MIRA
INFORM REPORT
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Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
S-TEC CORPORATION |
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Registered Office : |
2-4-19 Meieki Nishiku Nagoya 451-0045 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
Nov 1957 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, wholesale of food
additives, pharmaceutical intermediates, health foods |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 308.3 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
NAME
S-TEC CORPORATION
REGD NAME
S-Tec KK
MAIN OFFICE
2-4-19 Meieki Nishiku Nagoya 451-0045 JAPAN
Tel: 052-565-1255 Fax:
052-581-2770
URL: http://www.s-tec-nagoya.com/
E-Mail address:s-tec@s-tec-nagoya.com
ACTIVITIES
Import, wholesale of food additives, pharmaceutical
intermediates, health foods
BRANCHES
Tokyo
FACTORY(IES)
Nagoya (warehouse)
OFFICERS
Taizo Shimizu, ch KEN’ICHIRO
SHIMIZU, PRES
Hisao Kobayashi, mgn dir Katsuo
Akita, dir
Michiko Shimizu, dir Kazunari
Aoyama, dir
Yen Amount:
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 7,819 M
PAYMENTS REGULAR CAPITAL Yen
50 M
TREND STEADY WORTH Yen
2,189 M
STARTED 1957 EMPLOYES 31
COMMENT
IMPORTER
AND WHOLESALER SPECIALIZING IN FOOD ADDITIVES & PHARMACEUTICAL
INTERMEDIATES. FINANCIAL SITUATION
CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 308.3 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was
established by father of Taizo Shimizu, ch at the firm, in order to make most of his experience in the
subject line of business, and has been succeeded by his descendants. Ken’ichiro is the founder’s grandson. This is a trading house for import and
wholesale of food additives, food materials, pharmaceutical intermediates,
health foods, other (see OPERATION). Clients are food processors,
pharmaceutical mfrs, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Sept/2007
fiscal term amounted to Yen 7,819 million, a 1% up from Yen 7,739 million in
the previous term. While
pharmaceuticals & health foods remained in good demand, food materials
& ingredients were under pressure on prices due to competition of cheaper
imports. Profits improved: recurring
profit was posted at Yen 377 million and the net profit at Yen 248 million,
respectively, compared with Yen 313 million recurring profit and Yen 170
million net profit, respectively, a year ago.
Drastic cost cutting efforts resulted.
For the current term ending Sept
2008 the recurring profit is projected at Yen 380 million and the net profit at
Yen 250 million, respectively, on a 4% rise in turnover, to Yen 8,100
million. Health foods will grow.
The
financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 308.3
million, on 30 days normal terms.
REGISTRATION
Date
Registered: Nov 1957
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 400,000 shares
Issued:
100,000 shares
Sum: Yen 50 million
Major shareholders (%): Taizo Shimizu (55) &
families (--45)
No. of shareholders: 6
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities:
Wholesales food additives, pharmaceutical intermediates, health foods,
pharmaceutical filling machines, others (--100%).
(Products handled):
Food materials: corn
starch, soybeans, sugar, sugar alcohol, proteins, dairy products, oil &
fats, flavoring agents, fruit juices, fruity flesh, farm products, others:
Food additives: sweeteners, coloring agents, gel
agents, stabilizers, anti-oxidant agents, acidifiers, flavoring agents,
emulsifying agents, amino acids, vitamin acids, minerals, preservatives,
others;
Pharmaceutical intermediates: diluting agents, coupling
agents, elasticizer, coating agents, sugar-coating agents, coloring agents,
surfactants, solvents, others;
Health foods: vitamins, minerals, co-enzyme, peptide,
propolis, EPA, oligosaccharide, chitosan, collagen, herbs, royal-jelly, honey,
oil & fats, bifidus, crude drugs, crude drugs extracts, other.
Clients
[Food processors, pharmaceutical
mfrs] Ono Pharmaceutical, Meito Sangyo, Yamanouchi Pharmaceutical, Imura
Confectionary, Eisai Co, Meito
Adams, Pfizer Japan, Tokai
Tsukemono (Pickles mfr), Kanehatsu Foods, Kowa Co, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers
[Mfrs,
wholesalers] Mitsubishi Corp, Mitsui & Co, Eisai Co, Shin-Etsu Chemical
Ind, San-Ei Gen FFI Inc, Fine Chemical Japan, Tanabe Pharmaceuticals, other.
Payment record
Regular
Location: Business area in Nagoya. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References
Juroku Bank (Nagoya)
SMBC (Nagoya-Ekimae)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
30/09/2008 |
30/09/2007 |
30/09/2006 |
30/09/2005 |
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Annual
Sales |
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8,100 |
7,819 |
7,739 |
7,930 |
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Recur.
Profit |
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380 |
377 |
313 |
394 |
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Net
Profit |
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250 |
248 |
170 |
225 |
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Total
Assets |
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4,420 |
4,192 |
4,036 |
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Current
Assets |
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3,700 |
3,541 |
3,278 |
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Current
Liabs |
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2,229 |
2,334 |
2,234 |
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Net
Worth |
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2,189 |
1,955 |
1,800 |
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Capital,
Paid-Up |
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50 |
50 |
50 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.59 |
1.03 |
-2.41 |
11.20 |
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Current Ratio |
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.. |
165.99 |
151.71 |
146.73 |
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N.Worth Ratio |
.. |
49.52 |
46.64 |
44.60 |
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R.Profit/Sales |
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4.69 |
4.82 |
4.04 |
4.97 |
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N.Profit/Sales |
3.09 |
3.17 |
2.20 |
2.84 |
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Return On Equity |
.. |
11.33 |
8.70 |
12.50 |
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Notes: Forecast (or estimated) figures for 30/09/2008 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%)