MIRA INFORM
REPORT
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Report Date : |
14.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SANYO PETROCHEMICAL CO LTD |
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Registered Office : |
Hibiya Mitsui Bldg 6F, 1-1-2 Yurakucho Chiyodaku Tokyo 100-0006 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
July1968 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Ethylene, Benzene, Other Petrochemical
Products |
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 782.8 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
SANYO PETROCHEMICAL CO LTD
REGD NAME: Sanyo Sekiyu Kagaku KK
MAIN OFFICE: Hibiya Mitsui Bldg
6F, 1-1-2 Yurakucho Chiyodaku Tokyo 100-0006 JAPAN
Tel :
03-3507-2756
Fax :
03-3507-2799
URL: http://www.asahi-kasei.co.jp
(Of the parent Asahi Kasei Cheimcials Corp)／
E-Mail address: info@asahi-kasei.co.jp
ACTIVITIES
Mfg of ethylene, benzene, other petrochemical products
BRANCHES
Nil
FACTORY(IES)
Kurashiki
OFFICER(S)
TAKETSUGU FUJIWARA，PRES
Masanori Warabi, s/mgn dir
Tsuneo Takemoto, dir
Makoto Sakamoto, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 260,720 M
PAYMENTS REGULAR CAPITAL Yen 2,000 M
TREND STEADY WORTH Yen 2,656 M
STARTED 1968 EMPLOYES 103
COMMENT
MFR OF ETHYLENE.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 782.8 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established originally on the basis of a division separated from Japan Energy Corp and later merged into Asahi Kasei Chemicals Corp. Specializes in mfg basic petrochemical products, such as ethylene, benzene, toluene, butadiene, other. 95% of the products are shipped to the parent, Asahi Kasei Chemicals Corp.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 260,720 million, a 28% up from Yen 204,115 million in the previous term. The rising price of materials naphtha pushed the sales amount upwards. The recurring profit was posted at Yen 188b million and the net profit at Yen 57 million, respectively, compared with Yen 12 million net profit a year ago.
For the current term ending Mar 2008 the net profit is projected at Yen 60 million, on a 5% rise in turnover, to Yen 275,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 782.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jul 1968
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 1.6
million shares
Issued: 400,000
shares
Sum: Yen
2,000 million
Major shareholders (%)
Asahi Kasei Chemicals Corp*(100)
* Petrochemical mfr, at the caption address, founded 1972,
capital Yen 3,000 million, turnover Yen
614,424 million, recurring profit Yen 45,779 million, net profit Yen 27,107
million, total assets
Yen 1,459,922 million, net worth Yen 653,510 million, employees 6,200, pres
Kenji Fujiwara
Consolidated Financials are as attached See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Manufactures ethylene, benzene, other
petrochemical products (--100%).
95% of the products are shipped to the parent, Asahi Kasei
Petrochemical Corp.
Clients
[Mfr, wholesalers] Asahi Kasei Petrochemical Corp (95%), Daiso
Corp, other.
No. of accounts
50
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Japan Energy, Mitsubishi Corp, Marubeni Corp, Sumitomo Corp, Itochu Corp, other.
Imports the material naphtha from Kuwait, Saudi Arabia, other.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
SMBC (Tokyo)
Mizuho Corporate Bank (Uchisaiwaicho)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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275,000 |
260,720 |
204,115 |
167,664 |
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Recur.
Profit |
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188 |
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Net
Profit |
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60 |
57 |
12 |
22 |
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Total
Assets |
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77,448 |
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Current
Assets |
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67,393 |
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Current
Liabs |
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72,442 |
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Net
Worth |
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2,656 |
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Capital,
Paid-Up |
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2,000 |
2,000 |
2,000 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.48 |
27.73 |
21.74 |
44.80 |
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Current Ratio |
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.. |
93.03 |
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N.Worth Ratio |
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3.43 |
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.. |
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R.Profit/Sales |
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.. |
0.07 |
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.. |
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N.Profit/Sales |
0.02 |
0.02 |
0.01 |
0.01 |
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Return On Equity |
.. |
2.15 |
.. |
.. |
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Notes: Forecast (or estimated) figures for the 31/03/2008
fiscal term.
SUPPLEMENTS:
CONSOLIDATED FINANCIALS OF THE PARENT, ASAHI KASEI CHEMICALS
CORP
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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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1,693,791 |
1,498,620 |
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Cost of Sales |
1,224,041 |
1,127,530 |
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GROSS PROFIT |
469,750 |
371,090 |
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Selling & Adm Costs |
271,949 |
262,364 |
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OPERATING PROFIT |
197,801 |
108,726 |
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Non-Operating P/L |
-71,294 |
-4,560 |
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RECURRING PROFIT |
126,507 |
104,166 |
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NET PROFIT |
68,575 |
59,668 |
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BALANCE SHEET |
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Cash |
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101,514 |
86,422 |
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Receivables |
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300,386 |
269,509 |
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Inventory |
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240,006 |
214,062 |
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Securities, Marketable |
400 |
446 |
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Other Current Assets |
80,689 |
73,753 |
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TOTAL CURRENT ASSETS |
722,995 |
644,192 |
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Property & Equipment |
426,959 |
414,368 |
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Intangibles |
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28,466 |
33,094 |
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Investments, Other Fixed Assets |
281,502 |
284,390 |
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TOTAL ASSETS |
1,459,922 |
1,376,044 |
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Payables |
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186,900 |
132,980 |
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Short-Term Bank Loans |
63,828 |
56,222 |
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Other Current Liabs |
252,842 |
250,522 |
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TOTAL CURRENT LIABS |
503,570 |
439,724 |
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Debentures |
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60,000 |
84,000 |
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Long-Term Bank Loans |
69,074 |
72,300 |
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Reserve for Retirement Allw |
126,266 |
132,433 |
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Other Debts |
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47,502 |
43,459 |
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TOTAL LIABILITIES |
806,412 |
771,916 |
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MINORITY INTERESTS |
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6,917 |
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Common
stock |
103,389 |
103,389 |
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Additional
paid-in capital |
79,396 |
79,433 |
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Retained
earnings |
380,515 |
342,450 |
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Evaluation
p/l on investments/securities |
79,823 |
85,384 |
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Others |
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11,931 |
866 |
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Treasury
stock, at cost |
(1,544) |
(17,311) |
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TOTAL S/HOLDERS` EQUITY |
653,510 |
594,211 |
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TOTAL EQUITIES |
1,459,922 |
1,373,044 |
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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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128,432 |
108,620 |
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Cash
Flows from Investment Activities |
-81,347 |
-60,373 |
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Cash
Flows from Financing Activities |
-36,025 |
-30,881 |
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Cash,
Bank Deposits at the Term End |
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101,719 |
86,390 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
653,510 |
594,211 |
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Current
Ratio (%) |
143.57 |
146.50 |
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Net
Worth Ratio (%) |
44.76 |
43.28 |
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Recurring
Profit Ratio (%) |
7.47 |
6.95 |
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Net
Profit Ratio (%) |
4.05 |
3.98 |
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Return
On Equity (%) |
10.49 |
10.04 |
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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%)