MIRA
INFORM REPORT
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Report Date : |
05.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
NOMURA TRADING CO LTD |
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Registered Office : |
1-1-1 Hirakawacho Chiyodaku Tokyo 102-0093 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
June 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 and
Marine Products, Textiles |
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 837.1 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
NOMURA TRADING CO
LTD
REGD NAME: Nomura Boeki KK
MAIN OFFICE: 1-1-1 Hirakawacho Chiyodaku Tokyo 102-0093
JAPAN
Tel:
03-5214-2500 Fax: 03-5214-2682
*.. Registered and
Osaka Headquarters at: 1-7-3 Azuchimachi Chuoku Osaka;
Tel: 06-6268-8111;
Fax: 06-6268-2682
URL: http://www.nomuratrading.co.jp/
E-Mail
address:info@nomuratrading.co.jp
ACTIVITIES
Import, export, wholesale of livestock products, farm &
marine products, textiles
BRANCHES
Osaka,
Nagoya
OVERSEAS
(Branch
Offices): Singapore, Frankfurt, Seattle, Taipei
(Affiliated):
Yangon, Medan, Rio Janeiro
(JV’s):
China (3), Hong Kong, Indonesia (5), Laos, Thailand (6), Vietnam (4)
OFFICER(S)
Nobuya
Mizuguchi, ch
KIYOSHIGE
ITOH, PRES
Hirohiko
Noritake, mgn dir
Katsunari
Miyashita, dir
Shizuya Shimoji, dir
Yen
Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 95,792 M
PAYMENTS REGULAR CAPITAL Yen 2,500 M
TREND STEADY WORTH Yen 3,273 M
STARTED 1976 EMPLOYES 260
COMMENT
TRADING HOUSE SPECIALIZING IN FOODSTUFFS, APPAREL, OTHERS, OWNED BY NOMURA TRADING HOLDINGS CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 837.1 MILLION, 30 DAYS NORMAL
TERMS
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. The firm’s sales account for 95% of total
group sales.
FINANCIAL INFORMATION
Financials
are consolidated by the parent, Nomura Trading Holdings Co Ltd.
The
sales volume for Mar/2008 fiscal term amounted to Yen 91,835 million, a 4% up
from Yen 88,599 million in the previous term.
Business is seen steady expanding.
Foods up 3.1% to Yen 36,501 million; Consumer Products down 0.6% to Yen
20,045 million, due to decreased sales of building materials as affected by the
new building regulations enacted; Industrial Business up 7.8% to Yen 38,733
million. The recurring profit was
posted at Yen 895 million and the net profit at Yen 194 million, respectively,
compared with Yen 1,107 million recurring profit and Yen 1,009 million net
profit, respectively, a year ago.
Materials price hike deteriorated profitability. Booked Yen 525 million extraordinary losses
for the term.
For
the current term ending Mar 2008 the recurring profit is projected at Yen 740
million and net profit at Yen 320 million, respectively, on an almost similar
turnover, at Yen 92,000 million.
Stronger Yen will decrease sales amount in Yen terms. Worldwide business slump will hurt the
sales.
The
financial situation is considered maintained FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 837.1 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 95,792
million, recurring profit Yen 895 million, net profit Yen 1194 million, total
assets Yen 30,377 million, net worth Yen 4,264 million, employees 900, pres
Kiyoshige Itoh, concurrently. .
Consolidated
Financials are as attached (See SUPPLEMENTS)
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 (39%): 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);
Overseas Trading Ratio (40%): Asia 30%; other regions 10%
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 Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References
Resona Bank (Ohtemachi)
Mizuho Bank (Yaesuguchi)
Relations: Satisfactory
FINANCES
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Terms Ending: |
31/03/2009 |
31/03/2008 |
31/03/2007 |
31/03/2006 |
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Annual
Sales |
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92,000 |
91,835 |
88,599 |
87,795 |
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Recur.
Profit |
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740 |
740 |
1,150 |
1,215 |
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Net
Profit |
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320 |
321 |
801 |
1,000 |
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Total
Assets |
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28,320 |
29,492 |
28,329 |
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Current
Assets |
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24,912 |
25,343 |
23,285 |
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Current
Liabs |
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23,265 |
23,233 |
20,778 |
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Net
Worth |
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3,273 |
4,347 |
4,371 |
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Capital,
Paid-Up |
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2,500 |
2,500 |
2,500 |
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Div.P.Share(¥) |
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6423.00 |
16021.00 |
20096.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
0.18 |
3.65 |
0.92 |
1.92 |
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Current Ratio |
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.. |
107.08 |
109.08 |
112.07 |
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N.Worth Ratio |
.. |
11.56 |
14.74 |
15.43 |
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R.Profit/Sales |
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0.80 |
0.81 |
1.30 |
1.38 |
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N.Profit/Sales |
0.35 |
0.35 |
0.90 |
1.14 |
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Return On Equity |
.. |
9.80 |
18.42 |
22.87 |
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Notes: Forecast (or estimated) for the 31/03/2009 fiscal
term.
SUPPLEMENTS:
CONSOLIDATED
FINANCIALS OF THE PARENT, NOMURA TRADING HOLDINGS CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2008 |
31/03/2007 |
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INCOME STATEMENT |
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Annual Sales |
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95,792 |
92,763 |
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Cost of Sales |
90,226 |
87,271 |
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GROSS PROFIT |
5,566 |
5,491 |
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Selling & Adm Costs |
4,479 |
4,252 |
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OPERATING PROFIT |
1,086 |
1,239 |
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Non-Operating P/L |
-191 |
-132 |
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RECURRING PROFIT |
895 |
1,107 |
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NET PROFIT |
194 |
1,009 |
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BALANCE SHEET |
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Cash |
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2,852 |
2,633 |
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Receivables |
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13,510 |
15,677 |
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Inventory |
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10,390 |
8,954 |
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Securities, Marketable |
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Other Current Assets |
788 |
763 |
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TOTAL CURRENT ASSETS |
27,540 |
28,027 |
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Property & Equipment |
195 |
131 |
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Intangibles |
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141 |
177 |
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Investments, Other Fixed Assets |
2,501 |
3,338 |
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TOTAL ASSETS |
30,377 |
31,673 |
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Payables |
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13,125 |
14,015 |
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Short-Term Bank Loans |
7,800 |
6,759 |
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Other Current Liabs |
2,959 |
3,178 |
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TOTAL CURRENT LIABS |
23,884 |
23,952 |
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Debentures |
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220 |
400 |
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Long-Term Bank Loans |
500 |
1,100 |
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Reserve for Retirement Allw |
775 |
722 |
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Other Debts |
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734 |
455 |
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TOTAL LIABILITIES |
26,113 |
26,629 |
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MINORITY INTERESTS |
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Common
stock |
10,000 |
10,000 |
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Additional
paid-in capital |
2,500 |
2,500 |
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Retained
earnings |
4,282 |
4,515 |
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Evaluation
p/l on investments/securities |
164 |
322 |
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Others |
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(12,588) |
(12,199) |
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Treasury
stock, at cost |
(94) |
(94) |
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TOTAL S/HOLDERS` EQUITY |
4,264 |
5,044 |
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TOTAL EQUITIES |
30,377 |
31,673 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2008 |
31/03/2007 |
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Cash
Flows from Operating Activities |
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5,500 |
758 |
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Cash
Flows from Investment Activities |
119 |
-77 |
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Cash
Flows from Financing Activities |
-177 |
-907 |
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Cash,
Bank Deposits at the Term End |
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2,851 |
2,419 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
4,264 |
5,044 |
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Current
Ratio (%) |
115.31 |
117.01 |
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Net
Worth Ratio (%) |
14.04 |
15.93 |
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Recurring
Profit Ratio (%) |
0.93 |
1.19 |
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Net
Profit Ratio (%) |
0.20 |
1.09 |
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Return
On Equity (%) |
4.55 |
20.00 |
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FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.69 |
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UK Pound |
1 |
Rs.72.96 |
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Euro |
1 |
Rs.63.46 |
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%)