MIRA
INFORM REPORT
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Report Date : |
18.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
NISSAN TRADING CO LTD |
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Registered Office : |
Nissan Yokohama Bldg, 2-6-32 Takashima Nishiku Yokohama
220-0011 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
April 1978 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of
automobiles, machinery, steel & nonferrous metals, fuels, chemicals,
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 4,231.5 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
NISSAN TRADING CO LTD
REGD NAME: Nissan Trading KK
MAIN OFFICE: Nissan Yokohama Bldg,
2-6-32 Takashima Nishiku Yokohama 220-0011 JAPAN
Tel:
045-451-9800 Fax: 045-451-9832
E-Mail address: i.terashima@nitco.co.jp
ACTIVITIES
Import, export, wholesale of automobiles, machinery, steel
& nonferrous metals, fuels, chemicals, others
BRANCHES
Fukuoka, Utsunomiya, Fuji
OVERSEAS
China (3), Nashville, Amsterdam, Los Angeles, Mexico City,
Barcelona
SUBSIDAIRIES
China, Taiwan, USA, Europe, other
OFFICERS
RYOSO KODAMA, PRES
Taichi Matsuda, dir
Shuichi Sagisaka, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 60,989 M*
PAYMENTS REGULAR CAPITAL Yen 320 M
TREND STEADY WORTH Yen 16,929 M
STARTED 1978 EMPLOYES 316
COMMENT
TRADING
HOUSE WHOLLY OWNED BY NISSAN MOTOR CO LTD.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOF FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 4,231.5 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established as a trading house by Nissan Motor Co Ltd, one of largest automakers in Japan, for importing automotive components and raw materials. Through the years since the inception, the firm has grown into a specialized trading house handling a wide range of automotive products, utilizing the parent’s wide networks worldwide. The firm has also diversified into various other areas, such as machinery parts, steel & nonferrous metals, energy & chemicals, etc. Major portion of business operations is still with Nissan Motor and its group firms, for importing & exporting Nissan car produced both domestically and abroad. Exports Nissan cars to overseas embassies & consulates.
FINANCIAL INFORMATION
The financials are consolidated by the parent, Nissan Motor Co Ltd, whose financials are attached below.
The sales volume for Mar/2007 fiscal term for irregular 3 months amounted to Yen 60,989 million, a 2.8% down, as adjusted to 12-month basis, from Yen 250,954 million in the previous term. The accounting term was changed to Apr/Mar from Jan/Dec. The recurring profit was posted at Yen 1,425 million and the net profit at Yen 872 million, respectively, compared with Yen 4,591 million recurring profit and Yen 3,695 million net profit, respectively, for 12 months a year ago.
For the term just ended Mar 2008 the recurring profit was projected and believed posted at Yen 4,600 million and the net profit at Yen 3,700 million, on a 2.5% rise in turnover, to Yen 250,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 4,231.5 million, on 30 days normal terms.
Max credit limit of the parent, Nissan Motor Co Ltd, is estimated at Yen 209,111.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr 1978
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 1.6 million shares
Issued: 400,000 shares
Sum: Yen 320 million
Major shareholders (%)
Nissan Motor Co*(100)
*.. Second largest automaker in Japan, founded 1933, listed Tokyo, NASDAQ S/E’s, capital Yen 605,814 million, sales Yen 10,468,583 million, operating profit Yen 776,939 million,recurring profit Yen 761,051 million, net profit Yen 460,796 million, total assets Yen 12,402,208 million, net worth Yen 3,545,237million, employees 165,729, pres Carlos Ghosn
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Trading house, owned by Nissan Motor Co, for
import, export, wholesale of: (Sales
breakdown by divisions):
Vehicle Div (8.5%): automobiles, commercial vehicles, special vehicles, spare parts & car accessories;
Machinery &
Automotive Components Div (28.8%): Automotive components business (engines, power train components, catalytic
converters, aluminum wheels, brakes & other chassis components, roof racks, spoilers & other exterior
components, seat materials & other
trim components); Machinery (machine tools, presses, casting equipment,
electric vices & apparatus,
plastic injection machines, testers, welding equipment, stamping dies, molding dies, jig fixtures, cutting &
pneumatic tools, pallets, other tools, environmental facilities;
Steel & Nonferrous Metal Div (43.2%): Steel Business (mild steel, cold/rolled steel, hot-rolled steel, various types of surface-treated steel, special steel 8structural carbon steel, structural alloy steel, stainless steel), extruded aluminum, pallets for automotive parts; Non-ferrous metal business (aluminum primary & secondary ingots & aluminum scraps, platinum, palladium, rhodium, rare metals (cobalt);
Energy, Materials
& Chemical Div (18.1%): Energy & Materials business (bunker &
indutrial fuel oils, lubricants, liquefied petroleum gas (LPG), grease,
automobile gasoline, gas oil & lubricant oils, cokes, materials for
casting, raw materials for steel, nickel for stainless steel recycled precious metals; Chemical
business (synthetic resins (thermoplastic resins, thermosetting resins, master
batches), plastic components, organic chemicals (intermediates, raw materials, solvents, plasticizers,
industrial chemicals, others.
Overseas trading (58.6%): Multilateral (10.5%), export 30.0%, import 18.1%
Clients
[Carmakers] Nissan Motor & group firms, Nissan Trading Europe, Nissan Trading USA, Kyushu Steel Center, Nissan Mexico, Jatco, other.
No. of accounts
100 (major direct clients)
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Nissan Motor, Nippon Steel, Kobe Steel, JFE Steel, Daido Special Steel, Unipress Corp, other.
Payment record
Regular
Location
Business area in Yokohama. Office premises at the caption address are owned by the parent, Nissan Motor Co Ltd, and maintained satisfactorily.
Bank References
Mizuho Corporate Bank (H/O)
MUFG (Shimbashi)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/12/2006 |
31/12/2005 |
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Annual
Sales |
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250,000
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60,989 |
250,954
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210,916
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Recur.
Profit |
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4,600 |
1,425 |
4,591 |
4,232 |
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Net
Profit |
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3,700 |
872 |
3,695 |
2,688 |
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Total
Assets |
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67,342 |
64,409 |
48,922 |
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Current
Assets |
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64,739 |
62,012 |
46,862 |
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Current
Liabs |
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49,367 |
47,327 |
35,733 |
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Net
Worth |
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16,929 |
16,063 |
12,355 |
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Capital,
Paid-Up |
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320 |
320 |
320 |
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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 |
2.47 |
-2.78 |
18.98 |
17.69 |
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Current Ratio |
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.. |
131.14 |
131.03 |
131.14 |
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N.Worth Ratio |
.. |
25.14 |
24.94 |
25.25 |
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R.Profit/Sales |
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1.84 |
2.34 |
1.83 |
2.01 |
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N.Profit/Sales |
1.48 |
1.43 |
1.47 |
1.27 |
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Return On Equity |
.. |
5.15 |
23.00 |
21.76 |
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Notes: Forecast (or estimated) figures for 31/12/2008 fiscal
term.
SUPPLEMENTS:
Consolidated
financials of the parent, Nissan Motor Co Ltd
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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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10,468,583 |
9,428,292 |
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Cost of Sales |
8,027,186 |
7,040,987 |
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GROSS PROFIT |
2,441,397 |
2,387,305 |
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Selling & Adm Costs |
1,664,458 |
1,515,464 |
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OPERATING PROFIT |
776,939 |
871,841 |
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Non-Operating P/L |
-15,888 |
-25,969 |
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RECURRING PROFIT |
761,051 |
845,872 |
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NET PROFIT |
460,796 |
518,050 |
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BALANCE SHEET |
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Cash |
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457,925 |
414,772 |
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Receivables |
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679,119 |
488,600 |
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Inventory |
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1,004,671 |
856,499 |
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Securities, Marketable |
28,255 |
11,589 |
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Other Current Assets |
4,322,916 |
4,250,794 |
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TOTAL CURRENT ASSETS |
6,492,886 |
6,022,254 |
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Property & Equipment |
4,877,188 |
4,438,808 |
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Intangibles |
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185,313 |
186,949 |
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Investments, Other Fixed Assets |
846,821 |
833,415 |
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TOTAL ASSETS |
12,402,208 |
11,481,426 |
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Payables |
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1,103,186 |
983,594 |
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Short-Term Bank Loans |
1,056,319 |
1,526,741 |
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Other Current Liabs |
3,415,814 |
2,341,374 |
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TOTAL CURRENT LIABS |
5,575,319 |
4,851,709 |
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Debentures |
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729,707 |
708,207 |
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Long-Term Bank Loans |
1,167,814 |
1,445,688 |
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Reserve for Retirement Allw |
194,494 |
267,695 |
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Other Debts |
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857,880 |
834,251 |
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TOTAL LIABILITIES |
8,525,214 |
8,107,550 |
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MINORITY INTERESTS |
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285,893 |
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Common
stock |
605,814 |
605,814 |
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Additional
paid-in capital |
804,470 |
804,470 |
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Retained
earnings |
2,402,726 |
2,116,825 |
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Evaluation
p/l on investments/securities |
5,826 |
14,340 |
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Others |
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284,552 |
(204,312) |
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Treasury
stock, at cost |
(226,394) |
(249,154) |
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TOTAL S/HOLDERS` EQUITY |
3,876,994 |
3,087,983 |
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TOTAL EQUITIES |
12,402,208 |
11,481,426 |
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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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1,042,827 |
757,869 |
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Cash
Flows from Investment Activities |
-1,114,587 |
-1,112,755 |
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Cash
Flows from Financing Activities |
106,912 |
457,919 |
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Cash,
Bank Deposits at the Term End |
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469,388 |
404,212 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
3,876,994 |
3,087,983 |
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Current
Ratio (%) |
116.46 |
124.13 |
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Net
Worth Ratio (%) |
31.26 |
26.90 |
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Recurring
Profit Ratio (%) |
7.27 |
8.97 |
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Net
Profit Ratio (%) |
4.40 |
5.49 |
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Return
On Equity (%) |
11.89 |
16.78 |
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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%)