MIRA INFORM REPORT

 

 

Report Date :           

19.09.2011

 

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) :

31.03.2011

 

 

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 499.7 Million

Status :

Satisfactory

Payment Behaviour :

Usually Correct

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

 

 Bottom of Form

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

                       

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                 A/SALES          Yen 23,841 M

PAYMENTS      REGULAR         CAPITAL           Yen 500 M

TREND SLOW              WORTH            Yen 2,749 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 499.7 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established originally on the basis of Kyushu Branch Office separated from the 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/2011 fiscal term amounted to Yen 23,841 million, a 25% down from Yen 31,983 million in the previous term.  Sales were substantially affected by the North Japan Earthquake & Tsunami that assaulted on 11/03/2011.  Products supplies derailed or stopped.  The clients firms also hurt and demand drastically declined.  High Yen hurt sales & profits in Yen terms, too.  The net recurring profit was posted at yen 560 million and the net profit at Yen 333 million respectively, compared with Yen 566 million recurring profit and Yen 334 million net profit, respectively, a year ago.  .

 

For the current term ending Mar 2012 the recurring profit is projected at Yen 590 million and the net profit at Yen 350 million, respectively, on a 10% rise in turnover, to Yen 26,200 million. 

           

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 499.7 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 4,014,639 million, operating profit Yen 37,519 million, recurring profit Yen 45,316 million, net profit Yen 15,981 million, total assets Yen 2,116,960 million, net worth Yen 355,510 million, employees 16,456, 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, Nafco Corp, other

            No. of accounts: 500

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Sojitz Corp, Sojitz Marine & Engineering, Kawasaki Machine Systems, Sojitz Marine & Engineering Corp, Ishibashi Gihan Co, The Torigoe Co, 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:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

26,200

23,841

31,983

47,571

Recur. Profit

　

590

560

566

709

Net Profit

　

350

333

334

411

Total Assets

　

　

11,207

12,553

16,735

Current Assets

　

　

9,882

11,235

15,396

Current Liabs

　

　

8,330

9,531

13,707

Net Worth

　

　

2,749

2,872

2,853

Capital, Paid-Up

　

　

500

500

500

Div.P.Share(¥)

　

　

0.00

14352.00

17686.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

9.89

-25.46

-32.77

23.97

    Current Ratio

 

..

118.63

117.88

112.32

    N.Worth Ratio

..

24.53

22.88

17.05

    R.Profit/Sales

 

2.25

2.35

1.77

1.49

    N.Profit/Sales

1.34

1.40

1.04

0.86

    Return On Equity

..

12.11

11.63

14.41

 

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

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, SOJITZ CORP

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

4,014,639

3,844,418

 

  Cost of Sales

3,821,914

3,666,215

 

      GROSS PROFIT

192,725

178,203

 

  Selling & Adm Costs

155,205

162,074

 

      OPERATING PROFIT

37,519

16,128

 

  Non-Operating P/L

7,797

-2,426

 

      RECURRING PROFIT

45,316

13,702

　

      NET PROFIT

15,981

8,974

BALANCE SHEET

 

 

 

 

  Cash

　

415,694

455,728

 

  Receivables

 

478,880

462,233

 

  Inventory

 

243,210

248,629

 

  Securities, Marketable

5,437

6,131

 

  Other Current Assets

123,408

112,556

 

      TOTAL CURRENT ASSETS

1,266,629

1,285,277

 

  Property & Equipment

215,774

222,665

 

  Intangibles

 

132,595

114,445

 

  Investments, Other Fixed Assets

501,962

538,531

 

      TOTAL ASSETS

2,116,960

2,160,918

 

  Payables

 

414,984

377,468

 

  Short-Term Bank Loans

247,656

256,652

 

　

 

　

　

 

  Other Current Liabs

227,904

207,413

 

      TOTAL CURRENT LIABS

890,544

841,533

 

  Debentures

 

82,719

123,647

 

  Long-Term Bank Loans

723,926

763,098

 

  Reserve for Retirement Allw

13,136

13,280

 

  Other Debts

　

51,124

41,956

 

      TOTAL LIABILITIES

1,761,449

1,783,514

 

      MINORITY INTERESTS

 

 

 

Common stock

160,339

160,339

 

Additional paid-in capital

152,160

152,160

 

Retained earnings

159,358

146,489

 

Evaluation p/l on investments/securities

12,310

14,845

 

Others

 

(128,487)

(96,260)

 

Treasury stock, at cost

(170)

(169)

 

      TOTAL S/HOLDERS` EQUITY

355,510

377,404

　

      TOTAL EQUITIES

2,116,960

2,160,918

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

67,863

107,222

 

Cash Flows from Investment Activities

-19,903

28,439

 

Cash Flows from Financing Activities

-72,054

-102,597

　

Cash, Bank Deposits at the Term End

　

415,261

454,262

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

355,510

377,404

 

 

Current Ratio (%)

142.23

152.73

 

 

Net Worth Ratio (%)

16.79

17.46

 

 

Recurring Profit Ratio (%)

1.13

0.36

 

 

Net Profit Ratio (%)

0.40

0.23

 

 

Return On Equity (%)

4.50

2.38

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.47

UK Pound

1

Rs.74.96

Euro

1

Rs.65.79

 

 

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.