MIRA
INFORM REPORT
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Report Date : |
14.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
CBC CO LTD |
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Registered Office : |
CBC Bldg, 2-15-13 Tsukishima Chuoku Tokyo 104-0052 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
November 1935 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Trading firm for import, export, wholesale of chemical
products, IT-related products,
security-related products |
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 2,900.6 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name & address
CBC CO LTD
REGD NAME: CBC KK
MAIN OFFICE: CBC Bldg, 2-15-13 Tsukishima Chuoku Tokyo
104-0052 JAPAN
Tel:
03-3536-4500 Fax: 03-3536-4774
* OSAK OFFICE: Ehime Bldg, 1-7-7 Kawaramachi
Chuoku Osaka 541-0048;
Tel: 06-6206-5001 Fax:
06-6222-3797
E-Mail address:info@cbc.co.jp
ACTIVITIES
Trading
firm for import, export, wholesale of chemical products, IT-related
products, security-related products
BRANCHES
Osaka, Nagoya, Fukuoka, Mishima
OVERSEAS
New
York, Los Angeles, London, Milan, Paris, Düsseldorf, Warsaw, Taipei,
Bangkok, Singapore, Jakarta,
Chittagong, Mumbai, China (5), Hong Kong
FACTORY(IES)
Mishima; China (subcontracted)
OFFICER(S)
UTARO DOI, PRES
Takashi Shimaoka, s/mgn dir
Takayasu Owada, s/mgn dir
Koichi Morimoto, s/mgn dir
Shoichi Takabatake, s/mgn dir
Shuichi Akatsuka, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 155,755 M
PAYMENTS REGULAR CAPITAL Yen 850 M
TREND STEADY WORTH Yen 24,373 M
STARTED 1935 EMPLOYES 595
COMMENT
TRADING
HOUSE SPECIALIZING IN INDUSTRIAL CHEMICALS & IT-RELATED PRODUCTS.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$625,000 / O/A 60
DAYS.
MAX CREDIT LIMIT
YEN 2,900.6 MILLION, 30 DAYS NORMAL TERMS.
Notes:
Forecast for the 31/03/2009 fiscal term.
HIGHLIGHTS
The subject company was established originally in 1925 by a certain
Doi, and has been succeeded by the present executives. This is a trading firm specializing in
industrial chemicals, synthetic resins, medical products, agricultural
chemicals, etc. Of recent development
include security apparatus, such as monitoring camera lenses, devices, etc,
both rising in demand at home and abroad.
Goods are originally designed and manufactured on consignment by
overseas factories. Also handles liquid
crystal display panels and
peripherals. In Jun 2006, acquired all
stocks of PROCOS, pharmaceutical fine chemicals mfr, Italy, to make it a wholly
owned subsidiary. About 20% of the
products are exported. Domestic clients
are major mfrs in the related fields.
FINANCIAL INFORMATION
The
sales volume for Mar/2008 fiscal term amounted to Yen 155,755 million, a 1.9%
up from Yen 152,897 million in the previous term, helped by rising demand for
liquid crystal display panels, robust demand
for security-related products, both at home and abroad. Production at China factories expanded. The recurring profit was posted at Yen 4,047
million and the net profit at Yen 1,911 million, respectively, compared with
Yen 4,202 million recurring profit and Yen 1,752 million net profit,
respectively, a year ago.
For the current ending Mar 2009
the recurring profit was projected at Yen 4,070 million and the net profit at
Yen 2,000 million, respectively, on a 4.7% rise in turnover, to Yen 163,000
million. Similar favorable markets
continued. China production will
expand. Overseas subsidiaries doing
well. New products for automakers will
contribute.
The
financial situation is considered FAIR and good for ordinary BUSINESS
engagements. Max credit limit is
estimated at Yen 2,900 million, on 30 days normal terms. The proposed amount for 60 days terms is
considered well within the firm’s financial capacities.
REGISTRATION
Date
Registered: Nov 1935
Legal
Status:
Limited Company (Kabushiki Kaisha)
Authorized: 68
million shared
Issued:
17 million shares
Sum: Yen 850 million
Major shareholders (%)
Utaro Doi (22), U-D KK (14.8), Shotaro Doi (13.1),
Employees’ S/Holding Assn (11.9), MD (9.8)
No. of
shareholders: 224
Nothing detrimental is knows as to the commercial morality
of executives.
OPERATION
Activities: A trading house specializing in security-related products (monitoring camera lenses, apparatus, etc), liquid crystal display panels & peripherals (--50%), other industrial chemicals, synthetic resins, medical products, agricultural chemicals, foodstuffs, clothing, others (--40%), mfg by Ings Co (7%), others (3%).
(Export 18%)
Clients
[Mfrs, wholesalers] Circle K Sunkus, Toppan Printing, Nitto Denko Corp, Nippon Paint, Takeda Chemical, Toli Corp, Yakult, Sony Corp, Mitsubishi Electric, NEC Corp, other
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Asahi Denka Kogyo, Shin-Etsu Chemical, Okura Ind, Mitsubishi Rayon, Sumitomo Chemical, DIC, Kyowa Hakko Chemical, Adeka, Mitsubishi Rayon, Samsung, LG (--Korea) other
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are owned and main- tained satisfactorily.
Bank References
MUFG Bank (Tokyo)
Mizuho Bank (Kyobashi)
Relations: Satisfactory
FINANCES: (In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2008 |
31/03/2007 |
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INCOME STATEMENT |
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Annual Sales |
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155,755 |
152,897 |
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Cost of Sales |
142,603 |
139,865 |
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GROSS PROFIT |
13,152 |
13,033 |
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Selling & Adm Costs |
9,182 |
8,971 |
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OPERATING PROFIT |
3,970 |
4,062 |
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Non-Operating P/L |
77 |
140 |
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RECURRING PROFIT |
4,047 |
4,202 |
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NET PROFIT |
1,911 |
1,753 |
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BALANCE SHEET |
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Cash |
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3,111 |
2,863 |
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Receivables |
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43,216 |
40,717 |
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Inventory |
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6,213 |
5,458 |
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Securities, Marketable |
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Other Current Assets |
14,632 |
14,768 |
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TOTAL CURRENT ASSETS |
67,172 |
63,806 |
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Property & Equipment |
3,077 |
3,118 |
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Intangibles |
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1,030 |
861 |
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Investments, Other Fixed Assets |
28,574 |
33,151 |
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TOTAL ASSETS |
99,853 |
100,936 |
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Payables |
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28,531 |
27,645 |
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Short-Term Bank Loans |
23,000 |
21,600 |
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Other Current Liabs |
13,702 |
13,347 |
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TOTAL CURRENT LIABS |
65,233 |
62,592 |
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Debentures |
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Long-Term Bank Loans |
7,795 |
6,689 |
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Reserve for Retirement Allw |
480 |
465 |
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Other Debts |
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1,971 |
4,678 |
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TOTAL LIABILITIES |
75,479 |
74,424 |
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MINORITY INTERESTS |
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Common
stock |
850 |
850 |
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Additional
paid-in capital |
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Retained
earnings |
20,364 |
18,624 |
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Evaluation
p/l on investments/securities |
3,158 |
7,037 |
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Others |
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1 |
1 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
24,373 |
26,512 |
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TOTAL EQUITIES |
99,853 |
100,936 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net Worth
(S/Holders' Equity) |
24,373 |
26,512 |
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Current
Ratio (%) |
102.97 |
101.94 |
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Net
Worth Ratio (%) |
24.41 |
26.27 |
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Recurring
Profit Ratio (%) |
2.60 |
2.75 |
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Net
Profit Ratio (%) |
1.23 |
1.15 |
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Return
On Equity (%) |
7.84 |
6.61 |
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FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.82 |
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UK Pound |
1 |
Rs.84.89 |
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Euro |
1 |
Rs.68.07 |
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%)