MIRA
INFORM REPORT
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Report Date : |
16.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
NIPPON RIKA KOGYOSHO CO LTD |
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Registered Office : |
1-20-6 Oh’i Shinagawaku Tokyo 140-0014 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
June 1948 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Electric Insulators, their Materials |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
YEN 59.9 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
NIPPON RIKA KOGYOSHO CO LTD
REGD NAME: KK Nippon Rika
Kogyosho
MAIN OFFICE: 1-20-6 Oh’i
Shinagawaku Tokyo 140-0014 JAPAN
Tel:
03-3771-0174 Fax: 03-3777-1319
URL: http://www.nipponrika.jp
E-Mail address: info@nipponrika.jp
ACTIVITIES
Mfg of electric insulators, their materials
BRANCHES
Nagoya (2)
OVERSEAS
Seoul; Singapore; Ulsan (Korea) (R&D Center)
FACTORY(IES)
Tochigi, Fukushima
OFFICERS
KUNIYOSHI OKURI, PRES
Yukiko Okuri, v pres
Kazuhiro Ishikawa, mgn dir
Shigeo Wada, mgn dir
Toshio Ushiroku, dir
Yasuhiro Endoh, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 7,238 M
PAYMENTS REGULAR CAPITAL Yen 25 M
TREND STEADY WORTH Yen 1,439 M
STARTED 1948 EMPLOYES 87
COMMENT
MFR
SPECIALIZING IN ELECTRIC INSULATOR AND MATERIALS.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 59.9 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established by Torazo Okuri originally in 1914, on his account, for mfg electric insulating materials. Incorporated in 1948 the firm has been succeeded by his descendants. Kuniyoshi is his grandson. Specializes in mfg Mica-based insulating materials, stator coils & assemblies, power module, other related products. Goods are both imported and exported. Domestic clients include major electric machinery mfrs, other, nationwide. Also distribute major mfrs’ products as distributing agent in Japan.
FINANCIAL INFORMATION
The sales volume for Sept/2007 fiscal term amounted to Yen 7,238 million, a 30% hike from Yen 5,583 million in the previous term. Mica-based insulating materials were much in demand, particularly in China and other Asian countries. Materials price hike was passed onto clients. The recurring profit was posted at Yen 525 million and the net profit at Yen 241 million, respectively, compared with Yen 370 million recurring profit and Yen 149 million net profit, respectively, a year ago. Hikes in materials and fuel oil costs were absorbed by sales volume increase.
For the current term ending Sept 2008 the recurring profit is projected at Yen 530 million and the net profit at Yen 245 million, respectively, on a 5% rise in turnover, to Yen 7,600 million. Goods continue in greater demand.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 59.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jun 1948
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 2 million shares
Issued: 500,000 shares
Sum: Yen 25 million
Major shareholders (%)
Kuniyoshi Okuri (38), Mariko Iwai (25), Yukiko Okuri (25), Mitsuo Okuri (8)
No. of shareholders: 9
Nothing detrimental is known as to the commercial morality of executives.
Group companies
NRT High Tech Co Ltd; Nippon Rika Isovolta Co Ltd;
NRT Sogo Kikaku Co Ltd; Nippon Rika (S) Pte Ltd (Singapore)
Group turnover: Yen 13,263 million (Sept/2007 fiscal term)
Group employees: 206
OPERATION
Activities: Manufactures electric insulating materials
(--100%):
(Mfg
& handling items):
Mica paper based tapes & sheets (for conductor/ground
insulation; for fire-resistant cables), mica
splitting based tapes & sheets, mica plates, mica papers, mica laminate
based products;
Stator coils & stator assemblies;
Metal base IMS/PWB, multi zone metal base PWB, multi layer
metal base PWB; Power modules, others.
(Distributing agent): Kyocera Chemical Corp, Fujikura, Dantone Inc, other; handling insulating materials, silicon products, self-control type heater, isovolta insulating materials, heat shrinkage tape, other.
Clients
[Mfrs, wholesalers] Toshiba Corp & group firms, Fujikura Ltd, Sumitomo Realty &
Development Co, Fuji Electric group firms, Kaneka Corp, Nippon Rika Kansai Hambai, Harada Communications Systems, Fuji Electric, Hitachi Chemical Ind, other.
No. of accounts
800
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] NRK Hi-Tech, Kyocera Chemical, Itochu Chemical Frontier, Nippon Rika Isovolta, Fujikura Dia Chemical, Gunpatroy Private, Butsurin Co, other.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
Mizuho Bank (Ginzadori)
SMBC (Omori)
Relations: Satisfactory.
FINANCES: (In Million Yen)
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Terms Ending: |
30/09/2008 |
30/09/2007 |
30/09/2006 |
30/09/2005 |
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Annual
Sales |
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7,600 |
7,238 |
5,583 |
5,717 |
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Recur.
Profit |
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530 |
525 |
370 |
264 |
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Net
Profit |
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245 |
241 |
149 |
157 |
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Total
Assets |
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12,682 |
12,364 |
12,687 |
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Current
Assets |
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5,771 |
5,110 |
5,198 |
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Current
Liabs |
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2,599 |
2,384 |
2,287 |
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Net
Worth |
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1,439 |
1,202 |
1,058 |
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Capital,
Paid-Up |
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25 |
25 |
25 |
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Div.P.Share(¥) |
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10.00 |
10.00 |
10.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.00 |
29.64 |
-2.34 |
15.15 |
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Current Ratio |
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.. |
222.05 |
214.35 |
227.28 |
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N.Worth Ratio |
.. |
11.35 |
9.72 |
8.34 |
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R.Profit/Sales |
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6.97 |
7.25 |
6.63 |
4.62 |
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N.Profit/Sales |
3.22 |
3.33 |
2.67 |
2.75 |
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Return On Equity |
.. |
16.75 |
12.40 |
14.84 |
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Notes: Forecast (or estimated) for the 30/09/2008 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. |
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%)