MIRA
INFORM REPORT
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Report Date : |
28.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
DAIICHI JITSUGYO CO LTD |
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Registered Office : |
Kowa Nibancho Bldg, 11-19 Nibancho Chiyodaku Tokyo 102-0084 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
August, 1948 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Export, Wholesale of
Machinery, Semiconductors |
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 2,880.2 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name of the company
DAIICHI JITSUGYO CO LTD
REGD NAME: Daiichi Jitsugyo KK
MAIN OFFICE
Kowa Nibancho Bldg, 11-19 Nibancho Chiyodaku Tokyo 102-0084 JAPAN
Tel: 03-5214-8500 Fax:
03-5214-8503
URL
E-Mail address
ACTIVITIES
Import, export, wholesale of machinery, semiconductors
BRANCH(ES)
Osaka, Nagoya, Sapporo, Sendai, Hiroshima, Fukuoka
OVERSEAS
USA (6), China (6), Singapore, Hong Kong, Seoul, Frankfurt, Hungary, Poland, Mexico, Brazil, Malaysia, Philippines, Thailand, Jakarta, Vietnam (2), India. (--subsidiaries)
CHIEF EXEC
KUNIHIRO YANO, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 123,336 M
PAYMENTS REGULAR CAPITAL Yen 5,105 M
TREND STEADY WORTH Yen 24,151 M
STARTED 1948 EMPLOYES 892
COMMENT
TRADING
HOUSE SPECIALIZING IN MACHINERY.
FINANCIAL
SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 2,880.2 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for 31/03/2008 fiscal term
HIGHLIGHTS
This is a medium-sized trading house
specializing in semiconductor/FA-related equipment and machinery. With worldwide network of 24 bases the firm
provides latest technologies and products globally. Close to Mitsubishi Heavy Ind and Matsushita Electric Ind. Shifted emphasis in mid-1980s from large
plants and oil-drilling rigs to smaller machinery. Strong in oil development projects and information
equipment. Has mfg subsidiaries.
FINANCIAL INFORMATION
The sales volume for Mar/2007
fiscal term amounted to Yen 123,336 million, a 9.3% up from Yen 112,860 million
in the previous term. Mfg subsidiaries
added to the group thru acquisitions contributed. Sales of semiconductor testing equipment grew because of strong
automobile equipment-related demand in Japan & overseas. Sales of pulp & paper-related &
pharmaceuticals rose on the strength of firm sales of expanded pulp production
facilities. The recurring profit was
posted at Yen 4,798 million and the net profit at Yen 2,687 million,
respectively, compared with Yen 4,146 million recurring profit and Yen 2,354
million net profit, respectively, a year ago.
(Apr/Sept/2007 results): Sales
Yen 67,725 million (up8.6%), operating profit Yen 2,483 million (4.5%),
recurring profit Yen 2,595 million (6.4%), net profit Yen 1,420 million (up
1.5%). (% compared with the
corresponding period a year ago)
Energy, gas oil, chemicals were up supported by robust investment. Machinery-related Div up 9.0% to yen 65,149
million; Materials-related Div up 3.6% to Yen 2,235 million.
For the current term ending Mar
2008 the recurring profit is projected at Yen 5,400 million and the net profit
at Yen 3,000 million, on an 11% rise in turnover, to Yen 137,000 million. Semiconductor surface-assembly equipment and
other electronics machineries staying high.
Sheet processing machinery for automobiles keeps growth. Injection molding machinery is rising. Electricity, energy and paper/pulp
reviving. Exports to China continue
expanding.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is estimated at Yen 2,880.2 million, on 30
days normal terms.
REGISTRATION
Date Registered: Aug 1948
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 160
million shares
Issued: 57,432000
shares
Sum: Yen
5,105 million
Major shareholders (%)
Golden Sachs International
(5.0), Mizuho Corporate Bank (4.5), SMBC (4.5), MUFG (4.5), Nipponkoa Ins
(4.4), Resona Bank (2.9), Mitsubishi Heavy Ind (2.5), Master Trust Bank of
Japan T (2.1), Meiji Yasuda Life Ins (1.5); foreign owners (8.6).
No. of shareholders
6,200
Listed on the S/Exchange (s) of
Tokyo
Managements
Kunihiro Yano, pres & CEO;
Masanobu Shimoda, s/mgn dir; Yoshiharu Nakagawa, mgn dir; Akira Umemoto, mgn dir;
Tatsuo Umemura, mgn dir; Megumu Kawahara, dir; Yukio Konishi, dir; Michihiro
Sugiura, dir; Koji Yamagata, dir, Takanori Ogura, dir
Nothing detrimental is known as
to the commercial morality of executives.
Related companies
Daiichi Mecha-Tech Corp, Daiichi
Jitsugyo (America) Inc, Shanghai Yishi Trading, Daiichi Jitsugyo Asia, other
(Tot 24 subsidiaries & affiliates)
OPERATION
Activities: Imports, exports and
wholesales machinery-related products (95%), materials-related (5%), others
(1%):.
Handling
Items:
Energy
Resources & Development: oil drilling rigs, down hole equipment
& tools, drilling bits, oil gas & & geothermal production
facilities, petroleum refining plants, petrochemical plants & equipment;
Semiconductor/Computers: SMT
systems, CAD/CAM systems, instrumentation control systems, information
processing/communication systems;
FA
Systems/Plastics/Rubber/Ceramics: FA systems, automatic packaging
lines, automated assembly lines, pharmaceutical tablet/powder inspecting
system, food & pharmaceutical product & brewing-related machinery,
metallurgy processing machinery, injection molding machines, cement-related
machinery, ceramic-related equipment, FMS, robotic systems, extruders;
Pulp
& Paper/Printing: equipment for wood & pulp processing
chemical recovery, stock preparation,
paper mg, coating, finishing, screen printing equipment, antistatic/gravure
printing equipment;
Environment/High
Technology Facilities: ventilation equipment, elevator/escalators,
above ground parking facilities, cooling/freezing facilities, reinforcing
materials of concrete structures, health promenade, ecoland wave reduction
pipes;
Aviation/Aerospace
& Airport: ground support equipment & hydrant systems for airport;
Agents for: Vestergaard A/S (Denmark); Tug Technologies Corp, Melabar
International, Tronair Inc, Laktro Inc, Stanley (--USA), Gold Hofer AG, Trepel
Airport Equipment GmbH (--Germany), Hitzinger GmbH (Austria), etc;
Overseas
Sales ratios (35.3%): Asia 27.8%, Europe 2.7%, Americas 4.1%, others 0.7%
Clients
[Mfrs, wholesalers] JGC Corp,
Orix Corp, Denso Corp, Samsung Japan, Ibiden Co, Nippon Paper Group Inc, Nippon
Shokubai, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Matsushita
Electric Ind, Panasonic FS Engineering, Mitsubishi Heavy Ind, MHI Plastic
Engineering, SHI Plastic Engineering, Daiichi Mecha-Tech, Noritake Co, Fanuc
Co, other..
Payment record: Regular
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References
Mizuho Corporate Bank (Uchisaiwaicho)
SMBC (Kojimachi)
Relations: Satisfactory
Financials:
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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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123,336 |
112,860 |
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Cost of Sales |
106,282 |
98,022 |
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GROSS PROFIT |
17,053 |
14,838 |
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Selling & Adm Costs |
12,405 |
10,839 |
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OPERATING PROFIT |
4,647 |
4,000 |
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Non-Operating P/L |
151 |
146 |
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RECURRING PROFIT |
4,798 |
4,146 |
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NET PROFIT |
2,687 |
2,354 |
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BALANCE SHEET |
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Cash |
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8,026 |
5,542 |
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Receivables |
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42,740 |
40,925 |
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Inventory |
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2,635 |
3,177 |
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Securities, Marketable |
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Other Current Assets |
9,349 |
4,761 |
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TOTAL CURRENT ASSETS |
62,750 |
54,405 |
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Property & Equipment |
2,075 |
2,072 |
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Intangibles |
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345 |
449 |
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Investments, Other Fixed Assets |
9,097 |
9,949 |
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TOTAL ASSETS |
74,267 |
66,875 |
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Payables |
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33,019 |
30,145 |
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Short-Term Bank Loans |
3,644 |
7,179 |
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Other Current Liabs |
11,085 |
3,805 |
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TOTAL CURRENT LIABS |
47,748 |
41,129 |
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Debentures |
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Long-Term Bank Loans |
756 |
906 |
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Reserve for Retirement Allw |
407 |
349 |
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Other Debts |
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1,204 |
2,576 |
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TOTAL LIABILITIES |
50,115 |
44,960 |
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MINORITY INTERESTS |
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Common stock |
5,105 |
5,105 |
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Additional paid-in capital |
3,792 |
3,791 |
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Retained earnings |
12,752 |
10,384 |
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Evaluation p/l on
investments/securities |
2,335 |
2,821 |
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Others |
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306 |
(68) |
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Treasury stock, at cost |
(139) |
(123) |
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TOTAL S/HOLDERS` EQUITY |
24,151 |
21,910 |
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TOTAL EQUITIES |
74,267 |
66,875 |
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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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6,492 |
2,970 |
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Cash Flows from Investment
Activities |
-655 |
-1,127 |
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Cash Flows from Financing Activities |
-4,235 |
-8,206 |
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Cash, Bank Deposits at the Term End |
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5,542 |
11,467 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
24,151 |
21,910 |
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Current Ratio (%) |
131.42 |
132.28 |
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Net Worth Ratio (%) |
32.52 |
32.76 |
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Recurring Profit Ratio (%) |
3.89 |
3.67 |
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Net Profit Ratio (%) |
2.18 |
2.09 |
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Return On Equity (%) |
11.13 |
10.74 |
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%)