MIRA
INFORM REPORT
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Report Date : |
10.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHUKAN BUTSU CO LTD |
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Registered Office : |
Shiono Nissei Bldg 7F, 2-6-6 Doshomachi Chuoku Osaka 541-0045 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
February 1990 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Export, Wholesale of Industrial Chemicals |
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 12.8 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
CHUKAN BUTSU CO LTD
REGD NAME: Chukan Butsu Shoji KK
MAIN OFFICE: Shiono Nissei Bldg
7F, 2-6-6 Doshomachi Chuoku Osaka 541-0045 JAPAN
Tel :
06-6231-5127
Fax : 06-6222-5126
E-Mail address:info@chukan.co.jp
ACTIVITIES
Import, export, wholesale of industrial chemicals
BRANCHES
Nantong (China), India (rep offices)
FACTORY(IES)
Katogun (Hyogo) (Distribution Center: Yashiro Distribution
Center)
OVERSEAS
Taizhou Yutai Intermediate Factory (JV with Taizhou Zhogjian
Co Ltd, China)
OFFICER(S)
SHIN’ICHI MITAKE, PRES
Hiroki Kadota, dir
Shingo Tsukuda, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,710 M
PAYMENTS REGULAR CAPITAL Yen 20 M
TREND STEADY WORTH Yen 135 M
STARTED 1990 EMPLOYES 23
COMMENT
TRADING HOUSE SPECIALIZING IN INDUSTRIAL CHEMICALS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 12.8 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was
established in order to succeed business operations of the former E Horibata Co
Ltd, founded 1929, for importing pharmaceuticals, pigments, dyestuffs, other intermediates
from Germany. Reorganized in 1990, the
firm is a specialized trading house of industrial chemicals: pharmaceuticals
intermediates, pigments, dyestuffs, other industrial chemicals. About 60% of the goods are imported from
China and India. The firm offers
technical transfer, outsourcing and OEM services, too. Founded Yashiro Distribution Center in 1994,
authorized warehouse for medical supplies, dangerous & poisonous cargoes. In 1995 formed Taizhou Yutai Intermediate
Factory, Taizhou, Jiangu (China), JV with Taizhou Zhogjian Co Ltd, China. In 1996 opened Nantong Branch Office,
China. Clients are specialized chemical
mfrs nationwide.
FINANCIAL INFORMATION
The
sales volume for Dec/2006 fiscal term amounted to Yen 1,710 million, a 1% down
from Yen 1,729 million in the previous term.
Profits decreased. The recurring
profit was posted at Yen 18 million and the net profit at Yen 13 million,
respectively, compared with Yen 37 million recurring profit and Yen 24 million
net profit, respectively, a year ago.
For
the term ended Dec 2007 the net profit was projected at Yen 15 million, on a 5%
rise in turnover, to Yen 1,800 million.
The
financial situation is considered maintained FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 12.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Feb 1990
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 1,600
shares
Issued: 800
shares
Sum: Yen
20 million
Major shareholders (%)
Shin’ichi
Mitake (53), Sadao Nishizumi (5), Koa Shoji KK (5), Ken’ichi Nakahata (3)
No. of shareholders: 5
Nothing detrimental is knows as to the commercial morality
of executives.
OPERATION
Activities:
Imports, exports and wholesales food additives, olive oils, other fine
chemicals (--53%), intermediate for
pharmaceuticals & agrochemicals, pigments, others (--19%), technical
transfer, consulting, others (--28%).
(Import 82%, export 18%)
(Import
ratios by regions: China 32%, India 28%, France/UK 14%, other EU countries 13%,
other regions 13%)
Clients
[Chemical mfrs, wholesalers] Clariant (Japan)
KK, Nippon Kayaku, Mikuni Pharmaceu- tical
Ind, Nichijun Chemical, Sansui Shikoso Kogyo (meaning Pigment Ind), other.
No. of accounts
1,000
Domestic areas of activities
Nationwide
Suppliers
[Chemical
mfrs] Clauson-Kaas (Denmark), Hovione (Portugal), Palident Ltd (Israel),
Organica Feinchemie GmbH (Germany), RRJ Dyes & Intermediates, Balaji Amines
Ltd (--India), Taizhou Yatai Intermediate Factory (China), Dalchem (Russia),
other from Czech, Russia, Hungary,
etc. Also supplied for exports from
Dainippon Ink & Chemical Ind, Sakai Chemical Ind, Kanto Chemical, other.
Payment record
Regular
Location
Business
area in Osaka. Office premises at the
caption address are leased and maintained satisfactorily.
Bank References
MUFG (Osaka)
Mizuho Bank (Umeda)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/12/2007 |
31/12/2006 |
31/12/2005 |
31/12/2004 |
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Annual
Sales |
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1,800 |
1,710 |
1,729 |
1,280 |
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Recur.
Profit |
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18 |
37 |
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Net
Profit |
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15 |
13 |
24 |
17 |
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Total
Assets |
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1,229 |
1,148 |
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Current
Assets |
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875 |
828 |
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Current
Liabs |
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496 |
502 |
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Net
Worth |
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135 |
125 |
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Capital,
Paid-Up |
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20 |
20 |
20 |
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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 |
5.26 |
-1.10 |
35.08 |
-27.81 |
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Current Ratio |
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.. |
176.41 |
164.94 |
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N.Worth Ratio |
.. |
10.98 |
10.89 |
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R.Profit/Sales |
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1.05 |
2.14 |
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N.Profit/Sales |
0.83 |
0.76 |
1.39 |
1.33 |
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Return On Equity |
.. |
9.63 |
19.20 |
.. |
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Notes: Forecast (or estimated) figures for the 31/12/2007
fiscal term.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.72 |
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UK Pound |
1 |
Rs.84.42 |
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Euro |
1 |
Rs.67.38 |
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%)