MIRA
INFORM REPORT
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Report Date : |
17.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
NIKKO BOEKI COMPANY |
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Registered Office : |
Kanda Chuo Bldg 5F, 3-20 Kanda-Nishikicho Chiyodaku Tokyo
101-0054 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
December 1970 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Import, Export, Wholesale of Steel
Products, Steel Raw Materials, Stainless Steel Products, Steel Structures |
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 339.2 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
NIKKO BOEKI COMPANY
DIVISION COMPANY OF KANEMATSU TRADING CORPORATION
REGD NAME: Kanematsu Trading KK
MAIN OFFICE: Kanda Chuo Bldg 5F, 3-20 Kanda-Nishikicho Chiyodaku Tokyo 101-0054 JAPAN
Tel: 03-5283-3630 Fax: 03-5281-1500
URL: http://www.nik.kanematsu.co.jp
E-Mail
address: nikko-boeki@nik.kanematsu.co.jp
ACTIVITIES
Import,
export, wholesale of steel products, steel raw materials, stainless steel
products, steel structures
BRANCHES
Osaka,
Nagoya, Sapporo, Fukuoka
OFFICERS
Kenji
Matsumoto, ch
MASAMI
SENOH, PRES
Hideaki
Sutoh, mgn dir (Rep dir of Nikko Boeki Company)
Kazuhiro
Yamamoto, mgn dir
Yasumi
Suzuki, dir
Yuichi
Kibata, dir
Yen Amount
In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 73,133 M
PAYMENTS REGULAR CAPITAL Yen 200 M*
TREND STEADY WORTH Yen
1,152 M
STARTED 1970 EMPLOYES 84
COMMENT
TRADING
HOUSE FOR IMPORT, EXPORT AND WHOLESALE OF STEEL & STAINLESS STEEL PRODUCTS, WHOLLY OWNED BY KANEMATSU CORPORATION.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDIANRY
BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT
YEN
339.2 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company (Nikko Boeki
Company) was established originally in 1960 by Shingo Mochizuki and was in Oct
2006 merged into Kanematsu Trading Corporation to exist as its intra-company
division company as Nikko Boeki Company.
This company handles export business
of stainless steel & products belong to the Steel Products (Second
Section), with Hideaki Sutoh as its intra-company president. The Kanematsu Trading Corporation is a
trading house, wholly owned by
Kanematsu Corp, specializing in import, export and wholesale of steel products, stainless steel products,
construction materials, others.
(Brief
History of Nikko Boeki Company):
Founded in 1960 by Shingo
Mochizuki for exporting stainless steel to India, USA, Brazil, Hong Kong and Pakistan. In 1995, was taken over by Kanematsu Corp to
become wholly owned subsidiary, managed by Hideaki Sutoh. Exports to Asian countries accounted for
about 65% of total sales. And was absorbed by Kanematsu Trading Corporation
in Oct 2006. The Nikko reported for the
31/03/2006 fiscal term: sales Yen 4,529 million, net losses Yen 119 million.
FINANCIAL INFORMATION
The
sales volume for Mar/2007 fiscal term amounted to Yen 73,133 million, a 31% sharp
rise from Yen 56,008 million in the previous term. This is attributed to the rising prices of steel & steel
products. The recurring profit was
posted at Yen 308 million and the net profit at Yen 166 million, respectively,
compared with Yen 255 million recurring profit and Yen 6 million net profit,
respectively, a year ago. Extraordinary
losses were gone as posted last year.
For
the current term ending Mar 2008 the recurring profit is projected at Yen 310
million and the net profit at Yen 170 million, respectively, on 4% rise in
turnover, to Yen 76,000 million.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 339.2 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Dec 1970
Legal
Status: Limited Company (Kabushiki
Kaisha)
Authorized: 1.6 million shares
Issued: 400,000 shares
Sum:
Yen 200 million
Major shareholders (%)
Kanematsu
Corporation*(100)
*..Specialized trading house of
foods & IT-related business, Tokyo, founded 1918 (originally as textile
merchant in Osaka), listed Tokyo, Osaka S/E’s, capital Yen 27,781 million,
turnover Yen 1,281,331 million, recurring profit Yen 15,709 million, net profit
Yen 7,507 million, total assets Yen 563,176 million, net worth Yen 32,959
million, employees 4,545, pres Yoshihiro Miwa
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities:
Imports, exports and wholesales steel products, steel raw materials, stainless steel products, construction materials,
others (--100%).
The
Nikko Boeki Company handles: stainless steel sheets, coils, plates, pipes,
tubes, other specialty steel products, as brought from previously. Exports are centrally to Asian countries.
Clients
[Mfrs,
wholesalers] Exports are to India, USA, Australia, Peru, Pakistan,
Thailand,
Taiwan, Indonesia, Egypt, Russia as main markets, including other worldwide
destinations in over 27 countries.
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
[Mfrs,
wholesalers] Nippon Steel, Sumitomo Metal Ind, Kanematsu Corp, Nisshin Steel,
Sangyo Metal Ind, Aichi Steel, Kobe Steel, Nippon Metal Ind, other.
Payment record
Regular
Location
Business
area in Tokyo. Office premises at the
caption address are leased and maintained satisfactorily.
Bank References
Mizuho
Corporate Bank (Nihombashi)
MUFG
(H/O)
Relations:
Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual Sales |
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76,000 |
73,133 |
56,008 |
57,209 |
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Recur. Profit |
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310 |
308 |
255 |
237 |
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Net Profit |
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170 |
166 |
6 |
83 |
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Total Assets |
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21,073 |
14,634 |
16,053 |
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Current Assets |
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16,438 |
10,529 |
12,191 |
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Current Liabs |
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15,498 |
9,672 |
11,059 |
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Net Worth |
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1,152 |
650 |
657 |
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Capital, Paid-Up |
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200 |
200 |
200 |
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Div.P.Share(¥) |
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<Analytical
Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.92 |
30.58 |
-2.10 |
.. |
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Current Ratio |
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106.07 |
108.86 |
110.24 |
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N.Worth Ratio |
.. |
5.47 |
4.44 |
4.09 |
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R.Profit/Sales |
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0.40 |
0.42 |
0.46 |
0.41 |
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N.Profit/Sales |
0.22 |
0.23 |
0.01 |
0.15 |
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Return On Equity |
.. |
14.41 |
0.92 |
12.63 |
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Note:
Forecast (or estimated) for the 31/03/2007 fiscal term.
ＣONSOLIDATED
FINANCIALS (KANEMATSU CORP)
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FINANCES: (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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1,281,331 |
1,096,409 |
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Cost of Sales |
1,177,619 |
1,014,676 |
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GROSS PROFIT |
103,711 |
81,732 |
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Selling & Adm Costs |
81,997 |
63,750 |
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OPERATING PROFIT |
21,713 |
17,982 |
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Non-Operating P/L |
-4,458 |
-2,273 |
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RECURRING PROFIT |
17,255 |
15,709 |
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NET PROFIT |
7,507 |
-21,686 |
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BALANCE SHEET |
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Cash |
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65,778 |
52,115 |
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Receivables |
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205,639 |
197,953 |
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Inventory |
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84,942 |
79,737 |
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Securities, Marketable |
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Other Current Assets |
50,231 |
51,577 |
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TOTAL CURRENT ASSETS |
406,590 |
381,382 |
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Property & Equipment |
40,601 |
51,041 |
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Intangibles |
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3,549 |
3,905 |
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Investments, Other Fixed Assets |
112,436 |
119,718 |
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TOTAL ASSETS |
563,176 |
556,046 |
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Payables |
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153,283 |
138,970 |
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Short-Term Bank Loans |
143,527 |
215,885 |
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Other Current Liabs |
70,683 |
59,538 |
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TOTAL CURRENT LIABS |
367,493 |
414,393 |
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Debentures |
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Long-Term Bank Loans |
127,151 |
82,548 |
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Reserve for Retirement Allw |
5,441 |
5,863 |
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Other Debts |
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14,324 |
12,264 |
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TOTAL LIABILITIES |
514,409 |
515,068 |
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MINORITY INTERESTS |
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14,972 |
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Common stock |
27,781 |
27,781 |
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Additional paid-in capital |
27,646 |
27,641 |
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Retained earnings |
(9,496) |
(16,294) |
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Evaluation p/l on investments/securities |
3,853 |
4,816 |
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Others |
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Treasury stock, at cost |
(627) |
(600) |
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TOTAL S/HOLDERS` EQUITY |
48,767 |
26,004 |
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TOTAL EQUITIES |
563,176 |
556,046 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash Flows from Operating Activities |
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20,874 |
19,720 |
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Cash Flows from Investment Activities |
23,149 |
7,822 |
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Cash Flows from Financing Activities |
-30,267 |
-26,583 |
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Cash, Bank Deposits at the Term End |
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65,471 |
50,934 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
48,767 |
26,004 |
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Current Ratio (%) |
110.64 |
92.03 |
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Net Worth Ratio (%) |
8.66 |
4.68 |
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Recurring Profit Ratio (%) |
1.35 |
1.43 |
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Net Profit Ratio (%) |
0.59 |
-1.98 |
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Return On Equity (%) |
15.39 |
-83.39 |
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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%)