MIRA INFORM REPORT

 

 

Report Date :           

10.10.2011

 

IDENTIFICATION DETAILS

 

Name :

CBC CO LTD

 

 

Registered Office :

CBC Bldg, 2-15-13 Tsukishima Chuoku Tokyo 104-0052

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

November 1935

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Trading firm for import, export, wholesale of chemical products, IT-related products, security-related products

 

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 2,831.4 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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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

 

CBC CO LTD

 

 

REGD NAME

 

CBC KK           

 

 

MAIN OFFICE

 

CBC Bldg, 2-15-13 Tsukishima Chuoku Tokyo 104-0052 JAPAN

Tel: 03-3536-4500     Fax: 03-3536-4774

 

URL:                             http://www.cbc.co.jp/

E-Mail address:                        info@cbc.co.jp

 

 

ACTIVITIES

 

Trading firm for import, export, wholesale of chemical products, IT-related products, security-related products

 

 

BRANCHES

 

Osaka, Nagoya, Fukuoka, Mishima

 

 

OVERSEAS   

 

New York, Los Angeles, London, Milan, Paris, Düsseldorf, Warsaw, Taipei,  Bangkok, Singapore, Jakarta, Chittagong, Mumbai, China (4), other (Tot 31)

 

 

FACTORIES  

 

Osaka, Mishima; Novata (Italy), Chittagong (Bangladesh), Bangkok  (Thailand), Beijing, Chungshu, Dongguan (--

China) (--subcontracted)

 

OFFICER(S)  

 

UTARO DOI, PRES                               Takayasu Owada, s/mgn dir                                           

Koichi Morimoto, s/mgn dir                     Shoichi Takabatake, s/mgn dir                           

Shuichi Akatsuka, mgn dir                     Yutaka Sasaki, mgn dir 

 

Yen Amount:    In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                             A/SALES          Yen 140,033 M

PAYMENTS                  REGULAR                     CAPITAL           Yen 5,100 M

TREND             SLOW                          WORTH            Yen 25,667 M

STARTED                     1935                             EMPLOYES      535

 

 

COMMENT    

 

TRADING HOUSE SPECIALIZING IN INDUSTRIAL CHEMICALS &  IT-RELATED PRODUCTS. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR RDINARY BUSINESS ENGAGEMENTS.

 

MAX CREDIT LIMIT: YEN 2,831.4 MILLION, 30 DAYS NORMAL TERMS.

 

 

                                    Notes: Forecast (or estimated) figures for the 31/03/2012 fiscal term.

 

 

HIGHLIGHTS

           

The subject company was established originally in 1925 by a certain Doi, and has been

succeeded by the present executives.  This is a trading firm specializing in industrial chemicals, synthetic resins, medical products, agricultural chemicals, etc.  Of recent development include security apparatus, such as monitoring camera lenses, devices, etc, both rising in demand at home and abroad.  Goods are originally designed and manufactured on consignment by overseas factories.  Also handles liquid crystal display panels and peripherals.  In Jun 2006, acquired all stocks of PROCOS, pharmaceutical fine chemicals mfr, Italy, to make it a wholly owned subsidiary.  In Oct 2010, invested in Millinet Solar Co Ltd, a solar cell maker in Korea.  Operates a global network of 31 bases in 15 countries including USA and countries in Western & Eastern Europe and Asia including Middle East.  Clients are major chemical mfrs, pharmaceuticals, other in the related fields.

           

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2010 fiscal term amounted to Yen 140,033 million, a 10% up from Yen 127,249 million in the previous term.  Market recovered.  Demand rose in all segments.  The acquired solar cell maker in Korea contributed in the second half.  The recurring profit was posted at Yen 2,896 million and the net profit at Yen 1,751 million, respectively, compared with Yen 1,835 million recurring profit and Yen 577 million net profit, respectively, a year ago.

 

For the current ending Mar 2012 the recurring profit is projected at Yen 2,900 million and the net profit at Yen 1,800 million, respectively, on a 6% rise in turnover, to Yen 148,000 million.  Sales to automotive industries will increase in S/E Asia.  Consigned mfg of generic pharmaceuticals is brisk.

 

The financial situation is considered FAIR and good for ordinary BUSINESS engagements.  Max credit limit is estimated at Yen 2,831.4 million, on 30 days normal terms. 

 

 

REGISTRATION

 

Date Registered:  Nov 1935

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         68 million shared

Issued:                17 million shares

Sum:                   Yen 5,100 million

 

Major shareholders (%): Utaro Doi (24.6), Employees’ S/Holding Assn (22.7), U-D KK (16.6), Shotaro Doi (14.7)

 

No. of shareholders: 23

 

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

 

 

OPERATION

 

Activities: A trading house specializing in security-related products (monitoring camera lenses, apparatus, etc), liquid crystal display panels & peripherals, solar batteries, electronic components & devices (--56%), other industrial chemicals, synthetic resins, medical products, agricultural chemicals, foodstuffs, textiles & clothing, others (--44%). 

 

(Export 20%)

           

Clients: [Mfrs, wholesalers] Circle K Sunkus, Toppan Printing, Sony Corp, Yakult Honsha, Nitto Denko Corp, Nippon Paint, Takeda Chemical, other

           


No. of accounts: 1,000

 

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Asahi Denka Kogyo, Shin-Etsu Chemical, Okura Ind, Mitsubishi Rayon, Sumitomo Chemical, DIC, Kyowa Hakko Chemical, Samsung, LG        (--Korea) other

 

Payment record: Regular

 

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

           

Bank References:

·         MUFG (Tokyo)

·         Mizuho Bank (Kyobashi)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

140,033

127,249

 

  Cost of Sales

128,794

116,961

 

      GROSS PROFIT

11,238

10,287

 

  Selling & Adm Costs

8,306

8,622

 

      OPERATING PROFIT

2,932

1,665

 

  Non-Operating P/L

-36

170

 

      RECURRING PROFIT

2,896

1,835

　

      NET PROFIT

1,751

577

BALANCE SHEET

 

 

 

 

  Cash

　

6,449

5,508

 

  Receivables

 

35,592

36,334

 

  Inventory

 

5,152

4,487

 

  Securities, Marketable

　

　

 

  Other Current Assets

12,410

14,316

 

      TOTAL CURRENT ASSETS

59,603

60,645

 

  Property & Equipment

7,849

8,016

 

  Intangibles

 

999

1,198

 

  Investments, Other Fixed Assets

28,844

31,641

 

      TOTAL ASSETS

97,295

101,500

 

  Payables

 

23,652

24,912

 

  Short-Term Bank Loans

17,220

19,370

 

　

 

　

　

 

  Other Current Liabs

13,083

53,187

 

      TOTAL CURRENT LIABS

53,955

97,469

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

15,385

16,442

 

  Reserve for Retirement Allw

776

721

 

  Other Debts

　

1,512

(37,994)

 

      TOTAL LIABILITIES

71,628

76,638

 

      MINORITY INTERESTS

 

 

 

Common stock

5,100

5,100

 

Additional paid-in capital

425

425

 

Retained earnings

18,770

17,170

 

Evaluation p/l on investments/securities

2,106

2,900

 

Others

 

(424)

(424)

 

Treasury stock, at cost

(310)

(310)

 

      TOTAL S/HOLDERS` EQUITY

25,667

24,861

　

      TOTAL EQUITIES

97,295

101,500

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

25,667

24,861

 

 

Current Ratio (%)

110.47

62.22

 

 

Net Worth Ratio (%)

26.38

24.49

 

 

Recurring Profit Ratio (%)

2.07

1.44

 

 

Net Profit Ratio (%)

1.25

0.45

 

 

Return On Equity (%)

6.82

2.32

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.14

UK Pound

1

Rs.75.97

Euro

1

Rs.65.99

 

 

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

----

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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