MIRA
INFORM REPORT
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Report Date : |
11.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
NYK TRADING CORPORATION |
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Registered Office : |
YS Kaigan Bldg, 2-2-6 Kaigan Minatoku Tokyo 105-0022 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
March 1948 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Export, Wholesale of Petroleum Products,
Chemicals, Machinery |
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 2,035.6 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name & address
NYK TRADING
CORPORATION
REGD NAME: Yusen Shoji KK
MAIN OFFICE: YS Kaigan Bldg, 2-2-6 Kaigan Minatoku Tokyo
105-0022 JAPAN
Tel:
03-5765-1801 Fax: 03-5765-1851
URL: http://www.yusenshoji.co.jp
E-Mail address: info@yusenshoji.co.jp
ACTIVITIES
Import, export, wholesale of petroleum products, chemicals,
machinery
BRANCHES
Nagoya, Kobe, Hiroshima, Moji, Nagasaki
OVERSEAS
Shanghai, Brussels (-- Representative offices)
OFFICER(S)
MOTOO IGAWA, PRES
Masahiko Ogiya, s/mgn dir
Ikuo Mikami, s/mgn dir
Hiroshi Sakakibara, mgn dir
Kiyoshi Takemura, mgn dir
Kojiro Miyamoto, mgn dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 147,282 M
PAYMENTS REGULAR CAPITAL Yen 1,246 M
TREND STEADY WORTH Yen 4,175 M
STARTED 1948 EMPLOYES 176
COMMENT
TRADING FIRM SPECIALIZING IN PETROLEUM PRODUCTS, CHEMICALS & MACHINERY, AFFILIATED WITH NIPPON YUSEN KK.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 2,035.6 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established as a trading firm by Nippon Yusen KK, nation’s lar- gest shipping company, Tokyo (See REGISTRATION). This is a trading firm for import, export and wholesale of petroleum products, chemicals, industrial machinery, other. Originally named as Hikawa Shoji KK, and in Oct 2003 the firm merged with Asahi Kiso KK and renamed as captioned. Has two representative offices overseas: Shanghai & Brussels. Clients & suppliers include major petroleum refineries.
FINANCIAL INFORMATION
The sales volume for Mar/2008 fiscal term amounted to Yen 147,282 million, a 17% up from Yen 125,925 million in the previous term. The rising prices of petroleum products & chemicals contributed. The recurring profit was posted at Yen 869 million and the net profit at Yen 821 million, respectively, compared with Yen 486 million recurring profit and Yen 550 million net profit, respectively, a year ago.
For the current term ending Mar 2009 the recurring profit is projected at Yen 880 million and the net profit at Yen 830 million, respectively, a year ago.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 2,035.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar 1948
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 90 million shares
Issued: 24,922,520 shares
Sum: Yen 1,246,126,000 million
Major shareholders (%): Nippon Yusen KK*(98), Showa Shell Sekiyu, Yamatake Corp, MUFG, IHI Marine, other
No. of shareholders: 206
* Japan’s largest shipping company, founded 1885, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 65,350 million, turnover Yen 1,945,696 million, operating profit Yen 291,284 million, recurring profit Yen 198,460 million, net profit Yen 114,139 million, total assets Yen 2,286,013 million, net worth Yen 637,962 million, employees 31,369, pres Koji Miyahara
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Hikawa Marine Corp, Hikawa Marine (Singapore) Pte Ltd
OPERATION
Activities: Trading firm for imports, exports and wholesales (100%) of:
Petroleum Products: gasoline, kerosene, diesel fuel, light fuel oil, industrial lubricant, LP gas, propane, butane, auto gas, steaming coal, marine fuels, marine lubricants, cylinder oil, system oil, grease, fuel oil additives, dispersion of sludge, modify ashes, water separation, combustion improver;
Chemicals: solvents, synthetic fiber materials, synthetic resin materials, organic/inorganic chemicals, surfactants, plasticizers, synthetic resins, thermoplastic elastomers, fine chemicals, activated carbon, water treatment, paints, adhesives, high compressed gases;
Machinery/Installation/Maintenance: engine/cargo monitoring & control systems, ballast control systems, remote control valves, temperature/pressure/flow control equipment, ship safety equipment, total/partial/portable fire extinguishing systems, hold bilge ingress alarming system (SOLAS standard), environmental equipment, fuel additive for soot
Reduction, bilge separator & waste oil incinerator;
Materials: packaging & transportation materials, automatic vertical lifters, Universal Beam Tanks, polar plywood (as packaging materials), desiccants (used to protect precision instruments from moisture during ocean transport), leasing of railway tank cars & general office equipment, ozone deodorizing equipment, others; Housing & Real Estate Management: House building & office management, real estate broking, others;
Insurance Broking: Acts as agent for Tokio Marine & Nichido Fire Insurance Company, offering services to NYK group firms and seamen.
Clients
[Oil refineries, shipping companies, wholesalers] Nippon Yusen Kaisha, Mitsubishi Corp, Canon Inc, Cosmo Oil, Japan Energy, Mitsubishi Heavy Ind, Nippon Oil, Asahi Kasei Corp, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers
[Oil refineries, mfrs, wholesalers] Showa Shell Sekiyu, Nippon Oil, Shell Chemicals Japan, Japan Energy Corp, Yamatake Corp, Yanmar Co, other
Payment record: Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
MUFG (H/O)
Mitsubishi UFJ Trust Bank (H/O)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2009 |
31/03/2008 |
31/03/2007 |
31/03/2006 |
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Annual
Sales |
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155,000 |
147,282 |
125,925 |
117,327 |
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Recur.
Profit |
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880 |
869 |
486 |
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Net
Profit |
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830 |
821 |
550 |
387 |
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Total
Assets |
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25,749 |
22,509 |
23,832 |
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Current
Assets |
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22,822 |
19,260 |
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Current
Liabs |
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20,871 |
18,076 |
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Net
Worth |
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4,175 |
3,665 |
3,210 |
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Capital,
Paid-Up |
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1,246 |
1,246 |
1,246 |
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Div.P.Share(¥) |
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5.00 |
5.00 |
3.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.24 |
16.96 |
7.33 |
30.89 |
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Current Ratio |
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.. |
109.35 |
106.55 |
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N.Worth Ratio |
.. |
16.21 |
16.28 |
13.47 |
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R.Profit/Sales |
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0.57 |
0.59 |
0.39 |
.. |
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N.Profit/Sales |
0.54 |
0.56 |
0.44 |
0.33 |
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Return On Equity |
.. |
19.66 |
15.01 |
12.06 |
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Notes: Forecast (or estimated) figures for the 31/03/2009
fiscal term.
SUPPLEMENTS:
CONSOLIDATED
FINANCIALS OF THE PARENT, NIPPON YUSEN KK
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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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2,584,626 |
2,164,279 |
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Cost of Sales |
2,128,849 |
1,840,784 |
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GROSS PROFIT |
455,777 |
323,495 |
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Selling & Adm Costs |
253,698 |
218,553 |
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OPERATING PROFIT |
202,079 |
104,942 |
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Non-Operating P/L |
-3,599 |
2,592 |
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RECURRING PROFIT |
198,480 |
107,534 |
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NET PROFIT |
114,139 |
65,037 |
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BALANCE SHEET |
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Cash |
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120,193 |
92,285 |
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Receivables |
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256,204 |
232,252 |
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Inventory |
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54,357 |
38,639 |
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Securities, Marketable |
2,457 |
2,265 |
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Other Current Assets |
168,856 |
174,530 |
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TOTAL CURRENT ASSETS |
602,067 |
539,971 |
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Property & Equipment |
1,131,945 |
946,328 |
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Intangibles |
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65,415 |
71,146 |
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Investments, Other Fixed Assets |
486,586 |
577,966 |
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TOTAL ASSETS |
2,286,013 |
2,135,411 |
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Payables |
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215,613 |
197,015 |
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Short-Term Bank Loans |
287,955 |
285,187 |
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Other Current Liabs |
271,498 |
214,848 |
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TOTAL CURRENT LIABS |
775,066 |
697,050 |
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Debentures |
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211,266 |
167,334 |
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Long-Term Bank Loans |
487,975 |
417,231 |
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Reserve for Retirement Allw |
18,618 |
20,076 |
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Other Debts |
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114,051 |
133,033 |
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TOTAL LIABILITIES |
1,606,976 |
1,434,724 |
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MINORITY INTERESTS |
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Common
stock |
88,531 |
88,531 |
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Additional
paid-in capital |
97,212 |
97,188 |
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Retained
earnings |
401,044 |
312,605 |
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Evaluation
p/l on investments/securities |
85,668 |
136,954 |
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Others |
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7,920 |
66,297 |
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Treasury
stock, at cost |
(1,339) |
(858) |
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TOTAL S/HOLDERS` EQUITY |
679,036 |
700,717 |
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TOTAL EQUITIES |
2,286,013 |
2,135,441 |
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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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199,525 |
86,229 |
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Cash
Flows from Investment Activities |
-292,510 |
-178,043 |
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Cash
Flows from Financing Activities |
146,829 |
97,363 |
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Cash,
Bank Deposits at the Term End |
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115,963 |
87,709 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
679,036 |
700,717 |
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Current
Ratio (%) |
77.68 |
77.47 |
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Net
Worth Ratio (%) |
29.70 |
32.81 |
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Recurring
Profit Ratio (%) |
7.68 |
4.97 |
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Net
Profit Ratio (%) |
4.42 |
3.01 |
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Return
On Equity (%) |
16.81 |
9.28 |
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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.45.77 |
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UK Pound |
1 |
Rs.80.67 |
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Euro |
1 |
Rs.64.20 |
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%)