MIRA
INFORM REPORT
|
Report Date : |
13.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
DAITOH TRADING CO LTD |
|
|
|
|
Registered Office : |
Asahi Seimei Ohtemachi Bldg 6F, 2-6-1 Ohtemachi Chiyodaku
Tokyo100-0004 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
Aug 1947 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Import, export, wholesale of petroleum products, marine products;
tanker operation |
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 1170.5 millions |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
-- |
name
DAITOH TRADING CO LTD
REGD NAME
Daitoh Tsusho KK
MAIN OFFICE
Asahi Seimei Ohtemachi Bldg 6F, 2-6-1 Ohtemachi Chiyodaku Tokyo100-0004 JAPAN
Tel : 03-6214-2300
Fax : 03-6214-2310
*.. Moved to the caption address on 18/06/2007 from the former at: Daitoh Bldg, 3-7-1 Kasumigaseki Chiyodaku Tokyo 100-0013
URL : http://www.daitohnet.co.jp/
E-Mail address: info@daitohnet.co.jp
ACTIVITIES
Import, export,
wholesale of petroleum products, marine products; tanker operation
BRANCHES
Nil (Regional
operations are handled by 15 subsidiaries nationwide)
OVERSEAS
Dextoh Corp,
OFFICER(S)
YOSHIRO NAKABE, PRES Hiroshi Takayama, s/mgn dir
Nobuo Matsumoto, mgn dir Michiharu Yamada, dir
Sadao Kogure, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 88,845 M
PAYMENTS REGULAR CAPITAL Yen 1,000 M
TREND STEADY WORTH Yen
8,786 M
STARTED 1947 EMPLOYES 85
COMMENT
TRADING HOUSE SPECIALIZING IN PETROLEUM OILS AND TANKER OPERATION. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 1,170.5 MILLION, 30 DAYS
Forecast (or estimated) for
the 31/03/2007 fiscal term.
HIGHLIGHTS
The subject company was established by Taiyo Fishery group originally as Azuma Boeki KK for exporting farm/fishery products and non-life insurance broking. In 1953, licensed as importer of petroleum products. After merging several sister firms, renamed as captioned in 1963 to focus on petroleum trading business. In 1988, advanced into crude oil/oil products transportation business by large-size tankers. In 1989, advanced into chemical tanker operations (total 11 chemical tankers operated). This is a trading house having 5 divisions: Petroleum Div, Materials Div, Shipping Div, Insurance Broking Div, and Real Estate Div. (See OPERATION for details). The Petroleum Div accounts for about 60% of total sales. Domestic major clients are oil refiners both on the supply and sales.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 88,845 million, a 6% hike from Yen 83,508 million in the previous term. This is attributed to the skyrocketing oil prices which boosted sales despite almost similar volumes handled. The recurring profit was posted at Yen 1,813 million and the net profit at Yen 215 million, respectively, compared with Yen 2,021 million recurring profit and Yen 1,641 million net profit, respectively, a year ago. The deteriorated profits are referred to Yen 3,468 million extraordinary losses stemming the disposal of fixed assets.
For the term ended Mar 2007 the recurring profit was projected at Yen 1,830 million and the net profit at Yen 220 million, respectively, on a 6% rise in turnover, to Yen 94,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,170.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: Aug 1947
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 49 million shares
Issued: 16.67 shares
Sum: Yen 1,000 million
Major shareholders (%): Keijiro Nakabe (23.7), Yoshiro Nakabe (20.1), Ken Nakabe (12.7), Kumiko Tsubakihara
(11), Takako Akusawa (10.6)
No. of
shareholders: 42
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities:
Trading house and ship operator:
(Sales breakdown by divisions):
Petroleum Div (60%): import, export, and wholesale of crude oil, gasoline, fuel oil, other petroleum products, including supply of fuels/diesels to ocean-going vessels, ship agency;
Ship Operation Div (20%): operates crude oil tanker, liquid chemical stainless tankers, engaged in ocean-going & coastal transportation, including supply of bunker fuels/victuals, etc to fishing boats at sea, operating a supply boat “Oriental Bluebird”, business tie-up with Serromah Shipping BV, Rotterdam, Netherlands in the area of chemical cargo marketing, booking, etc;
Materials Div (10%): marine products (raw & frozen fish, processed sea foods), building materials, Styrofoam products, paint, lube oils for industrial machinery;
Insurance Broking Div (5%): representing nation’s major life & non-life insurance firms;
Real estate Div (5%): real estate/office building management, leading, new building broking, others. (The breakdown percentages are estimated only and all about).
Clients: [Oil refiners, wholesalers] Kyushu Oil, Taiyo Oil, Marubeni Energy, Sojitz Energy, Hayashikane Oil, National Federation of Fisheries Coop Assn, Hokutoh Sekiyu, Kamei Corp, other.
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Oil refiners, wholesalers] Kyushu Oil, Showa Shell Sekiyu, Marubeni Energy, Nippon Oil, Kamei Corp, Mitsubishi Corp, Sojitz Energy, other.
Payment record:
Regular
Location: Business area in
Bank References
Mizuho Corporate
Bank (H/O)
Norin Chukin Bank
(H/O)
Relations:
Satisfactory
|
FINANCES (Consolidated
in million yen) |
|
|||||
|
|
|
Terms Ending: |
31/03/2006 |
31/03/2005 |
||
|
INCOME STATEMENT |
|
|
||||
|
|
Annual Sales |
|
88,845 |
83,508 |
||
|
|
Cost of Sales |
84,961 |
79,131 |
|||
|
|
GROSS PROFIT |
3,884 |
4,377 |
|||
|
|
Selling & Adm Costs |
2,087 |
2,111 |
|||
|
|
OPERATING PROFIT |
1,796 |
2,265 |
|||
|
|
Non-Operating P/L |
17 |
-244 |
|||
|
|
RECURRING PROFIT |
1,813 |
2,021 |
|||
|
|
NET PROFIT |
215 |
1,641 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
2,579 |
4,830 |
||
|
|
Receivables |
|
6,994 |
7,935 |
||
|
|
Inventory |
|
5,709 |
3,843 |
||
|
|
Securities, Marketable |
|
|
|||
|
|
Other Current Assets |
2,982 |
2,483 |
|||
|
|
TOTAL CURRENT ASSETS |
18,264 |
19,091 |
|||
|
|
Property & Equipment |
34,880 |
36,754 |
|||
|
|
Intangibles |
|
404 |
603 |
||
|
|
Investments, Other Fixed Assets |
(404) |
(602) |
|||
|
|
TOTAL ASSETS |
53,144 |
55,846 |
|||
|
|
Payables |
|
7,620 |
7,279 |
||
|
|
Short-Term Bank Loans |
5,650 |
11,289 |
|||
|
|
|
|
|
|
||
|
|
Other Current Liabs |
8,888 |
10,572 |
|||
|
|
TOTAL CURRENT LIABS |
22,158 |
29,140 |
|||
|
|
Debentures |
|
1,500 |
|
||
|
|
Long-Term Bank Loans |
15,902 |
16,115 |
|||
|
|
Reserve for Retirement Allw |
827 |
794 |
|||
|
|
Other Debts |
|
3,971 |
2,969 |
||
|
|
TOTAL LIABILITIES |
44,358 |
49,018 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Common
stock |
1,000 |
1,000 |
|||
|
|
Additional
paid-in capital |
198 |
174 |
|||
|
|
Retained
earnings |
2,907 |
2,720 |
|||
|
|
Evaluation
p/l on investments/securities |
5,654 |
3,906 |
|||
|
|
Others |
|
(973) |
(973) |
||
|
|
Treasury
stock, at cost |
|
|
|||
|
|
TOTAL S/HOLDERS` EQUITY |
8,786 |
6,827 |
|||
|
|
TOTAL EQUITIES |
53,144 |
55,846 |
|||
|
ANALYTICAL RATIOS Terms
ending: |
31/03/2006 |
31/03/2005 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
8,786 |
6,827 |
||
|
|
|
Current
Ratio (%) |
82.43 |
65.51 |
||
|
|
|
Net
Worth Ratio (%) |
16.53 |
12.22 |
||
|
|
|
Recurring
Profit Ratio (%) |
2.04 |
2.42 |
||
|
|
|
Net
Profit Ratio (%) |
0.24 |
1.97 |
||
|
|
|
Return
On Equity (%) |
2.45 |
24.04 |
||
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%)