MIRA
INFORM REPORT
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Report Date : |
07.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
KYOWA CHEMICAL INDUSTRY CO LTD |
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Registered Office : |
4035 Hayashidacho Sakaide City Kagawa-Pref 762-0012 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
September 1952 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Fine Inorganic Chemicals for Industrial and
Pharmaceutical Use |
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 548.6 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
Name & address
KYOWA CHEMICAL
INDUSTRY CO LTD
REGD NAME: Kyowa Kagaku Kogyo KK
MAIN OFFICE: 4035 Hayashidacho Sakaide City Kagawa-Pref
762-0012 JAPAN
Tel:
0877-47-0011 Fax: 0877-47-4721
* The given
address is its Yashima Plant at: 305 Yashimanishimachi Takamatsu 761-0113, as
given; Tel: 087-841-9156; Fax: 087-844-2176
URL: http://www.kyowa-chem.co.jp/
E-Mail address: sales@kyowa-chem.co.jp
ACTIVITIES
Mfg of fine inorganic chemicals for industrial & pharmaceutical use
BRANCHES
Tokyo
FACTORY(IES)
At the caption address, Yashima (Takamatsu), as given
OVERSEAS
Kisuma Chemicals BV (Netherlands) (100% owned subsidiary maker)
OFFICER(S)
KEIZO MATSUSHIMA, PRES
Hayao Matsushima, mgn dir
Mitsuo Takeuchi, dir
Masatoshi Matsushima, dir
Ken’ichi Fukagawa, dir
Shunji Ohnishi, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 16,698 M
PAYMENTS REGULAR CAPITAL Yen
144 M
TREND STEADY WORTH Yen
16,351 M
STARTED 1962 EMPLOYES 438
COMMENT
MFR SPECIALIZING IN FINE INORGANIC CHEMICALS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 548.6 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company
was established by a certain Matsushima in order to make most of his experience
in the subject line of business, and has been succeeded by his
descendants. This is a specialized mfr
of fine inorganic chemicals centering in magnesium compound for pharmaceutical
materials & resin additives. Tops
in hydrotalcite used for stabilizing synthetic resins. Has a 100% owned subsidiary mfr in
Netherlands, Kisuma Chemicals BV, founded in 1999, manufacturing hydrotalcite
used for stabilizing synthetic resins and hydroxide used as flame
retardant. Products are shipped to EU
countries and neighboring markets, as well as exports to Japan & Asia. Domestic clients are major petrochemical
mfrs, nationwide.
FINANCIAL INFORMATION
The sales volume
for Mar/2008 fiscal term amounted to Yen 16,698 million, a 14% rise from Yen
14,712 million in the previous term.
Resin materials and pharmaceutical ingredients were in increasing
demand. Price hikes of some products
were able to pass on to clients, thus contributing to sales growth. The recurring profit was posted at Yen 3,035
million and the net profit at Yen 1,946 million, respectively, compared with
Yen 2,177 million and Yen 1,057 million, respectively, a year ago.
For the current
term ending Mar 2009 the recurring profit is projected at Yen 3,100 million and
the net profit at Yen 2,000 million, respectively, on a 5% rise in turnover, to
Yen 17,500 million. The firm will
continue to pass price hikes on to clients, the firm says.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 548.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Sept 1952
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 640,000 shares
Issued: 288,000
shares
Sum: Yen 144 million
Major shareholders (%)
SBIC West Japan (11), Shusaku Matsushima (5), Atsushi
Matsushima (5), Employees’ S/Holding Assn
(5), MUFG (4)
No. of
shareholders: 73
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Manufactures
fine inorganic chemicals: hydrotalcite (used for stabilizing synthetic resins),
magnesium hydroxide (used as flame retardant, magnesium oxide, aluminum hydroxide
gel, other (--100%).
Products are manufactured at two domestic
factories and one at a subsidiary mfr in Netherlands.
Products are both imported and exported.
Clients
[Petrochemical mfrs, wholesalers] Shionogi
& Co, Astellas Pharma Inc, Mitsui & Co, Eisai Co, Nippon Steel, Nihon
Unika Corp, other
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Idemitsu Kosan, Mitsui
& Co, Nippon Light metal, Ube Ma- terials, Tokuyama Corp, other
Imports from Kisuma Chemicals (Netherlands),
other.
Payment record: Regular
Location: Business area in Sakaide, Kagawa-Pref. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References
Hyakujushi Bank (H/O)
MUFG (Takamatsu-Chuo)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2009 |
31/03/2008 |
31/03/2007 |
31/03/2006 |
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Annual
Sales |
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17,500 |
16,698 |
14,712 |
12,839 |
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Recur.
Profit |
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3,100 |
3,035 |
2,177 |
1,837 |
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Net
Profit |
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2,000 |
1,946 |
1,057 |
881 |
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Total
Assets |
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29,068 |
24,148 |
21,596 |
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Current
Assets |
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12,563 |
10,546 |
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Current
Liabs |
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6,742 |
5,842 |
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Net
Worth |
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16,351 |
14,564 |
13,261 |
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Capital,
Paid-Up |
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144 |
144 |
144 |
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Div.P.Share(¥) |
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100.00 |
100.00 |
100.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.80 |
13.50 |
14.59 |
6.46 |
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Current Ratio |
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.. |
186.34 |
180.52 |
.. |
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N.Worth Ratio |
.. |
56.25 |
60.31 |
61.40 |
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R.Profit/Sales |
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17.71 |
18.18 |
14.80 |
14.31 |
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N.Profit/Sales |
11.43 |
11.65 |
7.18 |
6.86 |
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Return On Equity |
.. |
11.90 |
7.26 |
6.64 |
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Notes: Forecast (or estimated) figures for the 31/03/2009 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.47.76 |
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UK Pound |
1 |
Rs.74.87 |
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Euro |
1 |
Rs.60.81 |
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%)