MIRA INFORM REPORT

 

 

Report Date :

28.02.2011

 

IDENTIFICATION DETAILS

 

Name :

SOJITZ KYUSHU CORPORATION

 

 

Registered Office :

Tenjin Central Place 8F, 1-10-34 Tenjin Chuoku Fukuoka 810-0001

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

November 1997

 

 

Com. Reg. No.:

(Fukuoka-Chuoku) 018305

 

 

Legal Form :

Limited Company

 

 

Line of Business :

General Trading House

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 607.2 Million

Status :

Satisfactory

Payment Behaviour :

Regular

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

company name

 

SOJITZ KYUSHU CORPORATION

 

 

REGD NAME 

 

Sojitsu Kyushu KK

 

 

MAIN OFFICE

 

Tenjin Central Place 8F, 1-10-34 Tenjin Chuoku Fukuoka 810-0001 JAPAN

Tel: 092-751-3308     Fax: 092-751-3093

URL:     www.sojitz-kyushu.co.jp

E-mail: info@sojitz-kyushu.co.jp              

 

 

ACTIVITIES

 

General trading house

 

 

BRANCHES   

 

Nagasaki, Naha

 

 

OFFICER(S)

 

·         YUZURU KAMIOKA, PRES 

·         Katsuhisa Usami, mgn dir

·         Hiroshi Miyanaga, mgn dir   

·         Haruyoshi Murasato, mgn dir

·         Shigenobu Nakayama, mgn dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 31,983 M

PAYMENTS      REGULAR         CAPITAL           Yen 500 M

TREND             SLOW              WORTH            Yen 2,872 M

STARTED                     1997                 EMPLOYES      79

 

 

COMMENT    

 

GENERAL TRADING HOUSE, WHOLLY OWNED BY SOJITZ CORP. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

 

MAX CREDIT LIMIT: YEN 607.2 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established originally by Nichimen Corp as Nichimen Kyushu Corp, and in 2003 when Nichimen Corp and Nissho-Iwai Corp merged into Sojitz Corp, the firm changed its name as captioned.  This is a general trading house specializing in machinery & equipment for plant mfrs & auto makers, foodstuffs, industrial machinery, feeds, fertilizer, nonferrous metals, energy resources, other.  Clients include heavy machinery makers, steel mills, other

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2010 fiscal term amounted to Yen 31,983 million, a 33% down from Yen 47,571 million in the previous term, as substantially affected by the global economic downturn particularly in the first half of the term.  High Yen hurt sales & profits in Yen terms, too.  The net recurring profit was posted at yen 566 million and the net profit at Yen 334 million respectively, compared with Yen 709 million recurring profit and Yen 411 million net profit, respectively, a year ago. 

 

For the current term ending Mar 2011 the recurring profit is projected at Yen 570 million and the net profit at Yen 350 million, respectively, on a 5% rise in turnover, to Yen 33,500 million. 

           

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 607.2 million, on 30 days normal terms. 

 

REGISTRATION

 

Date Registered:          Nov 1997

Regd No.:                     (Fukuoka-Chuoku) 018305

Legal Status:   　         Limited Company (Kabushiki Kaisha)

Authorized:      　         80,000 shares

Issued:                         21,000 shares

Sum:                　         Yen 500 million

Major shareholders (%): Sojitz Corp* (100)

           

*.. General trading house, Tokyo, founded 2003 by the merger of Nichimen Corp & Nissho Iwai Corp, listed Tokyo, Osaka S/E’s, capital Yen 160,339 million, sales Yen 3,844,418 million, operating profit Yen 16,128 million, recurring profit Yen 13,702 million, net profit Yen 8,794 million, total assets Yen 2,074,931 million, net worth Yen 377,404 million, employees 16,781, pres Yutaka Kase

 

Consolidated Financials are attached (See ATTACHMENTS)

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: General trading house handling: machinery & equipment for automakers, plant makers, industrial machinery (56%), foodstuffs (18%), materials & lumber (11%), nonferrous metals (10%), construction materials, energy resources, other (5%)

 

Overseas sales ratio (24%)

 

Clients: [Mfrs, wholesalers] Mitsubishi Heavy Ind, Nippon Steel, Kobe Steel, Toyota Motor Kyushu, other

            No. of accounts: 500

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Sojitz Corp, Sojitz Marine & Engineering, Kawasaki Machine Systems, other

 

Payment record: Regular

 

Location: Business area in Fukuoka.  Office premises at the caption address are leased and maintained satisfactorily.

 

Bank References:

MUFG (Fukuoka-Chuo)

Yamaguchi Bank (Fukuoka)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2011

31/03/2010

31/03/2009

31/03/2008

Annual Sales

　

33,500

31,983

47,571

28,372

Recur. Profit

　

570

566

709

695

Net Profit

　

350

334

411

406

Total Assets

　

　

12,553

16,735

16,660

Current Assets

　

　

11,235

15,396

　

Current Liabs

　

　

9,531

13,707

　

Net Worth

　

　

2,872

2,853

2,754

Capital, Paid-Up

　

　

500

500

500

Div.P.Share(¥)

　

　

14,352.00

17,686.00

13,500.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

4.74

-32.77

67.67

-6.25

    Current Ratio

 

..

117.88

112.32

..

    N.Worth Ratio

..

22.88

17.05

16.53

    R.Profit/Sales

 

1.70

1.77

1.49

2.45

    N.Profit/Sales

1.04

1.04

0.86

1.43

    Return On Equity

..

11.63

14.41

14.74

 

Notes: Forecast (or estimated) figures for the 31/03/2011 fiscal term. 

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, SOJITZ CORP

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2010

31/03/2009

INCOME STATEMENT

 

 

 

  Annual Sales

　

3,844,418

5,166,182

 

  Cost of Sales

3,666,215

4,930,564

 

      GROSS PROFIT

178,203

235,618

 

  Selling & Adm Costs

162,074

183,611

 

      OPERATING PROFIT

16,128

52,006

 

  Non-Operating P/L

-2,426

-18,370

 

      RECURRING PROFIT

13,702

33,636

　

      NET PROFIT

8,794

19,001

BALANCE SHEET

 

 

 

 

  Cash

　

455,728

421,629

 

  Receivables

 

462,223

522,397

 

  Inventory

 

248,629

382,899

 

  Securities, Marketable

6,131

2,133

 

  Other Current Assets

112,566

144,114

 

      TOTAL CURRENT ASSETS

1,285,277

1,473,172

 

  Property & Equipment

222,665

209,720

 

  Intangibles

 

114,445

114,855

 

  Investments, Other Fixed Assets

538,531

515,211

 

      TOTAL ASSETS

2,160,918

2,312,958

 

  Payables

 

377,468

418,811

 

  Short-Term Bank Loans

256,652

351,841

 

　

 

　

　

 

  Other Current Liabs

207,413

269,205

 

      TOTAL CURRENT LIABS

841,533

1,039,857

 

  Debentures

 

123,647

155,120

 

  Long-Term Bank Loans

763,098

702,861

 

  Reserve for Retirement Allw

13,280

16,174

 

  Other Debts

　

41,956

43,442

 

      TOTAL LIABILITIES

1,783,514

1,957,454

 

      MINORITY INTERESTS

 

 

 

Common stock

160,339

160,339

 

Additional paid-in capital

152,160

152,160

 

Retained earnings

146,489

142,157

 

Evaluation p/l on investments/securities

14,845

6,236

 

Others

 

(96,260)

(105,223)

 

Treasury stock, at cost

(169)

(166)

 

      TOTAL S/HOLDERS` EQUITY

377,404

355,503

　

      TOTAL EQUITIES

2,160,918

2,312,958

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2010

31/03/2009

 

Cash Flows from Operating Activities

　

107,222

103,729

 

Cash Flows from Investment Activities

28,439

-17,198

 

Cash Flows from Financing Activities

-102,597

-5,958

　

Cash, Bank Deposits at the Term End

　

454,262

414,419

ANALYTICAL RATIOS            Terms ending:

31/03/2010

31/03/2009

 

 

Net Worth (S/Holders' Equity)

377,404

355,503

 

 

Current Ratio (%)

152.73

141.67

 

 

Net Worth Ratio (%)

17.46

15.37

 

 

Recurring Profit Ratio (%)

0.36

0.65

 

 

Net Profit Ratio (%)

0.23

0.37

 

 

Return On Equity (%)

2.33

5.34

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.73.25

Euro

1

Rs.62.68

 

 

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

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

 

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%)

 

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.