MIRA
INFORM REPORT
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Report Date : |
13.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
NAGAI CO LTD |
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Registered Office : |
882-1 Kanae-Shimoyama Iida City Nagano-Pref 395-0803 |
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Country : |
Japan |
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Date of Incorporation : |
Mar 1958 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, wholesale of building
materials, prefabricated housing units |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 220.0 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
NAGAI CO LTD
REGD NAME
KK Nagai
MAIN OFFICE
882-1 Kanae-Shimoyama Iida City Nagano-Pref 395-0803 JAPAN
Tel: 0265-24-7111
URL: http://www.nagai.co.jp
E-Mail address: info@nagai.co.jp
ACTIVITIES
Import, wholesale of building materials, prefabricated
housing units
BRANCHES
Tokyo, Osaka, Nagoya, Fukuoka
OFFICERS
TSUGINOBU NAGAI, PRES Masaru
Isoda, s/mgn dir
Akira Shimizu, dir Minoru
Hatano, dir
Katsumi Okusa, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 4,800 M
PAYMENTS REGULAR CAPITAL Yen 60 M
TREND STEADY WORTH Yen 1,652 M
STARTED 1958 EMPLOYES 81
COMMENT
IMPORTER AND WHOLESALER SPECIALIZING IN BUILDING MATERIALS & HOUSING UNITS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 220.0 MILLION, 30 DAYS NORMAL
TERMS. .
HIGHLIGHTS
The subject company was established by Tsuginobu Nagai in order
to make most of his experience in the subject line of business. This is a trading house for import and
wholesale of building materials, such as flooring, roofing, window sashes,
wallpaper, others. Also handles
prefabricated housing units, kitchen units, bathroom units, cabinets &
furniture, other. Offers house interior
works, too. Clients include house
builders, construction firms, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Feb/2006 fiscal term amounted to Yen 4,800 million, a 7% down from Yen 5,157 million in the previous term, hurt by slumping housing market. Competition among the trade was getting severer. The recurring profit was posted at Yen 317 million and the net profit at Yen 176 million, respectively, compared with Yen 303 million recurring profit and Yen 173 million net profit, respectively, a year ago. Profits improved due to the selection of profitable accounts.
For the term ended Feb 2007 the net profit was projected and
believed posted at Yen 180 million, on a 6% rise in turnover, to Yen 5,100 million. Housing market started to recover. Weaker Yen against foreign currencies should
have contributed to sales growth.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max credit
limit is estimated at Yen 220.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar
1958
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 480,000
shares
Issued: 120,000
shares
Sum: Yen
60 million
Major shareholders (%): Tokyo Small & Medium Business Investment & Promotion Assn (33), Tsuginobu Nagai
(25), Employees’ S/Holding Assn (14), Yuko Nagai (7)
No. of shareholders: 17
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports and wholesales building materials,
prefabricated housing units, Integrated kitchen systems, bathroom units, furniture, other
(--100%).
Also offers house interior works.
(Handling items): flooring, roofing, walling, wallpaper, window sashes, doors, stairs, benches, stoves, cabinets, furniture, insulating materials, prefab house units, kitchen & bathroom units, other.
Clients: [House builders, mfrs] American Home Club Nagoya, Fine Supply, Maple Homes, Yamaura, Everson Maccoy Homes, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Itochu Building Materials,
Matsushita Electric Works, Sumisho & Mitsui Bussan Kenzai, Marvin, Simpson
Door, Sauder, other.
Payment record: Regular
Location: Business area in Iida City, Nagano-Pref. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References
Hachijuni Bank (Iida)
Iida Shinkin Bank (H/O)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
28/02/2007 |
28/02/2006 |
28/02/2005 |
28/02/2004 |
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Annual
Sales |
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5,100 |
4,800 |
5,157 |
4,920 |
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Recur.
Profit |
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317 |
303 |
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Net
Profit |
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180 |
176 |
173 |
82 |
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Total
Assets |
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2,271 |
2,307 |
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Current
Assets |
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1,775 |
1,804 |
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Current
Liabs |
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546 |
749 |
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Net
Worth |
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1,652 |
1,483 |
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Capital,
Paid-Up |
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60 |
60 |
60 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
6.25 |
-6.92 |
4.82 |
3.12 |
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Current Ratio |
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325.09 |
240.85 |
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N.Worth Ratio |
.. |
72.74 |
64.28 |
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R.Profit/Sales |
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.. |
6.60 |
5.88 |
.. |
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N.Profit/Sales |
3.53 |
3.67 |
3.35 |
1.67 |
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Return On Equity |
.. |
10.65 |
11.67 |
.. |
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Note: Financials are only partially disclosed.
Forecast (or estimated) for the 28/02/2007 fiscal term.
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 |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)