MIRA
INFORM REPORT
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Report Date : |
21.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
KINSEI MATEC CO LTD |
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Registered Office : |
Urban Ace Kitahama Bldg 4F, 2-3-7 Hirano Chuoku Osaka 541-0046 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
June 1951 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer, Wholesale of Powdered Materials for Welding
Rods, Ceramics, Glass Fibers |
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 451.0 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
KINSEI MATEC CO LTD
REGD NAME: Kinsei Matec KK
MAIN OFFICE: Urban Ace Kitahama
Bldg 4F, 2-3-7 Hirano Chuoku Osaka 541-0046 JAPAN
Tel:
06-6221-0500 Fax: 06-6221-1299
*.. The
given address is its Tokyo Branch at: 5-4 Kojimachi Chiyodaku Tokyo
URL: http://www.kinseimatec.co.jp/
E-Mail address:shimomura@kinseimatec.co.jp
ACTIVITIES
Mfg, wholesale of powdered materials for welding rods,
ceramics, glass fibers
BRANCHES
Tokyo, Osaka, Nagoya, Kitakyushu
FACTORY(IES)
Yokkaichi (Mie), Chiba, Amagasaki, Fukushima;
OVERSEAS
Malaysia, China (2)
OFFICER(S)
Yasuo Ono, ch
GENTARO TAKESHITA, PRES
Norio Sadakane, s/mgn dir
Shuzo Kobayashi, mgn dir
Masaru Hanada, mgn dir
Akiji Makino, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 14,282 M
PAYMENTS REGULAR CAPITAL Yen 379 M
TREND STEADY WORTH Yen 3,551 M
STARTED 1951 EMPLOYES 119
COMMENT
MFR SPECIALIZING IN CERAMIC & WELDING MATERIALS; AFFILIATED TO IWATANI INT’L CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 451.0 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
This is a specialized mfr, affiliated to Iwatani Int’l Corp, trader of industrial gases, Osaka, of powdered materials catering to steel-making, founding, welding, ceramics, industrial resins, glass fibers, electronic parts, cosmetics & other makers. Also offers powdering, mixing, surface treating, granulating and other processing services, including OEM production. Mineral ores & other materials are imported from India, Turkey, S Africa, China, Thailand, S America, etc. Operates three overseas factories: two in China and one in Malaysia. Products are also exported to various destinations worldwide.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 14,282 million, a 16% up from Yen 12,364 million in the previous term, thanks to the rising & stronger demand from steel and other industries on the back of expanded economic activities in China and other S/E Asian countries. The recurring profit was posted at Yen 628 million and the net profit at Yen 290 million, respectively, compared with Yen 613 million recurring profit and Yen 313 million net profit, respectively, a year ago. Net profit decreased from higher production costs affected by skyrocketing fuel oil & other prices.
For the term ended Mar 2008 the recurring profit was projected at Yen 630 million and the net profit at Yen 290 million, respectively, on a 10% rise in turnover, to Yen 15,700 million. The economic environment continues still favorable to achieve higher sales & profits.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 451.0 million.
REGISTRATION
Date Registered: Jun 1951
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 30 million shares
Issued: 7.59 million shares
Sum: Yen 379.5 million
Major shareholders (%)
Iwatani Int’l Corp*(46.6), Gentaro Takeshita (4.26), Employees’ S/Holding Assn (3.0), Ryohei Uchida (2.3), Masanori Akita (2.0)
*.. Trading house specializing in industrial & household gases, Osaka; founded 1945, listed Tokyo, Osaka & Nagoya S/E’s, capital Yen 20,096 million, turnover Yen 689,449 million, operating profit Yen 13,549 million, recurring profit Yen 12,088 million, net profit Yen 5,524 million, total assets Yen 408,599 million, net worth Yen 59,916 million, em- ployees 7,313, pres Akiji Makino
Consolidated Financials are as attached (See SUPPLEMENTS)
No. of shareholders: 189
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures and wholesales powdered materials for welding rods, steel making, founding, ceramics, synthetic resins, glass fibers, electronic parts, cosmetics and other industries (--100%).
Materials ores are imported. Also imports products from subsidiary makers in Thailand and China (2).
Products are also exported to worldwide destinations.
Clients
[Mfrs. wholesalers] Iwatani Int’l, Kinsei Ceramics, JFE Steel, Nippon Electric Glass, Nitto Boseki, Shinagawa Refractories, Kobe Steel, other.
Also exports to worldwide destinations.
No. of accounts
2,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Sumitomo Chemical, Iwatani Int’l, Kinsei Ceramics, Mitsui & Co, Nikko Fine Products, Dowa Electronics, Metal Technic, other.
Imports ore and other materials from India, Turkey, China, S Africa, Thailand, Malaysia, S America, other.
Products are also imported from subsidiary makers in Malaysia and China.
Payment record
Regular
Location
Business area in Osaka. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
MUFG (Nakanoshima)
SMBC (Osaka-Chuo)
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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15,700 |
14,282 |
12,364 |
11,614 |
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Recur.
Profit |
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630 |
628 |
613 |
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Net
Profit |
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290 |
290 |
313 |
261 |
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Total
Assets |
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8,738 |
7,741 |
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Current
Assets |
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6,111 |
5,314 |
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Current
Liabs |
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4,878 |
4,058 |
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Net
Worth |
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3,551 |
3,371 |
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Capital,
Paid-Up |
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379 |
379 |
379 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
9.93 |
15.51 |
6.46 |
9.88 |
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Current Ratio |
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125.28 |
130.95 |
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N.Worth Ratio |
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40.64 |
43.55 |
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R.Profit/Sales |
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4.01 |
4.40 |
4.96 |
.. |
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N.Profit/Sales |
1.85 |
2.03 |
2.53 |
2.25 |
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Return On Equity |
.. |
8.17 |
9.29 |
.. |
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Notes: Forecast (or estimated) figures for the 31/03/2008
fiscal term.
SUPPLEMENTS:
CONSOLIDATED FINANCIALS OF THE PARENT, IWATANI INTERNATIONAL
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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689,449 |
640,073 |
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Cost of Sales |
560,713 |
515,227 |
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GROSS PROFIT |
128,735 |
124,846 |
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Selling & Adm Costs |
115,186 |
111,970 |
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OPERATING PROFIT |
13,549 |
12,876 |
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Non-Operating P/L |
-1,461 |
-1,108 |
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RECURRING PROFIT |
12,088 |
11,768 |
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NET PROFIT |
5,524 |
2,340 |
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BALANCE SHEET |
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Cash |
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16,844 |
20,658 |
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Receivables |
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129,783 |
124,827 |
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Inventory |
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39,978 |
40,389 |
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Securities, Marketable |
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Other Current Assets |
11,113 |
10,714 |
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TOTAL CURRENT ASSETS |
197,718 |
196,588 |
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Property & Equipment |
120,157 |
116,738 |
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Intangibles |
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14,216 |
11,503 |
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Investments, Other Fixed Assets |
76,508 |
77,044 |
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TOTAL ASSETS |
408,599 |
401,873 |
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Payables |
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129,128 |
118,012 |
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Short-Term Bank Loans |
44,037 |
49,883 |
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Other Current Liabs |
57,449 |
58,969 |
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TOTAL CURRENT LIABS |
230,614 |
226,864 |
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Debentures |
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27,106 |
23,370 |
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Long-Term Bank Loans |
76,972 |
82,160 |
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Reserve for Retirement Allw |
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Other Debts |
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9,130 |
8,572 |
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TOTAL LIABILITIES |
343,822 |
340,966 |
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MINORITY INTERESTS |
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4,648 |
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Common
stock |
20,096 |
20,096 |
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Additional
paid-in capital |
17,909 |
17,908 |
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Retained
earnings |
14,714 |
10,661 |
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Evaluation
p/l on investments/securities |
7,425 |
8,948 |
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Others |
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4,825 |
(1,192) |
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Treasury
stock, at cost |
(193) |
(164) |
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TOTAL S/HOLDERS` EQUITY |
64,776 |
56,257 |
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TOTAL EQUITIES |
408,599 |
401,873 |
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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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25,408 |
17,550 |
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Cash
Flows from Investment Activities |
-20,577 |
-19,364 |
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Cash
Flows from Financing Activities |
-9,199 |
-332 |
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Cash,
Bank Deposits at the Term End |
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16,657 |
20,444 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
64,776 |
56,257 |
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Current
Ratio (%) |
85.74 |
86.65 |
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Net
Worth Ratio (%) |
15.85 |
14.00 |
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Recurring
Profit Ratio (%) |
1.75 |
1.84 |
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Net
Profit Ratio (%) |
0.80 |
0.37 |
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Return
On Equity (%) |
8.53 |
4.16 |
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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%)