MIRA
INFORM REPORT
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Report Date : |
19.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
NISSEI CORPORATION |
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Registered Office : |
Nissei Edobashi Bldg, 1-10-5 Nihombashi-Honcho Chuoku Tokyo 103-0023 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
November, 1947 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Export, Wholesale of
Industrial Chemicals |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
YEN 632.0 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name of the company
NISSEI CORPORATION
REGD NAME: Nissei Sangyo KK
MAIN OFFICE
Nissei Edobashi Bldg, 1-10-5 Nihombashi-Honcho Chuoku Tokyo 103-0023
JAPAN
Tel: 03-3241-2548 Fax:
03-3241-6748
URL
http://www.nisseicorp.co.jp
E-Mail address
ACTIVITIES
Import, export, wholesale of industrial chemicals
BRANCHES
Osaka, Nagoya, Toyama, Fukuoka, Miyagi
OVERSEAS
Ho Chi Minh City (Representative office)
Shanghai, Bangkok, Jakarta,
Singapore (--subsidiaries)
OFFICERS
TATSUYA FUJI, PRES Yoshinobu
Kotoh, s/mgn dir
Masakazu Kobayashi, mgn dir Takashi
Kusabara, mgn dir
Toshio Takiwaki, mgn dir Toshifumi Haku, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 40,387 M
PAYMENTS REGULAR CAPITAL Yen 427 M
TREND STEADY WORTH Yen 3,250 M
STARTED 1947 EMPLOYES 117
COMMENT
TRADING
FIRM SPECIALIZING IN INDUSTRIAL CHEMICALS, WHOLLY OWNED BY NISSAN CHEMICAL IND.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT
ENGAGEMENTS:
US$50,000 / O/A TERMS
MAX CREDIT LIMIT
YEN 632.0 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was
established on the basis of a division separated from Nissan Chemical Ind (see
REGISTRATION) as a trading house handling industrial chemicals, produced by the
parent and group firms. Specializes in
import, export and wholesale of organic/inorganic chemicals, fine chemicals
& ceramics, plastics, tire chain, mast, equipment, etc. Goods are more exported than imported. Export destinations are: China, Hong Kong,
Taiwan, Korea, Singapore, Malaysia, Indonesia, Vietnam, Thailand, India,
Australia, Canada, USA, South Africa, France, other. Imports are from USA, China, Germany, etc. Imports as exclusive agent for SCC (USA),
Mannstaedt-Werke GmbH (Germany). In Oct
2002, merged a sister firm, Nissei Corp and renamed as captioned. In July 2007, opened a representative office
in Ho Chi Minh City to expand business operations there.
FINANCIAL INFORMATION
The sales volume for Mar/2007
fiscal term amounted to Yen 40,387 million, a 13% up from Yen 35,684 million in
the previous term. LCD materials and
semiconductor-use antireflection materials were in robust demand. LC-use films increased for large-size
TV’s. Materials price hikes also
contributed. The recurring profit was
posted at Yen 1,040 million and the net profit at Yen 599 million,
respectively, compared with Yen 812 million recurring profit and Yen 429
million net profit, respectively, a year ago.
For the current term ending Mar
2008 the recurring profit is projected at Yen 1,050 million and the net profit
at Yen 600 million, respectively, on a 3% rise in turnover, to Yen 41,500
million. LCD/semiconductor-related
materials will continue expand. New
LC-use films for large TV’s started production at the parent’s new plant in
Funabashi will contribute, the firm says.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 632.0 million, on 30 days normal terms. The proposed amount is considered well
within the firm’s financial capabilities.
REGISTRATION
Date Registered: Nov 1947
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 35
million shares
Issued: 8.9
million shares
Sum: Yen
427 million
Major shareholders (%)
Nissan Chemical Ind*(100)
*..Medium-sized
mfr of chemical products including basis chemicals, founded 1921, listed Tokyo S/E, capital Yen 18,942 million,
turnover, Yen 174,351 million, recurring profit Yen 21,246 million, net profit
Yen 13,992 million, total assets Yen 177,336 million, net worth Yen 98,101 million, employees 2,294, pres Shuichiro
Fujimoto Consolidated Financials are as attached (See SUPPLEMENTS).
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities:
Imports, exports and wholesales industrial chemicals (96%); non-life insur-ance
broking, others (--4%).
(Handling items):
Chemicals Div: ammonia, sulfuric acid, soda & chlorine, sulfur
compounds, calcium compounds, phosphorus compounds, inorganic chemicals,
inorganic powder, high pressure gas, higher alcohols, alkylbenzene sulfonate
compounds & synthetic fatty acids, organic chemicals, solvents, oil
& fats, other;
Ceramics Div: inorganic/organic
materials, construction chemicals, deodorizer, raw materials for ceramics,
casting materials, sand casting materials, washing agents, disinfectants, water
treatment chemicals, grinding agents, other;
Facility & equipment Div: laboratory,
office furniture, pollution arrester, glass machinery, machine for food &
medicine, semiconductor equipment, transportation machinery;
Plastics Div: resins, compounds, additives, packaging, agricultural & fishing products, sheet/film materials, products for semiconductors, flocculants, electronics materials, pharmaceuticals, agro chemicals, health foods, catalysts for environmental clean-up, sulfur absorbent, other.
Clients
[Mfrs,
wholesalers] Nissan Chemical Ind, Altus, Sumitomo Osaka Cement, Taiwan Cement,
Mitsubishi Heavy Ind, Yoshino Gypsum, Sun Agro, Sumitomo Osaka Cement, Nihon
Hels Industry, other. Exports to China, Hong Kong, Taiwan, Korea, Singapore,
Malaysia, Indonesia, Vietnam, Thailand, India, Australia, Canada, USA, South
Africa, France, etc.
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Nissan Chemical Ind,
Keiyo Polyethylene, Kyowa Hakko Chemical,
Nippon Oil & Fats, Solvay Advanced Polymers, Fuji Chemical, other. Imports
from Mannstaed (Germany), SCC (USA), Panja Patana, other from USA, China, Germany, etc.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References
Mizuho Corporate Bank (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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41,500 |
40,387 |
35,684 |
34,423 |
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Recur. Profit |
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1,050 |
1,040 |
812 |
775 |
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Net Profit |
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600 |
599 |
429 |
443 |
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Total Assets |
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16,463 |
14,391 |
14,391 |
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Current Assets |
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13,106 |
11,093 |
10,559 |
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Current Liabs |
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12,621 |
11,035 |
10,783 |
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Net Worth |
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3,250 |
2,724 |
2,090 |
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Capital, Paid-Up |
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427 |
427 |
427 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.76 |
13.18 |
3.66 |
8.56 |
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Current Ratio |
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.. |
103.84 |
100.53 |
97.92 |
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N.Worth Ratio |
.. |
19.74 |
18.93 |
14.52 |
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R.Profit/Sales |
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2.53 |
2.58 |
2.28 |
2.25 |
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N.Profit/Sales |
1.45 |
1.48 |
1.20 |
1.29 |
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Return On Equity |
.. |
18.43 |
15.75 |
21.20 |
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Notes: Forecast for the 31/03/2008 fiscal term.
SUPPLEMENTS:
CONSOLIDATED FINANCIALS OF THE PARENT, NISSAN CHEMICAL IND.
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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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174,351 |
169,154 |
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Cost of Sales |
117,274 |
113,660 |
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GROSS PROFIT |
57,076 |
55,489 |
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Selling & Adm Costs |
36,231 |
33,834 |
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OPERATING PROFIT |
20,844 |
21,654 |
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Non-Operating P/L |
402 |
-347 |
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RECURRING PROFIT |
21,246 |
21,307 |
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NET PROFIT |
13,992 |
13,704 |
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BALANCE SHEET |
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Cash |
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11,038 |
8,520 |
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Receivables |
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58,869 |
64,069 |
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Inventory |
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22,315 |
24,165 |
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Securities, Marketable |
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Other Current Assets |
5,069 |
8,522 |
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TOTAL CURRENT ASSETS |
97,291 |
105,276 |
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Property & Equipment |
48,510 |
46,106 |
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Intangibles |
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730 |
3,517 |
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Investments, Other Fixed Assets |
30,805 |
28,303 |
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TOTAL ASSETS |
177,336 |
183,202 |
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Payables |
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22,256 |
27,145 |
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Short-Term Bank Loans |
7,011 |
16,125 |
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Other Current Liabs |
28,000 |
22,864 |
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TOTAL CURRENT LIABS |
57,267 |
66,134 |
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Debentures |
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Long-Term Bank Loans |
15,039 |
15,451 |
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Reserve for Retirement Allw |
715 |
2,397 |
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Other Debts |
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5,008 |
5,584 |
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TOTAL LIABILITIES |
78,029 |
89,566 |
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MINORITY INTERESTS |
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1,681 |
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Common stock |
18,942 |
18,942 |
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Additional paid-in capital |
13,611 |
13,617 |
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Retained earnings |
61,188 |
53,882 |
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Evaluation p/l on investments/securities |
5,386 |
5,672 |
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Others |
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1,920 |
523 |
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Treasury stock, at cost |
(1,741) |
(683) |
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TOTAL S/HOLDERS` EQUITY |
99,306 |
91,953 |
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TOTAL EQUITIES |
177,336 |
183,202 |
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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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19,760 |
23,568 |
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Cash Flows from Investment
Activities |
-10,933 |
-13,503 |
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Cash Flows from Financing Activities |
-6,312 |
-6,161 |
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Cash, Bank Deposits at the Term End |
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11,038 |
8,520 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
99,306 |
91,953 |
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Current Ratio (%) |
169.89 |
159.19 |
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Net Worth Ratio (%) |
56.00 |
50.19 |
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Recurring Profit Ratio (%) |
12.19 |
12.60 |
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Net Profit Ratio (%) |
8.03 |
8.10 |
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Return On Equity (%) |
14.09 |
14.90 |
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%)