MIRA
INFORM REPORT
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Report Date : |
26.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
NAKAGAWA BUSSAN CO LTD |
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Registered Office : |
37-23 Shiomicho Minatoku Nagoya 455-0028 |
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Country : |
Japan |
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Financials (as on) : |
31.10.2007 |
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Date of Incorporation : |
December 1971 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Wholesaler of Gasoline, Fuel Oils; Operation of Gas Stations |
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 3,635.8 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
NAKAGAWA BUSSAN CO LTD
REGD NAME: Nakagawa Bussan KK
MAIN OFFICE: 37-23 Shiomicho
Minatoku Nagoya 455-0028 JAPAN
Tel:
052-612-1711 Fax: 052-612-2345
URL: N/A
ACTIVITIES
Wholesale of gasoline, fuel oils; operation of gas stations
BRANCHES
Tokyo, Osaka Nagoya, Fukuoka
FACTORY(IES)
19 gas stations
OFFICER(S)
HIDENOBU NAKAGAWA, PRES
Hajime Imanishi, s/mgn dir
Toshihiro Nakane, mgn dir
Chizuko Nakagawa, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 211,357 M
PAYMENTS REGULAR CAPITAL Yen 12 M
TREND STEADY WORTH Yen 11,659 M
STARTED 1971 EMPLOYES 55
COMMENT
WHOLESALER OF FUEL OIL, GASOLINE; OPERATES GAS STATIONS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 3,635.8 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established father of Hidenobu Nakagawa, who took the office of pres in Dec 2006. This is a wholesaler of fuel oils, gasoline, kerosene, other oil products. Operates 19 gas stations in Aichi-Pref. Clients include government agencies, municipal offices, other.
FINANCIAL INFORMATION
The sales volume for Oct/2007 fiscal term amounted to Yen 211,357 million, an 11% down from Yen 238,557 million in the previous term. This is referred to reduced purchase of kerosene from household due to the skyrocketing hike in oil prices. Kerosene consumption was reduced. The net profit went down to Yen 93 million from Yen 1,470 million a year ago.
For the current term ending Oct 2008 the net profit is projected at Yen 100 million, on a 4% rise in turnover, to Yen 220,000 million.
The financial situation is considered FAIR to GOOD and responsible for ORDINARY business engagements. Max credit limit is estimated at Yen 3,635.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1971
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 80,000 shares
Issued: 24,000 shares
Sum: Yen 12 million
Major shareholders (%)
N Holdings*(25), Hidenobu Nakagawa (20), Shin’ichiro Nakagawa (20), Nobuo Nakagawa (15)
*` Holding company owned by the Nakagawa family
No. of shareholders: 6
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Wholesales fuel oil, gasoline, kerosene, other petroleum products; operates 19 gas stations (--100%).
Clients
[Governments, municipal offices, business firms] Ministry of Defense, Handa City Office, Nagoya City Office, Mitsubishi Corp, Sumitomo Corp, Oji Paper, Teijin Ltd, Toyo Energy, JFE Trading, other.
No. of accounts
800
Domestic areas of activities
Centered in greater-Nagoya
Suppliers
[Oil refineries, wholesalers] Taiyo Oil, Cosmo Oil, Mitsubishi Corp, Sumitomo Corp, Toyota Tsusho Corp, other.
Payment record
Regular
Location
Business area in Nagoya. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
MUFG (Nagoya)
Mizuho Bank (Nagoya-Chuo)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/10/2008 |
31/10/2007 |
31/10/2006 |
31/10/2005 |
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Annual
Sales |
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220,000 |
211,357 |
238,557 |
189,000 |
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Recur.
Profit |
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2,711 |
5,980 |
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Net
Profit |
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100 |
93 |
1,470 |
970 |
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Total
Assets |
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58,314 |
60,791 |
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Current
Assets |
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37,182 |
40,708 |
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Current
Liabs |
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34,617 |
41,199 |
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Net
Worth |
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11,659 |
10,664 |
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Capital,
Paid-Up |
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12 |
12 |
12 |
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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 |
4.09 |
-11.40 |
26.22 |
7.39 |
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Current Ratio |
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.. |
107.41 |
98.81 |
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N.Worth Ratio |
.. |
19.99 |
17.54 |
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R.Profit/Sales |
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.. |
1.28 |
2.51 |
.. |
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N.Profit/Sales |
0.05 |
0.04 |
0.62 |
0.51 |
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Return On Equity |
.. |
0.80 |
13.78 |
.. |
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Notes: Forecast (or estimated) figures for the 31/10/2008 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%)