MIRA INFORM REPORT

 

 

Report Date :

09.07.2007

 

IDENTIFICATION DETAILS

 

Name :

YOKOHAMA CHEMICALS CO LTD

 

 

Registered Office :

Shiba Daiichi Bldg 3F, 5-3-2 Shiba Minatoku Tokyo 105-0004

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

Jan 1947

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Wholesale of paints & coatings; import, export of industrial chemicals, machinery

 

 

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 88.1 millions

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

--

 

 

name

 

YOKOHAMA CHEMICALS CO LTD

 

 

REGD NAME

 

Yokohama Kasei KK

 

 

MAIN OFFICE

 

Shiba Daiichi Bldg 3F, 5-3-2 Shiba Minatoku Tokyo 105-0004 JAPAN

Tel        : 03-3451-7771   

Fax       : 03-3451-7773

*.. Registered at: 5-31-16 Shiba Minatoku Tokyo

*.. Osaka Branch at: Minamimorimachi Toyo Bldg 9F, 5-1-9 Nishitenma Kitaku Osaka; phone 06-6364-4981; Fax 06-6364-4155, as given

URL      : http://www.yokohamakasei.com

E-Mail address: ycc@yokohamakasei.com

 

 

ACTIVITIES

 

Wholesale of paints & coatings; import, export of industrial chemicals, machinery

 

 

BRANCHES

 

Osaka (as given), Chiba, Shizuoka

 

 

OVERSEAS

 

Beijing, Shenzhen (China)

 

 

OFFICERS

 

SHIN’ICHIRO OZAWA, PRES                

Masakazu Hayashi, dir

Masaya Okusumi, dir                

Hidetaka Isono, dir

Kazukiyo Kasahara, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 3,829 M

PAYMENTS      REGULAR                     CAPITAL           Yen 30 M

TREND             STEADY                       WORTH            Yen 1,005 M

STARTED         1947                             EMPLOYES      44

 

 

COMMENT

 

TRADING FIRM SPECIALIZING IN PAINTS, COATINGS, INDUSTRIAL CHEMICALS, MACHINERY, OTHER.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 88.1 MILLION, 30 DAYS NORMAL TERMS. 

 

 

 

 

 

HIGHLIGHTS

           

This is a trading firm originally started as a wholesaler of paints and coatings and later diversified into a trading firm handling industrial chemicals, as sole import agent for DSM Netherlands for chemical products, such as additives, alkyd emulsion, and others.  (A wide range of DSM’s products are handled by DSM Japan).  The subject firm wholesales paints 6 coatings, solvents, sealing agents, industrial machinery, chemicals, surfactant, other.  Clients include electric appliances mfrs, heavy machinery mfrs, others, nationwide.

 

 

FINANCIAL INFORMATION

           

The sales volume for Mar/2007 fiscal term amounted to Yen 3,829 million, a 5.5% up from Yen 3,629 million in the previous term.  Brisk exports into China contributed.  The recurring profit, on the other hand, decreased to Yen 27 million from Yen 54 million a year ago.  The net profit improved to Yen 7 million from Yen 5 million the previous year. 

 

For the current term ending Mar 2008 the recurring profit is projected at Yen 30 million and the net profit at Yen 8 million, respectively, on a 3% rise in turnover, to Yen 3,950 million.

 

The financial situation is considered maintained FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 88.1 million, on 30 days normal terms. 

 

 

REGISTRATION

 

Date Registered:            Jan 1947

Legal Status:                 Limited Company (Kabushiki Kaisha)

Authorized:                    2.4 million shares

Issued:                          600,000 shares

Sum:                            Yen 30 million

Major shareholders (%): Shin’ichiro Ozawa (23), Teruko Ozawa (20)

No. of shareholders:       37

           

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Imports, exports and wholesales paints & coatings, adhesives, sealing agents, adhesives, painting machinery & equipment, others (--100%).

 

(Handling items):

Paints & Coatings: paints & coatings for buildings, for industrial machinery, for plants, specialty paints, heavy duty anti-corrosive paints, solvents, insulating paints, others;

Chemical Products: adhesives, adhesive tapes, sealing agents, paint raw materials & intermediates, aircraft parts, abrasives, others;

Machinery & Equipment: painting machinery & tools, painting facilities, surface treatment agents, pollution control equipment, others;

Imports/Exports as Agent for DSM (Netherlands): Additives, powdered paints, synthetic resins, alkyd emulsion, others. 

 

Clients: [Mfrs, housing ind, wholesalers] Mitsubishi Electric, Topre Corp, Toshiba Corp, Nitto Boseki Corp, Daiwa House Inc, other. 

 

No. of accounts: 800

 

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Mitsubishi Corp, Tokyo Chemical, Toyota Tsusho Corp, Sumitomo 3M, Nihon Tokushu Toryo, other.  Imports from DSM, Netherlands, other.

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

 

Bank References

 

Mizuho Bank (Shiba)

MUFG (Tamachi)

 

Relations: Satisfactory

 

 

 

 

 

 

 

 

 

 

FINANCES

 

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2007

31/03/2006

INCOME STATEMENT

 

 

 

  Annual Sales

　

3,829

3,629

 

  Cost of Sales

3,130

2,951

 

      GROSS PROFIT

699

678

 

  Selling & Adm Costs

677

665

 

      OPERATING PROFIT

22

13

 

  Non-Operating P/L

5

41

 

      RECURRING PROFIT

27

54

　

      NET PROFIT

7

5

BALANCE SHEET

 

 

 

 

  Cash

　

186

276

 

  Receivables

 

1,469

1,390

 

  Inventory

 

155

120

 

  Securities, Marketable

　

　

 

  Other Current Assets

211

169

 

      TOTAL CURRENT ASSETS

2,021

1,955

 

  Property & Equipment

954

966

 

  Intangibles

 

3

4

 

  Investments, Other Fixed Assets

(3)

(5)

 

      TOTAL ASSETS

2,975

2,920

 

  Payables

 

1,011

993

 

  Short-Term Bank Loans

150

50

 

　

 

　

　

 

  Other Current Liabs

88

94

 

      TOTAL CURRENT LIABS

1,249

1,137

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

612

670

 

  Reserve for Retirement Allw

　

　

 

  Other Debts

　

109

110

 

      TOTAL LIABILITIES

1,970

1,917

 

      MINORITY INTERESTS

 

 

 

Common stock

30

30

 

Additional paid-in capital

　

　

 

Retained earnings

975

974

 

Evaluation p/l on investments/securities

　

　

 

Others

 

0

0

 

Treasury stock, at cost

　

　

 

      TOTAL S/HOLDERS` EQUITY

1,005

1,004

　

      TOTAL EQUITIES

2,975

2,920

ANALYTICAL RATIOS            Terms ending:

31/03/2007

31/03/2006

 

 

Net Worth (S/Holders' Equity)

1,005

1,004

 

 

Current Ratio (%)

161.81

171.94

 

 

Net Worth Ratio (%)

33.78

34.38

 

 

Recurring Profit Ratio (%)

0.71

1.49

 

 

Net Profit Ratio (%)

0.18

0.14

 

 

Return On Equity (%)

0.70

0.50

 

 

Note: Financials are only partially disclosed.

Forecast (or estimated) for the ^ fiscal term.

(*) Pretax profits disclosed from the Taxation Office.

 

 

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

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions