MIRA
INFORM REPORT
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Report Date : |
14.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
MITSUI BUSSAN SOLVENT & COATING CO LTD |
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Registered Office : |
Dai 10 Chuo Bldg, 1-5-6 Nihombashi-Honcho Chuoku
Tokyo 103-0023 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Mar 1991 |
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Legal Form : |
Limited Liability |
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Line of Business : |
Importer, Exporter, Wholesaler
of Solvents, Paints, Coatings, Resins, Adhesives |
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 365.3 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
MITSUI BUSSAN SOLVENT & COATING CO LTD
REGD NAME
Mitsui Bussan Solvent & Coating KK
MAIN OFFICE
Dai 10 Chuo Bldg, 1-5-6 Nihombashi-Honcho Chuoku Tokyo 103-0023 JAPAN
Tel: 03-3516-1800
Fax: 03-3516-1847
URL:http://www.mitsui-solco.co.jp
E-Mail address: TKZC@TKZSC.xm.mitsui.co.jp
ACTIVITIES
Import, export, wholesale of
solvents, paints, coatings, resins, adhesives
BRANCHES
Osaka, Nagoya
OFFICERS
HIROYASU TAKAHASHI, PRES
Yasutoshi Hirabe, dir
Hiroyuki Guji, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 70,713 M
PAYMENTS REGULAR CAPITAL Yen 340 M
TREND STEADY WORTH Yen
1,682 M
STARTED 1991 EMPLOYES 90
COMMENT
TRADING
FIRM HANDLING SOLVENTS, COATINGS, RESINS, AND OTHER INDUSTRIAL CHEMICALS,
WHOLLY OWNED BY MITSUI & CO LTD. FINANCIAL SITUATION CONSIDERED FAIR AND
GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 365.3 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The
subject company was established on the basis of a chemical division separated
from Mitsui & Co Ltd, Tokyo. A trading
house handling solvents, coatings, resins, adhesives, and other industrial
chemicals. In Jun 1999, merged a sister
company, Mitsui Fuller Ltd, adding new products of adhesives. 30% of sales are imports & exports. Stressing operations in China and other S/E
Asian countries, utilizing the parent’s overseas offices & networks.
FINANCIAL INFORMATION
The
sales volume for Mar/2006 fiscal term amounted to Yen 70,713 million, a 21% up
from Yen 58,249 million in the previous term.
This is thanks to steep rise in chemical materials costs, which boosted
sales, both for imports & exports.
The recurring profit was posted at Yen 1,047 million and the net profit
at Yen 668 million, respectively, compared withy Yen 623 million net profit a
year ago.
For the
current term ending Mar 2008 the net profit is projected at Yen 700 million, on
a 6% rise in turnover, to Yen 75,000 million.
Business continues rising.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 365.3 million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar
1991
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 27,200
shares
Issued: 6,800
shares
Sum: Yen
340 million
Major shareholders (%): Mitsui & Co Ltd*(100)
Top-ranked
general trading house vying with Mitsubishi Corp, founded 1947, listed Tokyo,
Osaka, Nagoya, NASDAQ S/E’s, capital Yen 323,213 million, sales Yen 15,357,656 million, recurring profit Yen
330,140 million, net profit Yen 301,502 million, total assets Yen 9,813,312 million, net worth Yen
2,110,279 million, employees 41,761, pres Shoei Utsuda
Consolidated Financials are as
attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports, exports and
wholesales solvents (toluene/xylene, MEK, MIBK, IPA, methanol, butanol, acetic
ether, butyl acetate, glycol ether, N-hexane, other); paints & coatings,
resins, adhesives, other industrial chemicals (--100%).
Clients
[Chemical traders, wholesalers,
chemical mfrs] Mitsui & Co, Moriroku Co, SK Kaken, Miyako Kosan Co, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers
[Chemical
mfrs, wholesalers] Mitsui Chemical, Mitsui & Co, Kyowa Hakko Kogyo, SK
Kaken, Daicel Chemical Ind, other.
Payment record:
Regular
Location
Business
area in Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References
SMBC (H/O)
UFG (Shimbashi)
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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75,000 |
70,713 |
58,249 |
48,854 |
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Recur. Profit |
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1,047 |
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Net Profit |
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700 |
668 |
623 |
377 |
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Total Assets |
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27,837 |
20,722 |
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Current Assets |
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26,518 |
19,242 |
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Current Liabs |
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25,668 |
18,510 |
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Net Worth |
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1,682 |
1,726 |
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Capital, Paid-Up |
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340 |
340 |
340 |
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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 |
6.06 |
21.40 |
19.23 |
15.07 |
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Current Ratio |
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.. |
103.31 |
103.95 |
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N.Worth Ratio |
.. |
6.04 |
8.33 |
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R.Profit/Sales |
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.. |
1.48 |
.. |
.. |
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N.Profit/Sales |
0.93 |
0.94 |
1.07 |
0.77 |
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Return On Equity |
.. |
39.71 |
36.10 |
.. |
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Note
Forecast (or estimated) for the 31/03/2008 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT, MITSUI & CO LTD
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FINANCES (Consolidated in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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15,357,656 |
14,885,772 |
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Cost of Sales |
3,977,063 |
3,297,161 |
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GROSS PROFIT |
11,380,593 |
11,588,611 |
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Selling & Adm Costs |
11,071,693 |
11,322,811 |
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OPERATING PROFIT |
308,900 |
265,800 |
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Non-Operating P/L |
21,240 |
-12,168 |
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RECURRING PROFIT |
330,140 |
253,182 |
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NET PROFIT |
301,502 |
202,409 |
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BALANCE SHEET |
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Cash |
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800,032 |
697,065 |
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Receivables |
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2,189,514 |
1,997,093 |
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Inventory |
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696,470 |
695,754 |
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Securities, Marketable |
11,670 |
26,860 |
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Other Current Assets |
1,376,090 |
1,330,059 |
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TOTAL CURRENT ASSETS |
5,073,776 |
4,746,831 |
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Property & Equipment |
988,300 |
746,149 |
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Intangibles |
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104,445 |
98,811 |
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Investments, Other Fixed Assets |
3,646,791 |
2,981,787 |
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TOTAL ASSETS |
9,813,312 |
8,573,578 |
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Payables |
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658,747 |
540,797 |
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Short-Term Bank Loans |
371,865 |
353,185 |
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Other Current Liabs |
2,779,590 |
2,616,959 |
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TOTAL CURRENT LIABS |
3,810,202 |
3,510,941 |
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Debentures |
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Long-Term Bank Loans |
2,887,528 |
2,658,735 |
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Reserve for Retirement Allw |
33,209 |
36,769 |
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Other Debts |
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733,407 |
570,066 |
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TOTAL LIABILITIES |
7,464,346 |
6,776,511 |
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MINORITY INTERESTS |
238,687 |
118,160 |
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Common stock |
323,213 |
295,766 |
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Additional paid-in capital |
417,900 |
390,488 |
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Retained earnings |
1,111,904 |
863,814 |
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Evaluation p/l on
investments/securities |
258,922 |
216,099 |
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Others |
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1,808 |
(86,257) |
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Treasury stock, at cost |
(3,468) |
(2,003) |
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TOTAL S/HOLDERS` EQUITY |
2,110,279 |
1,677,907 |
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TOTAL EQUITIES |
9,813,312 |
8,573,578 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash Flows from Operating Activities |
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239,275 |
146,396 |
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Cash Flows from Investment
Activities |
-418,028 |
-347,332 |
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Cash Flows from Financing Activities |
272,289 |
92,269 |
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Cash, Bank Deposits at the Term End |
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800,032 |
697,065 |
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ANALYTICAL RATIOS
Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
2,110,279 |
1,677,907 |
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Current Ratio (%) |
133.16 |
135.20 |
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Net Worth Ratio (%) |
21.50 |
19.57 |
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Recurring Profit Ratio (%) |
2.15 |
1.70 |
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Net Profit Ratio (%) |
1.96 |
1.36 |
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Return On Equity (%) |
14.29 |
12.06 |
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%)