MIRA
INFORM REPORT
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Report Date : |
28.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
NANKO ABRASIVE INDUSTRY CO LTD |
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Registered Office : |
57-3 Nakamarucho Itabashiku Tokyo 173-0026 |
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Country : |
Japan |
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Financials (as on) : |
30.11.2008 (estimated) |
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Date of Incorporation : |
1958 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Abrasives |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
YEN 59.4 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
NANKO ABRASIVE
INDUSTRY CO LTD
REGD NAME: Nanko Ceramics KK
MAIN OFFICE: 57-3 Nakamarucho Itabashiku Tokyo 173-0026
JAPAN
Tel:
03-3973-2811 Fax: 03-3973-2830
E-Mail address:info@nankoab.com
ACTIVITIES
Mfg of abrasives
BRANCHES
Ibaraki
FACTORY(IES)
Nagano, Ichikawa, Fujimi
OFFICER(S)
HIROAKI MATSUMOTO, PRES
Masaaki Matsumoto, ch
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,512 M
PAYMENTS REGULAR CAPITAL Yen 91 M
TREND STEADY WORTH Yen 1,876 M
STARTED 1958 EMPLOYES 61
COMMENT
MFR OF ABRASIVES.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 59.4 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established Masaaki Matsumoto in order to make most of his experience in the subject line of business. Hiroaki is his son, who took the office of pres in 2000, when Masaaki promoted to the ch. Specializes in mfg abrasives: silicon carbide powder, black silicon carbide, fused alumina powder, other. Clients include major ceramics mfrs nationwide.
FINANCIAL INFORMATION
The sales volume for Nov/2007 fiscal term amounted to Yen 1,512 million, a 22% down from Yen 1,949 million in the previous term. Demand from crystal lens makers for handy phones slowed. The net profit was posted at Yen 44 million, up from Yen 42 million a year ago.
For the current term ending Nov 2008 the net profit is projected at Yen 45 million, on a 9% rise in turnover, to Yen 1,650 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 59.4 million, on 30 days normal terms.
REGISTRATION
Date Registered: 1958
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 72,000 shares
Issued: 18,200 shares
Sum: Yen 91 million
Major shareholders (%)
Masaaki Matsumoto (41), Hiroaki Matsumoto (19)
No. of shareholders: 7
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures abrasives, silicon carbide powder, black silicon carbide, fused alumina powder, other
(--100%).
Clients
[Mfrs, wholesalers] Kyocera Corp, Sankyo Rikagaku, Sumitomo 3M, Nippon Tokushu Kento, Riken Corundom, Covax Corp, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Asahi Diamond Ind, Union Carbon, Yakushima Denko, other.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Mizuho Bank (Ikebukuro)
Higashi-Nippon Bank (Ikebukuro)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
30/11/2008 |
30/11/2007 |
30/11/2006 |
30/11/2005 |
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Annual
Sales |
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1,650 |
1,512 |
1,949 |
1,934 |
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Recur.
Profit |
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Net
Profit |
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45 |
44 |
42 |
42 |
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Total
Assets |
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3,041 |
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3,861 |
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Current
Assets |
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1,016 |
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2,282 |
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Current
Liabs |
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250 |
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690 |
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Net
Worth |
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1,876 |
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1,801 |
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Capital,
Paid-Up |
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91 |
91 |
91 |
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Div.P.Share(¥) |
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400.00 |
400.00 |
400.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
9.13 |
-22.42 |
0.78 |
9.39 |
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Current Ratio |
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.. |
406.40 |
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330.72 |
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N.Worth Ratio |
.. |
61.69 |
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46.65 |
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R.Profit/Sales |
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.. |
.. |
.. |
.. |
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N.Profit/Sales |
2.73 |
2.91 |
2.15 |
2.17 |
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Return On Equity |
.. |
2.35 |
.. |
2.33 |
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Notes: Forecast (or estimated) figures for the 30/11/2008
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.42.79 |
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UK Pound |
1 |
Rs.85.04 |
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Euro |
1 |
Rs.67.39 |
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%)