MIRA
INFORM REPORT
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Report Date : |
07.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
K F TRADING CO LTD |
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Registered Office : |
KDC Nihombashi Bldg 7F, 1-5-11 Nihombashi-Honcho Chuoku
Tokyo 103-0023 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Apr 1986 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing, import, wholesale of castor oils
& derivatives |
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 40.7 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
K F TRADING CO LTD
REGD NAME
K F Trading KK
MAIN OFFICE
KDC Nihombashi Bldg 7F, 1-5-11 Nihombashi-Honcho Chuoku Tokyo
103-0023 JAPAN
Tel : 03-5203-4141
Fax : 03-5203-4040
URL : http://www.kft.co.jp
E-Mail address: info@kft.co.jp
ACTIVITIES
Mfg, import, wholesale of castor oils & derivatives
BRANCHES
Saitama (warehouse & distribution center)
FACTORY(IES)
Thailand (3) (--subsidiaries); India (2) (--subcontracted) (See
REGISTRATION)
OFFICERS
ICHIRO MIYAHARA, PRES Hideo
Eguchi, ch
Katsuyuki Tadokoro, dir Tsutomu
Fujiwara, dir
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,611 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND STEADY WORTH Yen 360 M
STARTED 1981 EMPLOYES 18
COMMENT
MFR, IMPORTER & WHOLESALER OF CASTOR OILS &
DERIVATIVES. FINANCIAL SITUATION
CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 40.7 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established on the basis of business
rights of castor oil transferred from Soken Chemical & Engineering Co Ltd,
chemicals mfr, Tokyo. This is a trading
firm with mfg division specializing in import and wholesale of castor oils
& derivatives. Goods are
manufactured at three subsidiary makers in Thailand and two subcontracted mfrs
in India (See REGISTRATION). Clients
include major pharmaceutical makers, cosmetic mfrs, other chemical makers,
nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 2,611 million, a 3% up from Yen 2,523 million in the previous term. Demand from cosmetics makers and paint/ink mfrs increased. Weaker Yen also assisted to raise sales in Yen terms. The recurring profit was posted at Yen 145 million and the net profit at Yen 73 million, respectively, compared with Yen 111 million recurring profit and Yen 65 million net profit, respectively, a year ago.
For the current term ending Mar 2007 the recurring profit is
projected at Yen 150 million and the net profit at Yen 75 million,
respectively, on a 3% rise in turnover, to Yen 2,700 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 40.7 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr
1986
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 800
shares
Issued: 200
shares
Sum: Yen
10 million
Major shareholders (%): Company’s Treasury Stock (40), Ichiro Miyahara (18), Hideo Eguchi (17), Katsuyuki
Tadokoro (8), Tsutomu Fujiwara (8)
No. of shareholders: 10
Nothing detrimental is known as to the commercial morality of
executives.
Related companies
(Subsidiary mfrs): TK Wax Co Ltd, T J Pac Co Ltd, TS Chemical Co Ltd
(--Thailand);
(Subcontracted mfrs): Jayant Oils & Derivatives Ltd, Jayant
Agro Organics Ltd (--India)
OPERATION
Activities: Manufactures, imports and wholesales hydrogenated/dehydrated
castor oil & derivatives (--70%), other industrial chemicals & chemical
ingredients (--30%).
Castor oil & derivatives are manufactured at three
subsidiary mfrs in Thailand and two sub-contracted mfrs in India, and imported.
Clients: [Chemical mfrs, cosmetics mfrs] Kyodo Yushi Co (10%), Lion Corp, Johnson Professional, Johnson Co, Kusumoto Chemicals, Kawaken Fine Chemicals, Rinrei Wax Co, Katsuta Kako, Takemoto Oil & Fat, Toto Kagaku Kogyo, other.
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] TK Wax Co (40%), Jayant Agro
Organics (15%), Jayant Oils & Additives (15%), TJ Pac, TS Chemicals, other.
Domestically, supplied from Katsuta Kako, Kanematsu Chemical,
Kawaken Fine Chemicals, Honjo Chemical,
other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
MUFG (Nihombashi)
SMBC (Nihombashi)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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2,700 |
2,611 |
2,523 |
2,263 |
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Recur.
Profit |
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150 |
145 |
111 |
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Net
Profit |
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75 |
73 |
65 |
17 |
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Total
Assets |
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1,568 |
1,412 |
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Current
Assets |
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1,127 |
994 |
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Current
Liabs |
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985 |
829 |
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Net
Worth |
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360 |
379 |
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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 |
3.41 |
3.49 |
11.49 |
8.64 |
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Current Ratio |
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.. |
114.42 |
119.90 |
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N.Worth Ratio |
.. |
22.96 |
26.84 |
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R.Profit/Sales |
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5.56 |
5.55 |
4.40 |
.. |
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N.Profit/Sales |
2.78 |
2.80 |
2.58 |
0.75 |
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Return On Equity |
.. |
20.28 |
17.15 |
.. |
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Notes: Forecast (or estimated) for the 31/03/2008 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. |
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%)