MIRA
INFORM REPORT
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Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
NIPPON SHUPPAN HANBAI INC |
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Registered Office : |
4-3 Kanda-Surugadai Chiyodaku Tokyo 101-0062 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
September 1949 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Wholesale, Distribution of Books and Magazines |
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 6,264.0 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name & address
NIPPON SHUPPAN
HANBAI INC
REGD NAME: Nippon Shuppan Hambai KK
MAIN OFFICE: 4-3 Kanda-Surugadai Chiyodaku Tokyo 101-0062
JAPAN
Tel:
03-3233-1111 Fax: 03-3292-6521
URL: http://www.nippan.co.jp
E-Mail address: press@nippan.co.jp
ACTIVITIES
Wholesale, distribution of books & magazines
BRANCHES
Nationwide (Total 22 locations)
OFFICER(S)
Yoichiro Abe, ch
FUMIAKI FURUYA, PRES
Katsumi Shibata, v pres
Masatoshi Hashi, s/mgn dir
Yoshihiro Takami, s/mgn dir
Koji Ishida, s/mgn dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 787,938 M
PAYMENTS REGULAR CAPITAL Yen 3,000 M
TREND STEADY WORTH Yen 36,352 M
STARTED 1949 EMPLOYES 3,311
COMMENT
WHOLESALER & DISTRIBUTOR OF BOOKS & MAGAZINES.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 6,264.0 MILLION, 30 DAYS NORMAL TERMS
Notes:
Forecast for the 31/03/2009 fiscal term
HIGHLIGHTS
The
subject company is the largest wholesaler and distributor of books &
magazines, including school textbooks, others.
The firm not only sells books & magazines but also engaged in
bookstore operations, etc. Necessary
teachings & instructions are given adequately. Operates 22 offices nationwide.
Handles books & magazines of major book publishers nationwide.
FINANCIAL INFORMATION
The
sales volume for Mar/2008 fiscal term amounted to Yen 787,938 million, a 1%
rise from Yen 781,325 million in the previous term. The tendency for young people is more interested in internet
books & magazines rather than printed texts. The recurring profit was posted at Yen 5,514 million and the net
profit at Yen 30 million, respectively, compared with Yen 6,391 million
recurring profit and Yen 1,307 million net profit, respectively, a year
ago. The firm wrote off Yen 2,368
million as extraordinary losses from revaluation of inventories.
For
the current term ending Mar 2009 the recurring profit is projected at Yen 5,520
million and the net profit at Yen 1,000 million, respectively, on a slight rise
in turnover, to Yen 790,000 million.
The net profit forecast may be adjusted downward depending on inventory
revaluation procedure.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 6,624.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: Sept 1949
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 240 million shares
Issued: 60 million shares
Sum: Yen 3,000 million
Major shareholders (%)
Kodansha (5.8), Shogakukan (5.7), Employees’ S/Holding Assn (4.0), Kobunsha (2.7), Bungei Shunjyu (2.2) (-- all publishers)
No. of shareholders: 4,421
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Wholesaler & distributor of books, magazines & printed texts between publishers and book wholesalers & shops; audio-visual books, others (--100%)
Clients
[Book stores, chain stores] Lawson, Kinokuniya, Yurindo, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers
[Publishers] Kodansha, Shueisha, Kadokawa, Shinchosha, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
SMBC (Kanda)
Mizuho Bank (Kudan)
Relations: Satisfactory
FINANCES: (In Million Yen)
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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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787,938 |
781,325 |
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Cost of Sales |
687,009 |
681,165 |
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GROSS PROFIT |
100,928 |
100,160 |
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Selling & Adm Costs |
88,429 |
87,114 |
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OPERATING PROFIT |
12,499 |
13,046 |
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Non-Operating P/L |
-6,985 |
-6,655 |
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RECURRING PROFIT |
5,514 |
6,391 |
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NET PROFIT |
30 |
1,307 |
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BALANCE SHEET |
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Cash |
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40,330 |
46,866 |
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Receivables |
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147,863 |
139,742 |
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Inventory |
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42,370 |
48,307 |
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Securities, Marketable |
737 |
806 |
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Other Current Assets |
6,700 |
6,553 |
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TOTAL CURRENT ASSETS |
238,000 |
242,274 |
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Property & Equipment |
64,600 |
64,061 |
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Intangibles |
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5,758 |
4,647 |
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Investments, Other Fixed Assets |
23,889 |
24,472 |
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TOTAL ASSETS |
332,247 |
335,454 |
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Payables |
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230,098 |
228,874 |
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Short-Term Bank Loans |
15,166 |
15,641 |
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Other Current Liabs |
26,826 |
28,693 |
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TOTAL CURRENT LIABS |
272,090 |
273,208 |
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Debentures |
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504 |
601 |
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Long-Term Bank Loans |
2,670 |
2,039 |
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Reserve for Retirement Allw |
6,729 |
7,149 |
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Other Debts |
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13,902 |
14,460 |
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TOTAL LIABILITIES |
295,895 |
297,457 |
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MINORITY INTERESTS |
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Common
stock |
3,000 |
3,000 |
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Additional
paid-in capital |
17 |
17 |
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Retained
earnings |
22,300 |
23,044 |
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Evaluation
p/l on investments/securities |
284 |
1,169 |
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Others |
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10,755 |
10,768 |
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Treasury
stock, at cost |
(4) |
(2) |
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TOTAL S/HOLDERS` EQUITY |
36,352 |
37,996 |
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TOTAL EQUITIES |
332,247 |
335,454 |
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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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2,342 |
2,337 |
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Cash
Flows from Investment Activities |
-7,962 |
-8,048 |
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Cash Flows
from Financing Activities |
-291 |
8,374 |
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Cash,
Bank Deposits at the Term End |
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40,177 |
46,148 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
36,352 |
37,996 |
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Current
Ratio (%) |
87.47 |
88.68 |
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Net
Worth Ratio (%) |
10.94 |
11.33 |
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Recurring
Profit Ratio (%) |
0.70 |
0.82 |
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Net
Profit Ratio (%) |
0.00 |
0.17 |
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Return
On Equity (%) |
0.08 |
3.44 |
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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.46.88 |
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UK Pound |
1 |
Rs.82.97 |
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Euro |
1 |
Rs.64.99 |
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%)