MIRA INFORM REPORT

 

 

Report Date :

02.05.2007

 

IDENTIFICATION DETAILS

 

Name :

NISSEI CORPORATION

 

 

Registered Office :

Nissei Edobashi Bldg, 1-10-5 Nihombashi-Honcho Chuoku Tokyo 103-0023

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

Nov 1947

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Import, export, wholesale of industrial chemicals

 

 

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 521.2 millions

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

--

 

 

name

 

NISSEI CORPORATION

 

 

REGD NAME

 

Nissei Sangyo KK

 

 

MAIN OFFICE

 

Nissei Edobashi Bldg, 1-10-5 Nihombashi-Honcho Chuoku Tokyo 103-0023 JAPAN

Tel: 03-3241-2548    

Fax: 03-3241-6748

URL: http://www.nisseicorp.co.jp

E-Mail address: info@nisseicorp.co.jp

 

 

ACTIVITIES

 

Import, export, wholesale of industrial chemicals

 

 

BRANCHES

 

Osaka, Nagoya, Toyama, Fukuoka, Miyagi

 

 

OVERSEAS

 

Shanghai, Bangkok, Jakarta (--subsidiaries)

 

 

OFFICERS

 

TATSUYA FUJI, PRES                           Yoshinobu Kotoh, s/mgn dir

Atsushi Watanabe, mgn dir                     Masakazu Kobayashi, mgn dir

Michio Suzuki, mgn dir                           Noriyuki Ohta, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 35,684 M

PAYMENTS      REGULAR                     CAPITAL           Yen 427 M

TREND             STEADY                       WORTH            Yen 2,724 M

STARTED         1947                             EMPLOYES      113

 

 

COMMENT

 

TRADING FIRM SPECIALIZING IN INDUSTRIAL CHEMICALS, WHOLLY OWNED BY NISSAN CHEMICAL IND.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$50,000 / O/A TERMS

                                               

MAX CREDIT LIMIT: YEN 521.2 MILLION, 30 DAYS NORMAL TERMS.  .

 

                                    Notes: Forecast (or estimated) for the 31/03/2007 fiscal term.

 

 

HIGHLIGHTS

           

The subject company was established on the basis of a division separated from Nissan Chemical Ind (see REGISTRATION) as a trading house handling industrial chemicals, produced by the parent and group firms.  Specializes in import, export and wholesale of organic/inorganic        chemicals, fine chemicals & ceramics, plastics, tire chain, mast, equipment, etc.  Goods are more exported than imported.  Export destinations are: China, Hong Kong, Taiwan, Korea, Singapore, Malaysia, Indonesia, Vietnam, Thailand, India, Australia, Canada, USA, South Africa,      France, other.  Imports are from USA, China, Germany, etc.  Imports as exclusive agent for SCC (USA), Mannstaedt-Werke GmbH (Germany).  In Oct 2002, merged a sister firm, Nissei Corp and renamed as captioned.

 

 

FINANCIAL INFORMATION

           

The sales volume for Mar/2006 fiscal term amounted to Yen 35,684 million, a 3.7% up from Yen 34,423 million in the previous term.  LCD materials and semiconductor-use antireflection materials were in robust demand.  The recurring profit was posted at Yen 812 million and the net profit at Yen 429 million, respectively, compared with Yen 775 million recurring profit and Yen 443 million net profit, respectively, a year ago.

 

For the term just ended Mar 2007 the recurring profit was projected at Yen 825 million and the net profit at Yen 450 million, respectively, on a 2% rise in turnover, to Yen 36,400 million.  LCD/semiconductor-related materials pulled earnings upward.  

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 521.2 million, on 30 days normal terms.  The proposed amount is considered within the firm’s financial capabilities. 

 

 

REGISTRATION

 

Date Registered:            Nov 1947

Legal Status:                 Limited Company (Kabushiki Kaisha)

Authorized:                    35 million shares

Issued:                          8.9 million shares

Sum:                            Yen 427 million

Major shareholders (%): Nissan Chemical Ind*(100)

*..Medium-sized mfr of chemical products including basis chemicals, founded 1921, listed Tokyo S/E, capital Yen 18,942 million, turnover, Yen 169,149 million, recurring profit Yen 21,307 million, net profit Yen 13,704 million, total assets Yen 178,967 million, net worth Yen 95,269 million, employees 2,304, pres Shuichiro Fujimoto

           

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Imports, exports and wholesales industrial chemicals (96%); non-life insurance broking, others (--4%).

 

(Handling items):

 

Chemicals Div: ammonia, sulfuric acid, soda & chlorine, sulfur compounds, calcium compounds, phosphorus compounds, inorganic chemicals, inorganic powder, high pressure gas, higher alcohols, alkylbenzene sulfonate compounds & synthetic fatty acids, organic chemicals, solvents, oil & fats, other;

Ceramics Div: inorganic/organic materials, construction chemicals, deodorizer, raw materials for ceramics, casting materials, sand casting materials, washing agents, disinfectants, water treatment chemicals, grinding agents, other;

Facility & equipment Div: laboratory, office furniture, pollution arrester, glass machinery, machine for food & medicine, semiconductor equipment, transportation machinery;

Plastics Div: resins, compounds, additives, packaging, agricultural & fishing products, sheet/film materials, products for semiconductors, flocculants, electronics materials, pharmaceuticals, agro chemicals, health foods, catalysts for environmental clean-up, sulfur absorbent, other. 

           

Clients: [Mfrs, wholesalers] Nissan Chemical Ind, Altus, Sumitomo Osaka Cement, Taiwan Cement, Mitsubishi Heavy Ind, other.  Exports to China, Hong Kong, Taiwan, Korea, Singapore, Malaysia, Indonesia, Vietnam, Thailand, India, Australia, Canada, USA, South Africa, France, etc.

 

No. of accounts: 1,000

 

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Nissan Chemical Ind, Keiyo Polyethylene, Kyowa Hakko Chemical, Nippon Oil & Fats, Solvay Advanced Polymers, other. 

 

Imports from Mannstaed (Germany), SCC (USA), Panja Patana, other from USA, China, Germany, etc.

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are owned and maintained satisfactorily.

 

 

Bank References

 

Mizuho Corporate Bank (H/O)

 

Relations: Satisfactory.

 

 

FINANCES

 

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2006

31/03/2005

INCOME STATEMENT

 

 

 

  Annual Sales

　

35,684

34,423

 

  Cost of Sales

33,045

31,849

 

      GROSS PROFIT

2,639

2,574

 

  Selling & Adm Costs

1,808

1,771

 

      OPERATING PROFIT

830

802

 

  Non-Operating P/L

-18

-27

 

      RECURRING PROFIT

812

775

　

      NET PROFIT

429

443

BALANCE SHEET

 

 

 

 

  Cash

　

279

9

 

  Receivables

 

8,399

7,755

 

  Inventory

 

697

946

 

  Securities, Marketable

　

　

 

  Other Current Assets

1,718

1,849

 

      TOTAL CURRENT ASSETS

11,093

10,559

 

  Property & Equipment

1,790

1,725

 

  Intangibles

 

2

2

 

  Investments, Other Fixed Assets

1,506

994

 

      TOTAL ASSETS

14,391

13,280

 

  Payables

 

6,769

6,462

 

  Short-Term Bank Loans

3,366

3,400

 

　

 

　

　

 

  Other Current Liabs

900

921

 

      TOTAL CURRENT LIABS

11,035

10,783

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

　

　

 

  Reserve for Retirement Allw

59

61

 

  Other Debts

　

572

345

 

      TOTAL LIABILITIES

11,666

11,189

 

      MINORITY INTERESTS

 

 

 

Common stock

427

427

 

Additional paid-in capital

56

56

 

Retained earnings

1,832

1,414

 

Evaluation p/l on investments/securities

408

193

 

Others

 

1

0

 

Treasury stock, at cost

　

　

 

      TOTAL S/HOLDERS` EQUITY

2,724

2,090

　

      TOTAL EQUITIES

14,391

13,280

ANALYTICAL RATIOS            Terms ending:

31/03/2006

31/03/2005

 

 

Net Worth (S/Holders' Equity)

2,724

2,090

 

 

Current Ratio (%)

100.53

97.92

 

 

Net Worth Ratio (%)

18.93

15.74

 

 

Recurring Profit Ratio (%)

2.28

2.25

 

 

Net Profit Ratio (%)

1.20

1.29

 

 

Return On Equity (%)

15.75

21.20

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions