MIRA
INFORM REPORT
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Report Date : |
20.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MARUE NISSAN CO LTD |
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Registered Office : |
3-3-8 |
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Country : |
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Financials (as on) : |
28.02.2007 |
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Date of Incorporation : |
Aug 1949 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Manufacturing of rubber
thread, tapes; wholesale of kitchenware, other |
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 16.5 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
MARUE NISSAN CO LTD
REGD NAME
Marue Nissan KK
MAIN OFFICE
3-3-8
Tel : 078-925-5151
Fax : 078-925-5155
URL : http://www.maruenissan.co.jp/
E-Mail
address: marue@maruenissan.co.jp
ACTIVITIES
Mfg of
rubber thread, tapes; wholesale of kitchenware, other
BRANCHES
Nil
FACTORY(IES)
At the
caption address (distribution center); Tottori, Ishikawa
OFFICERS
TAKASHI
MARUYAMA, PRES Takahito
Sugimoto, s/mgn dir
Yasuo
Mori, mgn dir Masashi
Maruyama, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 960 M
PAYMENTS REGULAR CAPITAL Yen 23 M
TREND SLOW WORTH Yen
137 M
STARTED 1949 EMPLOYES 50
COMMENT
MFR OF RUBBER THREAD & TAPES; WHOLESALER OF KITCHEN WARE,
OTHER. FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$295,000 / D/A TERMS 60 DAYS.
MAX
CREDIT LIMIT: YEN 16.5 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established originally in 1919 by
Shigeji Maruyama in order to make most of his experience when he was with
Dunlop Rubber (now Sumitomo Rubber Ind), and started producing rubber products,
on his account. When the World War II
ended, the firm was dissolved. In 1949,
Shigeji reorganized the firm and started production. Masashi, now advisory dir, is the founder’s
son and Takashi his grandson, who took the pres office in Apr 2005. This is a specialized mfr of rubber thread,
rubber tapes, rubber bands, rubber sheets, etc, for use as textile materials,
food wrapping materials, medical & nursing-case materials, disposable
diapers, toys, etc. In 1971, opened a JV
factory in
FINANCIAL INFORMATION
Financials are only partially disclosed. For the 28/02/2007 fiscal term the financials are only verbally obtained from the firm’s treasurer.
The sales volume for Feb/2007 fiscal term amounted to Yen 960 million, a similar amount in the previous term, continuously hurt by slumping consumer demand. Severe competition among the trade is another factor to depress sales. The net profit was posted at Yen 1 million, similarly in the previous year.
For the current term ending Feb 2008 the net profit is projected at Yen 1 million, on a 1% fall in turnover, to Yen 650 million. Weaker Yen may assist to uplift sales but sales volumes are not expected to grow much.
The financial situation is considered maintained FAIR and should be good for ORDINARY business engagements. The proposed amount for 60 days terms is considered within the firm’s financial capabilities. Max credit limit is estimated at Yen 16.5 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Aug 1949
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 1,512,000 shares
Issued: 476,740 shares
Sum: Yen 23,837,000.
Major shareholders (%): Masashi
Maruyama (60)
No. of shareholders: 15
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures rubber threads, rubber tapes, rubber sheets, other related products for use in textile materials, food wrapping materials, medical & health-care goods materials, etc (--60%);
Imports and wholesales kitchenware, toiletries, bath units, clocks, home interior goods, stationery, handicrafts, other (--36%); office building rental (4%).
Clients: [Mfrs, wholesalers] Sakurai Sangyo, Sanki Co, Central
Hirano, Loft Co, Marubeni Sen’I Shizai, Okazaki Gomu Ito Kogyo, other.
No. of
accounts: 500
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Toyota Tsusho, Rengo Co, World Create, S&S Japan, Nichibei Rubber Co, American Trading Co Japan, Ibuki Craft, other.
Payment
record: Regular
Location: Business area in
Bank References
Mizuho
Bank (Nagata)
Hyakujushi
Bank (
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
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28/02/2008 |
28/02/2007 |
28/02/2006 |
28/02/2005 |
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Annual
Sales |
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950 |
960 |
960 |
976 |
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Recur.
Profit |
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.. |
.. |
.. |
.. |
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Net
Profit |
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1 |
1 |
1 |
0 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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137 |
136 |
135 |
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Capital,
Paid-Up |
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23 |
23 |
23 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
-1.04 |
0.00 |
-1.64 |
-2.01 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
0.11 |
0.10 |
0.10 |
0.00 |
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Notes:
Financials are not disclosed only except the above partial figures.
The
28/02/2007 figures are only verbally obtained.
Forecast
(or estimated) figures for 28/02/2008 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%)