |
8,243 |
|
Recur. Profit |
|
|
541 |
263 |
192 |
|
Net Profit |
|
350 |
342 |
121 |
49 |
|
Total Assets |
|
|
7,591 |
3,932 |
2,983 |
|
Current Assets |
|
|
7,235 |
3,735 |
2,827 |
|
Current Liabs |
|
|
6,197 |
2,977 |
2,149 |
|
Net Worth |
|
|
1,331 |
941 |
849 |
|
Capital, Paid-Up |
|
|
200 |
200 |
200 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
9.10 |
89.37 |
37.98 |
-27.14 |
|
|
Current Ratio |
|
.. |
116.75 |
125.46 |
131.55 |
|
N.Worth Ratio |
.. |
17.53 |
23.93 |
28.46 |
|
|
R.Profit/Sales |
|
.. |
2.51 |
2.31 |
2.33 |
|
N.Profit/Sales |
1.49 |
1.59 |
1.06 |
0.59 |
|
|
Return On Equity |
.. |
25.69 |
12.86 |
5.77 |
|
Notes
Forecast (or estimated) figures for the 31/03/2007 fiscal term.
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|