MIRA
INFORM REPORT
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Report Date : |
18.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
JSR TRADING CO LTD |
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Registered Office : |
Hamarikyu Park side Place, 5-6-10 Tsukiji Chuoku Tokyo 104-8410 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
Sept ember 1971 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Export, Wholesale of Industrial Chemicals,
Synthetic Resins, other |
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 706.7 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
JSR TRADING CO LTD
REGD NAME: JSR Trading KK
MAIN OFFICE: Hamarikyu Park side Place, 5-6-10 Tsukiji
Chuoku Tokyo 104-8410 JAPAN
Tel:
03-3248-9060 Fax: 03-3248-9080
URL: http://www.jsrtr.com
E-Mail address: (thru
the URL)
ACTIVITIES
Import, export, wholesale of industrial chemicals, synthetic
resins, other
BRANCHES
Osaka, Nagoya, Yokkaichi
OVERSEAS
JSR Trading (Shanghai) Co Ltd (subsidiary)
OFFICER(S)
MASAKAZU TAKENAKA, PRES
Yoshitaka Matsumoto, dir
Takeshi Uno, dir
Shusaku Kinoshita, dir
Haruhiko Okura, dir
Haruo Takashima, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 47,506 M
PAYMENTS REGULAR CAPITAL Yen 480 M
TREND STEADY WORTH Yen 1,998 M
STARTED 1961 EMPLOYES 64
COMMENT
TRADING FIRM OWNED BY JSR CORPORATION.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 706.7 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a trading section separated from JSR Corporation (then Japan Synthetic Rubber Corp), synthetic rubber mfr, at the caption address (See REGISTRATION), in order to engage in non-life broking business. In 1962 started cargo transport business centrally for the parent’s cargo transport. In 1966, started distribution of curelastometer; and from 1972 onwards gradually transformed into a trading firm, handling a wide range of industrial chemicals, synthetic rubber, fine chemicals, testing equipment, other (See OPERATION for details). In 1988, transferred the insurance business to a sister company, JSR Service KK. In 1999, transferred film business from the parent. In 2001, opened Shanghai Office (subsidiary). In 2004, renamed as captioned. Goods are mostly supplied from the parent. Clients include tire mfrs, specialty mfrs, wholesalers, other.
FINANCIAL INFORMATION
The sales volume for Mar/2008 fiscal term amounted to Yen 47,506 million, a 17% up from Yen 40,770 million in the previous term. Petrochemical price hikes, although partially passed on to clients, contributed. Imports & exports expanded on back of stronger demand for synthetic rubbers from auto makers both at home & abroad. The recurring profit was posted at Yen 923 million and the net profit at Yen 40,770 million, respectively, compared with Yen 749 million recurring profit and Yen 447 million net profit, respectively, a year ago
For the current term ending Mar 2009 the recurring profit is projected at Yen 940 million and the net profit at Yen 560 million, respectively, on a 7% rise in turnover, to Yen 51,000 million. Business is seen uprising.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 706.7 million, on 30 days normal terms.
REGISTRATION
Date Registered: Sept 1971
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 3.8 million shares
Issued: 960,000 shares
Sum: Yen 480 million
Major shareholders (%): JSR
Corp*(100)
* JSR Corp, largest mfr of synthetic rubber, at the caption address, founded 1957, listed Tokyo, Osaka S/E’s, capital Yen 23,320 million, sales Yen 406,967 million, operating profit Yen 60,010 million, recurring profit Yen 56,063 million, net profit Yen 36,994 million, total assets Yen 416,950 million, net worth Yen 252,538 million, employees 5,422, pres Yoshinori Yoshida
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Trading firm, owned by JSR Corporation, for import, export and wholesale(100%) of:
Chemicals: synthetic rubbers (SBR, BR, NBR, etc), synthetic resins (general purpose Resins, ABS, RB, engineering plastics, etc), emulsion products (latexes, acrylic emulsions, sealant), rubber vulcanizing agents, emulsifier, additives, catalysts, plasticizer, stabilizer, coloring agent, detergent, lubricants, mixed compound adhesion preventives, carbon black, organic/inorganic pigments, silicon rubber, reclaimed rubber;
Fine Chemicals: fine chemical materials (reagents, monomers, solvents, polymers), equipment (chemical filters, coated wafers, glass substrates), plant facilities (clean rooms);
Packing & Distribution Materials: folding steel containers, liquid/powder carrying containers, steel box pallets, resin/SS/SUS-made pallets, Kraft paper, PP & PB melting bags, PE/PS/RB films, PP flexible containers;
Testing Machinery, others: testing machinery (curelastometer, air permeability tester, tensile tester, tribometer, flammability tester, electronic gravimeter, hardness tester, dynamic viscoelasticity tester, fluidity tester, viscometer, automated Gehmen tester, electronic balance), processing machinery (pressure kneader, calendar roll, mixing roll, processing machinery for various types of rubbers & resins), plant facilities (clean room, motor, various types of plant equipment);
Films: polyolefin films, polybutadiene films, polybutadiene resin films & bags, PBT films, TPO films, EVA, EMMA, self-adhesive films, PC films, other;
Wines: imports from France, Germany, Italy, Spain, South Africa, other
Major Trading Countries: UK, Germany, France, Turkey, Italy, India, China, Korea, USA, Thailand, Taiwan, Hong Kong, Malaysia, Indonesia, Singapore, Australia, etc.
Clients
[Rubber mfrs, wholesalers] JSR Corp, Bridgestone Corp, Elastomix Co, Japan Butyl Co, Takenaka Co, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] JSR Corp, Elastomix Co, Sumitomo Corp, Techno Polymer, Emulsion Technology Co, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Mizuho Corporate Bank (H/O)
SMBC (Tokyo-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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51,000 |
47,506 |
40,770 |
34,437 |
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Recur.
Profit |
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940 |
923 |
749 |
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Net
Profit |
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560 |
535 |
447 |
337 |
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Total
Assets |
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11,232 |
12,203 |
10,147 |
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Current
Assets |
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10,756 |
11,701 |
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Current
Liabs |
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8,979 |
10,242 |
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Net
Worth |
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1,998 |
1,717 |
1,487 |
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Capital,
Paid-Up |
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480 |
480 |
480 |
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Div.P.Share(¥) |
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0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
7.35 |
16.52 |
18.39 |
17.92 |
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Current Ratio |
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.. |
119.79 |
114.25 |
.. |
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N.Worth Ratio |
.. |
17.79 |
14.07 |
14.65 |
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R.Profit/Sales |
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1.84 |
1.94 |
1.84 |
.. |
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N.Profit/Sales |
1.10 |
1.13 |
1.10 |
0.98 |
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Return On Equity |
.. |
26.78 |
26.03 |
22.66 |
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Notes: Forecast (or estimated) figures for the 31/03/2009
fiscal term.
SUPPLEMENTS:
CONSOLIDATED
FINANCIALS OF THE PARENT, JSR CORP.
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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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406,967 |
365,831 |
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Cost of Sales |
284,430 |
252,752 |
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GROSS PROFIT |
122,536 |
113,078 |
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Selling & Adm Costs |
62,526 |
57,835 |
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OPERATING PROFIT |
60,010 |
55,242 |
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Non-Operating P/L |
-3,947 |
-523 |
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RECURRING PROFIT |
56,063 |
54,719 |
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NET PROFIT |
36,994 |
33,654 |
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BALANCE SHEET |
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Cash |
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16,537 |
15,586 |
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Receivables |
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87,068 |
93,340 |
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Inventory |
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72,317 |
67,220 |
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Securities, Marketable |
46,835 |
38,418 |
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Other Current Assets |
35,892 |
34,674 |
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TOTAL CURRENT ASSETS |
258,649 |
249,238 |
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Property & Equipment |
105,531 |
98,182 |
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Intangibles |
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6,466 |
5,712 |
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Investments, Other Fixed Assets |
46,304 |
55,817 |
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TOTAL ASSETS |
416,950 |
408,949 |
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Payables |
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83,445 |
87,952 |
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Short-Term Bank Loans |
16,808 |
15,523 |
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Other Current Liabs |
37,463 |
38,625 |
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TOTAL CURRENT LIABS |
137,716 |
142,100 |
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Debentures |
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Long-Term Bank Loans |
1,525 |
2,745 |
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Reserve for Retirement Allw |
14,679 |
14,782 |
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Other Debts |
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5,368 |
9,335 |
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TOTAL LIABILITIES |
159,288 |
168,962 |
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MINORITY INTERESTS |
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Common
stock |
23,320 |
23,320 |
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Additional
paid-in capital |
25,179 |
15,179 |
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Retained
earnings |
212,503 |
183,374 |
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Evaluation
p/l on investments/securities |
4,806 |
10,087 |
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Others |
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5,477 |
16,325 |
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Treasury
stock, at cost |
(13,623) |
(8,299) |
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TOTAL S/HOLDERS` EQUITY |
257,662 |
239,986 |
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TOTAL EQUITIES |
416,950 |
408,949 |
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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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53,890 |
46,471 |
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Cash
Flows from Investment Activities |
-32,239 |
-30,363 |
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Cash
Flows from Financing Activities |
-13,400 |
-23,776 |
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Cash,
Bank Deposits at the Term End |
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61,724 |
53,655 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
257,662 |
239,986 |
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Current
Ratio (%) |
187.81 |
175.40 |
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Net
Worth Ratio (%) |
61.80 |
58.68 |
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Recurring
Profit Ratio (%) |
13.78 |
14.96 |
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Net
Profit Ratio (%) |
9.09 |
9.20 |
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Return
On Equity (%) |
14.36 |
14.02 |
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FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.71 |
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UK Pound |
1 |
Rs.83.57 |
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Euro |
1 |
Rs.65.90 |
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%)