MIRA
INFORM REPORT
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Report Date : |
26.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
HOSHIAI CO LTD |
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Registered Office : |
3047 Honami Bizen City Okayama-Pref 705-0033 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
January 1952 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Wholesale of Refractory Materials |
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 39.8 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
HOSHIAI CO LTD
REGD NAME: KK Hoshiai
MAIN OFFICE: 3047 Honami Bizen
City Okayama-Pref 705-0033 JAPAN
Tel:
0869-67-0730 Fax: 0869-67-3383
URL: http://hoshiai.co.jp
ACTIVITIES
Import, wholesale of refractory materials
BRANCHES
Nil
FACTORY(IES)
Bizen, adjacent to the caption address
OFFICERS
Tsumoru Hoshiai, rep ch
GOKI HOSHIAI, PRES
Nobuhiro Munechika, v pres
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,800 M
PAYMENTS REGULAR CAPITAL Yen
10 M
TREND STEADY WORTH Yen
383 M
STARTED 1952 EMPLOYES 10
COMMENT
MPORTER
AND WHOLESALER SPECIALIZING IN REFRACTORY MATERIALS.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 39.8 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established originally in 1905 by a certain Hoshiai for selling refractory materials, on his account. Incorporated in 1952, the firm has been succeeded by his descendants. Tsumoru Hoshiai, now rep ch, is the third generation master and Goki the fourth, who took the pres post in Apr 1989. This is a trading house, wholly owned by the Hoshiai family, specializing in import and wholesale of magnesium clinkers, zircon, graphite, other refractory materials. Goods are imported from China, Australia, Korea, USA, etc. Goods are partially processed at its own yard. Clients are firebricks mfrs, refractory materials wholesalers, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Dec/2007 fiscal term amounted to Yen 2,800 million, an 11% hike from Yen 2,528 in the previous term. Hike in material prices boosted sales amount. Trading volume remained steady. The recurring profit was posted at Yen 34 million and the net profit at Yen 19 million, respectively, compared with Yen 26 million recurring profit and Yen15 million net profit, respectively, a year ago.
For the current term ending Dec 2008 the recurring profit is projected at Yen 35 million and the net profit at Yen 20 million, on a 4% rise in turnover, to Yen 2,900 million.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 39.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jan 1952
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 80,000 shares
Issued: 20,000 shares
Sum: Yen 10 million
Major shareholders (%)
Goki Hoshiai (40), Tsumoru Hoshiai (25), Kanako Hoshiai (10), Seiki Hoshiai (10), Midori Hoshiai (5)
No. of shareholders: 7
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports and wholesales magnesium clinkers, chamotte, zircon, graphite, aluminum, silicon carbide, and other refractory materials (--95%), processed re- fractory materials, others (--5%).
Products are imported through general trading houses from China, Australia,
Korea, USA, etc.
(Handling Items): Silicon carbide, perlite, vermiculite, white alumina, fused spinel, kaolin, graphite, fused magnesite, synthetic mica, ferro silicon nitride, brown alumina, zirconia mullite, china bauxite, other.
Clients
[Refractory mfrs, wholesalers] Shinagawa Refractories, Krosaki Harima Corp, Sojitz Chemical Corp, Cera Techno, Taiko Refractories, Teikoku Yozai Co, Torada Kogyo, Toko Corp, Koa Refractories, other.
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Sojitz Chemical, Nippon Light Metal, Itochu Ceramic, Fuji Kozai, Cera Techno, other.
Imports through general traders from China, Australia, Korea, USA, etc.
Payment record
Regular
Location
Business area in Bizen City, Okayama-Pref. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
Bizen Shinkin Bank (Isato)
Chugoku Bank (Katagami)
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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2,900 |
2,800 |
2,528 |
2,538 |
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Recur.
Profit |
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35 |
34 |
26 |
12 |
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Net
Profit |
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20 |
19 |
15 |
7 |
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Total
Assets |
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2,144 |
1,723 |
1,852 |
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Current
Assets |
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1,486 |
1,192 |
1,205 |
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Current
Liabs |
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1,193 |
938 |
906 |
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Net
Worth |
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383 |
364 |
349 |
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Capital,
Paid-Up |
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10 |
10 |
10 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.57 |
10.76 |
-0.39 |
4.57 |
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Current Ratio |
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.. |
124.56 |
127.08 |
133.00 |
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N.Worth Ratio |
.. |
17.86 |
21.13 |
18.84 |
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R.Profit/Sales |
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1.21 |
1.21 |
1.03 |
0.47 |
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N.Profit/Sales |
0.69 |
0.68 |
0.59 |
0.28 |
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Return On Equity |
.. |
4.96 |
4.12 |
2.01 |
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Notes: Forecast (or estimated) figures for 31/12/2008 fiscal
term.
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%)