MIRA
INFORM REPORT
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Report Date : |
23.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
MARUZEN CHEMICAL TRADING CO LTD |
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Registered Office : |
Sanshin Hatchobori Bldg 4F, 2-25-10 Hatchobori Chuoku Tokyo 104-0032 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
March, 1969 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of
petrochemicals |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
YEN 400.1 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name of the company
MARUZEN CHEMICAL TRADING CO LTD
REGD NAME: Maruzen Yuka Shoji KK
MAIN OFFICE
Sanshin Hatchobori Bldg 4F, 2-25-10 Hatchobori Chuoku Tokyo 104-0032
JAPAN
Tel: 03-3551-1450 Fax:
03-3551-1426
URL
http://www.maruzenyuka.co.jp
E-Mail address
info@maruzenyuka.co.jp
ACTIVITIES
Import, export, wholesale of petrochemicals
BRANCHES
Osaka
OFFICER(S)
HIROMI OHSHITA, PRES
Suehito Hayashida, s/mgn dir
Masaaki Nakaya, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 22,575 M
PAYMENTS REGULAR CAPITAL Yen 200 M
TREND STEADY WORTH Yen 1,991 M
STARTED 1969 EMPLOYES 30
COMMENT
TRADING HOUSE SPECIALIZING IN PETROCHEMICALS, WHOLLY OWNED
BY MARUZEN PETROCHEMICAL CO LTD. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR
CREDIT ENGAGEMENTS: US$500,000 / O/A 60 DAYS.
MAX CREDIT LIMIT
YEN 400.1 MILLION, 30 DAYS NORMAL TERMS.
Notes: Forecast figures
for the 31/03/2008 fiscal term.
HIGHLIGHTS
The subject
company was established originally as Maruka Kogyo KK primarily for non-life
insurance sales agency operations. In
Apr 1976, advanced into sales of petrochemicals, the products of the parent and
its group firms. In Nov 1985 renamed as
captioned. In Jul 1987. launched
coastal transport operations. This is a
trading house specializing in petrochemicals, with marine and land
transportation business operations, primarily serving for the Maruzen
Petrochemical group firms. In Apr 2005,
transferred from the parent the functional chemical business and started
selling ethylene/propylene oxide derivatives.
Clients include petrochemical mfrs, traders, etc, nationwide.
FINANCIAL INFORMATION:
The
sales volume for Mar/2006 fiscal term amounted to Yen 22,575 million, a 4.8% up
from Yen 21,539 million in the previous term.
This is attributed to the price hike of solvents, TBA, and other
chemicals. Exports of resins increased. The recurring profit was posted at Yen 902
million and the net profit at Yen 670 million, respectively, compared with Yen
540 million recurring profit and Yen 342 million net profit, respectively, a
year ago.
For
the current term ending Mar 2008 the recurring profit is projected at Yen 930
million and the net profit at Yen 690 million, respectively, on a 5% rise in
turnover, to Yen 23,700 million.
Petrochemicals continue in rising demand with prices hiking. With the weaker Yen against foreign
currencies the sales in Yen terms will be revised upwards.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 400.1 million, on 30 days normal terms. The proposed amount for 60 days terms is
considered well within the firm’s financial capabilities.
REGISTRATION
Date Registered: Mar 1969
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 1.6
million shares
Issued: 400,000
shares
Sum: Yen
200 million
Major shareholders (%): Maruzen
Petrochemical Co Ltd*(100)
*.. Mfr of petrochemicals (ethylene,
propylene, benzene, methanol, other), at the caption address, founded 1959,
capital Yen 10,000 million, turnover Yen 392,389 million, recurring profit Yen
19,593 million, net profit Yen 11,462 million, total assets Yen 199,814
million, net worth Yen 72,167, employees 674, pres Yoichi Nonaka
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Trading house for
import, export and wholesale of petrochemicals, resins, petroleum products
(--100%):
(Handling
products):
Chemicals:
aliphatic hydrocarbons, alicyclic hydrocarbons, aromatic
hydrocarbons, alcohols, ethers, aldehydes, ketones, esters, phenols, carboxylic
acids (acid anhydride), amines, special monomers, aerosols, refrigerants,
blowing agents;
Resins:
commodity plastics (related products), petroleum resins, other synthetic
resins, rosins, natural resins;
Other
products: lubricants, antioxidants, fungicides, refrigerants,
plasticizers, food additives, helides, other chemicals, containers, packaging,
industrial materials, aerosol products;
Marine
(coastal) & overland transport of petrochemical products;
Non-life
insurance sales agency, others.
Clients:
[Petrochemical mfrs, wholesalers] Maruzen Petrochemical, API Corp, Mitsubishi Gas Chemical, Nisso Shoji, API Corporation,
Takaroku Shoji, Taimei Shoji, Taiyo Material, other.
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers]
Maruzen Petrochemical Co, API Corp, Idemitsu Kosan, Keiyo Polyethylene, Konan Chemical, other.
Payment record: Regular
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References
MFUG (Tokyo)
Chiba Bank (Tokyo)
Relations: Satisfactory
FINANCES: (In Million Yen)
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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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22,575 |
21,539 |
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Cost of Sales |
20,562 |
19,755 |
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GROSS PROFIT |
2,012 |
1,784 |
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Selling & Adm Costs |
1,224 |
1,243 |
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OPERATING PROFIT |
788 |
540 |
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Non-Operating P/L |
114 |
0 |
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RECURRING PROFIT |
902 |
540 |
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NET PROFIT |
670 |
342 |
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BALANCE SHEET |
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Cash |
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658 |
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Receivables |
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6,443 |
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Inventory |
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429 |
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Securities, Marketable |
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Other Current Assets |
694 |
7,234 |
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TOTAL CURRENT ASSETS |
8,224 |
7,234 |
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Property & Equipment |
301 |
356 |
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Intangibles |
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86 |
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Investments, Other Fixed Assets |
(85) |
0 |
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TOTAL ASSETS |
8,526 |
7,590 |
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Payables |
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4,803 |
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Short-Term Bank Loans |
1,000 |
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Other Current Liabs |
692 |
6,197 |
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TOTAL CURRENT LIABS |
6,495 |
6,197 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
2 |
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Other Debts |
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37 |
62 |
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TOTAL LIABILITIES |
6,534 |
6,259 |
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MINORITY INTERESTS |
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Common stock |
200 |
200 |
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Additional paid-in capital |
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Retained earnings |
1,753 |
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Evaluation p/l on
investments/securities |
38 |
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Others |
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0 |
1,131 |
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Treasury stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
1,991 |
1,331 |
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TOTAL EQUITIES |
8,526 |
7,590 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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NetWorth (S/Holders' Equity) |
1,991 |
1,331 |
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Current Ratio (%) |
126.62 |
116.73 |
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NetWorth Ratio (%) |
23.35 |
17.54 |
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Recurring Profit Ratio (%) |
4.00 |
2.51 |
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Net Profit Ratio (%) |
2.97 |
1.59 |
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Return On Equity (%) |
33.65 |
25.69 |
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Notes: Forecast (or estimated) figures for the 31/03/2007
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%)