MIRA
INFORM REPORT
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Report Date : |
15.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
NIHON KOSO CO LTD |
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Registered Office : |
Koso Nihombashi Bldg, 1-16-7 Nihombashi Chuoku Tokyo 103-0027 |
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Country : |
Japan |
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Date of Incorporation : |
Feb 1977 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of automatic control
valves |
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 1050 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
NIHON KOSO CO LTD
REGD NAME
Nihon Koso KK
MAIN OFFICE
Koso Nihombashi Bldg, 1-16-7 Nihombashi Chuoku Tokyo 103-0027 JAPAN
Tel : 03-5202-4300
Fax : 03-5202-4301
URL : http://www.koso.co.jp
E-Mail address: info@koso.co.jp
ACTIVITIES
Mfg of automatic control valves
BRANCHES
Osaka, Nagoya, Tomakomai, Sendai, Fukushima, Niigata, Kashima, Chiba, Toda, Hachioji, Fuji, Okayama, Iwakuni, Kitakyushu, Oita
OVERSEAS : (Subsidiaries): Koso America Inc, Koso International
Inc (--USA); Korea Koso Co Ltd (Korea); Koso Control Engineering ‘WUX) Co Ltd,
Waxi Koso Valve Casing Co Ltd (--China), Koso Control Asia Pte Ltd
(Singapore), Koso Fluid Controls
(Private) Ltd, Kent Introl Private Ltd (--India), Koso Kent Introl Ltd (UK)
FACTORY(IES)
Fukushima
OVERSEAS: USA,
China (2), Korea, UK, India
OFFICERS
TAKASHI IKEGAYA, PRES
Yuichi Ikegaya, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 5,800 M
PAYMENTS REGULAR CAPITAL Yen 48 M
TREND STEADY WORTH Yen 590 M
STARTED 1977 EMPLOYES 70
COMMENT
MFR
SPECIALIZING AUTOMATIC CONTROL VALVES.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 1,050 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by Takashi Ikegaya in order
to make most of his previous experience in the subject line of business. This is a leading automatic control valves
and accessories. Active in overseas
operations, with overseas factories & subsidiaries in USA, China, India,
Korea, and UK. For overseas business
affiliation, see OPERATION. Clients are major heavy machinery mfrs, electric
powers, steel mills, etc, nationwide.
FINANCIAL INFORMATION
The
financials are only partially disclosed.
The sales volume for Aug/2006 fiscal term amounted to Yen 5,800 million, a 4% down from Yen 6,036 million in the previous term. The profits, on the other hand, increased to post Yen 264 million net profit, sharp improvement from Yen 113 million a year ago. This is thanks to the passing on of the hike in materials costs to clients.
For
the current term ending Aug 2007 the net profit is projected at Yen 260
million, on a 3% rise in turnover, to Yen 6,000 million.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 1,050 million, on 30 days normal terms.
REGISTRATION
Date Registered: Feb
1977
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 384,000
shares
Issued: 96,000
shares
Sum: Yen
48 million
Major shareholders (%): Takashi
Ikegaya (65), Koso Service (20)
No. of shareholders: 7
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Manufactures automatic control valves (--100%)
(Category
of products):
Control
Valves: Globe valves, gate valves, ball valves, butterfly valves;
Actuators:
Diaphragm, cylinder, motorized, sold state electronic, microprocessor
controlled;
Field bus: Electro-pneumatic
positioner, electric control motor actuator, developed with the objective to
conform to Fieldbus Foundation Standard.
Pumps: KOSO
brand MAC pumps having leakage-free magnet coupling pumps for chemical fluid.
Sensors: SOR products with pressure switches & transmitters; Tokyo Okazaki Sangyo products (a member of KOSO group), as differential pressure type flow rate detection elements and industrial thermometers including venture tubes.
Accessories:
electro-pneumatic positioner, pneumatic-pneumatic positioner, airfilter
regulator, lock valves, current simulator, other.
(Sales
affiliation):
Ronan Engineering Company, ADALET-PLM, SOR Inc, Drallim Controls
Inc, Elpro Technologies, Imtech-Kiekens, other.
Clients: [Mfrs, electric powers, steel mills] NGC Corp, Nippon Steel, Mitsubishi Heavy Ind, Tokyo Electric Power, Ishikawajima-Harima Heavy Ind, Chiyoda Corp, Chugai Ro Co, other.
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Tokyo Koso (15%), Koso Service,
Koso Engineering (--subsidiaries), other.
Imports from SOR, Ronan Engineering, Drallim Controls, etc.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
SMBC (Nihombashi)
Mizuho Bank (Toranomon)
Relations: Satisfactory.
FINANCES
(In Million Yen)
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Terms Ending: |
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31/08/2007 |
31/08/2006 |
31/08/2005 |
31/08/2004 |
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Annual
Sales |
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6,000 |
5,800 |
6,035 |
4,616 |
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Recur.
Profit |
(*) |
.. |
.. |
188.. |
215 |
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Net
Profit |
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260 |
264 |
113 |
133 |
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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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590 |
326 |
213 |
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Capital,
Paid-Up |
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48 |
48 |
48 |
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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 |
3.45 |
-3.89 |
30.74 |
13.69 |
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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 |
4.33 |
4.55 |
1.87 |
2.88 |
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Note: Financials are only partially disclosed.
Forecast (or estimated) for the 31/08/2007 fiscal term.
(*) Pretax profits disclosed from the Taxation Office.
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%)