MIRA
INFORM REPORT
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Report Date : |
03.10.2007 |
IDENTIFICATION DETAILS
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Name : |
NOMURA TRADING CO LTD |
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Registered Office : |
1—1-1 Hirakawacho Chiyodaku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Jun 1976 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of livestock products, farm & marine products, textiles, others |
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 1027.3 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
NOMURA TRADING CO
LTD
REGD NAME
Nomura Boeki KK
MAIN OFFICE
1—1-1 Hirakawacho
Chiyodaku
Tel : 03-5214-2500
Fax : 03-5214-2682
URL : http://www.nomuratrading.co.jp/
E-Mail address: info@nomuratrading.co.jp
*.. Registered and
Tel: 06-6268-8111; Fax: 06-6268-2682
ACTIVITIES
Import, export, wholesale of livestock products, farm & marine products, textiles, others
BRANCHES
OVERSEAS
(Branch Offices):
(Affiliated): Yangon,
(JV’s):
OFFICER(S)
Nobuya Mizuguchi, ch KIYOOSHIGE
ITOH, PRES
Hirohiko Noritake, mgn dir Yuji Morio, dir
Masahiro Ogasawara, dir Katsunari Miyashita, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 88,599 M
PAYMENTS REGULAR CAPITAL Yen 2,500 M
TREND STEADY WORTH Yen
4,347 M
STARTED 1976 EMPLOYES 233
COMMENT
TRADING HOUSE SPECIALIZING IN FOODSTUFFS, APPAREL, OTHERS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 1,027.3 MILLION, 30 DAYS NORMAL TERMS
Forecast (or estimated)
figures for 31/03/2008 fiscal term
HIGHLIGHTS
The subject company was established originally in 1917 by Tokushichi Nomura in order to make most of his experience in foreign trading, on his account. Due to financial difficulties the firm transferred its business rights to Alton Shoji KK (Shoji means trading) in Apr 2002, and restructured by forming a holding company, Nomura Trading Holdings Co Ltd, at the caption address. The corporate name survived as captioned. In Apr 2005, integrated business structure into three major business units: Food Business Units (Farm/Marine/Livestock business); Consumer Products Business Unit (Apparel, Housing, Building Materials business) and Industrial Business Unit (Materials, Chemical, Machinery & Electronics). Operates 23 overseas JV enterprises with 6,700 employees.
FINANCIAL
INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 88,599 million, an almost similar amount of Yen 87,795 million in the previous term. Business is seen steady expanding. The recurring profit was posted at Yen 1,151 million and the net profit at Yen 801 million, respectively, compared with Yen 1,216 million recurring profit and Yen 1,000 million net profit, respectively, a year ago. Materials price hike deteriorated profitability. Booked Yen 45 million in extraordinary losses.
For the current term ending Mar 2008 the recurring profit is projected at Yen 1,155 million and net profit at Yen 810 million, on a 1.6% rise in turnover, to Yen 90,000 million. Weaker Yen will help raise sales in Yen terms.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,027.3 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jun 1976
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 8 million shares
Issued: 2 million shares
Sum: Yen 2,500 million
Major shareholders
(%): Nomura Trading Holdings Co Ltd*(100)
*.. Holding company, founded 2002, at the caption address, capital Yen 10,000 million, sales Yen 92,763 million, recurring profit Yen 1,107 million, net profit Yen 1,009 million, total assets Yen 31,673 million, net worth Yen 5,044 million, employees 900, pres Kiyoshige Itoh, concurrently. .
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports, exports and wholesales foods, consumer
goods, industrial machinery & materials, others:
(Sales breakdown
by divisions):
Food Business Unit (46%): Agricultural products (coffee beans, grains, edible oils, spices, preparation with cocoa, sugar, milk), Marine products (mackerel, capelin, horse mackerel, herring, salmon, other), Animal products (meat, sausages, hams, other meat products), Wellness goods (medical materials, health foods, food additives, collagen, placenta, pet foods);
Consumer Products
Unit (21%): Apparel (garments for men & women, kids wear, young casual wear,
sports wear, brands goods). Household goods (bedding, furniture, home
appliances, kitchen utensils, brand name ceramics, plywood, jointed wood,
lumber, home improvement store materials, office furniture), Building materials
(construction materials, interior fixtures, wood floor materials);
Export/Import
(81%): covering worldwide areas & destinations
Clients: [Meat packers, food processors, wholesalers] Nippon Meat Packers, Key Coffee, Nippon Crown Corp, Food Agency, Meiji Seika, Takeda Kirin Foods, Osaka Uoichiba, Hasec, Murachiku Co, other
No. of accounts:
2,000
Domestic areas of
activities: Nationwide
Suppliers: [Chemical mfrs, wholesalers] Tosoh Corp, Sumitomo Metal Ind, Ube Ind, Mitsubishi Heavy Ind, Clayton Polymer Japan, Aron Kasei Murachiku, Denki Kagaku Kogyo, Brother Sales, other.
Payment record:
Regular
Location: Business area in
Bank References
Resona Bank
(Ohtemachi)
Mizuho Bank
(Yaesuguchi)
Relations:
Satisfactory
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FINANCES (Non-Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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88,599 |
87,795 |
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Cost of Sales |
83,635 |
82,883 |
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GROSS PROFIT |
4,964 |
4,912 |
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Selling & Adm Costs |
3,715 |
3,566 |
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OPERATING PROFIT |
1,248 |
1,346 |
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Non-Operating P/L |
-97 |
-130 |
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RECURRING PROFIT |
1,151 |
1,216 |
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NET PROFIT |
801 |
1,000 |
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BALANCE SHEET |
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Cash |
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1,164 |
1,286 |
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Receivables |
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10,982 |
11,337 |
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Inventory |
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8,766 |
7,933 |
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Securities, Marketable |
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Other Current Assets |
4,431 |
2,729 |
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TOTAL CURRENT ASSETS |
25,343 |
23,285 |
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Property & Equipment |
76 |
79 |
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Intangibles |
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149 |
118 |
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Investments, Other Fixed Assets |
3,924 |
3,310 |
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TOTAL ASSETS |
29,492 |
26,792 |
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Payables |
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9,293 |
8,254 |
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Short-Term Bank Loans |
4,053 |
3,726 |
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Other Current Liabs |
11,997 |
11,305 |
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TOTAL CURRENT LIABS |
25,343 |
23,285 |
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Debentures |
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400 |
580 |
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Long-Term Bank Loans |
470 |
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Reserve for Retirement Allw |
643 |
737 |
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Other Debts |
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(1,711) |
(2,180) |
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TOTAL LIABILITIES |
25,145 |
22,422 |
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MINORITY INTERESTS |
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Common
stock |
2,500 |
2,500 |
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Additional
paid-in capital |
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Retained
earnings |
1,385 |
1,584 |
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Evaluation
p/l on investments/securities |
462 |
286 |
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Others |
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0 |
1 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
4,347 |
4,371 |
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TOTAL EQUITIES |
29,492 |
26,793 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
4,347 |
4,371 |
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Current
Ratio (%) |
100.00 |
100.00 |
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Net
Worth Ratio (%) |
14.74 |
16.31 |
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Recurring
Profit Ratio (%) |
1.30 |
1.39 |
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Net
Profit Ratio (%) |
0.90 |
1.14 |
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Return
On Equity (%) |
18.43 |
22.88 |
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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. |
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%)