MIRA
INFORM REPORT
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Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHEMIPLUS
CORPORATION |
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Registered Office : |
Aios
Gotanda 503 & 514, 1-10-7 Higashigotanda Shinagawaku Tokyo 141-0022 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
September
1988 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Export
of Industrial Chemicals |
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 21.9
Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
CHEMIPLUS CORPORATION
REGD NAME: KK
Chemiplus
MAIN
OFFICE: Aios Gotanda 503 & 514,
1-10-7 Higashigotanda Shinagawaku Tokyo 141-0022 JAPAN
Tel: 03-3440-9015
Fax: 03-3440-9016
URL: http://www.chemiplus.com/
E-mail
address: okazaki@chemiplus.com
ACTIVITIES
Export
of industrial chemicals
BRANCHES
Nil
OFFICER(S)
TOSHIKATSU
SAITO, PRES
Hiroshi
Hibino, dir
Yen
Amount: In million Yen, otherwise
stated.
SUMMARY
FINANCES FAIR A/SALES Yen 1,146 M
PAYAMENTS REGULAR CAPITAL Yen 35 M
TREND SLOW WORTH Yen 83 M
STARTED
1988 EMPLOYS 5
COMMENT
TRADING
HOUSE SPECIALIZING IN EXPORTING INDUSTRIAL CHEMICALS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 21.9
MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by
Toshikatsu Saito and three other members in order to make most of their
previous experiences in the chemical industry.
This is a trading house specializing in export of industrial chemicals
(see OPERATION). Export destinations
cover worldwide: USA, Europe, India, China, Taiwan, Philippines, Korea,
other. Goods are supplied from domestic
major chemical makers. More than 50% of
the turnover accounts for pharmaceutical industry, and the balance for: food &
feeds, polymers, reprographic, dyestuffs & inorganic industries. The firm will be celebrating 20th
anniversary in Sept 2008.
FINANCIAL INFORMATION
The
firm does not disclose full financials only except the following partial
figures.
The
sales volume for Sept/2007 fiscal term amounted to Yen 1,146 million, a 17%
down from Yen 1,383 million in the previous term. Exports slowed. One major
account reduced imports substantially due to inventory control. Business did not expand as expected. The net profit decreased to Yen 3 million
from Yen 6 million a year ago.
For
the current term ending Sept 2008 the net profit is projected at Yen 4 million,
on a 9% rise in turnover, to Yen 1,250 million. Exports recovered. Weaker
Yen in the early period should have contributed.
The
financial situation is considered maintained FAIR and should be good for
ORDINARY
business
engagements. Max credit limit is
estimated at Yen 21.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Sept 1988
Legal Status:
Limited Company (Kabushiki
Kaisha)
Authorized:
2,800 shares
Issued:
700 shares
Sum:
Yen 35 million
Major shareholders (%)
Toshikatsu
Saito (52.8), Yoshitaka Saito (11.4), Noriyuki Okazaki
(11.4), Akio Fukuda (8.6), Akira Saito (4.3)
No. of shareholders: 9
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Exports industrial chemicals:
Pharmaceutical & agricultural chemical raw materials, cosmetics raw
materials & intermediates (--74%);
Specialty resin, paint raw materials & additives (--13%); Feed additives,
veterinary products (2%); Research & bio-chemicals (2%); Food additives,
electronics chemicals, catalyst, others (--9%)
Occasionally
imports the chemicals upon request from clients.
(Products): Amino acids, bio-chemicals,
catalysts, chiral compounds, enzymes, high purity inorganic compounds,
intermediates for pharmaceuticals, agro-chemicals, photo chemicals &
dyestuffs, metal compounds, monomers & polymers, rare earth compounds,
research chemicals, reprographic & photo chemicals, others.
Clients
[Mfrs,
wholesalers] Exports to USA, Europe, China, Taiwan, Korea, India, etc.
Domestic
clients: Mitsui Kagaku Fine Chemicals, Daicel Chemical Ind, Ihara Chemical Ind,
other
No.
of account: Unavailable
Domestic
areas of activities: Nationwide
Suppliers
[Mfrs,
wholesalers] Nippon Nyukazai, Kuraray Co, Daicel Chemical Ind, Stella Chemifa
Corp, Tosoh F-Tec Inc, Hodogaya Chemical, Koei Chemical, Kawasaki kasei
Chemical, Takasago Int’l, Central Glass, Hokko Chemical Ind, other.
Payment record
Regular
Location
Business
area in Tokyo. Office premises at the
caption address are leased and maintained satisfactorily.
Bank Reference
MUFG
(Gotanda-Ekimae)
SMBC
(Gotanda)
Relations:
Satisfactory
FINANCES: (In million yen)
|
Terms Ending: |
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30/09/2008 |
30/09/2007 |
30/09/2006 |
30/09/2005 |
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Annual
Sales |
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1,250 |
1,146 |
1,383 |
1,327 |
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Recur.
Profit |
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Net
Profit |
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4 |
3 |
6 |
5 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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83 |
80 |
74 |
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Capital,
Paid-Up |
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35 |
35 |
35 |
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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 |
9.08 |
-17.14 |
4.22 |
-7.98 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
0.32 |
0.26 |
0.43 |
0.38 |
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Notes:
Financials are only partially disclosed.
Forecast
(or estimated) figures for 30/09/2008 fiscal term.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.40 |
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UK Pound |
1 |
Rs.83.87 |
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Euro |
1 |
Rs.66.02 |
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%)