MIRA INFORM REPORT
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Report Date : |
15th May 2006 |
IDENTIFICATION DETAILS
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Name : |
NISSEI KYOEKI CO LTD |
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Registered Office : |
No.1 Nissei Bldg, 7
Kanda-Mitoshirocho Chiyodaku Tokyo 101-0053 Japan |
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Date of Incorporation : |
Mar 1939 |
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Legal Form : |
Limited
Company |
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Line of Business : |
Importers
and wholesalers of industrial chemicals, food materials and plywood etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
YEN 1,384.9 MILLION |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME
NISSEI KYOEKI CO LTD
REGD NAME
Nissei Kyoeki KK
MAIN OFFICE
No.1 Nissei Bldg, 7 Kanda-Mitoshirocho Chiyodaku
Tokyo 101-0053 JAPAN
Tel: 03-3293-3747
Fax: 03-3233-1174
URL: http://www.nissei-jp.co.jp/
E-Mail address: info@nissei-jp.co.jp
ACTIVITIES
Import, wholesale of industrial chemicals,
food materials, plywood, other
BRANCHES
Osaka, Fuji, Takamatsu, Nagoya, Sendai,
Fukuoka
SUBSIDIARIES
Nisshin Gohan Co, Ohfunato Plywood Co,
PT NYP Wood Work (Indonesia),
Nissei Kyoeki NZA Ltd (New Zealand),
Fonterra (Japan), Ltd.
OFFICER(S)
KAZUO KUMAGAI, PRES Isao Take chi, mgn dir
Tatsuo Morii, mgn dir Hiroshi Giga, mgn dir
Masahito Tamura, dir Shuichi Iwasaki, dir
Yen Amount I
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen
39,397 M
PAYMENTS REGULAR CAPITAL Yen 218 M
TREND STEADY WORTH Yen 10,023 M
STARTED 1939 EMPLOYES 110
COMMENT
TRADING COMPANY OF INDUSTRIAL
CHEMICALS, FOOD MATERIALS AND PLYWOOD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 1,384.9 MILLION,
NORMAL 30 DAYS TERMS.
Forecast for the 30/06/2006 fiscal
term.
HIGHLIGHTS
The subject company was
established originally in 1932 by Kichizo Kumagai for trading casein, on his
account. Incorporated in 1939, and the
firm has been succeeded by his descendants.
Kazuo is the founder’s son. This
is a trading company specializing in import and wholesale of dairy products,
food ingredients, paper processing materials, chemicals, plywood &
machinery. In 1949 became sole distribution
agent of Hokkaido Dairy Co-op (now Snow Brand), and in 1951 acquired sole
distribution agency from Meiji Milk & Morinaga Milk Ind. In 1952, when the casein imports became
quota free, the firm started importing casein from New Zealand. In 1958, imports of casein from Poland
started. In 1970, started import of
clay from USA for Japanese paper industries.
In 1982, established Nippon Protein KK jointly with New Zealand Dairy
Board (50/50 JV). Clients include paper
mills, food processors, bakeries, building materials traders, etc, nationwide.
The sales volume for Jun/2005
fiscal term amounted to Yen 39,397 million, a 1.5% up from Yen 38,799 million
in the previous term. The recurring
profit was posted at Yen 904 million and the net profit at Yen 358 million,
respectively, compared with Yen 875 million recurring profit and Yen 356
million net profit, respectively, a year ago.
The firm wrote off Yen 180 million in extraordinary loss from securities
disposal losses.
For the current term ending Jun
2006 the recurring profit is projected at Yen 960 million and the net profit at
Yen 400 million, on a 4% rise in turnover, to Yen 41,000 million. Demand
from paper mills will increase.
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,384.9
million, on normal 30 days terms.
REGISTRATION
Date Registered: Mar 1939
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 17 million shares
Issued: 4.36
million shares
Sum: Yen 218 million
Major shareholders (%): Oji
Paper (11), Mitsubishi Paper Mills (11), Marubeni Corp (5.5), Mitsui & Co
(4.6), Morimura Bros (2.7)
No. of shareholders: 173
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: Imports and
wholesales industrial chemicals (48%): milk products, lactose, paper processing
materials, such as casein, SBR latex, kaolin clay, starch, etc; casein (5%);
plywood & building materials (12%): logs, plywood, machinery, etc; rental
of office building (1%). (Import 70%,
export 3%)
Clients: [Paper mills, food
processors] Oji Paper, Mitsubishi Paper Mills, Hokuetsu Paper Mills, Daio Paper
Corp, Ohfunato Plywood, Lacto Japan, Nippon Paper, Morinaga Milk Ind, Wakodo
Co, other.
No. of accounts: 1,000
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs, wholesalers]
JSR, Itochu Corp, Mitsui & Co, Ohfunato Plywood, Yamato Trading, Okutama
Kogyo, Fonterra Japan, Sannopco Ltd, Kazuya Seizai (Seizai means sawn timber),
other. Imports from Korea, China, Taiwan,
Indonesia, New Zealand, USA, Europe, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References
Mizuho Bank (Kanda)
Bank of Tokyo-Mitsubishi UFJ (Kanda)
Relations: Satisfactory
FINANCES
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(Consolidated in million yen) |
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Terms
Ending: |
30/06/2005 |
30/06/2004 |
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INCOME
STATEMENT |
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Annual Sales |
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39,397
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38,799
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Cost of Sales |
36,606
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35,940
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GROSS PROFIT |
2,791 |
2,859 |
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Selling & Adm Costs |
2,372 |
2,418 |
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OPERATING PROFIT |
419 |
440 |
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Non-Operating P/L |
485 |
435 |
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RECURRING PROFIT |
904 |
875 |
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NET PROFIT |
356 |
378 |
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BALANCE
SHEET |
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Cash |
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827 |
1,287 |
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Receivables |
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13,300
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12,407
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Inventory |
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4,033 |
3,080 |
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Securities, Marketable |
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Other Current Assets |
419 |
631 |
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TOTAL CURRENT ASSETS |
18,579
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17,405
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Property & Equipment |
3,498 |
3,573 |
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Intangibles |
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82 |
82 |
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Investments, Other Fixed Assets |
(81) |
(82) |
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TOTAL ASSETS |
22,078
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20,978
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Payables |
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8,192 |
7,390 |
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Short-Term Bank Loans |
2,700 |
2,725 |
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Other Current Liabs |
746 |
605 |
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TOTAL CURRENT LIABS |
11,638
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10,720
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
416 |
511 |
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Other Debts |
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1 |
1 |
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TOTAL LIABILITIES |
12,055
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11,232
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MINORITY INTERESTS |
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Common
stock |
218 |
218 |
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Additional
paid-in capital |
21 |
21 |
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Retained
earnings |
9,783 |
9,506 |
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Evaluation
p/l on investments/securities |
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Others |
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1 |
1 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
10,023
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9,746 |
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TOTAL EQUITIES |
22,078
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20,978
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ANALYTICAL RATIOS Terms
ending: |
30/06/2005 |
30/06/2004 |
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Net
Worth (S/Holders' Equity) |
10,023
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9,746 |
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Current
Ratio (%) |
159.64
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162.36
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Net
Worth Ratio (%) |
45.40 |
46.46 |
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Recurring
Profit Ratio (%) |
2.29 |
2.26 |
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Net
Profit Ratio (%) |
0.90 |
0.97 |
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Return
On Equity (%) |
3.55 |
3.88 |
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Notes: Forecast (or estimated) figures
for the 30/06/2006 fiscal term.
RATING EXPLANATIONS
RATING
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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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |