MIRA
INFORM REPORT
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Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
HIKA & CO LTD |
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Registered Office : |
530 Karatsuyamacho Horikawadori-Iru 4-jodori
Shimogyoku Kyoto 600-8499 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
September 1947 |
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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 106.5 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
Name
HIKA & CO LTD
REGD NAME
Hika Sangyo KK
MAIN OFFICE
530 Karatsuyamacho Horikawadori-Iru 4-jodori Shimogyoku Kyoto
600-8499 JAPAN
Tel: 075-801-6311 Fax: 075-812-3217
*.. The given address is its Osaka Branch
Office at: Mitsubishi Seihan Bldg 1F, 1-3-9 Kyutaromachi Chuoku
Osaka; phone: 06-6261-0551 Fax: 06-6261-0428
E-Mail address:head@hika.co.jp
ACTIVITIES
Import, export, wholesale of industrial chemicals
BRANCHES
Tokyo, Osaka (as given), Nagoya
FACTORY(IES)
Saitama, Osaka, Kyoto (--warehouses)
OFFICERS
MASATSUGU HIKA, PRES Noboru
Katayama, dir
Takahide Oyama, dir Tohru
Araki, dir
Masahiko Tsukamoto, dir
Yen Amount:
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 10,644 M
PAYMENTS REGULAR CAPITAL Yen
90 M
TREND STEADY WORTH Yen
573 M
STARTED 1947 EMPLOYES 59
COMMENT
TRADING HOUSE
SPECIALIZING IN INDUSTRIAL CHEMICALS.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDI- NARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 106.5 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established
originally in 1887 by a certain Hika for selling dyestuffs & soaps, on his
account. Incorporated in 1947, the firm
has been succeeded by his descendants.
Masatsugu Hika took the pres office in Feb 1999. This is a specialized trading firm of
industrial chemicals, such as surfactant, synthetic resins, dyestuffs,
pigments, intermediates, food additives, paints, ink, electronic chemicals,
other. Goods are widely imported from
and exported to Europe, S/E Asia, Oceania, USA, etc. Focusing on environmental-related chemicals and foods-related
supplies. Clients are chemical mfrs,
paper mills, apparel mfrs, etc, nationwide.
FINANCIAL INFORMATION
The sales volume for Dec/2007 fiscal
term amounted to Yen 10,644 million, a 7% up from Yen 9,987 million in the
previous term. Demand for
environmental-related chemicals and food-related goods continued rising. Higher materials prices pushed the sales
amount. Higher prices have been passed
onto clients, according to the firm.
Sales reached the targeted Yen 100,000 million mark. The recurring profit was posted at Yen 81
million and the net profit at Yen 62 million, respectively, compared with Yen
61 million recurring profit and Yen 38 million net profit, respectively, a year
ago.
For the current
term ending Dec 2008 the recurring profit is projected at Yen 83 million and
the net profit at Yen 65 million, respectively, on a 5% rise in turnover, to
Yen 11,200 million. Market will
continue strong with demand keeps rising from the related industries.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Max credit limit is estimated at Yen 106.5 million, on 30 days normal
terms.
REGISTRATION
Date Registered: Sept 1947
Legal
Status: Limited Company (Kabushiki
Kaisha)
Authorized: 720,000 shares
Issued: 180,000 shares
Sum: Yen 90 million
Major shareholders (%)
Masatsugu Hika
(18.7), Noboru Katayama (3.6),
Takahide Oyama, Tohru Araki, Masahiko
Tsukamoto (each 3.4)
No. of shareholders
111
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: A trading firm
for import, export and wholesale of industrial chemicals, food additives,
others (100%).
(Products
handled):
Environmental-related: ozonolysis
agents, waste ozone disposal facilities;
Surfactants for
industries, such as: detergent, pulp/paper, textile processing, leather
processing, pharmaceuticals & cosmetics, agriculture, food processing,
pigments, paints & inks, adhesives, metals, rubber/plastics, information,
other;
Fine chemicals: ink-jet chemicals,
photo-copying chemicals, plasticizer, anti-oxidants, ultraviolet absorbent,
antistatic agents, stabilizers, adhesives, corrosive proof agents, antiseptics,
fungicides, antibacterial agents, flame retarders, enzymes, organic dyes,
other;
Synthetic resins
for application to: molding, impregnation, coating, packing, adhesives,
civil engineering works, paintings, textile processing, silicon resins, films,
others;
Textile processing
chemicals: fabric softeners, polishing/cleaning agents, coloring agents, antistatic
agents, soft finishing agents, flame retarding agents, anti corrosives,
coatings, packing agents, others;
Pharmaceuticals/cosmetics:
raw
materials & intermediates, surfactants, glycerin, PG, PEG, fragrant
materials, micro filters, others:
Inorganic
chemicals: caustic soda, soda ashes, bicarbonate soda, phosphate, silicate, nitrate
salt, hydrogen peroxide, sodium percarbonate, sulfuric acids, calcium
hydroxide, other;
Dyestuffs/pigments/intermediates:
fluorescent
bleaching agents (for use in textiles, detergents, paper processing, plastics,
etc), dyestuffs (for textile, paper, leather & plastics), pigments,
intermediates, others;
Oil &
fats/waxes/solvents: vegetable oils, animal oils, mineral oils,
alcohols, glycerin, solid paraffin, waxes, poly-ethylene waxes, solvents,
others;
Food additives: glucose, fluctose,
sorbit, CMC, PG, fragrance, surfactants, organic acids, phosphate, other;
Others: Oxidants,
reducing agents, detergents, dry-cleaning chemicals, semi-conductor-related
chemicals, other.
Countries
for imports/exports: China, Taiwan, Hong Kong, Korea, Malaysia,
Singapore, Bangladesh, Philippines, India, Vietnam, UK, Germany, Italy, Switz,
France, Austria, Netherlands, Norway, Spain Poland, Czech, Turkey, Australia,
New Zealand, USA, other.
Clients
[Mfrs, wholesalers] Konica Minolta Holdings,
Yokohama Oil & Fats Ind, Panahome Corp,
Nippon Paper Ind, Tokyo Printing Ink Mfg, ST Chemical, Palace Chemical, Chirika
Co, Daiichi Kogyo Seiyaku, Konica-Minolta Holdings, Eagle Star, Chuo Rika Kogyo, Palace Chemical,
other.
Goods are also exported.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Itochu Corp, BASF Japan,
Clariant Japan, Konica Minolta Holdings, Miyoshi Oil & Fat, Daiichi Kogyo
Seiyaku, Chirika Co, Sanyo Chemical Ind, Itochu Chemical Frontier, other. Goods are also imported.
Payment record :Regular
Location: Business area in Kyoto. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References
Bank of Kyoto (Ohmiya)
MUFG (Kyoto-Chuo)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/12/2008 |
31/12/2007 |
31/12/2006 |
31/12/2005 |
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Annual
Sales |
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11,200 |
10,644 |
9,987 |
9,769 |
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Recur.
Profit |
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83 |
81 |
61 |
54 |
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Net
Profit |
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65 |
62 |
38 |
34 |
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Total
Assets |
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4,558 |
4,253 |
4,234 |
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Current
Assets |
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4,059 |
3,877 |
3,846 |
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Current
Liabs |
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3,578 |
3,122 |
3,153 |
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Net
Worth |
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573 |
520 |
488 |
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Capital,
Paid-Up |
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90 |
90 |
90 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.22 |
6.58 |
2.23 |
6.61 |
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Current Ratio |
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.. |
113.44 |
124.18 |
121.98 |
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N.Worth Ratio |
.. |
12.57 |
12.23 |
11.53 |
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R.Profit/Sales |
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0.74 |
0.76 |
0.61 |
0.55 |
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N.Profit/Sales |
0.58 |
0.58 |
0.38 |
0.35 |
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Return On Equity |
.. |
10.82 |
7.31 |
6.97 |
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Notes: Forecast (or estimated) figures for 31/12/2008 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.42.78 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.90 |
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%)