MIRA
INFORM REPORT
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Report Date : |
8th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
KROSAKI INDUSTRY CORPORATION |
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Registered Office : |
12-15 Higashihamamachi Yahatanishiku Kitakyushu Fukuoka-Pref 806-0002,
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 1972 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Trading house for import, export and wholesale of fuel
oils, packaging equipment & materials, OA devices; operates gas stations,
garages with repairing facilities; non-life insurance broking, others |
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 121.5 Million |
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Status : |
Fair |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
Company Name
KROSAKI INDUSTRY CORPORATION
REGD NAME
Kurosaki Sangyo KK
MAIN OFFICE
12-15 Higashihamamachi Yahatanishiku Kitakyushu Fukuoka-Pref 806-0002,
JAPAN
Tel : 093-642-3551
URL :
http://www.krosaki.co.jp (Of the
parent)
ACTIVITIES
Wholesale of fuel oils, packaging materials, insurance
broking
BRANCHES
Kisarazu
OFFICERS
YOSHIAKI KAWASE, PRES
Hidefumi Satoh, mgn dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 6,423 M
PAYMENTS REGULAR CAPITAL Yen 40 M
TREND STEADY WORTH Yen 512 M
STARTED 1972 EMPLOYES 47
COMMENT
TRADING FIRM, WHOLLY OWNED BY KROSAKI HARIMA CORP. FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 121.5 MILLION, 30 DAYS NORMAL
TERMS. .
HIGHLIGHTS
The subject company was established on the basis of a
trading division separated from Krosaki Refractories Corp (now Krosaki Harima
Corp), mfr of firebricks, at the caption address (See REGISTRATION). This is a trading firm specializing in
import, export and wholesale of fuel oils, packaging materials & equipment,
other. Operates gas stations, garages with repair facilities, too. Also acts as non-life insurance broker.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen
6,423 million, a 12% up from Yen 5,754 million in the previous term. This is attributed to the rising oil prices
and other materials. The recurring
profit was posted at yen 204 million and the net profit at Yen 116 million, respectively,
compared with Yen 166 million recurring profit and Yen 173 million net losses,
respectively, a year ago. The net
losses are said referred to some NC’s.
For the current term ending Mar 2007 the net profit is
projected at Yen 115 million, on a 1% rise in turnover, to Yen 6,500 million.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 121.5 million, on 30 days normal terms.
REGISTRATION
Date Registered : Oct
1972
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
176,000 shares
Issued :
44,000 shares
Sum :
Yen 40 million
Major shareholders (%)
Krosaki Harima Corp*(100)
*..Largest mfr of firebricks, established originally in 1918
as Krosaki Refractories & merged with Harima Ceramics in 2000 to rename as
captioned, listed Tokyo S/E, capital Yen 5,537 million, turnover Yen 86,182
million, recurring profit Yen 5,671 million, net profit Yen 2,803, total assets
Yen 78,589 million, net worth Yen 26,401 million, employees 2,753, pres Hideki
Furuno
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Trading house for import, export and wholesale
of fuel oils, packaging equipment
& materials, OA devices; operates gas stations, garages with repairing
facilities; non-life insurance broking, others (--100%).
Clients
[Mfrs, wholesalers] Krosaki Harima Corp, Krosaki Machine
Ind, Mitsubishi
Materials, Paloma Ltd, Kyushu Rozai Sangyo, F Tech Inc,
Nippon Steel Chemical, Sankyu Inc,
Japan Casting & Forging Corp, other.
No. of accounts
600
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers]
Kyushu Oil, KK Shin-Idemitsu, Itochu Ceramic, Krosaki Harima Corp, F Tech Inc,
Noritake Company Ltd, JAL, West Japan Railway, Japan Foundation China Center,
other.
Payment record
Regular
Location
Business area in Kitakyushu. Office premises at the caption address are owned by the parent
and maintained satisfactorily.
Bank References
Bank of Fukuoka (Kurosaki)
Nishinippon City Bank (Kurosaki)
Relations: Satisfactory.
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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6,500 |
6,423 |
5,754 |
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Recur.
Profit |
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204 |
166 |
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Net
Profit |
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115 |
116 |
-173 |
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Total
Assets |
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2,181 |
1,914 |
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Current
Assets |
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1,623 |
1,280 |
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Current
Liabs |
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1,543 |
1,385 |
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Net
Worth |
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512 |
396 |
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Capital,
Paid-Up |
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40 |
40 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.20 |
11.63 |
25.77 |
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Current Ratio |
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105.18 |
92.42 |
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N.Worth Ratio |
.. |
23.48 |
20.69 |
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R.Profit/Sales |
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3.18 |
2.88 |
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N.Profit/Sales |
1.77 |
1.81 |
-3.01 |
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Return On Equity |
.. |
22.66 |
-43.69 |
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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%)