MIRA
INFORM REPORT
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Report Date : |
08.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
NIPPON RESIBON CORPORATION |
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Registered Office : |
1-22-10 Kitahorie Nishiku Osaka 550-0014 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
February 1958 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Offset-Type Grindstones |
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 502.1 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
NIPPON RESIBON
CORPORATION
REGD NAME: Nippon Resibon KK
MAIN OFFICE: 1-22-10 Kitahorie Nishiku Osaka 550-0014 JAPAN
Tel:
06-6538-0136 Fax: 06-6532-0177
URL: http://www.resibon.co.jp/
E-Mail address:info@resibon.co.jp
ACTIVITIES
Mfg of offset-type grindstones
BRANCH(ES)
Tokyo, Nagoya, Fukuoka; Resibon USA Inc (sales)
FACTORY(IES)
Gifu (5); Dia Resibon (Thailand) Co Ltd
CHIEF EXEC
KOICHI IMADAQTE, PRES
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 15,587 M
PAYMENTS REGULAR CAPITAL Yen 1,128 M
TREND STEADY WORTH Yen 8,197 M
STARTED 1958 EMPLOYES 801
COMMENT
MFR OF
OFFSET-TYPE GRINDSTONES.
FINANCIAL
SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 502.1 MILLION, 30 DAYS
NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2009 fiscal term
HIGHLIGHTS
The subject company is top maker of sharpening stones. Products are parts of tools used in metal cutting & polishing. Main products are offset-type grindstones. Produces raw resin materials in-house. Also related products, such as coated abrasives. Has mfg subsidiary in Thailand, playing leading role in overseas production. Mitsubishi Corp serves as general sales agency.
FINANCIAL INFORMATION
The sales volume for Mar/2008 fiscal term amounted to Yen 15,587 million, a 4.2% down from Yen 16,266 million in the previous term. This is referred to the switch of domestic sales of grindstones via trading companies to direct sales thru subsidiaries. The recurring profit was posted at Yen 1,300 million and the net profit at Yen 570 million, respectively, compared with Yen 1,195 million recurring profit and Yen 531 million net profit, respectively, a year ago.
For the current term ending Mar 2009 the recurring profit is projected at Yen 1,100 million and the net profit at Yen 600 million, on a 0.4% rise in turnover, to Yen 15,650 million. Planning to expand facilities of No.2 plant in Thailand, depending on stronger demand.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 502.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Feb 1958
Legal Status: Limited Company (Kabushiki Kaisha)
Issued: 6,600,000 shares
Sum: Yen 1,128 million
Major shareholders (%)
Mitsubishi Corp (20.0), Japan Trustee Services T (12.6), Gun Ei Chemical Ind (6.3), MUFG (4.5), Nippon Life Ins (3.6), Employees’ S/Holding Assn (3.4), Kinki Osaka Bank (2.2), TKX Corp (1.8), Koichi Imadate (1.5), Customer Collateral (1.3); foreign owners (2.5).
No. of shareholders: 688
Listed on the S/Exchange (s) of: Osaka (Second Section)
Managements
Koichi Imadate, pres; Kazuyoshi Hamada, s/mgn dir; Hiroyuki Mizukami, mgn die; Ryu Furukawa, mgn dir; Ken’ichi Horagami, mgn dir; Mikio Sugiura, dir; Kazuyuki Kato, dir; Hiroyuki Murasugi, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies
Dia Resibon (Thailand), Resibon USA Inc, Ryowa Co Ltd, Nikken Kogyo
OPERATION
Activities: Manufactures grinding wheels & coated abrasives (76%), machinery & tools (17%), materials & others (7%).
Overseas sales ratio 26.6%: Asia (Indonesia, Taiwan, Korea) 16.7%; USA/Canada 9.9%
Clients
[Wholesalers] Mitsubishi Corp, Ryowa, other
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Mitsubishi Corp, TKX Corp, Sumitomo 3MGuun Ei Chemical Ind, other. Imports from Thailand.
Payment record
Regular
Location
Business area in Osaka. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
MUFG (Namba)
SMBC (Namba)
Relations: Satisfactory
FINACIALS
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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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15,587 |
16,266 |
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Cost of Sales |
11,424 |
12,362 |
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GROSS PROFIT |
4,162 |
3,903 |
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Selling & Adm Costs |
2,841 |
2,714 |
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OPERATING PROFIT |
1,320 |
1,188 |
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Non-Operating P/L |
-20 |
7 |
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RECURRING PROFIT |
1,300 |
1,195 |
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NET PROFIT |
570 |
531 |
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BALANCE SHEET |
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Cash |
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2,085 |
1,886 |
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Receivables |
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4,481 |
5,310 |
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Inventory |
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1,340 |
1,180 |
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Securities, Marketable |
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Other Current Assets |
134 |
166 |
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TOTAL CURRENT ASSETS |
8,040 |
8,542 |
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Property & Equipment |
6,901 |
6,562 |
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Intangibles |
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34 |
28 |
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Investments, Other Fixed Assets |
567 |
784 |
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TOTAL ASSETS |
15,542 |
15,916 |
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Payables |
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3,068 |
3,851 |
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Short-Term Bank Loans |
1,750 |
1,516 |
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Other Current Liabs |
1,413 |
1,312 |
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TOTAL CURRENT LIABS |
6,231 |
6,679 |
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Debentures |
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400 |
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Long-Term Bank Loans |
297 |
424 |
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Reserve for Retirement Allw |
670 |
716 |
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Other Debts |
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146 |
48 |
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TOTAL LIABILITIES |
7,344 |
8,267 |
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MINORITY INTERESTS |
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Common
stock |
1,128 |
1,128 |
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Additional
paid-in capital |
908 |
908 |
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Retained
earnings |
5,047 |
5,453 |
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Evaluation
p/l on investments/securities |
43 |
150 |
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Others |
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1,081 |
(80) |
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Treasury
stock, at cost |
(10) |
(10) |
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TOTAL S/HOLDERS` EQUITY |
8,197 |
7,549 |
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TOTAL EQUITIES |
15,542 |
15,946 |
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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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1,273 |
985 |
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Cash
Flows from Investment Activities |
-526 |
-366 |
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Cash
Flows from Financing Activities |
-572 |
-752 |
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Cash,
Bank Deposits at the Term End |
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1,082 |
1,879 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
8,197 |
7,549 |
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Current
Ratio (%) |
129.03 |
127.89 |
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Net
Worth Ratio (%) |
52.74 |
47.34 |
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Recurring
Profit Ratio (%) |
8.34 |
7.35 |
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Net
Profit Ratio (%) |
3.66 |
3.26 |
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Return
On Equity (%) |
6.95 |
7.03 |
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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.43.37 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.68.08 |
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%)