MIRA
INFORM REPORT
|
Report Date : |
18.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHIRAISHI CALCIUM KAISHA LTD |
|
|
|
|
Registered Office : |
2-10-5 Doshin Kitaku Osaka 530-0035 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
November 1937 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Import, Export, Wholesale of Industrial Chemicals |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
YEN 1,789.6 Million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
name & address
SHIRAISHI CALCIUM KAISHA LTD
REGD NAME: Shiraishi Calcium KK
MAIN OFFICE: 2-10-5 Doshin Kitaku
Osaka 530-0035 JAPAN
Tel:
06-6358-1181 Fax: 06-5358-9036
URL: http://www.shiraishi.co.jp/
E-Mail address: international@shiraishi.co.jp
ACTIVITIES
Import, export, wholesale of industrial chemicals
BRANCHES
Tokyo, Sapporo, Sendai, Shizuoka, Nagoya, Hiroshima,
Kumamoto
OVERSEAS
China, Korea, Thailand, Malaysia, Singapore, Taiwan, Hong
Kong, Philippines, Vietnam &
Indonesia (--affiliates)
OFFICER(S)
TSUNEHIRO SHIRAISHI, PRES
Norio Nishi, s/mgn dir
Masao Watanabe, mgn dir
Kenji Okamoto, mgn dir
Masaharu Maeda, dir
Isao Nojima, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 66,309 M
PAYMENTS REGULAR CAPITAL Yen 231 M
TREND STEADY WORTH Yen 9,863 M
STARTED 1937 EMPLOYES 228
COMMENT
TRADING
HOUSE SPECIALIZING IN INDUSTRIAL CHEMICALS.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 1,789.6 MILLION. 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was
established as a trading division by Shiraishi Kogyo KK (see Registration), I
in order to export calcium carbonate, manufactured by the parent, for supply to
rubber industries. The firm has since
expanded handling items for supply to such industries as: rubber, plastics,
sealants & adhesives, paper, paints & coatings, industrial textiles,
food & pharmaceuticals, agriculture & stockbreeding, with recent
expansion into optical lens and cosmetic industries. Present executives are the founder’s descendants. Activities cover 58 countries worldwide
through 14 overseas affiliates and agents.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen
66,309 million, a 9% up from Yen 60,938 million in the previous term. Industrial chemicals across the board
expanded for both imports and exports, on the back of growing activities,
particularly in China & S/E Asian countries. Materials price hike also contributed. The recurring profit was posted at Yen 516 million and the net
profit at Yen 283 million, respectively, compared with Yen 740 million
recurring profit, and Yen 409 million net profit, respectively, a year
ago. Profits deteriorated due to rising
costs of operations.
For
the term just ended Mar 2008 the recurring profit was projected at Yen 520
million and net profit at Yen 285 million, on a 3% rise in turnover, to Yen
68,000 million.
The
financial situation is considered FAIR to GOOD and responsible for ORDINARY
business engagements. Max credit limit
is estimated at Yen 11,789.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov
1937
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 18.48
million shares
Issued: 4.62
million shares
Sum: Yen
231 million
Major shareholders (%)
Shiraishi Kogyo Kaisha Ltd*(100)
*.. Mfr of calcium carbonate,
Hyogo-Pref, founded 1919, capital Yen 550 million, turnover Yen 20,782 million,
net profit Yen 336 million, employees 164, pres Tsunehiro Shiraishi,
concurrently.
Nothing detrimental is known as to ^the commercial morality
of executives.
OPERATION
Activities:
A trading house for import, export and wholesale of calcium carbonate (26%), reinforcing agents & fillers (22%),
synthetic rubber & resin (18%), rubber chemicals & plastic additives (14%), food additives,
agriculture & livestock breeding materials (7%), industrial textile
materials (5%), other industrial chemicals (8%), covering 58 countries
worldwide.
(Import 50%, export 50%)
Clients
[Mfrs, wholesalers] Oji Paper, Daio Paper,
Chuetsu Pulp & Paper, Toyoda Gosei, Hoya Corp, Tokai Rubber Ind, other
No. of accounts
1,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs,
wholesalers] Tosoh Corp, Asahi Carbon, Shiraishi Kogyo KK, Tokuyama Corp, Bihoku Funka Kogyo, JSR, Tosoh Corp,
other
Payment record
Regular
Location
Business
area in Osaka. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References
Mizuho Bank (Namba)
MUFG (Umeda)
Relations: Satisfactory
Finances
|
Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
|
|
Annual
Sales |
|
68,000 |
66,309 |
60,938 |
56,416 |
|
Recur.
Profit |
|
520 |
516 |
740 |
526 |
|
Net
Profit |
|
285 |
283 |
409 |
283 |
|
Total
Assets |
|
|
28,990 |
27,206 |
24,078 |
|
Current
Assets |
|
|
24,748 |
21,806 |
20,540 |
|
Current
Liabs |
|
|
17,766 |
14,842 |
13,866 |
|
Net
Worth |
|
|
9,863 |
9,930 |
9,336 |
|
Capital,
Paid-Up |
|
|
231 |
231 |
231 |
|
Div.P.Share(¥) |
|
|
15.00 |
15.00 |
15.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.55 |
8.81 |
8.02 |
10.72 |
|
|
Current Ratio |
|
.. |
139.30 |
146.92 |
148.13 |
|
N.Worth Ratio |
.. |
34.02 |
36.50 |
38.77 |
|
|
R.Profit/Sales |
|
0.76 |
0.78 |
1.21 |
0.93 |
|
N.Profit/Sales |
0.42 |
0.43 |
0.67 |
0.50 |
|
|
Return On Equity |
.. |
2.87 |
4.12 |
3.03 |
|
Notes: Forecast (or estimated) for the 31/03/2008 fiscal
term
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)