MIRA
INFORM REPORT
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Report Date : |
25.07.2007 |
IDENTIFICATION DETAILS
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Name : |
DAINICHISEIKA COLOR & CHEMICALS MFG CO LTD |
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Registered Office : |
1-7-6 Nihombashi-Bakurocho Chuoku Tokyo 103-8383 |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
December 1939 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Mfg of pigments, coloring agents |
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 3,423.8 MILLION |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
COMPANY NAME
DAINICHISEIKA COLOR & CHEMICALS MFG CO LTD
REGD NAME: Dainichiseika Kogyo KK
MAIN OFFICE
1-7-6 Nihombashi-Bakurocho Chuoku
Tel : 03-3662-7111
Fax : 03-3669-3936
URL : http://www.daicolor.co.jp/
E-Mail :
info@daicolor.co.jp
Akabane Factory: 1-4-3 Ukima Kitaku Tokyo, as given.
ACTIVITIES
Mfg of pigments, coloring agents
BRANCH(ES)
OVERSEAS
FACTORY(IES)
CHIEF EXEC
OSAMU TAKAHASHI, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 170,236 M
PAYMENTS REGULAR CAPITAL Yen 10,039 M
TREND STEADY WORTH Yen 46,588 M
STARTED 1939 EMPLOYES 3,499
COMMENT
MFR SPECIALIZING IN PIGMENTS.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 3,423.8 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for 31/03/2008 fiscal term
HIGHLIGHTS
This is the leading producer of pigments & coloring
agents for synthetic resins & fibers.
Also manufactures printing ink.
Depends heavily on automobile and household electric appliance industries.
Overseas factories particularly in
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen
170,236 million, an 11% up from Yen 153,036 million in the previous term. Domestic sales rose by 8.5% to Yen 134,361
million, spurred by robust demand for coloring agents (for functional synthetic
resins) from auto makers, home electronic appliance mfrs, other. Sales also rose in Asia, etc on strength of
factory expansion in
For the current term ending Mar 2008 the recurring profit is
projected at Yen 9,600 million and the net profit at Yen 5,600 million, on a
2.8% rise in turnover, to Yen 175,000 million. Coloring agents for automobiles, home electric
appliances and OA equipment will be performing well in Asian markets. Domestic sales will grow steadily
led by LCD-use pigments. High materials
prices will be offset by shift to HVA products.
Completion of new coloring agent plant construction (20,000 ton/year
capacity) in
The financial situation is considered maintained FAIR and
good for ORDINARY business engagements. Max
credit limit is estimated at Yen 3,423.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec
1939
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 250
million shares
Issued: 93,065,554
shares
Sum: Yen
10,039 million
Major shareholders (%): Japan Trustee Services Bank, T
(8.0), SMBC (4.7), Sompo Japan Ins (3.7), Mitsui Life Ins (3.5), MUFG (3.2),
Mizuho Corporate Bank (3.1), Master Trust Bank of
Japan, T (2.9), Mizuho Trust & Banking (2.9), Employees’ S/Holding Assn
(2.7), Osamu Takahashi (1.8);
foreign owners (5.7).
No. of shareholders: 3,841
Listed on the S/Exchange (s) of:
Managements: Osamu Takahashi, pres; Shigemitsu Yamasaki,
s/mgn dir; Koji Takahashi, s/mgn dir; Michie Nakamura, mgn dir; Kazuhiko Arai,
dir; Yoshihisa Makino, dir; Shusaku Nakanishi, dir; Ryuichi Inoue, dir; Akio
Yoshida, dir
Nothing detrimental is known as to the commercial morality
of executives.
Related companies: Ukima Gosei, Hitech Chemie, Dainichi
Color (
OPERATION
Activities: Manufactures inorganic & organic pigments,
printing inks, coloring agents for plastics
& synthetic fibers, printing agents for textiles, synthetic resin &
high polymer products,
electronics-related products, biochemical products, spectrophotometers, other
related products (--100%).
(Sales Breakdown): Chemical products (14%), coloring agents
(78%), others (8%);
Overseas Sales Ratio (28.5%):
Clients: [Mfrs, wholesalers] Idemitsu Petrochemicals,
Dainichiseika Hong Kong, The Inktec, Mitsui Sumitomo Polyolefin, Poly Plastics,
Nippon Polychem, Kimura Fine, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Ukima Gosei, Hitech Chemie,
Nagase & Co, Mitsubishi Chemical, DuPont, Komori Corporation, Nissho Iwai
Chemical, other.
Payment record
Regular
Location
Business area in
Bank References
SMBC (Nihombashi)
Mizuho Corporate Bank (Ohtemachi)
Relations: Satisfactory
FINANCES: (In Million
Yen)
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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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170,236
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153,036
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Cost of Sales |
143,074
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126,342
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GROSS PROFIT |
27,161
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26,694
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Selling & Adm Costs |
18,232
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18,032
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OPERATING PROFIT |
8,928
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8,662
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Non-Operating P/L |
52 |
436 |
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RECURRING PROFIT |
8,980
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9,098
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NET PROFIT |
4,546
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4,912
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BALANCE
SHEET |
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Cash |
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13,232
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13,748
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Receivables |
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50,988
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45,907
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Inventory |
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24,242
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21,857
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Securities, Marketable |
232 |
218 |
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Other Current Assets |
2,627
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2,349
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TOTAL CURRENT ASSETS |
91,321
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84,079
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Property & Equipment |
46,242
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43,048
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Intangibles |
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791 |
778 |
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Investments, Other Fixed Assets |
23,880
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21,388
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TOTAL ASSETS |
162,234
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149,293
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Payables |
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34,223
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28,380
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Short-Term Bank Loans |
31,170
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33,906
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Other Current Liabs |
20,482
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15,406
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TOTAL CURRENT LIABS |
85,875
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77,692
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Debentures |
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200 |
1,100
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Long-Term Bank Loans |
15,389
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17,415
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Reserve for Retirement Allw |
13,261
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14,821
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Other Debts |
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920 |
898 |
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TOTAL LIABILITIES |
115,645
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111,926
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MINORITY INTERESTS |
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804 |
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Common stock |
10,039
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10,039
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Additional paid-in capital |
9,193
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8,467
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Retained earnings |
25,379
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21,338
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Evaluation p/l on
investments/securities |
2,452
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2,952
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Others |
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(406) |
(2,963) |
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Treasury stock, at cost |
(69) |
(3,270) |
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TOTAL S/HOLDERS` EQUITY |
46,588
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36,563
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TOTAL EQUITIES |
162,234
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149,293
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CONSOLIDATED
CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash Flows from Operating Activities |
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5,488
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6,965
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Cash Flows from Investment
Activities |
-7,540
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-4,120
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Cash Flows from Financing Activities |
1,172
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-2,385
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Cash, Bank Deposits at the Term End |
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13,716
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12,689
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ANALYTICAL
RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
46,588
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36,563
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Current Ratio (%) |
106.34
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108.22
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Net Worth Ratio (%) |
28.72
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24.49
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Recurring Profit Ratio (%) |
5.28 |
5.95 |
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Net Profit Ratio (%) |
2.67 |
3.21 |
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Return On Equity (%) |
9.76 |
13.43
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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/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%)