MIRA
INFORM REPORT
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Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
NICHIRYUNAGASE CO LTD |
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Registered Office : |
4-68 Higashi-Minatomachi Mojiku Fukuoka-Pref 801-0813 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
August 1952 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Wholesale of Fertilizer, Soy Beans, Horticultural
Supplies |
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 553.1 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
NICHIRYUNAGASE CO
LTD
REGD NAME: KK Nichiryu Nagase
MAIN OFFICE: 4-68 Higashi-Minatomachi Mojiku Fukuoka-Pref
801-0813 JAPAN
Tel:
093-331-4456 Fax: 093-331-4664
* The given
phone/Fax numbers are of its Osaka Branch Office
URL: http://www.nichiryunagase.com/
E-Mail
address: (thru the URL to each division)
ACTIVITIES
Import, wholesale of fertilizer, soy beans, horticultural
supplies
BRANCHES
Tokyo, Osaka, Hyogo, Sapporo, Fukuoka, Miyazaki, Kagoshima,
Kumamoto
FACTORY(IES)
Fukuoka (Distribution Center)
OFFICER(S)
Tadaoki Matsumoto, ch
SHUN’ICHI TAKETANI, PRES
Nobuyuki Nishikawa, mgn dir
Etsuhiro Nagase, dir
Kazuhiro Shunno, dir
Koichi Yasui, dir
Yen
Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 33,371 M
PAYMENTS REGULAR CAPITAL Yen
470 M
TREND STEADY WORTH Yen
3,356 M
STARTED 1952 EMPLOYES 149
COMMENT
TRADING FIRM SPECIALIZING IN FERTILIZERS, GARDENING
SUPPLIES, SOY BEANS, OTHERS..
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 553.1 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The
subject company was created on the basis of two firms merged: Nagase KK
(founded 1952) and KK Nichiryu (founded 1996), with Nagase KK as a surviving
entity. This is a trading firm for
import and wholesale of fertilizers, horticultural supplies, soy beans,
other. In Aug/2008, went into business
& capital tie-ups with Echo Trading Co Ltd, pet food supplier, Hyogo-Pref
(See REGISTRATION) and accepted its
21% capital participation. By this
business tie-up, new products of pet foods & supplies have been added as
one of mainstay lines.
FINANCIAL INFORMATION
The
sales volume for Dec/ fiscal term amounted to Yen 33,371 million, a 95% hike
from Yen 17,072 million in the previous term.
Sales almost doubled, boosted by the said merger. The recurring profit was posted at Yen 785
million and the net profit at Yen 495 million, respectively, compared with Yen
172 million recurring profit and Yen 107 million net profit, respectively, a
year ago.
For
the current term ending Dec 2008 the net profit is projected at Yen 510
million, on a 3% rise in turnover, to Yen 34,300 million. Newly added pet foods will contribute.
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max credit limit is
estimated at Yen 553.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Aug
1952
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 1,030,384
shares
Issued: 1,030,384
shares
Sum: Yen 470 million
Major shareholders (%)
Echo Trading Co*(21), Tadaoki
Matsumoto (11), Shun’ichi Taketani (10), Tokyo Small/Mid Companies Investment
& Promotion Corp (9), Takii Seeds (8), Itochu Corp (8) (17 shareholders’ shares were transferred to
Echo Trading; the breakdowns other than Echo Trading Co are those before the
transfer, as details are not yet made available)
No. of
shareholders: 42
* Echo Trading Co Ltd, pet foods
supplier, Hyogo-Pref, founded 1971, listed Tokyo & Osaka S/E’s, capital Yen
1,988 million, sales Yen 62,028 million, operational profit Yen 986 million,
recurring profit Yen 930 million, net profit Yen 437 million, total assets Yen
19,254 million, net worth Yen 7,812 million, employees 267, pres Kazuhiko
Takahashi
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports and wholesales fertilizer,
horticultural/gardening supplies (including seeds & seedlings, gardening
tools, others), soy beans (including Japanese Tofu for exports) (--100%).
Clients
[Mfrs, wholesalers] Itochu Corp,
Mercian Corp, Hayashikane Sangyo Co, Marubeni Nisshin Feed, Kyodo Shiryo, Sun
& Hope Co, Chubu Shiryo, Yoshida Shiryo, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Itochu Corp,
Kanematsu Corp, Takii & Co, Nisshin Oileo Group, Kyodo Shiryo, Mitsubishi
Corp, Kakudai Mfg, Mitsuwa Trading, Sumitomo Chemical Garden Products, Richell
Corp, other.
Payment
record: Regular
Location:
Business area in Kitakyushu City, Fukuoka-Pref. Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Nishinippon City Bank (Moji)
Fukuoka Bank (Moji)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/12/2008 |
31/12/2007 |
31/12/2006 |
31/12/2005 |
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Annual
Sales |
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34,300 |
33,371 |
17,072 |
11,962 |
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Recur.
Profit |
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785 |
172 |
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Net
Profit |
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510 |
495 |
107 |
-63 |
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Total
Assets |
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15,932 |
16,403 |
4,529 |
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Current
Assets |
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12,575 |
12,830 |
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Current
Liabs |
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10,011 |
10,855 |
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Net
Worth |
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3,356 |
3,572 |
393 |
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Capital,
Paid-Up |
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470 |
470 |
470 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.78 |
95.47 |
42.72 |
-13.47 |
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Current Ratio |
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125.61 |
118.19 |
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N.Worth Ratio |
.. |
21.06 |
21.78 |
8.68 |
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R.Profit/Sales |
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.. |
2.35 |
1.01 |
.. |
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N.Profit/Sales |
1.46 |
1.48 |
0.63 |
-0.53 |
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Return On Equity |
.. |
14.75 |
3.00 |
.. |
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Notes: Forecast (or estimated) figures for the 31/12/2008
fiscal term.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.94 |
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UK Pound |
1 |
Rs.72.07 |
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Euro |
1 |
Rs.64.70 |
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%)