MIRA INFORM REPORT
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Report Date : |
09.08.2011 |
IDENTIFICATION DETAILS
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Name : |
KANEMATSU CHEMICALS CORPORATION |
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Registered Office : |
TT Daini (No.2) Bldg 10F, 3-8-1 Nihombashi-Ningyocho Chuoku Tokyo 103-0013 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
September 1974 |
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Com. Reg. No.: |
(Tokyo-Chuoku) 040329 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export, wholesale of industrial chemicals |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 154.6 Million |
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Status : |
Moderate |
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Payment
Behaviour : |
Regular |
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Litigation : |
---- |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Japan |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
KANEMATSU CHEMICALS
CORPORATION
REGD NAME
Kanematsu Chemical
KK
MAIN OFFICE
TT Daini (No.2)
Bldg 10F, 3-8-1 Nihombashi-Ningyocho Chuoku Tokyo 103-0013, JAPAN
Tel:
03-5643-3011 Fax: 03-5643-3016
E-Mail address: (thru
the URL)
ACTIVITIES
Import,
export, wholesale of industrial chemicals
BRANCHES
Osaka
OFFICER(S)
KAZUYUKI
MATSUNAGA, PRES
Toshio Kokaji, mgn dir
Shuji
Yamakita, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 17,612 M
PAYMENTS REGULAR CAPITAL Yen 300 M
TREND SLOW WORTH Yen 624 M
STARTED 1974 EMPLOYES 64
COMMENT
TRADING HOUSE SPECIALIZING IN INDUSTRIAL CHEMICALS, WHOLLY
OWNED BY KANEMATSU CORP.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 154.6 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established on the basis of a chemical division separated from Kanematsu Corp, trading house of Japan, Tokyo (see REGISTRATION), in order to import, export and wholesale of industrial chemicals. Originally named as Kanematsu Kaseihin KK and renamed as captioned in Mar 2002. The firm separated and transferred one division to a sister firm in 2005. In 2009, merged this sister company. Clients include major chemical mfrs, wholesalers, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 17,612 million, a 4% up from Yen 16,994 million in the previous term. The growth was driven by active demand in Asia and emerging countries, particularly in China. On the other hand, the Great East Japan Earthquake that struck on March 11 2011 caused unprecedented damage to parts of Japan and produced tremendous adverse effects on economic activities nationwide, including severe disruption to supply chains. The recurring profit was posted at Yen 403 million and the net profit at Yen 229 million, respectively, compared with Yen 350 million recurring profit and Yen 233 million net profit, respectively, a year ago.
For the current term ending Mar 2012 the recurring profit is projected at Yen 410 million and the net profit at Yen 235 million, respectively, on a 5% rise in turnover, to Yen 18,500 million. Exports continue robust into China and other S/E Asian countries. Price hikes of some products will help increase sales. High Yen may erode profits in Yen terms.
The financial situation is considered FAIR and good for ORDINARY business engagements. The max credit limit is estimated at Yen 154.6 million, on 30 days normal terms. Max credit limit of the parent, Kanematsu Corp, is estimated at Yen 9,141.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: Sept 1974
Regd No.: (Tokyo-Chuoku) 040329
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
800,000 shares
Issued:
600,000 shares
Sum: Yen 300 million
Major shareholders (%):
Kanematsu Corp*(100)
*.. Formerly general trading house, traditionally strong in textiles, Tokyo, now operations have been reduced to foods, energy, steel & plants and textiles, founded 1918, listed Tokyo S/E, capital Yen 27,781 million, turnover Yen 936,891 million, operating profit Yen 18,029 million, recurring profit Yen 14,257 million, net profit Yen 9,175 million, total assets Yen 388,676 million, net worth Yen 49,576 million, employees 4,770, pres Masayuki Shimojima.
Consolidated Financials are
attached (See SUPPLEMENTS)
Nothing detrimental is known as
to the commercial morality of executives.
OPERATION
Activities: Trading house for import, export and wholesale of industrial chemicals
(Sales Breakdown by
Divisions):
Functional Chemicals Div (33%): petrochemical products (aromatics, ketone, ester, alcohol, ethanol, other;
Paper Mill Chemicals Div (15%): paper mfg chemicals, medical & sanitary chemicals;
Functional Chemicals Div (Osaka Branch) (15%): plywood adhesives, anti-corrosive chemicals, naphthene, aroma chemicals, glycerin, furfural, surfur alcohol, rosin, other;
Techno Chemicals Div (16%): inorganic chemicals for paper mfg, fertilizer, other industrial use, rare earth, active charcoal, other inorganic chemicals, adhesive agents, firming agents, synthetic resins, other;
Fine Chemicals Div (12%): functional food additives, raw materials, pharmaceuticals, intermediates, photosensitive plastics, water treatment chemicals, flame retardant, bactericide, fungicide, dyestuffs, pigments and additives, other;
Others (9%): auto chemicals, auto materials, building & construction materials, water-proofing agents, sealants, paints & coatings, other.
Import (15%); Export (20%); Domestic (70%)
Clients: [Chemical mfrs, other mfrs, wholesalers] Shin-Etsu Astec, Daio Paper, Iwaki Daio Paper Corp, Kanematsu Corp, Hokushin Co, Sanyo Kaseihin, Yamaichi Chemical Ind, Kowa Shoji, Nagasawa Shoji, Omiya Seishi Co, Elleair Paper Chemical Co, other.
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsui Chemical, Maruzen Petrochemical, Tokuyama Corp, Shell Chemicals Japan, NSC Japan, Teijin Fiber, Sojitz Corp, Miyoshi Fats & Oils Corp, Mitsui Bussan Chemicals Co, Sakai Chemical Ind, other.
Payment record:
Regular
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
MUFG
(H/O)
SMBC
(Tokyo-Chuo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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18,500 |
17,612 |
16,994 |
20,627 |
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Recur.
Profit |
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410 |
403 |
350 |
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Net
Profit |
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235 |
229 |
233 |
177 |
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Total
Assets |
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5,802 |
6,291 |
6,795 |
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Current
Assets |
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5,416 |
5,942 |
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Current
Liabs |
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5,026 |
5,531 |
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Net
Worth |
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624 |
645 |
593 |
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Capital,
Paid-Up |
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300 |
300 |
300 |
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Div.P.Share(¥) |
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420.00 |
345.00 |
200.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.04 |
3.64 |
-17.61 |
-0.73 |
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Current Ratio |
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.. |
107.76 |
107.43 |
.. |
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N.Worth Ratio |
.. |
10.75 |
10.25 |
8.73 |
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R.Profit/Sales |
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2.22 |
2.29 |
2.06 |
.. |
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N.Profit/Sales |
1.27 |
1.30 |
1.37 |
0.86 |
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Return On Equity |
.. |
36.70 |
36.12 |
29.85 |
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Notes:
Forecast (or estimated) figures for the 31/03/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
KANEMATSU CORPORATION
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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936,891 |
861,277 |
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Cost
of Sales |
859,986 |
787,173 |
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GROSS PROFIT |
76,905 |
74,104 |
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Selling & Adm Costs |
58,875 |
61,918 |
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OPERATING PROFIT |
18,029 |
12,186 |
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Non-Operating P/L |
-3,772 |
-3,948 |
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RECURRING PROFIT |
14,257 |
8,238 |
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NET PROFIT |
13,030 |
8,407 |
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BALANCE SHEET |
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Cash |
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69,014 |
83,752 |
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Receivables |
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146,546 |
133,153 |
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Inventory |
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57,089 |
55,827 |
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Securities, Marketable |
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Other Current Assets |
26,634 |
31,295 |
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TOTAL CURRENT ASSETS |
299,283 |
304,027 |
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Property & Equipment |
27,884 |
28,218 |
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Intangibles |
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1,859 |
1,843 |
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Investments, Other Fixed Assets |
59,650 |
64,541 |
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TOTAL ASSETS |
388,676 |
398,629 |
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Payables |
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96,137 |
90,559 |
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Short-Term Bank Loans |
100,488 |
104,133 |
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Other Current Liabs |
55,495 |
56,378 |
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TOTAL CURRENT LIABS |
252,120 |
251,070 |
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Debentures |
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Long-Term Bank Loans |
73,138 |
88,969 |
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Reserve for Retirement Allw |
2,516 |
2,648 |
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Other Debts |
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11,325 |
10,137 |
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TOTAL LIABILITIES |
339,099 |
352,824 |
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MINORITY INTERESTS |
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Common
stock |
27,781 |
27,781 |
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Additional
paid-in capital |
27,606 |
27,644 |
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Retained
earnings |
8,914 |
(261) |
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Evaluation
p/l on investments/securities |
(166) |
57 |
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Others |
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(13,990) |
(8,778) |
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Treasury
stock, at cost |
(569) |
(639) |
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TOTAL S/HOLDERS` EQUITY |
49,576 |
45,804 |
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TOTAL EQUITIES |
388,676 |
398,629 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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7,827 |
26,441 |
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Cash
Flows from Investment Activities |
17,322 |
-19,149 |
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Cash Flows
from Financing Activities |
-20,664 |
-21,572 |
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Cash,
Bank Deposits at the Term End |
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67,426 |
64,479 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
49,576 |
45,804 |
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Current
Ratio (%) |
118.71 |
121.09 |
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Net
Worth Ratio (%) |
12.76 |
11.49 |
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Recurring
Profit Ratio (%) |
1.52 |
0.96 |
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Net
Profit Ratio (%) |
1.39 |
0.98 |
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Return
On Equity (%) |
26.28 |
18.35 |
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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.44.96 |
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UK Pound |
1 |
Rs.73.94 |
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Euro |
1 |
Rs.64.56 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.