MIRA
INFORM REPORT
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Report Date : |
5th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
CHUGAI CHEMITECH CO LTD |
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Registered Office : |
4-3-26 Tsukuda Nishiyodogawaku Osaka 555-0001, Japan |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 (Estimated) |
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Date of Incorporation : |
October 2001 |
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Legal Form : |
Private Limited Company (Yugen Gaisha) |
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Line of Business : |
Manufactures industrial chemicals. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
YEN 800,000.00 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
Company Name
CHUGAI CHEMITECH CO LTD
REGD NAME
YK Chugai Chemitech
MAIN OFFICE
4-3-26 Tsukuda Nishiyodogawaku Osaka 555-0001 JAPAN
Tel :
06-4306-5321
Fax :
06-4306-5332
URL : http://www.chugai-chemitech.jp
E-Mail address :
info@chugai-chemitech.jp
ACTIVITIES
Mfg of industrial chemicals
BRANCHES
Tennojiku (Osaka) (Technical Center, opened Jul 2006)
FACTORY(IES)
At the caption address
OFFICERS
TOSHIMITSU OKADA, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 70 M
PAYMENTS REGULAR CAPITAL Yen 20 M*
TREND SLOW WORTH Yen 10 M
STARTED 2001 EMPLOYES 5
*.. Increased in Mar/2006 from the previous Yen 10 million.
COMMENT
MFR SPECIALIZING IN INDUSTRIAL CHEMICALS.
FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE
GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 800,000.00, 30 DAYS SECURED TERMS
RECOMMENDED.
HIGHLIGHTS
The subject company was established on the basis of business
transfer from Chugai Kasei Co Ltd, mfr of paints & industrial chemicals,
Tokyo, in order to mfg paint-related chemicals. Specializes in mfg industrial-use chemicals centering on paints
& coatings-related treatment & agents (See OPERATION). Also offers processing of these chemicals on
consignment. In Jul 2006 set up
Technical Center in Tennojiku Osaka.
Now plans to upgrade the legal status to Limited Company (KK)
from the present Private Limited Co (YK) in Sept 2007.
FINANCIAL INFORMATION
Financials are not disclosed and the following figures have
been provided from outside sources.
The sales volume for Mar/2006 fiscal term is reported
amounted to Yen 70 million, an 8% up from Yen 65 million in the previous
term. The profits was posted at a
minimum amount post-taxes, up from Yen 1 million net loss a year ago.
For the current term ending Mar 2007 the net profit is
projected at Yen 1 million, on a 7% rise in turnover, to Yen 75 million. New items are said added on the existing
chemicals.
The financial situation is considered RATHER WEAK but should
be good for MODERATE business engagements.
Max credit limit is estimated at Yen 800,000.00, on 30 days secured
terms recommended.
REGISTRATION
Date Registered : Oct
2001
Legal Status :
Private Limited Company (Yugen Gaisha)
Authorized :
1,600 shares
Issued :
400 shares
Sum :
Yen 20 million
Major shareholders (%)
Hatsumi Okada (70)
No. of shareholders
5
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Manufactures industrial chemicals: industrial-use
detergent, rust removal agents, anticorrosive coating & agents, phosphate
coating chemicals, paint removal agents, paint booth treatment agents,
antifoaming agents, emulsion breaker, conversion coating, draining agents,
metal surface treatment chemicals, and other industrial chemicals (--70%);
subcontracted mfg of paint removal agents, degreasing agents, rust removal
agents, phosphate coating, other (--30%).
Clients
[Mfrs, business firms] Hoshizaki Electric, Isamu Paint
(20%), Kubota Ltd, Dainikka Co, Hokkaido
Railway, Toho Co, JR Nishinippon Kanazawa Mentech, JR Kyushu Maintenance Co,
other.
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] PPG Japan, Ebisuya Kagaku Kogyosho, Yuka
Sangyo, Manabe Kaseihin, other.
Payment record
Regular
Location
Business area in Osaka.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Himeji Shinkin Bank (Nada)
Amagasaki Shinkin Bank (Nishiyodo)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
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31/03/2007 |
31/03/2006 |
31/03/2005 |
31/03/2004 |
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Annual
Sales |
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75 |
70 |
65 |
62 |
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Recur.
Profit |
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.. |
.. |
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.. |
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Net
Profit |
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1 |
1 |
0 |
-1 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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10 |
9 |
9 |
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Capital,
Paid-Up |
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10 |
10 |
10 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
7.14 |
7.69 |
4.84 |
24.00 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
1.33 |
1.43 |
0.00 |
-1.61 |
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Note: Financials are not disclosed and the above figures have been provided from outside sources.
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%)
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