MIRA
INFORM REPORT
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Report Date : |
17.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
NIPPON SHOKKEN CO LTD |
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Registered Office : |
1-3 Tomitashinko Imabari City Ehime-Pref 799-1582 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
February 1973 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Seasoning, Sauces |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
YEN 2,237.0 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name & address
NIPPON SHOKKEN CO
LTD
REGD NAME: Nippon Shokken KK
MAIN OFFICE: 1-3 Tomitashinko Imabari City Ehime-Pref
799-1582 JAPAN
Tel:
0898-24-1881
URL: http://www.nihonshokken.co.jp
E-Mail address: info@nihonshokken.co.jp
ACTIVITIES
Mfg of seasoning, sauces
BRANCHES
Tokyo, Osaka (--main branches), other from Hokkaido to
Okinawa (Tot 141 domestic)
OVERSEAS
Hong Kong, Düsseldorf, London, New York, Taipei, Takao,
Dalian, Shanghai, Suzhou, Bangkok, Los Angeles, Taipei, Kaohsiung (Tot13
overseas);
(Overseas subsidiaries): Los Angeles, New York, Suzhou,
Taipei, Kaohsiung
FACTORY
Ehime (4), Chiba (1)
OFFICER(S)
KAZUHIKO OHSAWA, PRES
Tetsuya Ohsawa, v pres
Yasuo Ochi, s/mgn dir
Tomoo Asai, mgn dir
Kazufumi Kataoka, mgn dir
Hisayoshi Hiasa, mgn dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES GOOD A/SALES Yen 63,679 M
PAYMENTS REGULAR CAPITAL Yen 588 M
TREND STEADY WORTH Yen 33,525 M
STARTED 1973 EMPLOYES 2,950
COMMENT
MFR SPECIALIZING IN SEASONINGS & SAUCES.
FINANCIAL SITUATION CONSIDERED GOOD TO EXCELLENT AND
RESPONSIBLE FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 2,237.0 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established originally in 1971 by 6 local entrepreneurs (including 4 engineers & 2 women sales staff) for mfg Japanese food seasonings & sauces, on own account, and was incorporated in 1973. Gradually, expanded mfg items to cover a variety of Japanese seasonings & sauces. In May 1984, started overseas trading division; in Mar 1985 first imports started; in Jul 1985 first exports launched. Operates 13 overseas branches & subsidiaries. Overseas boom in Japanese foods spurred the sales volume. Tops in sales of sauces domestically. Domestic clients include chain stores, department stores, food makers, restaurants, schools, butchers, other.
FINANCIAL INFORMATION
The sales volume for Sept/2007 fiscal term amounted to Yen 63,679 million, a 3% up from Yen 61,607 million in the previous term. Exports rose thanks to boom in Japanese foods in USA, Europe and Asia. The recurring profit was posted at Yen 3,145 million and the net profit at Yen 1,811 million, respectively, compared with Yen 5,708 million recurring profit and Yen 2,942 million net profit, respectively, a year ago. Rising costs of materials and fuel oils deteriorated the profits.
For the current term ending Sept 2008 the recurring profit is projected at Yen 3,200 million and the net profit at Yen 1,900 million, respectively, on a 3% rise in turnover, to Yen 65,500 million. Business is seen steadily rising, aided by continuing boom in Japanese foods overseas.
The financial situation is considered GOOD to EXCELLENT and responsible for ORDINARY business engagements. Max credit limit is estimated at Yen 2,237.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: Feb 1973
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 2 million shares
Issued: 588,000 shares
Sum: Yen 588 million
Major shareholders (%)
KO Jimusho (Administration Div)*(35), Nippon Shokken Real Estate*(14), Kazuhiko Ohsawa (5)
* Group firms
No. of shareholders: 444
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures food seasonings, sauces, dressings: Eel sauce, teriyaki (barbe-cued meat) marinade sauce, black pepper sauce, yakiniku (grilled beef) sauce, chili sauce, sweet & sour sauce, shrimp-tempura (fresh & frozen), breaded shrimp (fresh & frozen), frozen vegetable croquette, frozen danshaku potato croquette, spice mix, dried sweet salad, Japanese dressing, tempura butter, other (--100%).
Products are both imported and exported.
Clients
Super market chains, restaurants, department stores, food makers, schools
(catering services), fast food restaurants, butchers, other
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] KO Sangyo, KO Up (--subsidiaries), Sojitz Food Corp,
Kaneka Sun Spice, other.
Payment record: Regular
Location
Business area in Imabari City, Ehime-Pref. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
Iyo Bank (Hiyoshi)
Mizuho Bank (Imabari)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
30/09/2008 |
30/09/2007 |
30/09/2006 |
30/09/2005 |
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Annual
Sales |
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65,500 |
63,679 |
61,607 |
58,530 |
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Recur.
Profit |
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3,200 |
3,145 |
5,708 |
5,637 |
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Net
Profit |
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1,900 |
1,811 |
2,942 |
3,069 |
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Total
Assets |
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43,682 |
46,048 |
40,122 |
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Current
Assets |
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18,115 |
20,102 |
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Current
Liabs |
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10,157 |
14,026 |
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Net
Worth |
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33,525 |
32,021 |
29,252 |
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Capital,
Paid-Up |
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588 |
588 |
588 |
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Div.P.Share(¥) |
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300.00 |
500.00 |
300.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.86 |
3.36 |
5.26 |
2.51 |
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Current Ratio |
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.. |
178.35 |
143.32 |
.. |
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N.Worth Ratio |
.. |
76.75 |
69.54 |
72.91 |
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R.Profit/Sales |
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4.89 |
4.94 |
9.27 |
9.63 |
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N.Profit/Sales |
2.90 |
2.84 |
4.78 |
5.24 |
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Return On Equity |
.. |
5.40 |
9.19 |
10.49 |
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Notes: Forecast (or estimated) figures for the 30/09/2008
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.46.71 |
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UK Pound |
1 |
Rs.83.57 |
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Euro |
1 |
Rs.65.90 |
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%)