MIRA INFORM REPORT

 

 

Report Date :

09.05.2012

 

IDENTIFICATION DETAILS

 

Name :

HISSAN TRDING CO LTD

 

 

Registered Office :

Shiba Park Bldg, 2-4-1 Shibakoen Minatoku Tokyo 105-8508

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

Apr 1932

 

 

Com. Reg. No.:

(Tokyo-Minatoku) 031628

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Import, export, wholesale of steel materials, building materials, electronics

 

 

No. of Employees :

114

 

 

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

 

Status :

Satisfactory

Payment Behaviour :

Regular

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 – September 30, 2011

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 and address

 

HISSAN TRDING CO LTD

REGD NAME:    Hissan Shoji KK

MAIN OFFICE:  Shiba Park Bldg, 2-4-1 Shibakoen Minatoku Tokyo 105-8508 JAPAN

Tel: 03-5405-6111    

 

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

E-mail:             info@hissan.co.jp         

 

 

ACTIVITIES

 

Import, export, wholesale of steel materials, building materials, electronics

 

 

BRANCHES   

 

Sapporo, Osaka, Nagoya, Fukuoka, Oita, other (Tot 11)

 

 

OVERSEAS   

 

Taiwan, Shanghai, Hong Kong, Singapore, India, Korea

 

 

OFFICER(S)  

 

MAMORU HOSHI, PRE  S          Yoshiaki Mikami, ch

Motoharu Honma, s/mgn dir        Takeshi Okada, mgn dir

Shigeru Matsumoto, mgn dir       Shoji Okabe, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                 A/SALES          Yen 48,190 M

PAYMENTS      REGULAR         CAPITAL           Yen 1,200 M

TREND UP                    WORTH            Yen 2,416 M

STARTED         1932                 EMPLOYES      114

 

 

 

COMMENT    

 

TRADING FIRM CHEMICALS, STEEL MATERIALS, OTHER, AFFILIATED

WITH DENKI KAGAKU KOGYO KK 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

 

                       

HIGHLIGHTS

           

            The subject company was established by a local entrepreneur in order to wholesale chemicals and steel products.  Incorporated in 1932 and the firm became a subsidiary of Denki Kagaku Kogyo KK (See REGISTRATION).  This is a trading firm specializing in import, export and wholesale of industrial chemicals, steel mfg materials, paper-related products, electronics, other.  In Aug 2010, transferred the business operations from a subsidiary, Aiko Chemical Co Ltd.  Has six overseas subsidiaries in Hong Kong, Taiwan, Singapore, India, Korea and China.

 

 

FINANCIAL INFORMATION

 

            The sales volume for Mar/2010 fiscal term amounted to Yen 48,190 million, an 8% up from Yen 44,546 million in the previous term.  This is attributed to he said transfer of business operations from Aiko Chemical Co Ltd.  The recurring profit was posted at Yen 316 million and the net profit at Yen 178 million, respectively, compared with Yen 194 million recurring profit and Yen 88 million net profit, respectively, a year ago.  .

 

For the tem that ended Mar 2012 the recurring profit was projected at Yen 350 million and the net profit at Yen 200 million, respectively, on a 2% rise in turnover, to Yen 49,200 million.  The said business transfer contributed in full terms.  Final results are yet to be released.

           

            The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:  Apr 1932

Regd No.:          (Tokyo-Minatoku) 031628

Legal Status:   　Limited Company (Kabushiki Kaisha)

Authorized:      　96 million shares

Issued:             　24 million shares

Sum:                　Yen 1,200 million

Major shareholders (%): Denki Kagaku Kogyo KK* (65.6), Japan Pulp & Paper (14.4), Mizuho Corporate Bank (4.3)

No. of shareholders: 76

 

* Leading second-tier comprehensive chemical mfr, Tokyo, founded 1915, listed Tokyo S/E, capital Yen 36,998 million, sales Yen 357,893 million, operating profit Yen 24,618 million, recurring profit Yen 23,052 million, net profit Yen 14,355 million, total assets Yen 402,046 million, net worth Yen 168,182 million, employees 4,768, pres Shinsuke Yoshitaka

Consolidated Financials are attached (See SUPPLEMENTS)

 

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

 

 

OPERATION

 

Activities: Trading firm for import, export and wholesale of:

Chemicals & Plastics (24%): inorganic chemicals, solvents, monomers, adhesives, synthetic resins, plastics, packaging materials, plastic films, plastic sheets;

Steel & Iron Materials & Welding Materials (24%): ferroalloys, stainless scraps, refractory metals, stainless steel plates, pipes, titanium, welding materials, high-pressure gases, fire-proof cement, high-pressure gas vessels, waste water disposal facilities;

Paper-Related Products (14%): paper-related chemicals, silicon, adhesives, pulps, waste paper, other;

Building Materials (11%): cement, admixtures, water-proof materials, construction & building materials, water-proof works, floorings, others;

High-Functional Chemicals (18%): synthetic rubber, conveyor belts, adhesives, sponge wet suits, cables, gloves, wipers, air suspensions, car motor cycle parts, hoses, boots;

Electronics Materials (9%): semiconductor related materials, LCD-related materials, photo-resist materials, other.

Others (3%)

 

Clients: [Mfrs, wholesalers] Oji Paper Ind, Itochu Plastics, Denki Kagaku Kogyo, NEC Semiconductors Kansai, Nippon Steel, Sanyo Chemical Ind, other

No. of accounts: 500

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Denki Kagaku Kogyo, BASF Catalysts LLC, Toagosei Co, Tokyo Ohka Kogyo, Nippon Steel & Sumikin Welding Co, other

 

Payment record: Regular

 

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

 

Bank References:

Mizuho Corporate Bank (Uchisaiwaicho)

SMBC (Kyobashi)

Relations: Satisfactory

 

 

 

FINANCES

 

(In Million Yen)

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

49,200

48,190

44,546

44,206

Recur. Profit

　

350

316

194

171

Net Profit

　

200

178

88

112

Total Assets

　

　

16,939

17,244

15,542

Current Assets

　

　

14,877

15,099

13,780

Current Liabs

　

　

13,992

14,383

13,012

Net Worth

　

　

2,416

2,279

2,004

Capital, Paid-Up

　

　

1,200

1,200

1,200

Div.P.Share(¥)

　

　

3.00

3.00

3.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

2.10

8.18

0.77

-6.97

    Current Ratio

 

..

106.33

104.98

105.90

    N.Worth Ratio

..

14.26

13.22

12.89

    R.Profit/Sales

 

0.71

0.66

0.44

0.39

    N.Profit/Sales

0.41

0.37

0.20

0.25

    Return On Equity

..

7.37

3.86

5.59

 

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

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF DENKI KAGAKU KOGYO CO LTD

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

357,893

323,875

 

  Cost of Sales

281,219

251,411

 

      GROSS PROFIT

76,673

72,464

 

  Selling & Adm Costs

52,054

50,809

 

      OPERATING PROFIT

24,618

21,655

 

  Non-Operating P/L

-1,566

-4,767

 

      RECURRING PROFIT

23,052

16,888

　

      NET PROFIT

14,355

10,474

BALANCE SHEET

 

 

 

 

  Cash

　

6,258

6,856

 

  Receivables

 

75,564

74,843

 

  Inventory

 

47,621

44,411

 

  Securities, Marketable

　

　

 

  Other Current Assets

13,909

12,250

 

      TOTAL CURRENT ASSETS

143,352

138,360

 

  Property & Equipment

203,395

207,005

 

  Intangibles

 

2,749

3,476

 

  Investments, Other Fixed Assets

52,550

51,566

 

      TOTAL ASSETS

402,046

400,407

 

  Payables

 

48,364

45,499

 

  Short-Term Bank Loans

35,730

38,327

 

　

 

　

　

 

  Other Current Liabs

69,316

66,863

 

      TOTAL CURRENT LIABS

153,410

150,689

 

  Debentures

 

25,000

25,000

 

  Long-Term Bank Loans

28,929

37,866

 

  Reserve for Retirement Allw

6,855

6,860

 

  Other Debts

　

19,670

19,676

 

      TOTAL LIABILITIES

233,864

240,091

 

      MINORITY INTERESTS

 

 

 

Common stock

36,998

35,998

 

Additional paid-in capital

49,292

49,303

 

Retained earnings

73,997

64,550

 

Evaluation p/l on investments/securities

4,858

5,361

 

Others

 

6,679

8,766

 

Treasury stock, at cost

(3,642)

(3,662)

 

      TOTAL S/HOLDERS` EQUITY

168,182

160,316

　

      TOTAL EQUITIES

402,046

400,407

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

33,780

46,418

 

Cash Flows from Investment Activities

-23,763

-28,377

 

Cash Flows from Financing Activities

-10,554

-17,262

　

Cash, Bank Deposits at the Term End

　

6,160

6,815

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

168,182

160,316

 

 

Current Ratio (%)

93.44

91.82

 

 

Net Worth Ratio (%)

41.83

40.04

 

 

Recurring Profit Ratio (%)

6.44

5.21

 

 

Net Profit Ratio (%)

4.01

3.23

 

 

Return On Equity (%)

8.54

6.53

 

           


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.85

UK Pound

1

Rs.85.44

Euro

1

Rs.68.80

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.