MIRA
INFORM REPORT
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Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SEKISUI TECHNO SHOJI WEST JAPAN CO LTD |
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Registered Office : |
Dojima Kanden Bldg 4F, 2-4-4 Nishitenma Kitaku |
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Country : |
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Date of Incorporation : |
October, 2001 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Wholesale of Packaging Materials, Films, Bags, other |
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 88.3 MILLION |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
SEKISUI TECHNO SHOJI WEST JAPAN CO LTD
REGD NAME: Sekisui Techno Shoji Nishinihon KK
ADDRESS
MAIN OFFICE
Dojima Kanden Bldg 4F, 2-4-4 Nishitenma Kitaku
Tel : 06-6365-4321
Fax : 06-6365-4238
URL : http://www.sekisui-pack.com/
E-Mail : Not specified
ACTIVITIES
Wholesale of packaging materials, films, bags, other
BRANCHES
OFFICERS
TAKASHI AZUMA, PRES Yoichi Ohashi, mgn dir
Kazuo Nemoto, dir Sadayuki Itoh, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 15,287 M
PAYMENTS REGULAR CAPITAL Yen 50 M
TREND STEADY WORTH Yen 475 M
STARTED 2001 EMPLOYES 82
COMMENT
WHOLESALER SPECIALIZING IN PACKAGING MATERIALS, WHOLLY OWNED BY SEKISUI CHEMICAL CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$125,000 / O/A 30 DAYS.
MAX CREDIT LIMIT: YEN 88.3 MILLION, 30 DAYS
HIGHLIGHTS
The subject company was established on the basis of a plastic
sales division separated from Sekisui Shoji KK, trading house owned by Sekisui
Chemical Co Ltd (see REGISTRATION), to cover west Japan. Separately established were: Sekisui Techno
Shoji East Japan Co Ltd (covering east
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 15,287 million, an almost similar amount in the previous term. Sales are considered on normal levels, as the last term‘s steep rise reflected the said merger. The recurring profit was posted at Yen 289 million and the net profit at Yen 148 million, respectively, compared with Yen 303 million recurring profit and Yen 159 million net profit, respectively, a year ago. Profits deteriorated due to rising costs of materials and operations.
For the current term ending Mar 2008 the recurring profit is projected at Yen 300 million and the net profit at Yen 150 million, respectively, on a 1.4% rise in turnover, to Yen 15,500 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 88.3 million, on 30 days normal terms. The proposed amount is considered well within the firm’s financial capabilities.
REGISTRATION
Date Registered : Oct 2001
Legal Status : Limited Company (Kabushiki Kaisha)
Authorized : 4,000 shares
Issued : 1,000 shares
Sum : Yen 50 million
Major shareholders (%): Sekisui Chemical Co Ltd*(100)
Major chemical mfr & resin processor, Osaka, founded 1947, listed Tokyo, Osaka S/E’s, capital Yen 100,002 million, sales Yen 926,163 million, recurring profit Yen 46,910 million, net profit Yen 25,538 million, total assets Yen 879,153 million, net worth Yen 403,822 million, employees 18,905, pres Naotake Ohkubo Consolidated Financials are as attached (See SUPPLEMENT)
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Wholesales synthetic resin packaging materials: bags & wrappers (a wide range of bags), films, jewelry accessories, other, all products of the parent and group firms (--100%).
Clients: Consumers & specialty stores (90%), Sekisui Chemical (10%)
No. of accounts: Unavailable
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Sekisui Chemical, Sekisui Jushi Corp, Sekisui Seikei Kogyo, Sekisui Film, Sekisui Plastics, other.
Payment record
Regular
Location
Business area in
Bank References
MUFG (Shin-Osaka-Ekimae)
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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15,500 |
15,287 |
15,268 |
13,538 |
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Recur. Profit |
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300 |
289 |
303 |
288 |
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Net Profit |
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150 |
148 |
159 |
69 |
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Total Assets |
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6,225 |
6,252 |
6,031 |
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Current Assets |
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6,169 |
6,193 |
5,970 |
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Current Liabs |
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5,623 |
5,746 |
5,672 |
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Net Worth |
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475 |
405 |
278 |
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Capital, Paid-Up |
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50 |
50 |
50 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.39 |
0.12 |
12.78 |
27.46 |
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Current Ratio |
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109.71 |
107.78 |
105.25 |
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N.Worth Ratio |
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7.63 |
6.48 |
4.61 |
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R.Profit/Sales |
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1.94 |
1.89 |
1.98 |
2.13 |
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N.Profit/Sales |
0.97 |
0.97 |
1.04 |
0.51 |
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Return On Equity |
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31.16 |
39.26 |
24.82 |
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Notes: Forecast (or estimated) figures for 31/03/2008 fiscal term.
SUPPLEMENTS
Consolidated Financials of Sekisui Chemical Co Ltd
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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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926,163 |
885,067 |
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Cost of Sales |
656,504 |
627,279 |
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GROSS PROFIT |
269,659 |
257,788 |
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Selling & Adm Costs |
224,501 |
217,500 |
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OPERATING PROFIT |
45,157 |
40,287 |
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Non-Operating P/L |
1,753 |
3,514 |
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RECURRING PROFIT |
46,910 |
43,801 |
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NET PROFIT |
25,538 |
20,229 |
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BALANCE SHEET |
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Cash |
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26,083 |
44,715 |
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Receivables |
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110,116 |
97,864 |
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Inventory |
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40,704 |
35,775 |
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Securities, Marketable |
22 |
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Other Current Assets |
164,061 |
136,326 |
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TOTAL CURRENT ASSETS |
340,986 |
314,680 |
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Property & Equipment |
245,485 |
226,429 |
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Intangibles |
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25,252 |
8,932 |
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Investments, Other Fixed Assets |
267,430 |
258,316 |
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TOTAL ASSETS |
879,153 |
808,357 |
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Payables |
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124,152 |
112,674 |
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Short-Term Bank Loans |
59,353 |
33,202 |
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Other Current Liabs |
157,908 |
129,472 |
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TOTAL CURRENT LIABS |
341,413 |
275,348 |
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Debentures |
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5,641 |
15,000 |
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Long-Term Bank Loans |
33,289 |
46,405 |
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Reserve for Retirement Allw |
60,643 |
62,895 |
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Other Debts |
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25,025 |
21,249 |
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TOTAL LIABILITIES |
466,011 |
420,897 |
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MINORITY INTERESTS |
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10,252 |
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Common stock |
100,002 |
100,002 |
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Additional paid-in capital |
109,420 |
109,456 |
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Retained earnings |
137,712 |
118,909 |
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Evaluation p/l on investments/securities |
57,427 |
54,051 |
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Others |
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14,955 |
1,416 |
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Treasury stock, at cost |
(6,375) |
(6,629) |
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TOTAL S/HOLDERS` EQUITY |
413,141 |
377,205 |
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TOTAL EQUITIES |
879,153 |
808,357 |
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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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41,929 |
38,268 |
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Cash Flows from Investment Activities |
-59,100 |
14,847 |
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Cash Flows from Financing Activities |
-2,484 |
-41,421 |
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Cash, Bank Deposits at the Term End |
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25,968 |
44,629 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
413,141 |
377,205 |
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Current Ratio (%) |
99.87 |
114.28 |
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Net Worth Ratio (%) |
46.99 |
46.66 |
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Recurring Profit Ratio (%) |
5.06 |
4.95 |
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Net Profit Ratio (%) |
2.76 |
2.29 |
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Return On Equity (%) |
6.18 |
5.36 |
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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. |
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%)