MIRA
INFORM REPORT
|
Report Date : |
03.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
NIKKO CO LTD |
|
|
|
|
Registered Office : |
1-11-14 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
28.02.2007 |
|
|
|
|
Date of Incorporation : |
Mar 1969 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki
Kaisha) |
|
|
|
|
Line of Business : |
Import, wholesale of plastic
films, plastic disposal bags, others |
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 |
|
Maximum Credit Limit : |
Yen 108.4 millions |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
name
NIKKO CO LTD
REGD NAME
MAIN OFFICE
1-11-14 Izumi-
Tel : 03-3488-4811
Fax : 03-3488-4814
URL : http://www.jpm.or.jp/ipf/kigyo/nikko.html/
(This is the website of Japan Industry Union of Plastic
Housewares Manufacturers,
of which the subject is a member company).
E-Mail
address: tokionki@sepia.ocn.ne.jp
ACTIVITIES
Import,
wholesale of plastic films, plastic disposal bags, others
BRANCHES
Saitama
FACTORY(IES)
Saitama (partially manufactured);
OFFICER(S)
YASUHIKO
AKASAKA, PRES & CEO
Shin’ichiro
Hayashi, mgn dir
Kazutoshi
Matsuzawa, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,284 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND STEADY WORTH Yen
846 M
STARTED 1969 EMPLOYES 14
COMMENT
IMPORTER AND WHOLESALER SPECIALIZING IN HOME & LAUNDRY-USE
PLASTIC BAGS, FILMS, OTHER PLASTIC PRODUCTS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT
ENGAGEMENTS: US$143,000 / O/A 45 DAYS TERMS.
MAX
CREDIT LIMIT: YEN 108.4 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established originally in 1964 by
Yasuhiko Akasaka in order to make most of his experience in the subject line of
business, on his account, and was incorporated in 1960. Originally started mfg of plastic films, such
as food wrapping films, garbage disposal bags, kitchen sink bags, clothes-pegs,
laundry lines, etc for household chore use.
The mfg division has been reduced and replaced by lower-priced imports
from subcontracted factories in
FINANCIAL INFORMATION
The sales volume for Feb/2007 fiscal term amounted to Yen 2,284, a 9% up from Yen 2,099 million in the previous term. The recurring profit was posted at Yen 114 million and the net profit at 65 million, up from Yen 54 million net profit a year ago. Weaker Yen against foreign currencies contributed to sales growth in Yen terms. Further, demand for plastic disposal films and bags keeps rising due to increasingly stricter regulations by local municipalities on the quality/size/etc from the recycling & incineration/disposal processing and eco-friendly measures.
For the current term ending Feb 2008 the net profit is projected at Yen 65 million, on a 5% rise in turnover, to Yen 2,390. Demand is expected to continue rising. Rising costs of imports may eat into profitability.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 108.4 million, on 30 days normal terms. The proposed amount for 45 days terms is considered within the firm’s financial capacities.
REGISTRATION
Date
Registered: Mar 1969
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 80,000 shares
Issued: 20,000 shares
Sum: Yen 10 million
Major
shareholders (%): Yasuhiko Akasaka (28), executives, families (--72)
No. of
shareholders: 8
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports and wholesales plastic films, bags, other plastic products (--100%).
(Handling items):
For laundry use: coat/shirt hangers, bedspread/sheets pegs, laundry lines, other:
For kitchen/household use: garbage disposal films & bags, kitchen sink bags, drain nets & non-woven cloths, box-type plastic bags, food wrapping films, clothes-pegs, laundry lines, coat hangers, other plastic products.
Goods are partially manufactured at the own factory in Saitama.
Majority of the goods are imported from subcontracted makers in
Clients: [Chain stores, supermarkets, specialty stores] Kind’s,
Shimachu Co, Joyful Honda, Arkland Sakamoto, Don Quijote, Kawachi Co, KK Asano,
Himepla, Chuo Homes, Shimojima Co, Daishin Corp, other.
No. of
accounts: 700
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Imports from
Also domestically supplied from Tomen Plastics, Nissen Chemtec Corp, Daiya Plastic, other.
Payment
record: Regular
Location: Business area in
Bank References
Jonan
Shinkin Bank (Komae)
Mizuho
Bank (Yotsuya-Ekimae)
Relations:
Satisfactory
FINANCES
(In
Million Yen)
|
Terms Ending: |
28/02/2008 |
28/02/2007 |
28/02/2006 |
28/02/2005 |
|
|
Annual
Sales |
|
2,390 |
2,284 |
2,099 |
1,974 |
|
Recur.
Profit |
|
|
114 |
|
|
|
Net
Profit |
|
65 |
65 |
54 |
78 |
|
Total
Assets |
|
|
1,211 |
1,011 |
|
|
Current
Assets |
|
|
810 |
641 |
|
|
Current
Liabs |
|
|
365 |
477 |
|
|
Net
Worth |
|
|
846 |
544 |
|
|
Capital,
Paid-Up |
|
|
10 |
10 |
10 |
|
Div.P.Share(¥) |
|
|
|
|
|
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.64 |
8.81 |
6.33 |
7.52 |
|
|
Current Ratio |
|
.. |
221.92 |
134.38 |
.. |
|
N.Worth Ratio |
.. |
69.86 |
53.81 |
.. |
|
|
R.Profit/Sales |
|
.. |
4.99 |
.. |
.. |
|
N.Profit/Sales |
2.72 |
2.85 |
2.57 |
3.95 |
|
|
Return On Equity |
.. |
7.68 |
9.93 |
.. |
|
Notes:
We have obtained the full financials and revised figures from the last
reporting.
Forecast
(or estimated) figures for the 28/02/2008 fiscal term.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)