MIRA
INFORM REPORT
|
Report Date : |
01.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INOUE PAINT CO LTD |
|
|
|
|
Registered Office : |
3-2-17 Onoedori Chuoku Kobe 651-0088 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
February 1947 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Wholesale of Industrial Paints, Adhesives; Painting Works |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
YEN 9.3 Million |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Regular |
name & address
INOUE PAINT CO LTD
REGD NAME: Inoue Toryo KK
MAIN OFFICE: 3-2-17 Onoedori Chuoku Kobe 651-0088 JAPAN
Tel:
078-221-8451 Fax: 078-251-8459
The given address
is its Tokyo Branch Office at: 3-7-13-13 Iwamotocho
Chiyodaku Tokyo:
Tel* 03-3684-8051; Fax: 03-3864-8069
URL: http://www.inouepaint.co.jp/
E-Mail address: webmaster@inouepaint.co.jp
ACTIVITIES
Wholesale of industrial paints, adhesives; painting works
BRANCHES
Tokyo (as given), Nagoya, Himeji, Kurashiki, Kure
OFFICERS
KEISUKE INOUE, PRES
Shinsuke Inoue, mgn dir
Hitoshi Maruyama, dir
Yen Amount: In million
Yen, unless otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 1,975 M
PAYMENTS REGULAR CAPITAL Yen 35 M
TREND UP WORTH Yen 97 M
STARTED 1947 EMPLOYES 37
COMMENT
WHOLESALER
SPECIALIZING IN INDUSTRIAL PAINTS & TOOLS; EXECUTES PAINTING WORKS.
FINANCIAL
SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS
ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 9.3 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The
subject company was established by a certain Inoue originally in 1902 as a
paint merchant, on his account.
Incorporated in 1947 the firm has been succeeded by his
descendants. Until 2005 the firm was
20% owned by Tohpe Corp, mid-size paint mfr belonging to Furukawa group, but
now became wholly owned by the Inoue family.
Business tie-ups with Tohpe Corp still continue. This is a wholesale of a wide range of
paints & coatings for various industries (see OPERATION), with strength for
ship’s underwater paintings, as seen from its clients. Executes painting works, too. With a history over a century in the
business the firm is known by its solid and sound management and operations in
the industry.
FINANCIAL INFORMAION
The
sales volume for Mar/2008 fiscal term amounted to Yen 1,975 million, an 11% down
in the previous term. The operations
plunged into the red to post Yen 49 million recurring loss and Yen11% net
losses, respectively, compared with Yen 6 million recurring profit and Yen 2
million, respectively, a year ago. The
profit deterioration is referred to the rising costs of operations and material
prices, some of which have not been passed on to clients.
For
the term ended Mar 2009 the operations are projected to come back to
profitability to post Yen 1 million net profit, on a 1% rise in turnover, to
Yen 2,000 million
The
financial situation is considered RATHER WEAK but should be good for MODERATE
business engagements. Max credit limit
is estimated at Yen 9.3 million, on normal 30 days terms.
REGISTRATION
Date Registered: Feb 1947
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized 2.8
million shares
Issued:
700,000 shares
Sum: Yen 35 million
Major shareholders (%)
Keisuke Inoue (93), Shinsuke
Inoue (7)
No. of shareholders: 2
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities:
Wholesales industrial paints & coatings, abrasives, pigments, resin
materials, oil & fats, painting
tools & equipment; executes painting works (--100%).
Industrial
paints applied for: ships, construction, steel structures, roofing, flooring,
water-proofing, house interior & exteriors, anti-corrosives for cement,
pavement, other.
Clients
[Mfrs, wholesalers] IHI Marine United,
Mitsubishi Heavy Ind, JFE Steel, IHI Amtech,
Ishikawajima-Harima Heavy Ind, Nippon Fruehauf, Ishikawajima Transport Machinery, other.
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Mitsubishi Corp, Chugoku
Marine Paints, Nippon Paint, Tohpe
Corp, Kawakami Paint Mfg, Konishi Co, other.
Payment
record: Regular
Location:
Business area in Kobe. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References
Nisshin Shinkin Bank (Kobe)
Iyo Bank (Kobe)
Relations: Satisfactory
FINANCES: (In Million Yen)
|
Terms Ending: |
31/03/2009 |
31/03/2008 |
31/03/2007 |
31/03/2006 |
|
|
Annual
Sales |
|
2,000 |
1,975 |
2,208 |
2,747 |
|
Recur.
Profit |
|
|
-49 |
6 |
|
|
Net
Profit |
|
1 |
-11 |
2 |
17 |
|
Total
Assets |
|
|
1,412 |
1,721 |
1,767 |
|
Current
Assets |
|
|
1,002 |
1,289 |
|
|
Current
Liabs |
|
|
824 |
855 |
|
|
Net
Worth |
|
|
97 |
59 |
57 |
|
Capital,
Paid-Up |
|
|
35 |
35 |
35 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
1.27 |
-10.55 |
-19.62 |
75.30 |
|
|
Current Ratio |
|
.. |
121.60 |
150.76 |
.. |
|
N.Worth Ratio |
.. |
6.87 |
3.43 |
3.23 |
|
|
R.Profit/Sales |
|
.. |
-2.48 |
0.27 |
.. |
|
N.Profit/Sales |
0.05 |
-0.56 |
0.09 |
0.62 |
|
|
Return On Equity |
.. |
-11.34 |
3.39 |
29.82 |
|
Notes:
Forecast (or estimated) figures for 31/03/2009 fiscal term.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)