MIRA
INFORM REPORT
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Report Date : |
26.09.2011 |
IDENTIFICATION DETAILS
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Name : |
ITOCHU CERATECH CORP |
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Registered Office : |
Tokyu Reit Hatchobori Bldg 8F, 2-7-1 Hatchobori Chuoku Tokyo 104-0032 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
December 1960 |
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Com. Reg. No.: |
(Tokyo-Chuoku) 124313 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacture of refractory materials, steel scraps |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 132.3 Million |
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Status : |
Moderate |
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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
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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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 and address
ITOCHU CERATECH CORP
REGD NAME: Itochu
Ceratech KK
MAIN OFFICE: Tokyu
Reit Hatchobori Bldg 8F, 2-7-1 Hatchobori Chuoku Tokyo 104-0032 JAPAN
Tel: 03-3523-7801 Fax: 03-3523-7811
URL: http://www.itc-cera.co.jp/
E-Mail address: info@itc-cera.co.jp
ACTIVITIES
Mfg of refractory materials,
steel scraps
BRANCHES
Osaka
FACTORIES
Seto (Aichi-Pref)
(2)
OFFICER(S)
NORIYASU INOUE,
PRES Yasuhiro Takahashi, dir
Yoshito Muraki,
dir Kimihito Nakamoto,
dir
Masanobu Ezoe, dir Akio Wakatsuki, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 9,917 M
PAYMENTS REGULAR CAPITAL Yen
409 M
TREND SLOW WORTH Yen
1,485 M
STARTED 1960 EMPLOYES 145
COMMENT
MFR SPECIALIZING
IN CERAMICS & REFRACTORY MATERIALS, WHOLLY
OWNED BY ITOCHU
CORP.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 132.3 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established originally
as Naigai Ceramics KK and in Dec 2000, merged with Itochu Ceramics Co Ltd and
renamed as captioned, to become under the Itochu Corp group firm. This is a specialized mfr of refractory
products for iron & steel plants, fine ceramics; also imports raw materials
for refractory products catering to steel furnaces, glass smelting and other
related industries. Goods are widely
exported to USA, Canada, Australia, Germany, France, China, Korea, other. Overseas clients include Thyssen group firms
(Germany), US Steel (USA), BHP (Australia, Posco (Korea), other. In Apr 2009, withdrew from unprofitable
building materials/products businesses that included: phenol boards for
office/housing use, furniture, housing products, interior products, midland
brick, other.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal
term amounted to Yen 9,917 million, a 9% up from Yen 9,131 million in the
previous term. Demand recovered from
steel makers after the global economic downturn and sales increased. The operations came back to profitability to
post Yen 348 million recurring profit and Yen 204 million net profit,
respectively, compared with Yen 150 million recurring loss and Yen 99 million
net losses, respectively, a year ago
For the current term ending Mar 2012 the
recurring profit is projected at Yen 370 million and the net profit at Yen 220
million, respectively, on a 6% rise in turnover, to Yen 10,500 million. Business is seen steadily expanding.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
Max credit limit is estimated at Yen 132.3
million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec
1960
Regd No.:
(Tokyo-Chuoku) 124313
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 3 million shares
Issued: 819,400 shares
Sum: Yen 409,700,000 million
Major shareholders (%): Itochu
Corp*(100)
* Nation’s leading
general trading house, Tokyo, founded 1949, listed Tokyo, Osaka, Nagoya,
Fukuoka, Sapporo S/E’s, capital Yen 202,241 million, turnover Yen 11,392,589
million, operating profit Yen 256,082 million, recurring profit Yen 182,097
million, net profit Yen 160,975 million, total assets Yen 5,673,683 million,
net worth Yen 1,397,510 million, employees 62,635, pres Masahiro Okafuji
Consolidated
Financials are as attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures refractory
products: spherical ceramic sand for foundry, refractory raw materials
(sintered alumina, synthetic mullite, aluminite ball); imports, exports &
wholesales steel/iron scraps, bio sensors, other (--100%).
Goods are both imported and exported thru
the parent, Itochu Corp.
Clients: [Mfrs,
wholesalers] Shinagawa Refractories (20%), Krosaki Harima Corp (20%),
Mitsubishi Shoji Building Materials (20%), Itochu Corp, Thyssen group firms,
Kinoshita Komuten, Itochu Europe, Ceratechno Corp, other.
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Itochu Corp, Krosaki Harima Corp, Nippon Light Metal,
Kaneka Corp, AGC Glass Building Co, Itochu
Enex, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Mizuho Bank (Yokoyamacho)
MUFG (Ohdenmacho)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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10,500 |
9,917 |
9,131 |
14,226 |
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Recur.
Profit |
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370 |
348 |
-150 |
34 |
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Net
Profit |
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220 |
204 |
-99 |
-38 |
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Total
Assets |
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8,135 |
8,252 |
9,620 |
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Current
Assets |
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4,851 |
4,715 |
5,853 |
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Current
Liabs |
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5,181 |
5,297 |
6,029 |
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Net
Worth |
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1,485 |
1,334 |
1,505 |
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Capital,
Paid-Up |
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|
409 |
409 |
409 |
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Div.P.Share(¥) |
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60.00 |
90.30 |
122.80 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.88 |
8.61 |
-35.81 |
-9.65 |
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Current Ratio |
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.. |
93.63 |
89.01 |
97.08 |
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N.Worth Ratio |
.. |
18.25 |
16.17 |
15.64 |
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R.Profit/Sales |
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3.52 |
3.51 |
-1.64 |
0.24 |
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N.Profit/Sales |
2.10 |
2.06 |
-1.08 |
-0.27 |
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Return On Equity |
.. |
13.74 |
-7.42 |
-2.52 |
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Notes: Forecast
(or estimated) figures for the 31/03/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT, ITOCHU CORP
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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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11,392,589 |
10,306,799 |
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Cost of Sales |
10,351,298 |
9,382,433 |
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GROSS PROFIT |
1,041,291 |
924,366 |
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Selling & Adm Costs |
785,209 |
776,952 |
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OPERATING PROFIT |
256,082 |
147,414 |
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Non-Operating P/L |
-73,985 |
7,572 |
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RECURRING PROFIT |
182,097 |
154,986 |
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NET PROFIT |
160,975 |
128,153 |
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BALANCE SHEET |
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Cash |
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630,722 |
475,674 |
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Receivables |
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1,434,363 |
1,426,682 |
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Inventory |
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504,342 |
476,066 |
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Securities, Marketable |
3,560 |
7,140 |
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Other Current Assets |
502,844 |
(492,081) |
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TOTAL CURRENT ASSETS |
3,075,831 |
1,893,481 |
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Property & Equipment |
643,629 |
666,351 |
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Intangibles |
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Investments, Other Fixed Assets |
1,954,223 |
2,917,015 |
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TOTAL ASSETS |
5,673,683 |
5,476,847 |
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Payables |
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1,239,609 |
1,217,599 |
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Short-Term Bank Loans |
241,915 |
229,236 |
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Other Current Liabs |
561,355 |
545,723 |
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TOTAL CURRENT LIABS |
2,042,879 |
1,992,558 |
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Debentures |
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Long-Term Bank Loans |
2,159,929 |
2,107,589 |
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Reserve for Retirement Allw |
52,564 |
43,314 |
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Other Debts |
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20,801 |
22,033 |
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TOTAL LIABILITIES |
4,276,173 |
4,165,494 |
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MINORITY INTERESTS |
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Common
stock |
202,241 |
202,241 |
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Additional
paid-in capital |
114,291 |
137,506 |
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Retained
earnings |
1,035,222 |
900,397 |
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Evaluation
p/l on investments/securities |
(139,038) |
(194,254) |
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Others |
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187,481 |
268,137 |
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Treasury
stock, at cost |
(2,687) |
(2,674) |
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TOTAL S/HOLDERS` EQUITY |
1,397,510 |
1,311,353 |
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TOTAL EQUITIES |
5,673,683 |
5,476,847 |
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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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336,868 |
295,376 |
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Cash
Flows from Investment Activities |
-230,420 |
-196,318 |
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Cash
Flows from Financing Activities |
52,905 |
-258,987 |
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Cash,
Bank Deposits at the Term End |
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630,722 |
475,674 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
1,397,510 |
1,311,353 |
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Current
Ratio (%) |
150.56 |
95.03 |
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Net
Worth Ratio (%) |
24.63 |
23.94 |
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Recurring
Profit Ratio (%) |
1.60 |
1.50 |
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Net
Profit Ratio (%) |
1.41 |
1.24 |
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Return
On Equity (%) |
11.52 |
9.77 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.67 |
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|
1 |
Rs.76.50 |
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Euro |
1 |
Rs.66.98 |
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 |
|
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 |
-- |
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.