MIRA
INFORM REPORT
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Report Date : |
02.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
DAICHU CORPORATION |
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Registered Office : |
Ichikawa Bldg., 5-13-3 Ginza Chouku Tokyo 104-0061 |
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Country : |
Japan |
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Financials (as on) : |
31.05.2007 |
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Date of Incorporation : |
May 1947 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, wholesale of oil cokes, steel alloys, industrial wastes. |
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 777.7 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
Company Name and
Address
DAICHU CORPORATION
REGD NAME :
Daichu Bussan KK
MAIN OFFICE :
Ichikawa Bldg, 5-13-3 Ginza Chuoku Tokyo 104-0061 JAPAN
Tel :
03-5550-5566
Fax
03-5550-5565
* Registered and Osaka Branch at: 1-12-19 Minamihorie
Nishiku Osaka 550-0015
URL :
http://www.daichu.co.jp/
E-Mail address :
info@daichu.co.jp
ACTIVITIES
Import, wholesale of oil cokes, steel alloys, industrial
wastes
BRANCHES
Osaka, Nagoya, Fukuyama, Sendai
OVERSEAS
China (2), Taiwan (--subsidiaries)
OFFICER(S)
v
HIROSHI KAWAKUBO, PRES
v
Yasuhiko Ueno, mgn dir
v
Fumio Shimokawa, dir
v
Naoki Osaka, dir
v
Shozo Nakai, dir
Yen AmounT
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 33,973 M
PAYMENTS REGULAR CAPITAL Yen 44 M
TREND STEADY WORTH Yen 4,397 M
STARTED 1947 EMPLOYES 80
COMMENT
TRADING HOUSE SPECIALIZING IN OIL COKES & INDUSTRIAL
WASTES FOR STEEL MAKERS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 777.7 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
This is a medium-sized trading house, specializing in oil cokes, industrial wastes and steel mill mfg materials, having four pillar divisions; materials division, electrode division, environmental division and business solutions division. Materials division handles cokes, asphalt pitch, steel alloys, etc, catering to steel mills. Holds a sole distributorship right for selling Japan Nantong Carbon (ex China) in Japan, Korea and Taiwan. In 1994, founded a JV firm in Taiwan. In 1996 opened Beijing Office. Majority of the business is with China, having more than 20 years’ business relationship with the country. Electrodes Div handles carbon black electrodes and exports them to Taiwan, Vietnam, Malaysia, Thailand, Singapore, Philippines, other. Actively advancing into recycling business using paper-mfg sludge, used papers, used tatami mats, etc.
FINANCIAL INFORMATION
The sales volume for May/2007 fiscal term amounted to Yen 33,973 million, an 8% up from Yen 31,356 million in the previous term, spurred by robust imports from China. The profits, however, deteriorated due to material price hikes unsuccessfully passed onto client users. Posted Yen 151 million recurring loss, which resulted in Yen 56 million net profit, which included some extraordinary profits. His compares with Yen 229 million recurring profit and Yen 127 million net profit, respectively, a year ago.
For the current term ending May 2008 the recurring profit is projected at Yen 270 million and the net profit at Yen 148 million, respectively, on a similar turnover, at Yen 34,000 million.
The financial situation is considered maintained FAIR and good
for ORDINARY business engagements. Max
credit limit is estimated at Yen 777.7 million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar
1947
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 3
million shares
Issued: 880,000
shares
Sum: Yen
44 million
Major shareholders (%): Kansai
Trust (13), Sawa Rise (11.5), Kyowa Shoji (10.6), Sansei Kaiun
(8.8),
Fudo Kosan (8.1), Nakayama Steel Works (6.8)
No. of shareholders: 48
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: A trading house for import, export and wholesale
of:
(Sales Breakdown by Divisions):
Materials & Electrodes Divisions
(36%): oil cokes, dolomite, asphalt pitch, steel alloys,
electrodes, graphite, etc, all
imported from China;
Environmental Division (30%):
fuels, activated charcoal, waste paper, vapor sludge, wood chips, fly ashes, other;
Business Solutions Div (26%):
business package software for construction industry (overall test &
inspection software
named “Esteem” & “Xplore” series), IT solution software, operating PC classes;
Other (8%);
Import & Export (45%)
Clients
[Steel mills, wholesalers] JFE Steel, Taiheiyo Cement, Nakayama
Steel Works, Tosoh Corp, Kaneka Corp, Kobe Steel, Mitsubishi Corp, Sumitomo
Corp, Nishimatsu Construction, other
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Japan Energy, Cosmo Oil, Nakayama Steel
Works, Taiheiyo Cement, Mitsubishi Chemical, JFE
Steel, other.
Imports from China.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Mizuho Bank (Ginzadori)
MUFG (Shinanobashi)
Relations: Satisfactory
FINANCES: (In Million
Yen)
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Terms Ending: |
31/05/2008 |
31/05/2007 |
31/05/2006 |
31/05/2005 |
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Annual Sales |
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34,000 |
33,973 |
31,356 |
39,222 |
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Recur. Profit |
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270 |
-151 |
229 |
445 |
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Net Profit |
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148 |
56 |
127 |
180 |
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Total Assets |
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15,462 |
13,186 |
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Current Assets |
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10,567 |
8,694 |
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Current Liabs |
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7,771 |
5,814 |
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Net Worth |
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4,397 |
4,347 |
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Capital, Paid-Up |
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44 |
44 |
44 |
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Div.P.Share(¥) |
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8.50 |
7.50 |
7.50 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
0.08 |
8.35 |
-20.06 |
26.56 |
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Current Ratio |
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135.98 |
149.54 |
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N.Worth Ratio |
.. |
28.44 |
32.97 |
.. |
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R.Profit/Sales |
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0.79 |
-0.44 |
0.73 |
1.13 |
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N.Profit/Sales |
0.44 |
0.16 |
0.41 |
0.46 |
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Return On Equity |
.. |
1.27 |
2.92 |
.. |
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Notes:
Forecast (or estimated) figures for 31/05/2008 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%)