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MIRA
INFORM REPORT
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Report Date : |
03.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
NESSTECH INC (JAPAN) |
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Registered Office : |
Suidobashi Nishiguchi Kaikan, 2-20-3 Misakicho Chiyodaku Tokyo
101-0061 |
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Country : |
Japan |
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Financials (as on) : |
30.06.2008 |
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Date of Incorporation : |
August 1956 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Gearless Thermometer, Pressure Gauges |
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 24.6 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
NESSTECH INC
(JAPAN)
REGD NAME: Nesstech KK
MAIN OFFICE: Suidobashi Nishiguchi Kaikan, 2-20-3 Misakicho
Chiyodaku Tokyo 101-0061
JAPAN
Tel:
03-3263-7671 Fax: 03-3264-5564
URL: http://www.nesstech.co.jp/
E-Mail
address:e.sales@nesstech.co.jp
ACTIVITIES
Mfg of gearless thermometer, pressure gauges
BRANCHES
Misato (Saitama), Osaka
FACTORY(IES)
Misato (Saitama)
(R&D center attached)
Agents
Import & licensed mfg agent for:
3D Instruments LLC (USA);
BETA BV (Netherlands)
OFFICER(S)
Ichiro Tsukioka, ch
SHURO TSUKIOKA, PRES
Takashi Tanaka, mgn dir
Shuichi Sakai, dir
Yen
Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,340 M
PAYMENTS REGULAR CAPITAL Yen
50 M
TREND STEADY WORTH Yen
258 M
STARTED 1956 EMPLOYES 60
COMMENT
MFR OF GEARLESS THERMOMETER & PRESSURE GAUGES.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 24.6 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was
established by Ichiro Tsukioka, now ch, in order to make most of his experience
in the subject line of business. Shuro
is his son, who took the pres office in Feb 2007. This is a specialized mfr of non-mercury gearless thermometer
(registered brand “NESS”), pressure gauges, temperature switches, other
instruments. Import & licensed mfg
agent for: 3M Instruments (USA) & BETA BV (Netherlands). Active in developing new instruments. R&D Center is attached with the Mfg Factory. Goods are both imported and exported.
FINANCIAL INFORMATION
The sales volume for Jun/2008
fiscal term amounted to Yen 1,340 million, a 3% up from Yen 650 million (for irregular
6 months due to change of accounting term from Jan/Dec to Jul/Jun) in the
previous term. The pollution-proof
non-mercury gearless thermometers and pressure gauges were in increasing demand
from environmental protection reasons, says the firm. The vibration & shock free gearless gauges are specially used
by nuclear power plants. The net profit
was posted at Yen 41 million, compared with Yen 10 million for 6 months a year
ago. .
For the current term ending Jun
2009 the net profit is projected at Yen 40 million, on a 5% rise in turnover,
to Yen 1,400 million. The firm expects
the sales to grow 10% by the introduction of new instruments & gauges.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 24.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Aug
1956
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 400,000
shares
Issued: 100,000
shares
Sum: Yen
50 million
Major shareholders (%):Ichiro
Tsukioka (43)
No. of shareholders: 13
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Manufactures “NESS” brand non-mercury
gearless thermometers, pressure gauges & switches, other instruments &
accessories (--100%).
(Mfg
Items):
Thermometers: liquid-in non-mercury gearless
thermometers (NESS), temperature switches, bimetal thermometers, solar
thermometers, resistance temperature sensors, temperature relay, other;
Pressure gauges: gearless pressure gauges, bourdon
pressure gauges, pressure switches, pressure gauge valves & accessories;
Combined instruments: temperature-pressure gauges,
twin temperature gauges (with monitors);
Thermo well/Flow meters: level meters, level switches,
flow meters, flow switches, other.
Goods are both imported and
exported.
Import & licensed mfg agent
for: 3D Instruments LLC (USA); BETA BV (Netherlands)
Clients
[Mfrs, oil refineries,
wholesalers] Hitachi Ltd, Tonen Chemical, Tonen General Sekiyu, Toshiba Corp,
Mitsubishi Heavy Ind, Fuji Electric, Mitsubishi Electric, Takasago Thermal
Engineering, Asahi Kogyosha, Kobe Steel, Kawasaki Heavy Ind, Ebara Corp, other
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Oval Corp, Sasakura Engineering Co, Ryutai
Kogyo, Kogyo Keiki Seisakusho, other.
Imports from 3D Instruments,
BETA BV, Stewart Buchanan, other.
Payment
record: Regular
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References
Mizuho Bank (Kanda-Ekimae)
MUFG (Kasugacho)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
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30/06/2009 |
30/06/2008 |
30/06/2007 |
31/12/2006 |
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Annual
Sales |
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1,400 |
1,340 |
650 |
1,030 |
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Recur.
Profit |
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Net
Profit |
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40 |
41 |
10 |
25 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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258 |
217 |
207 |
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Capital,
Paid-Up |
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50 |
50 |
50 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.48 |
3.15 |
26.11 |
0.10 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
2.86 |
3.06 |
1.54 |
2.43 |
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Notes: Financials are only partially disclosed.
The
30/06/2007 fiscal term was for irregular 6 months due to change in accounting
term from Jan/Dec to Jul/Jun. Growth rates
are adjusted on a 12-month basis.
Forecast (or estimated) figures for the 30/06/2009 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.48.62 |
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UK Pound |
1 |
Rs.76.71 |
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Euro |
1 |
Rs.61.30 |
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%)