MIRA
INFORM REPORT
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Report Date : |
29.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
MARUSAN SANGYO CO LTD |
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Registered Office : |
912 Nonakacho Tochigi City Tochigi-Pref 328-0124 |
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Country : |
Japan |
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Financials (as on) : |
31.01.2007 |
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Date of Incorporation : |
October 1950 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Manila Ropes, Jute, Synthetic Fiber Ropes,
Other. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 49.2 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
MARUSAN SANGYO CO LTD
REGD NAME: Marusan Sangyo KK
MAIN OFFICE: 912 Nonakacho Tochigi
City Tochigi-Pref 328-0124 JAPAN
Tel:
0282-24-8863 Fax: 0282-22-5833
E-Mail address:marusan@cc9.ne.jp
ACTIVITIES
Mfr of manila ropes, jute, synthetic fiber ropes, other.
BRANCHES
Fukuoka
FACTORY(IES)
BMS Co Ltd, BMS Rope Co Ltd (--Bangladesh) (--subsidiary
factories)
OFFICER(S)
Kikuo Nakajima, ch
KIYONORI NAKAJIMA, PRES
Hiroyuki Kaneko, mgn dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,707 M
PAYMENTS REGULAR CAPITAL Yen 23.4 M
TREND STEADY WORTH Yen 573 M
STARTED 1950 EMPLOYES 23
COMMENT
MFR OF ROPES.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT
ENGAGE- MENTS:
US$300,000 / D/P SIGHT
MAX CREDIT LIMIT
YEN 49.2 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by Kikuo Nakajima in order o make most of his experience in the subject line of business. Kiyonori is his son. Specializes in mfg manila ropes, cotton ropes, synthetic fiber ropes, jute, sisal, etc for industrial, agricultural & gardening use. Shifted production site to Bangladesh where the firm operates two subsidiary factories. Major clients are farm coops, Economic Association of Municipal offices, DIY stores, other.
FINANCIAL INFORMATION
The sales volume for Jan/2007 fiscal term amounted to Yen 1,707 million, a 2%% up from Yen 1,682 million in the previous term. Operations recovered from the deficit in the previous term, when hikes of materials costs ate into profits. The recurring profit was posted at Yen 50 million and the net profit at Yen 46 million, respectively, compared with Yen 41 million recurring loss and Yen 37 million net loss, respectively, a year ago.
For the term ended Jan 2008 the net profit was projected at Yen 48 million, on a 5% rise in turnover, to Yen 1,800 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 49.2 million, on 30 days normal terms. The proposed amount is considered well within the firm’s financial capacities.
REGISTRATION
Date Registered: Oct 1950
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 180,000 shares
Issued: 46,800 shares
Sum: Yen 23.4 million
Major shareholders (%)
Kiyonori Nakajima (29), Kikuo Nakajima (25)
No. of shareholders: 9
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures manila ropes, cotton ropes, synthetic fiber ropes, jute, sisal, other for industrial, agricultural and gardening use (--100%).
Goods are produced at two factories in Bangladesh, BMS Co Ltd and BMS Rope Co Ltd, both subsidiaries.
Clients
[Farm Coops, Economic Federation of Municipal Offices, DIY stores] Agricultural Coops, other.
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Imports from subsidiary makers in Bangladesh.
Domestically supplied from PTT Polymer Marketing, Saga Jute Spinning Mill, Honam
Petrochemical, Ogura Trading, other.
Payment record
Regular
Location
Business area in Tochigi City. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
Ashikaga Bank (Tochigi)
Tochigi Bank (Tochigi-Kita)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/01/2008 |
31/01/2007 |
31/01/2006 |
31/01/2005 |
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Annual
Sales |
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1,800 |
1,707 |
1,682 |
1,556 |
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Recur.
Profit |
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50 |
-41 |
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Net
Profit |
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48 |
46 |
-37 |
43 |
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Total
Assets |
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1,378 |
1,530 |
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Current
Assets |
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870 |
981 |
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Current
Liabs |
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780 |
900 |
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Net
Worth |
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537 |
490 |
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Capital,
Paid-Up |
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23 |
23 |
23 |
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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 |
5.45 |
1.49 |
8.10 |
13.49 |
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Current Ratio |
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.. |
111.54 |
109.00 |
.. |
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N.Worth Ratio |
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38.97 |
32.03 |
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R.Profit/Sales |
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2.93 |
-2.44 |
.. |
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N.Profit/Sales |
2.67 |
2.69 |
-2.20 |
2.76 |
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Return On Equity |
.. |
8.57 |
-7.55 |
.. |
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Notes: Forecast (or estimated) figures for the 31/01/2008
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%)