MIRA INFORM REPORT

 

 

Report Date :

23.12.2008

 

IDENTIFICATION DETAILS

 

Name :

SUMMIT CRM LTD

 

 

Registered Office :

Harumi Triton Square Office Tower 25F, 1-8-12 Harumi Chuoku Tokyo 104-0053

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2008

 

 

Date of Incorporation :

November 1996

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Import, Export, Wholesale Cokes, Refractory Materials, Steel Products

 

 

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 168.8 Million

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

name & address

 

SUMMIT CRM LTD

REGD NAME:   Sumisho CRM KK

MAIN OFFICE:  Harumi Triton Square Office Tower 25F, 1-8-12 Harumi Chuoku Tokyo 104-0053      JAPAN

                        Tel: 03-5144-9950     Fax: 03-5144-9982

 

URL:                 http://www.scrm.co.jp/

E-Mail address: info@scrm.co.jp

 

 

ACTIVITIES  

 

Import, export, wholesale cokes, refractory materials, steel products

 

 

BRANCHES

 

Osaka, Wakayama, Kashima, Kitakyushu

 

 

OFFICER(S)

 

KOICHIRO ASADA, PRES                    

Toshiaki Murai, dir                                 

Masaru Nakane, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 22,000 M

PAYMENTS      REGULAR                     CAPITAL           Yen 498 M

TREND             STEADY                       WORTH            Yen 1,053 M

STARTED         1996                             EMPLOYES      40

 

 

COMMENT

 

TRADING FIRM SPECIALIZING IN REFRACTORIES & COKES, WHOLLY OWNED BY SUMITOMO CORPORATION. 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

MAX CREDIT LIMIT: YEN 168.8 MILLION, 30 DAYS NORMAL TERMS.

 

 

HIGHLIGHTS

           

The subject company was established on the basis of a division separated from Sumitomo Corporation, originally as Sumisho Reftech KK, and in Apr 2005 merged with a sister company, Sumisho Carbon KK, to be renamed as captioned.  This is a trading house specializing in cokes, refractory materials, casting materials, other.  Goods are imported from China mainly, other from USA, Australia, Vietnam, S Africa, Russia, Canada, India, other.  Clients include metal mfrs, steel mills, auto makers, etc.  In Feb 2006, transferred from the parent part of oil cokes business operations.

           

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2008 fiscal term amounted to Yen 22,000 million, a 16% up from Yen 19,000 million in the previous term.  This is attributed to the said transfer of oil cokes business from the parent, Sumitomo Corporation.  Material price hikes contributed, too.  The net profit was posted at Yen 518 million, compared with Yen 154 million net profit a year ago.

 

For the current term ending Mar 2009 the net profit is projected at Yen 500 million, on a 5% fall in turnover, to Yen 21,000 million.  Yen’s continued surge will negatively affect exports.  The global financial & economic crisis has hurt demand at home and abroad. 

           

The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 168.8 million, on 30 days normal terms. 

 

 

REGISTRATION

 

Date Registered: Nov 1996

Legal Status:     Limited Company (Kabushiki Kaisha)

Authorized:        16,000 shares

Issued:              9,960 shares

Sum:                 Yen 498 million

 

 

Major shareholders (%)

 

Sumitomo Corporation*(100)

 

* One of leading general trading houses, Tokyo, founded 1919, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 219,279 million, turnover Yen11,484,585 million, recurring profit Yen 367,593 million, net profit Yen 238,928 million, total assets Yen 7,571,399 million, net worth Yen 1,492,742 million, employees 65,494, pres Susumu Kato

Consolidated Financials are as attached (See SUPPLEMENTS)

           

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

           

Activities: Imports, exports and wholesales carbon refractory materials & products: cokes, oil cokes, anthracite coal, rare earth, graphite, other refractory materials, casting

materials, fuels, other (--100%).

 

 

Clients

 

[Mfrs, steel mills] Sumitomo Metal Ind, SCOA, Nippon Steel, JFE Steel, Mitsubishi Materials, Kyushu Refractories, Nissan Motor, other.

No. of accounts: 1,000

Domestic areas of activities: Nationwide

 

 

Suppliers

 

[Mfrs, wholesalers] Imports from China, Hungary, Vietnam, Brazil, Australia, USA, India, Spain, Taiwan, Russia, Korea, Belgium, India, other. 

Also supplied from Mitsui Mining, Sumitomo Corp, Sumitomo Metal Ind, etc.

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

 

Bank References

 

SMBC (Tokyo)

Relations: Satisfactory

 

 

FINANCES: (In Million Yen)

 

       Terms Ending:

31/03/2009

31/03/2008

31/03/2007

31/03/2006

Annual Sales

　

21,000

22,000

19,000

3,300

Recur. Profit

　

　

　

　

　

Net Profit

　

500

518

154

6

Total Assets

　

　

9,696

5,919

4,081

Current Assets

　

　

9,317

5,411

3,595

Current Liabs

　

　

8,635

5,191

3,521

Net Worth

　

　

1,053

725

553

Capital, Paid-Up

　

　

498

498

498

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

       S.Growth Rate

-4.55

15.79

475.76

65.00

       Current Ratio

 

..

107.90

104.24

102.10

       N.Worth Ratio

..

10.86

12.25

13.55

       R.Profit/Sales

 

..

..

..

..

       N.Profit/Sales

2.38

2.35

0.81

0.18

      Return On Equity

..

49.19

21.24

1.08

 

Notes: Forecast (or estimated) figures for the 31/03/2009 fiscal term. 

 

 

SUPPLEMENTS:

 

CONSOLIDATED FINANCIALS OF THE PARENT, SUMITOMO CORPORATION

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2008

31/03/2007

INCOME STATEMENT

 

 

 

  Annual Sales

　

11,484,585

10,528,277

 

  Cost of Sales

10,550,043

9,670,588

 

      GROSS PROFIT

934,542

857,689

 

  Selling & Adm Costs

680,441

617,941

 

      OPERATING PROFIT

254,101

239,748

 

  Non-Operating P/L

113,492

92,181

 

      RECURRING PROFIT

367,593

331,929

　

      NET PROFIT

238,928

211,004

BALANCE SHEET

 

 

 

 

  Cash

　

436,814

456,809

 

  Receivables

 

2,118,991

2,101,168

 

  Inventory

 

756,190

757,473

 

  Securities, Marketable

19,856

17,304

 

  Other Current Assets

391,899

1,824,996

 

      TOTAL CURRENT ASSETS

3,723,750

5,157,750

 

  Property & Equipment

997,128

864,691

 

  Intangibles

 

379,405

255,526

 

  Investments, Other Fixed Assets

2,471,116

2,152,510

 

      TOTAL ASSETS

7,571,399

8,430,477

 

  Payables

 

1,270,484

1,250,358

 

  Short-Term Bank Loans

625,106

461,931

 

　

 

　

　

 

  Other Current Liabs

837,781

2,135,114

 

      TOTAL CURRENT LIABS

2,733,371

3,847,403

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

3,011,992

2,764,352

 

  Reserve for Retirement Allw

14,074

9,835

 

  Other Debts

　

319,220

335,759

 

      TOTAL LIABILITIES

6,078,657

6,957,349

 

      MINORITY INTERESTS

 

 

 

Common stock

219,279

219,279

 

Additional paid-in capital

291,032

279,711

 

Retained earnings

960,810

772,855

 

Evaluation p/l on investments/securities

22,845

222,290

 

Others

 

0

0

 

Treasury stock, at cost

(1,224)

(21,007)

 

      TOTAL S/HOLDERS` EQUITY

1,492,742

1,473,128

　

      TOTAL EQUITIES

7,571,399

8,430,477

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2008

31/03/2007

 

Cash Flows from Operating Activities

　

320,651

191,235

 

Cash Flows from Investment Activities

-299,843

-453,120

 

Cash Flows from Financing Activities

12,679

176,106

　

Cash, Bank Deposits at the Term End

　

456,809

436,814

ANALYTICAL RATIOS            Terms ending:

31/03/2008

31/03/2007

 

 

Net Worth (S/Holders' Equity)

1,492,742

1,473,128

 

 

Current Ratio (%)

136.23

134.06

 

 

Net Worth Ratio (%)

19.72

17.47

 

 

Recurring Profit Ratio (%)

3.20

3.15

 

 

Net Profit Ratio (%)

2.08

2.00

 

 

Return On Equity (%)

16.01

14.32

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.49

UK Pound

1

Rs.71.89

Euro

1

Rs.67.86

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions