MIRA
INFORM REPORT
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Report Date : |
09.07.2007 |
IDENTIFICATION DETAILS
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Name : |
DAINIKKA CO LTD |
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Registered Office : |
1-9-5 Hatchobori Chuoku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Nov 1950 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Wholesale of paints & coatings, painting works, 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 671.3 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
DAINIKKA CO LTD
REGD NAME
Dainikka KK
MAIN OFFICE
1-9-5 Hatchobori
Chuoku
Tel : 03-3552-3151
Fax : 03-3297-0672
*.. Himeji Office at: 2-115 Tegara Himeji City Hyogo-Pref; phone: 0792-34-2425; fax: 0792-34-2427, as given.
URL : http://www.dainikka.co.jp
E-Mail address: webmaster@dainikka.co.jp
ACTIVITIES
Wholesale of
paints & coatings, painting works, chemicals
BRANCHES
Tsuchiura, _Tochigi,
OFFICERS
Haruo Yokoji, ch MASAO
YOKOJI, PRES
Kazutoyo Kanamaru,
s/mgn dir Mikio Hara, dir
Hiroyuki Kuwata,
dir Tadanobu
Kodama, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 27,668 M
PAYMENTS REGULAR CAPITAL Yen 657 M
TREND STEADY WORTH Yen
5,580 M
STARTED 1950 EMPLOYES 194
COMMENT
WHOLESALER SPECIALIZING IN PAINTS & COATINGS; PAINTING
WORKS, AFFILIATED TO DAI NIPPON TORYO CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 671.3 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by Haruo Yokoji in order to
make most of his experience in the subject line of business. Masao is the founder’s son. This is one of the top-class wholesalers
specializing in paints & coatings.
Also executes painting works; design, execution of painting facilities;
wholesale of furniture, building materials, etc. Has 40 sales offices nationwide with clients
totaling to 7,000 nationwide. Affiliated
to Dai Nippon Toryo Co Ltd, third largest specialist paint mfr,
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 27,668 million, a 5% up from Yen 26,279 million in the previous term. Demand rose from automakers on the back of robust car production. The recurring profit was posted at Yen 1,011 million, up 39% from Yen 728 million, and the net profit at Yen 447 million, up 121% from Yen 202 million, respectively, from a year ago.
For the term ended Mar 2007 the recurring profit was projected at Yen 1,015 million and the net profit at Yen 450 million, respectively, on a 3% rise in turnover, to Yen 28,500 million. Final results are yet to be released.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 671.3 million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov 1950
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 7.36 million shares
Issued: 1.84 shares
Sum: Yen 657 million
Major shareholders (%): Haruo Yokoji (60.6), Dai Nippon Toryo*(13.2), MUFG (4.7), SMBC (4.4), Resona Bank
(3.1), Masao Yokoji (3)
No. of shareholders: 38
*.. Third largest specialist paint mfr, Osaka, founded 1929, listed Tokyo, Osaka SE’s, capital Yen 8,827 million, turnover Yen 77,600 million, recurring profit Yen 2,204 million, net profit Yen 1,366 million, total assets Yen 72,689 million, net worth Yen 19,919 million, employees 5,633, pres Makoto Matsuura
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Wholesales paints & coatings, painting works, industrial chemicals, building materials, furniture & fittings, others (--100%).
(Sales breakdown by divisions):
Paints & Coatings Div (60.5%): paints for buildings, automobiles, ships, trains, furniture, wood-workings, plastics, others;
Painting Works Div (16.1%): painting works, waterproofing works, sealing works, repairing & painting, synthetic resin floor works, others;
Chemical Raw Materials Div (7.7%): petrochemicals, pigments, solvents, plasticizers, ceramic raw materials, others;
Office & Interior Div (5.0%): Office furniture, hotel equipment, hospital equipment, house exterior materials, garage, bath units, kitchen systems, others;
Facilities Paint Works Div (7.4%): painting for conveyers, waste water disposal paints, FRP lining works, drying furnaces, others;
Others (2.9%).
Clients: [Mfrs, wholesalers] Mitsubishi Heavy Ind, Toray Ind, Dai Nippon Toryo, Kawasaki Heavy Ind, ACE, NGK Insulators, other.
No. of accounts:
7,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Dai Nippon Toryo Co, Dai Nippon Toryo Hambai, SK Kaken Co, Sojitz Chemical, Asahi Glass Polyurethane Materials, other.
Payment record:
Regular
Location: Business area in
Bank References
MUFG (Shintomicho)
Resona Bank
(Yaesuguchi)
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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28,500 |
27,668 |
26,279 |
27,497 |
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Recur.
Profit |
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1,015 |
1,011 |
728 |
945 |
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Net
Profit |
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450 |
447 |
202 |
223 |
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Total
Assets |
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17,154 |
19,524 |
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Current
Assets |
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11,486 |
13,246 |
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Current
Liabs |
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11,103 |
12,606 |
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Net
Worth |
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5,580 |
5,380 |
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Capital,
Paid-Up |
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657 |
657 |
657 |
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Div.P.Share(¥) |
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4.00 |
4.00 |
4.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.01 |
5.29 |
-4.43 |
-8.02 |
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Current Ratio |
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103.45 |
105.08 |
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N.Worth Ratio |
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32.53 |
27.56 |
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R.Profit/Sales |
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3.56 |
3.65 |
2.77 |
3.44 |
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N.Profit/Sales |
1.58 |
1.62 |
0.77 |
0.81 |
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Return On Equity |
.. |
8.01 |
3.75 |
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Note: Forecast (or
estimated) 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/normal. |
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%)