MIRA
INFORM REPORT
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Report Date : |
11.05.2013 |
IDENTIFICATION DETAILS
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Name : |
CBC CO LTD |
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Registered Office : |
CBC Bldg, 2-15-13 Tsukishima Chuoku Tokyo
104-0052 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
November 1935 |
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Com. Reg. No.: |
0100-01-050333 (Tokyo-Chuoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Trading firm for import, export,
wholesale of chemical products, IT-related products, security-related
products |
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No. of Employees : |
535 employees |
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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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
JAPAN - ECONOMIC OVERVIEW
In the years following World War
II, government-industry cooperation, a strong work ethic, mastery of high
technology, and a comparatively small defense allocation (1% of GDP) helped
Japan develop a technologically advanced economy. Two notable characteristics
of the post-war economy were the close interlocking structures of
manufacturers, suppliers, and distributors, known as keiretsu, and the
guarantee of lifetime employment for a substantial portion of the urban labor
force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A tiny agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. Usually self-sufficient in rice, Japan imports about 60% of its
food on a caloric basis. Japan maintains one of the world's largest fishing
fleets and accounts for nearly 15% of the global catch. For three decades,
overall real economic growth had been spectacular - a 10% average in the 1960s,
a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed
markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s that
required a protracted period of time for firms to reduce excess debt, capital,
and labor. Measured on a purchasing power parity (PPP) basis that adjusts for
price differences, Japan in 2011 stood as the fourth-largest economy in the
world after second-place China, which surpassed Japan in 2001, and third-place
India, which edged out Japan in 2011. A sharp downturn in business investment
and global demand for Japan's exports in late 2008 pushed Japan further into
recession. Government stimulus spending helped the economy recover in late 2009
and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude
earthquake in March disrupted manufacturing. Electricity supplies remain tight
because Japan has temporarily shut down almost all of its nuclear power plants
after the Fukushima Daiichi nuclear reactors were crippled by the earthquake
and resulting tsunami. Estimates of the direct costs of the damage - rebuilding
homes, factories, and infrastructure - range from $235 billion to $310 billion,
and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has
proposed opening the agricultural and services sectors to greater foreign
competition and boosting exports through membership in the US-led Trans-Pacific
Partnership trade talks and by pursuing free-trade agreements with the EU and
others, but debate continues on restructuring the economy and reining in
Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation,
reliance on exports to drive growth, and an aging and shrinking population are
other major long-term challenges for the economy.
Source : CIA
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: Error! Hyperlink reference not valid.
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, COO
Shoichi
Takabatake, s/mgn dir Shuichi Akatsuka,
mgn dir
Yutaka
Sasaki, mgn dir Nobuyuki
Sugita, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 131,294 M
PAYMENTSSlow but Correct CAPITAL Yen
5,100 M
TREND SLOW WORTH Yen 25,760 M
STARTED 1935 EMPLOYES 535
COMMENT
TRADING HOUSE SPECIALIZING IN INDUSTRIAL CHEMICALS
& IT-RELATED PRODUCTS.
FINANCIAL SITUATION CONSIDERED FAIR TO GOOD AND RESPONSIBLE
FOR ORDINARY BUSINESS ENGAGEMENTS.
Notes:
Unit: In Million Yen
I Forecast (or estimated) figures for
the 31/03/2013 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/2012 fiscal term amounted to Yen 131,294 million, a 6% down from Yen140,033 million in the previous term. Sales were largely affected by the Great East Japan Earthquake in Mar/2011 and the Thai floods. Demand declined. The recurring profit was posted at Yen 2,665 million and the net profit at Yen 695 million, respectively, compared with Yen 2,896 million recurring profit and Yen 1,751 million net profit, respectively, a year ago. Wrote off Yen 1,270 million extraordinary losses coming from the sales of investment securities.
For the current ending Mar 2013 the recurring profit is projected at Yen 2,700 million and the net profit at Yen 750 million, respectively, on a 3% rise in turnover, to Yen 135,000 million. Business is on the recovery trend.
The financial situation is considered FAIR and good for ordinary BUSINESS engagements.
REGISTRATION
Date Registered: Nov 1935
Regd No.: 0100-01-050333 (Tokyo-Chuoku)
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, Okura Ind, 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, ADEKA, Kyowa Hakko Chemical, Samsung, LG (--Korea) other
Payment record: Slow but Correct
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)
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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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131,294 |
140,033 |
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Cost of Sales |
121,405 |
128,794 |
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GROSS PROFIT |
9,889 |
11,238 |
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Selling & Adm Costs |
7,951 |
8,306 |
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OPERATING PROFIT |
1,938 |
2,932 |
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Non-Operating P/L |
727 |
-36 |
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RECURRING PROFIT |
2,665 |
2,896 |
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NET PROFIT |
695 |
1,751 |
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BALANCE SHEET |
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Cash |
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6,503 |
6,449 |
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Receivables |
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36,504 |
35,592 |
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Inventory |
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4,817 |
5,152 |
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Securities, Marketable |
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Other Current Assets |
12,564 |
12,410 |
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TOTAL CURRENT ASSETS |
60,388 |
59,603 |
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Property & Equipment |
7,568 |
7,849 |
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Intangibles |
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719 |
999 |
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Investments, Other Fixed Assets |
29,775 |
28,844 |
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TOTAL ASSETS |
98,450 |
97,295 |
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Payables |
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26,878 |
23,652 |
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Short-Term Bank Loans |
12,300 |
17,220 |
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Other Current Liabs |
17,518 |
13,083 |
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TOTAL CURRENT LIABS |
56,696 |
53,955 |
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Debentures |
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Long-Term Bank Loans |
14,114 |
15,385 |
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Reserve for Retirement Allw |
579 |
776 |
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Other Debts |
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1,300 |
1,512 |
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TOTAL LIABILITIES |
72,689 |
71,628 |
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MINORITY INTERESTS |
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Common
stock |
5,100 |
5,100 |
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Additional
paid-in capital |
425 |
425 |
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Retained
earnings |
19,298 |
18,770 |
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Evaluation
p/l on investments/securities |
19,037 |
2,106 |
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Others |
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(17,790) |
(424) |
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Treasury
stock, at cost |
(310) |
(310) |
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TOTAL S/HOLDERS` EQUITY |
25,760 |
25,667 |
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TOTAL EQUITIES |
98,450 |
97,295 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
25,760 |
25,667 |
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Current
Ratio (%) |
106.51 |
110.47 |
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Net
Worth Ratio (%) |
26.17 |
26.38 |
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Recurring
Profit Ratio (%) |
2.03 |
2.07 |
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Net
Profit Ratio (%) |
0.53 |
1.25 |
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Return
On Equity (%) |
2.70 |
6.82 |
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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.54.54 |
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UK Pound |
1 |
Rs.84.19 |
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Euro |
1 |
Rs.71.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.