MIRA INFORM REPORT

 

 

Report Date :

06.04.2011

 

 

Name :	HOSOYAMA NEKKI CO LTD
Registered Office :	2-8-7 Nihombashi-Kayabacho Chuoku Tokyo 103-0025
Country :	Japan
Financials (as on) :	31.12.2010
Date of Incorporation :	January 1952
Com. Reg. No.:	(Tokyo-Chuoku) 056807
Legal Form :	Limited Company
Line of Business :	Manufacturer of hot water boiler

 

 

MIRA’s Rating :

Ba

 

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

 

Maximum Credit Limit :	Yen 52.2 Million
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	----

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

Country Name	Previous Rating                    (30.09.2010)	Current Rating (31.12.2010)
Japan	a1	a1

 

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

 

 

Company name

 

HOSOYAMA NEKKI CO LTD

 

 

REGD NAME 

 

Hosoyama Nekki KK (Nekki means heat exchanger)

 

 

MAIN OFFICE

 

2-8-7 Nihombashi-Kayabacho Chuoku Tokyo 103-0025 JAPAN

Tel: 03-3249-0331     Fax: 03-3249-0829

 

URL:                 www.hosoyama.co.jp

E-mail:             info@hosoyama.co.jp      

 

 

ACTIVITIES  

 

Mfg of hot water boiler

 

 

BRANCHES

 

Sapporo, Osaka, Fukuoka Niigata, Sendai

 

 

FACTORIES  

 

Murayama (2)

 

 

OFFICER(S)  

 

KIN7YA HOSOYAMA,                PRES   Kisaburo Hosoyama ch

Norio Yumoto, dir                       Isao Akitsuki, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 861 M

PAYMENTS                  REGULAR         CAPITAL           Yen 60 M

TREND             SLOW              WORTH            Yen 2,061 M

STARTED                     1952                 EMPLOYES      63

 

 

COMMENT

 

MFR OF HOT WATER BOILER. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$15,000 / O/A 60 DAYS

 

MAX CREDIT LIMIT: YEN 52.2 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established by Reikichi Hosoyama originally in 1917 for making hot water boilers.  Incorporated in 1952 the firm has been succeeded by his descendants.  Kin’ya Hosoyama took the pres office in 2005.  This is a specialized mfr of gas-storage type hot water boiler for drinking water.  Client is exclusively Tokyo Gas Co Ltd.

 

 

FINANCIAL INFORMATION

 

The sales volume for Dec/2009 fiscal term amounted to Yen 861 million, a 14% down from Yen 1,003 million in the previous term, as affected by the global economic downturn.  Consumer spending was sluggish.  The recurring profit was posted at Yen 43 million and the net profit at Yen 80 million, respectively, compared with Yen 108 million recurring profit and Yen 59 million net profit, respectively, a year ago..  .

 

For the term that ended Dec 2010 the recurring profit was projected at Yen 45 million and the net profit at yen 35 million, respectively, on a 10% rise in turnover, to Yen 950 million.  Final results are yet to be released.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 52.2 million, on 30 days normal terms.  The proposed amount for 60 days terms is considered well within the firm’s financial capabilities.

 

 

REGISTRATION

 

Date Registered:  Jan 1952

Regd No.:             (Tokyo-Chuoku) 056807

Legal Status:   　Limited Company (Kabushiki Kaisha)

Authorized:      　480,000 shares

Issued: 　           120,000 shares

Sum:                　Yen 60 million

 

Major shareholders (%): Kin’ya Hosoyama (33), Kisaburo Hosoyama (23), Company’s Treasury Stock (20), Hosoyama Service Co (13)

 

No. of shareholders: 8

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Manufactures gas-storage type hot water boilers for drinking water (100%)

 

 

Clients: [City gas co] Tokyo Gas Co Ltd

            No. of accounts: 1

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Inokin Co, Urai Seisakusho, Miyuki Controls Sales Co, Yamatake Corp, Time Engineering Co, other

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

Mizuho Bank (Fukagawa)

MUFG (Fukagawa)

Relations: Satisfactory

 

 

 

FINANCES

(In Million Yen)

 

Terms Ending:		31/12/2010	31/12/2009	31/12/2008	31/12/2007
Annual Sales		950	861	1,003	1,041
Recur. Profit		45	43	108
Net Profit		35	30	59	59
Total Assets			2,187	2,211	2,135
Current Assets			1,787	1,799
Current Liabs			126	166
Net Worth			2,061	2,045	1,994
Capital, Paid-Up			60	60	60
Div.P.Share(¥)
<Analytical Data>		(%)	(%)	(%)	(%)
S.Growth Rate		10.34	-14.16	-3.65	-15.84
Current Ratio		..	1,418.25	1,083.73	..
N.Worth Ratio		..	94.24	92.49	93.40
R.Profit/Sales		4.74	4.99	10.77	..
N.Profit/Sales		3.68	3.48	5.88	5.67
Return On Equity		..	1.46	2.89	2.96

 

Notes: Forecast (or estimated) figures for the 31/12/2010 fiscal term. 

 

 

 

 

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.45
UK Pound	1	Rs.71.59
Euro	1	Rs.63.01

 

 

 

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	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

 

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%)

 

 

 

 

 

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