MIRA
INFORM REPORT
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Report Date : |
19.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
DAISAN SHOKO CO LTD |
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Registered Office : |
708-111 Shimonakano Okayama 700-0973 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
August 1950 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Saw Mill Manufacturer Laminated Veneer Lumber, Pre-Cut Building Timber, Housing Members |
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 200.1 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
DAISAN SHOKO CO LTD
REGD NAME: KK Daisan Shoko
MAIN OFFICE: 708-111 Shimonakano
Okayama 700-0973 JAPAN
Tel: 086-246-5241 Fax:
086-264-0900
URL: http://www.daisan-net
co.jp/
E-Mail address: dearhome@daisan-net.co.jp
l
Please note the address and phone numbers are correct as above.
l
The given address and phone number belong to a different company.
ACTIVITIES
Saw mill mfg laminated veneer lumber, pre-cut building timber, housing
members
BRANCHES
Tamano City (Okayama), Chiba, Miyazaki, Higashi-Matsuyama
FACTORY(IES)
At the caption address; Tamano
OFFICER(S)
Yasuhiko Ishikawa, ch
HIDEKI OOKOSHI, PRES
Nobuo Minami, dir
Mitsugu Tsuda, dir
Tetsuya Furuta, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 9,478 M
PAYMENTS REGULAR CAPITAL Yen 495 M
TREND STEADY WORTH Yen 2,433 M
STARTED 1950 EMPLOYES 179
COMMENT
MFR OF VENEER LUMBER AND OTHER HOUSING TIMBER.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 200.1 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established originally in 1938 by Gosuke Ishikawa as a sawmill on his account. After the WW2 the firm was reorganized and started business anew, in the line of mfg laminated veneer timber, other pre-cut housing timber. Also makes housing members. Executes house building, too. Ranked 8th in Okayama-Pref in this line of business. Material woods are imported through trading houses.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 9,478 million, a 10% up from Yen 8,590 million in the previous term. The housing starts revived. The recurring profit was posted at Yen 174 million and the net profit at Yen 100 million, respectively, compared with Yen 164 million recurring profit and Yen 55 million net profit, respectively, a year ago.
For the current term ending Mar 2008 the recurring profit is projected at Yen175 million and the net profit at Yen 105 million, respectively, on a 1.3% rise in turnover, to Yen 9,600 million. Housing starts are slow due to the new building standard law taking effects, enforcing stricter rules on new buildings.
The financial situation is considered maintained FAIR and good for ORDINARY business en-gagements. Max credit limit is estimated at Yen 200.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Aug 1950
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 3 million shares
Issued: 990,400 shares
Sum: Yen 495.2 million
Major shareholders (%)
KK Fujigo*(33), Yasuhiko Ishikawa (10), Katsuko Ishikawa (7), Hideaki Nakashima (2)
No. of shareholders
48
* Holding company owned by the Ishikawas
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures laminated veneer lumber, other pre-cut housing timber, housing members and materials; also executes house building (--100%).
Clients
[Lumber dealers, house builders] Ibiden Co, Sojitz Building Materials, Act Construction Service, Toyo Plywood, Akiyama Mokuzai Sangyo, Seven Industries, other.
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
Mfrs, wholesalers] Sumitomo Forestry, Sojitz Building Materials, Nippon Paper Lumber, Nice Co, Sumisho & Mitsui Bussan Kenzai Co, Matsushita Electric Works, Yuasa Lumber, Chugoku Lumber, Meiken Lamwood Corp, other.
Payment record
Regular
Location
Business area in
Okayama City. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References
SMBC (Okayama)
Chugoku Bank (H/O)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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9,600 |
9,478 |
8,590 |
8,551 |
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Recur.
Profit |
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175 |
174 |
164 |
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Net
Profit |
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105 |
100 |
55 |
283 |
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Total
Assets |
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8,810 |
8,256 |
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Current
Assets |
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4,148 |
3,477 |
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Current
Liabs |
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4,596 |
4,148 |
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Net
Worth |
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2,433 |
2,468 |
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Capital,
Paid-Up |
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495 |
495 |
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Div.P.Share(¥) |
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25.00 |
25.00 |
10.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.29 |
10.34 |
0.46 |
10.79 |
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Current Ratio |
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.. |
90.25 |
83.82 |
.. |
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N.Worth Ratio |
.. |
27.62 |
29.89 |
.. |
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R.Profit/Sales |
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1.82 |
1.84 |
1.91 |
.. |
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N.Profit/Sales |
1.09 |
1.06 |
0.64 |
3.31 |
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Return On Equity |
.. |
4.11 |
2.23 |
.. |
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Notes: Forecast (or estimated) figures for the 31/03/2008 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%)