MIRA
INFORM REPORT
|
Report Date : |
08.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NAKAJIMA STEEL PIPE CO LTD |
|
|
|
|
Registered Office : |
Kintetsu Dojima Bldg 12F, 2-2-2 Dojima Kitaku Osaka 530-0003 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
December 1965 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Manufacturer of Steel Pipes |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
YEN 347.1 Million |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Regular |
name & address
NAKAJIMA STEEL PIPE CO LTD
REGD NAME: Nakajima Kokan KK
MAIN OFFICE: Kintetsu Dojima Bldg
12F, 2-2-2 Dojima Kitaku Osaka 530-0003 JAPAN
Tel:
06-6341-1811 Fax: 06-6341-0311
* The given phone number is its Omaezaki Factory (Shizuoka-Pref)
URL: http://www.nakajima-sp.com/
E-Mail address: info@nakajim-sp.com
ACTIVITIES
Mfg of steel pipes
BRANCHES
Tokyo
FACTORY(IES)
Shizuoka (2), Fukui; Urayasu (Warehouse)
OFFICER(S)
EIKO NAKAJIMA, PRES
Isao Nakajima, s/mgn dir
Taku Nakajima, mgn dir
Norio Nakajima, dir
Noboru Nakajima, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 14,849 M
PAYMENTS REGULAR CAPITAL Yen 99 M
TREND STEADY WORTH Yen 5,795 M
STARTED 1965 EMPLOYES 123
COMMENT
MFR OF STEEL PIPES.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 347.1 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by S Nakajima, husband of Eiko Nakajima, in order to make most of his experience in the subject line of business. Owned and managed essentially by the Nakajima family. Specializes in mfg steel pipes, particularly of quake-proof tubes. In 1996, technical assistance was given from British Steel (now Corus) and products quality substantially improved. Demand continues rising domestically and overseas. Clients include municipal offices, public organi- zations, other nationwide.
FINANCIAL INFORMATION
The sales volume for Dec/2006 fiscal term amounted to Yen 14,849 million, a slight rise from Yen 14,816 million in the previous term. The recurring profit was posted at Yen 2,635 million and the net profit at Yen 1,153 million, respectively, compared with Yen 1,768 million recurring profit and Yen 660 million net profit, respectively, a year ago
For the term ended Dec 2007 the recurring profit was projected and believed posted at Yen 2,800 million and the net profit at 1,300 million, respectively, on a 14% rise in turnover, to Yen 17,000 million. Recent swarm earthquakes over the country spurred the sales. Rising material costs were transferred to the clients. Exports to overseas also expanded.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 347.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1965
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 784,000
shares
Issued: 196,000
shares
Sum: Yen 99 million
Major shareholders (%)
Nakajima Enterprise*(30), Eiko Nakajima (12), Isao Nakajima (12), Taku Nakajima (12)
No. of shareholders: 7
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures square steel pipes: super hot column, cold column, particularly of quake-proof pipes
(--100%).
Clients
[Mfrs, wholesalers] Metal One, JFE Shoji Trade Corp, Hanwa Corp, Okaya & Co,
Sumitomo Corp, other
No. of accounts
800
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Okaya & Co, Sumitomo Corp, CK Corp, other
Payment record
Regular
Location
Business area in Osaka.
Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
SMBC (Dojima)
MUFG (Osaka)
Relations: Satisfactory
FINANCES: (In Million Yen)
|
Terms Ending: |
31/12/2007 |
31/12/2006 |
31/12/2005 |
31/12/2004 |
|
|
Annual
Sales |
|
17,000 |
14,849 |
14,816 |
15,363 |
|
Recur.
Profit |
|
2,800 |
2,635 |
1,768 |
2,135 |
|
Net
Profit |
|
1,300 |
1,153 |
660 |
999 |
|
Total
Assets |
|
|
16,556 |
17,819 |
|
|
Current
Assets |
|
|
4,756 |
6,446 |
|
|
Current
Liabs |
|
|
4,756 |
6,446 |
|
|
Net
Worth |
|
|
5,795 |
4,701 |
|
|
Capital,
Paid-Up |
|
|
99 |
99 |
99 |
|
Div.P.Share(¥) |
|
|
100.00 |
100.00 |
100.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
14.49 |
0.22 |
-3.56 |
62.40 |
|
|
Current Ratio |
|
.. |
100.00 |
100.00 |
.. |
|
N.Worth Ratio |
.. |
35.00 |
26.38 |
.. |
|
|
R.Profit/Sales |
|
16.47 |
17.75 |
11.93 |
13.90 |
|
N.Profit/Sales |
7.65 |
7.76 |
4.45 |
6.50 |
|
|
Return On Equity |
.. |
19.90 |
14.04 |
.. |
|
Notes: Forecast (or estimated) figures for the 31/12/2007
fiscal term.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)