MIRA INFORM
REPORT
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Report Date : |
12.08.2011 |
IDENTIFICATION DETAILS
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Name : |
JSR TRADING CO LTD |
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Registered Office : |
Shiodome Sumitomo Bldg 22F, 1-9-2
Higashi-Shimbashi Tokyo 105-0021 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
September 1971 |
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Com. Reg. No.: |
(Tokyo-Minatoku) 079854 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Export, Wholesale of industrial chemicals,
synthetic resins |
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 892.8 Million |
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Status : |
Satisfactory |
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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
JSR TRADING CO LTD
REGD NAMe
JSR Trading KK
MAIN OFFICE
Shiodome Sumitomo
Bldg 22F, 1-9-2 Higashi-Shimbashi Tokyo 105-0021 JAPAN
Tel:
03-6218-3802 Fax: 03-3218-3815
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 Ken’ichi
Moriyama, v pres
Yoshitaka
Masumoto, dir Shusaku
Kinoshita dir
Haruhiko
Okura, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 59,118 M
PAYMENTS REGULAR CAPITAL Yen 480 M
TREND STEADY WORTH Yen 2,772 M
STARTED 1961 EMPLOYES 105
COMMENT
TRADING
FIRM OWNED BY JSR CORPORATION.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 892.8 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a trading division
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 insurance broking business. In 1962, started cargo transport business
centrally for the parent’s cargo transport business, named Nichigo Shoji
KK. 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, film business was transferred from
the parent. In 2001, opened Shanghai
Office (subsidiary). In 2004, renamed as
captioned. Goods are mostly supplied
from the parent. In 2008, started
imports of wines from Europe and South Africa.
Clients include tire mfrs, specialty mfrs, wholesalers, other.
FINANCIAL INFORMATION
Financials are consolidated by the parent, JSR Corp.
The sales volume for Mar/2011 fiscal term amounted to Yen 59,118
million, a 16% up from Yen 51,157 million in the previous term. Overseas sales were active. Sales of synthetic rubber and synthetic
resins rose sharply into China and other S/E Asian countries. The recurring profit was posted at Yen 1,065
million and the net profit at Yen 616 million, respectively, compared with Yen
899 million recurring profit and Yen 519 million net profit, respectively, a
year ago
For the current term ending Mar 2012 the recurring profit is projected
at Yen 1,100 million and the net profit at Yen 630 million, respectively, on a
7% rise in turnover, to Yen 63,000 million.
Sales of synthetic rubber/resins continue strong. Business is seen steadily expanding.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 892.8 million, on 30 days normal terms. Max credit limit of the parent, JSR Corp, is
estimated at Yen 14,046.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Sept 1971
Regd No.: (Tokyo-Minatoku) 079854
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 340,665 million, operating profit Yen
39,094 million, recurring profit Yen 42,604 million, net profit Yen 27,570
million, total assets Yen 390,590 million, net worth Yen 264,116 million,
employees 5,259 pres Mitsu- nobu Koshiba
Consolidated Financials are 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 of:
(Sales Breakdown
by Divisions):
Chemicals (72%): 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
(11%): fine chemical materials (reagents, monomers, solvents, polymers),
equipment (chemical filters, coated wafers, glass substrates), plant facilities
(clean rooms);
Packing &
Distribution Materials (6%): 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 (2%): 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, proc-essing machinery for various types of rubbers
& resins), plant facilities (clean room, motor, various types of plant
equipment);
Films (2%): polyolefin films,
polybutadiene films, polybutadiene resin films & bags, PBT films, TPO
films, EVA, EMMA, self-adhesive films, PC films, other;
Wines, others
(7%): imports from France, Germany, Italy, Spain, South Africa, other
(Breakdown figures are all about)
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, Nichigo Engineering, Irumagawa Rubber Co, other.
No. of accounts: 800
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers]
JSR Corp (65%), 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)
MUFG
(Nihombashi)
Relations:
Satisfactory
FINANCIALS
(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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63,000 |
59,118 |
51,157 |
46,890 |
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Recur.
Profit |
|
1,100 |
1,065 |
899 |
723 |
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Net
Profit |
|
630 |
616 |
519 |
399 |
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Total
Assets |
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15,237 |
13,459 |
9,604 |
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Current
Assets |
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|
14,798 |
12,987 |
9,112 |
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Current
Liabs |
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12,142 |
10,654 |
7,211 |
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Net
Worth |
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2,772 |
2,474 |
2,130 |
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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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320.00 |
270.00 |
207.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
6.57 |
15.56 |
9.10 |
-1.30 |
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Current Ratio |
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.. |
121.87 |
121.90 |
126.36 |
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N.Worth Ratio |
.. |
18.19 |
18.38 |
22.18 |
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R.Profit/Sales |
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1.75 |
1.80 |
1.76 |
1.54 |
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N.Profit/Sales |
1.00 |
1.04 |
1.01 |
0.85 |
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Return On Equity |
.. |
22.22 |
20.98 |
18.73 |
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Notes:
Forecast (or estimated) figures for the 31/03/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
JSR 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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340,665 |
310,183 |
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Cost of Sales |
249,281 |
235,478 |
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GROSS PROFIT |
91,384 |
74,704 |
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Selling & Adm Costs |
52,290 |
54,474 |
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OPERATING PROFIT |
39,094 |
20,230 |
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Non-Operating P/L |
3,510 |
3,147 |
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RECURRING PROFIT |
42,604 |
22,377 |
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NET PROFIT |
27,570 |
13,644 |
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BALANCE SHEET |
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Cash |
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44,237 |
36,676 |
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Receivables |
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73,323 |
73,132 |
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Inventory |
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57,853 |
58,130 |
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Securities, Marketable |
55,996 |
34,000 |
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Other Current Assets |
27,306 |
27,632 |
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TOTAL CURRENT ASSETS |
258,715 |
229,570 |
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Property & Equipment |
79,848 |
88,321 |
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Intangibles |
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5,293 |
5,883 |
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Investments, Other Fixed Assets |
46,734 |
49,791 |
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TOTAL ASSETS |
390,590 |
373,565 |
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Payables |
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65,380 |
59,653 |
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Short-Term Bank Loans |
14,611 |
14,161 |
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Other Current Liabs |
26,839 |
26,936 |
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TOTAL CURRENT LIABS |
106,830 |
100,750 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
14,175 |
15,903 |
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Other Debts |
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5,469 |
6,211 |
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TOTAL LIABILITIES |
126,474 |
122,864 |
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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 |
25,179 |
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Retained
earnings |
244,413 |
223,890 |
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Evaluation
p/l on investments/securities |
3,606 |
3,610 |
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Others |
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(25,883) |
(20,959) |
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Treasury
stock, at cost |
(6,519) |
(4,340) |
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TOTAL S/HOLDERS` EQUITY |
264,116 |
250,700 |
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TOTAL EQUITIES |
390,590 |
373,565 |
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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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54,259 |
58,655 |
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Cash
Flows from Investment Activities |
-35,118 |
-27,343 |
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Cash
Flows from Financing Activities |
-12,316 |
-7,325 |
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Cash,
Bank Deposits at the Term End |
|
67,461 |
61,404 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
264,116 |
250,700 |
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Current
Ratio (%) |
242.17 |
227.86 |
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Net
Worth Ratio (%) |
67.62 |
67.11 |
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Recurring
Profit Ratio (%) |
12.51 |
7.21 |
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Net
Profit Ratio (%) |
8.09 |
4.40 |
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Return
On Equity (%) |
10.44 |
5.44 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.27 |
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UK Pound |
1 |
Rs.73.34 |
|
Euro |
1 |
Rs.64.58 |
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 |
|
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 |
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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.