MIRA INFORM REPORT
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Report Date : |
08.06.2011 |
IDENTIFICATION DETAILS
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Name : |
MARUZEN CHEMICALS CO LTD |
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Registered Office : |
2-4-7 Doshomachi Chuoku Osaka 541-0045 |
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Country : |
Japan |
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Financials (as on) : |
31.10.2010 |
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Date of Incorporation : |
March 1938 |
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Com. Reg. No.: |
(Osaka-Chuoku) 077552 |
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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 : |
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 940.0 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
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Japan |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
|
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
MARUZEN CHEMICALS
CO LTD
REGD NAME
Maruzen Yakuhin
Sangyo KK
MAIN OFFICE
2-4-7 Doshomachi
Chuoku Osaka 541-0045 JAPAN
Tel:
06-6206-6669 Fax: 06-6206-5660
URL: http://www.maruzen-chem.co.jp/
E-Mail address: info@maruzen-chem.co.jp
ACTIVITIES
Import,
export, wholesale of industrial chemicals
BRANCHES
Tokyo,
Nagoya, Fukuoka, Sapporo, Sendai, Kanazawa, Chiba, Kanazawa, Toyama, Sakai,
Fukuyama
OVERSEAS
Taiwan,
China, USA, Korea, Singapore, Malaysia (--subsidiaries)
FACTORIES
Korea,
USA, Taiwan (--subsidiary mfrs)
OFFICER(S)
RYOICHI
YANAGIHARA, PRES Masahiko Shigemura, s/mgn dir
Ichiro
Katayama, mgn dir Hiromasa
Hamatani, mgn dir
Masaya
Nishiyama, dir Nobuyuki
Endo, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 59,663 M
PAYMENTS REGULAR CAPITAL Yen 330 M
TREND STEADY WORTH Yen
4,319 M
STARTED 1938 EMPLOYES 217
COMMENT
TRADING
FIRM SPECIALIZING IN INDUSTRIAL CHEMICALS.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 940.0 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established originally in 1869 by Yutaki Hayashi
as a pharmacy store, on his account. Incorporated
in 1985 as Maruzen Co Ltd in 1895. In
1938, reorganized and renamed as captioned.
This is a trading firm, with mfg division, specializing in import,
export and wholesale of industrial chemicals, agrochemicals, construction
materials, others. Active in overseas
operations with 6 subsidiaries engaged in sales & purchases: China, Taiwan,
Singapore & USA. Also 3 overseas
subsidiary factories: USA, Korea and Taiwan.
Acts as import agent for Edison Opto Corp (Taiwan), importing LED lamp,
module, lighting fixtures, others.
Domestic clients include chemicals mfrs, Zen-Noh, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Oct/2010 fiscal term amounted to Yen 59,663
million, a 17% up from Yen 50,959 million in the previous term. Demand was robust in China and other S/E
Asian countries in the first half.
Imports increased from Taiwan.
The recurring profit was posted at Yen 778 million and the net profit at
Yen 302 million, respectively, compared with Yen 405 million recurring profit and
Yen 217 million net profit, respectively, a year ago. .
For the current term ending Oct 2011 the recurring profit is projected
at Yen 790 million and the net profit at Yen 310 million, respectively, on a 6%
rise in turnover, to Yen 63,000 million.
China is said actively buying industrial chemicals. Rapid appreciation of the Yen may erode
earnings & profits. The above
figures could well be revised.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 940.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar 1938
Regd No.: (Osaka-Chuoku) 077552
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 7.2
million shares
Issued: 1.8 million shares
Sum: Yen 330 million
Major shareholders (%): Maruzen Shared Service*(29.9),
Employees’ S/Holding Assn (14.8)
* Real estate owner/manager owned by the subject.
No. of shareholders: 42
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports, exports
and wholesales:
(Sales Breakdown
by Divisions):
Industrial Chemicals (30%): toxic substances, deleterious substances,
dyestuffs, paints, oils & fats, industrial electronics products &
materials, high-pressure gases, liquefied gases, pharmaceuticals raw materials
& intermediates, disinfection chemicals, healthcare equipment, cosmetics,
veterinary pharmaceuticals, others;
Agricultural Chemicals (14%): agricultural materials, animal feeds,
fertilizers, seeds & seedlings;
Foods (12%): liquors, marine products, livestock products, food
additives, modifiers, acidifier, sweeteners, seasonings, anti-oxidants,
enhancers, thickeners, colorants, preservatives/disinfectants, food, others;
Electronics (25%): synthetic resins & molded products, machinery
& equipment, pollution processing & industrial pollution processing,
other;
Fine Chemicals (11%): raw materials for agro-chemicals & medicines,
functional resins/additives, raw materials for functional surface treatment,
cosmetics/toiletries;
Building Materials, others (8%): building & construction materials,
automobile parts, office supplies, electric home appliances, others;
Overseas sales Ratio (37%): Imports from and exports to USA, Europe,
China, Singapore, Taiwan, other. Acts as
import agent for Edison Opto Corp (Taiwan) for importing LED lamps, modules,
lighting fixtures, others.
Clients: [Electronic
mfrs, wholesalers, chemical mfrs] Sekisui Chemical Ind, Zen-Noh, Asahi Glass,
Showa Denko, Coca-Cola Japan, Murata Mfg Ind, Otsuka Chemical, other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Sekisui Chemical Ind, JSR, Otsuka Chemical, Nippon Kayaku, Asahi
Glass, Showa Denko, SDS Biotech, Stella Chemifa Corp, other.
Payment record:
Regular
Location:
Business area in Osaka. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho
Bank (Osaka)
MUFG
(Semba-Chuo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/10/2011 |
31/10/2010 |
31/10/2009 |
31/10/2008 |
|
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Annual
Sales |
|
63,000 |
59,663 |
50,959 |
57,849 |
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Recur.
Profit |
|
790 |
778 |
405 |
634 |
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Net
Profit |
|
310 |
302 |
217 |
302 |
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Total
Assets |
|
|
22,094 |
22,103 |
24,294 |
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Current
Assets |
|
|
16,783 |
15,571 |
17,713 |
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Current
Liabs |
|
|
13,636 |
13,082 |
15,514 |
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Net
Worth |
|
|
4,319 |
4,053 |
3,871 |
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Capital,
Paid-Up |
|
|
330 |
330 |
330 |
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Div.P.Share(¥) |
|
|
20.00 |
20.00 |
20.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.59 |
17.08 |
-11.91 |
7.22 |
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Current Ratio |
|
.. |
123.08 |
119.03 |
114.17 |
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N.Worth Ratio |
.. |
19.55 |
18.34 |
15.93 |
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R.Profit/Sales |
|
1.25 |
1.30 |
0.79 |
1.10 |
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N.Profit/Sales |
0.49 |
0.51 |
0.43 |
0.52 |
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Return On Equity |
.. |
6.99 |
5.35 |
7.80 |
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Notes: Forecast (or estimated) figures for the 31/10/2011
fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.74 |
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UK Pound |
1 |
Rs.73.25 |
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Euro |
1 |
Rs.65.48 |
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.