MIRA INFORM
REPORT
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Report Date : |
08.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
I-LOGISTICS CORPORATION |
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Registered Office : |
Sumitomo Seimei Akasaka Bldg 5/6 F, 3-3-3 Akasaka Minatoku Tokyo
107-0052 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
July 1961 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Warehousing, Transport and International Cargo Handling
Firm |
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 2,845 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
I-LOGISTICS CORPORATION
REGD NAME: KK I-Logistics
MAIN OFFICE: Sumitomo Seimei
Akasaka Bldg 5/6 F, 3-3-3 Akasaka Minatoku Tokyo 107-0052 JAPAN
Tel:
03-6230-6551 Fax: 03-6230-0552
E-Mail address:info@ilogi.co.jp
ACTIVITIES
Warehousing, transport & international cargo handling
firm
BRANCH(ES)
Osaka, Nagoya, Yokohama, Yawata, other (Tot 36)
OVERSEAS
USA, Hong Kong, China (5), Malaysia, Thailand, Singapore,
UK, Germany (--subsidiaries)
CHIEF EXEC
JIRO TAKAMORI, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 59,905 M
PAYMENTS REGULAR CAPITAL Yen 4,260 M
TREND STEADY WORTH Yen 15,182 M
STARTED 1961 EMPLOYES 1,003
COMMENT
WAREHOUSING,
LOGISTICS & TRANSPORTATION FIRM, AFFILIATED WITH ITOCHU CORP.
FINANCIAL
SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 2,845 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2009 fiscal term
HIGHLIGHTS
The subject company was re-established by merger of Itochu Warehouse Co Ltd, New Japan Air service Co Ltd and Itochu Express Co Ltd, with Itochu Warehouse as surviving body. This is a medium-size warehousing, transport and international cargo handling firm, affiliated with Itochu Corp. Itochu Corp & group sales account for 60% of total sales. Strong in handling textiles. Online network with shippers helps cargo gathering. Transport business includes air, land and sea carriage.
FINANCIAL INFORMATION
The sales volume for Mar/2008 fiscal term amounted to Yen 59,905 million, a 4.6% up from Yen 57,266 million in the previous term. Maritime transport, including electronic parts for China & Asia showed steady growth. Food distribution business in Vietnam also contributed. However, domestic refrigerated foods warehouse struggled. By divisions, International freight forwarding down slightly 0.9% to Yen 24,512 million, this is referred to minor change in segment change. Air cargo transport up 0.3% to Yen 12,347 million. Domestic distribution: warehousing down 31.5% to Yen 4,201 million; this is referred to the reconstruction of warehouses with part of them changed to real estate segment; Moving/relocation business up 6.0% to Yen 1,025 million, as transport of machinery expanded, moving/relocation business was steady. The recurring profit was posted at Yen 1,945 million and the net profit at Yen 1,417 million, respectively, compared with Yen 1,822 million recurring profit and Yen 981 million net profit, a year ago.
For the current term ending Mar 2009 the recurring profit is projected at Yen 1,900 million and the net profit at Yen 1,100 million, on a 1.8% rise in turnover, to Yen 61,000 million. Allotting funds raised thru sale for expansion of food distribution in Vietnam and research aimed at new market development in India. Planning reconstruction of warehouse in Chukyo area in Mar 2009 term.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 2,845 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jul 1961
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 160 million shares
Issued: 40,217,590 shares
Sum: Yen 4,260 million
Major shareholders (%)
Itochu Corp*(47.2), Selter Investment Pte Ltd (9.9), Kawasaki Kisen (2.9), Sumitomo Trust Bank(2.4), Dai-ichi Life Ins (1.4), Northern Trust (1.3), Employees’ S/Holding Assn (1.3), Shibusawa Warehouse (1.2), Island (1.2), Naigai Travel Service (0.9); foreign owners (14.9).
No. of shareholders: 1,581
*.. Japan’s leading trading house, Tokyo, founded 1949, listed Tokyo, Osaka, Nagoya, Sapporo, Fukuoka S/E’s, capital Yen 202,241 million, turnover Yen 11,579,059 million (up 11% from the previous year), recurring profit Yen 300,230 million, net profit Yen 177,059 million (up 22% from previously), total assets Yen 5,271,512 million, net worth Yen 896,195 million, employees 45,690, pres Eizo Kobayashi
Listed on the S/Exchange (s) of
Tokyo Second Section
Managements
Jiro Takemori, pres; Toshikazu Uramatsu, dir; Takumi Tomoshige, dir; Shigeyoshi Hirose, dir; Masahiko Mutoh, dir; Akira Watanabe, dir; Hiroshi Ueda, dir; Yukio Miyauchi, dir; Koichi Tanaka, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies
Shinsei Cargo Service, other.
OPERATION
Activities: Warehousing, transport and international freight forwarding firm:
(Breakdown by Divisions): Domestic distribution (28%); International distribution (70%); Real Estate Leasing (2%);
Overseas Sales Ratio (17.1%): N America 3.2%; Europe 3.4%, Asia/other 10.5%.
(Business Breakdown):
Warehousing/Transportation: Standard Warehousing (general cargo warehousing/storage, trunk room service; Reefer warehousing (refrigerated/frozen food, warehousing storage); Transportation (loading, unloading & shipping of general cargo, refrigerated/frozen food & other items, corporate customer moving relocation services);
Distribution Center Operations: Receiving, dispatching & delivery of general cargo, frozen/refrigerated & other items;
International Freight Handling: Ocean freight handling (including harbor transport), import/export freight storage & transport, packing, customs clearance & other import/export documentation, vessel loading, landing & unpacking); Air Freight Handling (Import/export freight storage & transport, packing, customs & other import/export documentation);
Other Business Areas: Construction (scaffolding, civil engineering, machinery & equipment installation works), real estate, commodity sales, other.
Clients
[Mfrs, wholesalers] Itochu Corp, Fuji Oil, Family Corp, Alfresa Inc, Saizeriya Co, Ithochu Non-Ferrous Materials, Morrison express, Itochu Chemical frontier, Kawasaki Heavy Ind, Itochu Sugar, AMO Japan, Marubeni-Itochu Steel Inc, Unicharm Products Ltd, other
No. of accounts
2,000
Domestic areas of activities
Nationwide
Suppliers
[Ship lines, airlines, warehousing] Cathay Pacific Airlines, MOL Japan, ANA, JAL International, Osaka 3A Butsuryu, KRS Corp, Seto Transport Co, other..
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Sumitomo Trust Bank (Tokyo)
Mizuho Bank (Akasaka)
Relations: Satisfactory
Financials
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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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59,905 |
57,266 |
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Cost of Sales |
56,075 |
53,559 |
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GROSS PROFIT |
3,829 |
3,706 |
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Selling & Adm Costs |
2,173 |
2,099 |
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OPERATING PROFIT |
1,656 |
1,607 |
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Non-Operating P/L |
289 |
215 |
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RECURRING PROFIT |
1,945 |
1,822 |
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NET PROFIT |
1,417 |
981 |
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BALANCE SHEET |
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Cash |
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2,473 |
1,887 |
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Receivables |
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7,349 |
7,258 |
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Inventory |
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Securities, Marketable |
998 |
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Other Current Assets |
2,007 |
2,218 |
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TOTAL CURRENT ASSETS |
12,827 |
11,363 |
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Property & Equipment |
7,007 |
8,925 |
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Intangibles |
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912 |
868 |
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Investments, Other Fixed Assets |
4,184 |
4,759 |
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TOTAL ASSETS |
24,930 |
25,915 |
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Payables |
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4,399 |
4,584 |
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Short-Term Bank Loans |
822 |
1,786 |
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Other Current Liabs |
2,009 |
2,460 |
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TOTAL CURRENT LIABS |
7,230 |
8,830 |
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Debentures |
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100 |
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Long-Term Bank Loans |
303 |
625 |
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Reserve for Retirement Allw |
914 |
953 |
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Other Debts |
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1,301 |
1,214 |
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TOTAL LIABILITIES |
9,748 |
11,722 |
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MINORITY INTERESTS |
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Common
stock |
4,260 |
4,260 |
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Additional
paid-in capital |
3,359 |
3,359 |
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Retained
earnings |
7,033 |
5,894 |
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Evaluation
p/l on investments/securities |
56 |
196 |
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Others |
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564 |
535 |
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Treasury
stock, at cost |
(90) |
(52) |
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TOTAL S/HOLDERS` EQUITY |
15,182 |
14,192 |
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TOTAL EQUITIES |
24,930 |
25,915 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2008 |
31/03/2007 |
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Cash
Flows from Operating Activities |
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1,344 |
304 |
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Cash
Flows from Investment Activities |
1,138 |
177 |
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Cash
Flows from Financing Activities |
-1,890 |
-747 |
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Cash,
Bank Deposits at the Term End |
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2,473 |
1,887 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
15,182 |
14,192 |
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Current
Ratio (%) |
177.41 |
128.69 |
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Net
Worth Ratio (%) |
60.90 |
54.76 |
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Recurring
Profit Ratio (%) |
3.25 |
3.18 |
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Net
Profit Ratio (%) |
2.37 |
1.71 |
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Return
On Equity (%) |
9.33 |
6.91 |
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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%)