MIRA
INFORM REPORT
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Report Date : |
07.08.2012 |
IDENTIFICATION DETAILS
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Name : |
DAIKEN CORPORATION |
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Registered Office : |
1-1 Inami Minatoshi Toyama-Pref |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
September 1945 |
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Com. Reg. No.: |
1200-01-066468 (Toyama-Minato) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer
of housing materials |
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No. of Employees : |
3,183 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
DAIKEN CORPORATION
REGD NAME
Daiken Kogyo KK
MAIN OFFICE
1-6-20 Dojima Kitaku
Osaka 530-8210 JAPAN
Tel:
06-6452-6320
*.. The given address is its Tokyo Office -
*.. Registered at: 1-1 Inami Minatoshi Toyama-Pref
URL: http://www.daiken.jp
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of
housing materials
BRANCHES
Tokyo,
Osaka, Nagoya, Sapporo, Sendai, Saitama, Hiroshima, other (Tot 11)
OVERSEAS
Shanghai,
Singapore, Seoul, Taipei
FACTORIES
Inami
(Toyama), Mie, Okayama, Takahagi (Ibaraki)
CHIEF EXEC
RYOJI
SAWAKI, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 151,209 M
PAYMENTS REGULAR CAPITAL Yen 13,150 M
TREND UP WORTH Yen 36,949 M
STARTED 1945 EMPLOYES 3,183
COMMENT
MFR OF HOUSING MATERIALS . FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast figures for the 31/03/2013
fiscal term.
HIGHLIGHTS
This is a leading comprehensive mfr of housing materials, including wooden fiberboard, interior materials and flooring. Also manufactures special plywood for ships, rollingstock and musical instruments. Emphasis placed on fire walls and inorganic laminated boards. Has business alliance with Toto, YKK and Panasonic Electric Works. The firm will form a capital tie-up with Hokushin, aiming at joint materials procurement of medium-density fiberboards, production collaboration and technical exchange. The acquisition of the subsidiary, Hokushin Co Ltd, will also result in broadened sales networks. .
FINANCIAL INFORMATION
The sales volume for Mar/2012 fiscal term amounted to Yen 151,209 million, a 6.9% up from Yen 141,506 million in the previous term. The number of new house building was up 2.7% to 841,126 units. By Divisions, Housing Business (living space) up 4.9% to Yen 80,257 million; Eco Business up 4.5% to Yen 46,544 million, Engineering Business up 6.9% to Yen 151,209 million. The recurring profit was posted at Yen 4,600 million and the net profit at Yen 874 million, respectively, compared with Yen 4,373 million recurring profit and Yen 1,375 million net profit, respectively, a year ago.
(Apr/Jun/2012 results): Sales Yen 35,809 million (up 7.3%), operating profit Yen 254 million (down 59.1%), recurring profit Yen 390 million (down 46.8%), net profit Yen 78 million (Up 7.8%). (% compared with the corresponding period a year ago).
For the current term ending Mar 2013 the recurring profit is projected at Yen 4,600 million and the net profit at Yen 1,200 million, on a 4.5% rise in turnover, to Yen 158,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
Date Registered: Sept
1945
Regd No.: 1200-01-066468 (Toyama-Minato)
Legal Status: Limited Company (Kabushiki Kaisha
Authorized: 398,218,000 million shares
Issued:
130,218,000
Sum: Yen 13,150
million
Major shareholders (%): Itochu Corp (24.4), Company’s Treasury Stock (4.1), SMBC (3.7), Sumitomo Life Ins (3.5), Sumitomo Mitsui Trust Bank (3.3), Japan Trustee Services T (3.3), Nippon Life Ins (2.6), Sumitomo Forestry (2.4), Marubeni Corp (2.1), Customers’ S/Holding Assn (2.0); foreign owners (2.8)
No. of shareholders: 5,632
Listed on the S/Exchange (s) of: Tokyo, Osaka
Managements: Ryoji Sawaki, pres; Katsumi Fujii, v pres; Kazumasa Kanemasa, s/mgn dir; Shin’ichi Iwamoto, dir; Masanori Okuta, dir; Kenji Yamanaka, dir; Tatsuo Shibuya, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Daiken Engineering, Tobu Daiken Corp, other.
OPERATION
Activities: Manufactures materials for residential housing & construction, engineering works:
(Breakdown by
Divisions):
Housing Business (53%): For Living space: plywood, ceilings, floor paneling, doors, MDF (medium density fiberboards), sheeting & adhesives, storage, home furnishings & equipment;
Eco Business (31%): For offices, public facilities and shops: insulation boards, MDF, eco-friendly base plates, other;
Engineering Business (10%): House/building construction works, interior construction works, remodeling/refurbishing works, floor construction works, other:
Others (6%)
Clients: [Mfrs, wholesalers] Japan Kenzai Co, JUTEC Corp, Nice Corp, Mie Daiken Ind, Itochu Kenzai Corp, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Okayama Daiken Ind, Mie Daiken, Itochu Corp, Tobu Daiken Corp, other
Payment record: Regular
Location: Business area in Osaka. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
SMBC
(Osaka)
Norin
Chukin Bank (Osaka)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2012 |
31/03/2011 |
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INCOME STATEMENT |
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Annual Sales |
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151,209 |
141,506 |
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Cost of Sales |
113,189 |
102,345 |
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GROSS PROFIT |
38,020 |
39,161 |
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Selling & Adm Costs |
33,477 |
34,812 |
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OPERATING PROFIT |
4,542 |
4,349 |
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Non-Operating P/L |
59 |
24 |
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RECURRING PROFIT |
4,600 |
4,373 |
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NET PROFIT |
874 |
1,375 |
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BALANCE SHEET |
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Cash |
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9,639 |
5,733 |
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Receivables |
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33,424 |
28,734 |
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Inventory |
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20,782 |
18,043 |
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Securities, Marketable |
14 |
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Other Current Assets |
3,102 |
2,723 |
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TOTAL CURRENT ASSETS |
66,961 |
55,233 |
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Property & Equipment |
38,427 |
39,649 |
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Intangibles |
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1,962 |
2,026 |
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Investments, Other Fixed Assets |
18,119 |
19,061 |
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TOTAL ASSETS |
125,469 |
115,969 |
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Payables |
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24,881 |
17,624 |
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Short-Term Bank Loans |
9,328 |
9,027 |
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Other Current Liabs |
35,856 |
28,511 |
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TOTAL CURRENT LIABS |
70,065 |
55,162 |
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Debentures |
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5,000 |
10,000 |
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Long-Term Bank Loans |
8,231 |
8,163 |
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Reserve for Retirement Allw |
2,858 |
2,904 |
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Other Debts |
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2,365 |
2,901 |
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TOTAL LIABILITIES |
88,519 |
79,130 |
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MINORITY INTERESTS |
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Common
stock |
13,150 |
13,150 |
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Additional
paid-in capital |
11,850 |
11,850 |
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Retained
earnings |
9,691 |
9,758 |
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Evaluation
p/l on investments/securities |
162 |
(48) |
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Others |
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3,275 |
3,308 |
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Treasury
stock, at cost |
(1,179) |
(1,179) |
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TOTAL S/HOLDERS` EQUITY |
36,949 |
36,839 |
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TOTAL EQUITIES |
125,469 |
115,969 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2012 |
31/03/2011 |
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Cash
Flows from Operating Activities |
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9,074 |
4,438 |
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Cash
Flows from Investment Activities |
-3,218 |
-2,618 |
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Cash
Flows from Financing Activities |
-1,929 |
-7,095 |
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Cash,
Bank Deposits at the Term End |
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9,630 |
5,716 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
36,949 |
36,839 |
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Current
Ratio (%) |
95.57 |
100.13 |
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Net
Worth Ratio (%) |
29.45 |
31.77 |
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Recurring
Profit Ratio (%) |
3.04 |
3.09 |
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Net
Profit Ratio (%) |
0.58 |
0.97 |
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Return
On Equity (%) |
2.37 |
3.73 |
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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.55.47 |
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UK Pound |
1 |
Rs.86.60 |
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Euro |
1 |
Rs.68.66 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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.