MIRA INFORM
REPORT
|
Report Date : |
29.06.2011 |
IDENTIFICATION DETAILS
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Name : |
MITSUI BUSSAN CHEMICALS CO LTD |
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Registered Office : |
Kayabacho First Bldg 2F, 1-17-21 Shinkawa
Chuoku Tokyo 104-0033 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
March 1991 |
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Com. Reg. No.: |
(Tokyo—Chuoku) 03451 |
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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 |
|
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 498.4 Million |
|
Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 |
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Insignificant |
A1 |
|
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
MITSUI BUSSAN CHEMICALS CO LTD
REGD NAME
Mitsui Bussan
Chemical KK
MAIN OFFICe
Kayabacho First
Bldg 2F, 1-17-21 Shinkawa Chuoku Tokyo 104-0033 JAPAN
Tel: 03-5540-6041 Fax: 03-5540-6289
URL: http://www.mb-chemicals.co.jp
E-Mail address: info@mb-chemicals.co.jp
ACTIVITIES
Import,
export, wholesale of industrial chemicals
BRANCHES
Osaka,
Nagoya, Fukuoka, Omuta
OFFICERS
HIROYASU
TAKAHASHI, PRES Hideki Matsuura, dir
Yoshiharu Ueda, dir Katsuhisa Nishida, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES
FAIR A/SALES: Yen 103,573 M
PAYMENTS REGULAR CAPITAL Yen
800 M
TREND SLOW WORTH Yen
2,139 M
STARTED 1991 EMPLOYES 225
COMMENT
TRADING FIRM SPECIALIZING IN INDUSTRIAL CHEMICALS, OWNED BY
MITSUI & CO LTD.
FINANCIAL SITUATION
CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 498.4 MILLION,
30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company
was established on the basis of a chemicals division separated from Mitsui
& Co Ltd (See REGISTRATION), as
Mitsui Bussan Solvent & Coating Co Ltd.
In Apr 2009, merged with Bussan Chemicals Co Ltd and renamed as
captioned. This is a trading firm for
import, export and wholesale of industrial chemicals (See OPERATION). Goods are
imported and exported worldwide. Clients
include major chemical mfrs, wholesalers, other, nationwide.
FINANCIAL INFORMATION
The sales volume for
Mar/2010 fiscal term amounted to Yen 103,573 million, a 42% up from Yen 72,781
million in the previous term. This is
attributed to the said merger of a sister company. Chemical intermediate products such as phenol
showed stable performance due to increases in both price & sales volume
mainly in China. The recurring profit
was posted at Yen 403 million and the net profit at Yen 42 million, compared
with Yen 522 million recurring profit and Yen 7 million net losses,
respectively, a year ago.
For the term that
ended Mar 2011 the recurring profit was projected at Yen 700 million and the
net profit at Yen 420 million, respectively, on a 4% rise in turnover, to Yen
108,000 million. The parent, Mitsui
& Co Ltd, reported a 6.2% hike in sales turnover. Final results are yet to be released.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 498.4
million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar 1991
Regd No.: (Tokyo—Chuoku) 03451
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
64,000 shares
Issued: 16,000 shares
Sum: Yen 800 million
Major shareholders (%): Mitsui & Co Ltd* (100)
*.. General trading house vying with Mitsubishi Corp, for top position,
Tokyo, founded 1947, listed Tokyo, Osaka, Nagoya, Fukuoka, Sapporo, NASDAQ
S/E’s, capital Yen 341,482 million, sales Yen 9,942,472 million, operating
profit Yen 317,003 million, recurring profit Yen 272,697 million, net profit
Yen 306,659 million, total assets Yen 8,598,124 million, net worth Yen
2,553,334 million, employees 41,462, pres Masami Iijima
Consolidated
Financials are attached (See SUPPLEMENTS)
Nothing detrimental
is known as to the commercial morality of executives.
OPERATION
Activities: Import, exports and wholesales industrial chemicals: solvents,
coating materials, paints, adhesives, pigments, plastic additives, urethane
materials, biocides, water treatment chemicals, soda chemicals, ammonia, nitric
acid, sulphuric acid, organic & inorganic chemicals, other (--100%)
Clients: [Mfrs, wholesalers] Mitsui Chemical, Wuxi Baichuan Chemical Ind, Koyo
Boeki, Sanyu Industrial Co, other
No. of accounts: 800
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs, wholesalers] Mitsui Chemical Co, Mitsui & Co, Chugoku
Marine Paints, Sumitomo Chemical, Daicel Chemical Ind, other
Payment record: Regular
Location: Business area in Tokyo. Office
premises at the caption address are leased and maintained satisfactorily.
Bank References:
SMBC
(H/O)
MUFG
(Shimbashi)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
31/03/2011 |
31/03/2010 |
31/03/2009 |
31/03/2008 |
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Annual
Sales |
|
108,000 |
103,573 |
72,781 |
78,250 |
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Recur.
Profit |
|
700 |
699 |
884 |
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Net
Profit |
|
420 |
403 |
522 |
694 |
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Total
Assets |
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37,383 |
17,331 |
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Current
Assets |
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36,167 |
16,518 |
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Current
Liabs |
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|
34,553 |
15,754 |
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Net
Worth |
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2,139 |
1,192 |
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Capital,
Paid-Up |
|
|
800 |
800 |
800 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.27 |
42.31 |
-6.99 |
1.62 |
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Current Ratio |
|
.. |
104.67 |
104.85 |
.. |
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N.Worth Ratio |
.. |
5.72 |
6.88 |
.. |
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R.Profit/Sales |
|
0.65 |
0.67 |
1.21 |
.. |
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N.Profit/Sales |
0.39 |
0.39 |
0.72 |
0.89 |
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Return On Equity |
.. |
18.84 |
43.79 |
.. |
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Notes:
Forecast (or estimated) figures for the 31/03/2011 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT, MITSUI
& CO LTD
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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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9,942,472 |
9,358,379 |
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Cost of Sales |
3,820,220 |
3,394,484 |
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GROSS PROFIT |
6,122,252 |
5,963,895 |
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Selling & Adm Costs |
5,805,249 |
5,819,382 |
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OPERATING PROFIT |
317,003 |
144,513 |
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Non-Operating P/L |
-44,306 |
-18,473 |
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RECURRING PROFIT |
272,697 |
126,040 |
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NET PROFIT |
306,659 |
149,719 |
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BALANCE SHEET |
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Cash |
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1,441,059 |
1,402,399 |
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Receivables |
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1,463,601 |
1,382,259 |
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Inventory |
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467,355 |
504,547 |
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Securities, Marketable |
5,602 |
4,361 |
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Other Current Assets |
940,025 |
967,524 |
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TOTAL CURRENT ASSETS |
4,317,642 |
4,261,090 |
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Property & Equipment |
1,030,748 |
978,560 |
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Intangibles |
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87,525 |
84,741 |
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Investments, Other Fixed Assets |
3,162,209 |
3,044,593 |
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TOTAL ASSETS |
8,598,124 |
8,368,984 |
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Payables |
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1,316,772 |
1,307,980 |
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Short-Term Bank Loans |
250,062 |
241,380 |
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Other Current Liabs |
976,115 |
831,407 |
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TOTAL CURRENT LIABS |
2,542,949 |
2,380,767 |
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Debentures |
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Long-Term Bank Loans |
2,818,529 |
2,909,794 |
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Reserve for Retirement Allw |
37,054 |
33,927 |
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Other Debts |
|
614,690 |
646,258 |
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TOTAL LIABILITIES |
6,313,222 |
5,970,746 |
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MINORITY INTERESTS |
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Common
stock |
341,482 |
341,482 |
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Additional
paid-in capital |
430,152 |
428,848 |
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Retained
earnings |
1,922,034 |
1,671,945 |
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Evaluation
p/l on investments/securities |
96,657 |
123,891 |
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Others |
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(230,650) |
(130,891) |
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Treasury
stock, at cost |
(6,341) |
(6,321) |
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TOTAL S/HOLDERS` EQUITY |
2,553,334 |
2,429,806 |
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TOTAL EQUITIES |
8,598,124 |
8,368,984 |
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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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504,474 |
632,360 |
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Cash Flows
from Investment Activities |
-484,021 |
-180,093 |
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Cash
Flows from Financing Activities |
33,820 |
-214,445 |
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Cash,
Bank Deposits at the Term End |
|
1,441,059 |
1,401,399 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
2,553,334 |
2,429,806 |
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Current
Ratio (%) |
169.79 |
178.98 |
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Net
Worth Ratio (%) |
29.70 |
29.03 |
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Recurring
Profit Ratio (%) |
2.74 |
1.35 |
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Net
Profit Ratio (%) |
3.08 |
1.60 |
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Return
On Equity (%) |
12.01 |
6.16 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.05 |
|
UK Pound |
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.64.37 |
RATING EXPLANATIONS
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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 |
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---- |
NB |
New Business |
---- |
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.