MIRA INFORM REPORT
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Report Date : |
18.04.2011 |
IDENTIFICATION DETAILS
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Name : |
NIPPE TRADING CO
LTD |
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Registered Office : |
1-22-26 |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
January 1976 |
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Com. Reg. No.: |
(Osaka-Suita)
007746 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export,
wholesale of paint raw materials, paints & coatings |
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 443.7 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Name
and address
NIPPE TRADING CO LTD
REGD NAME: Nippe
Trading KK
MAIN OFFICE: 1-22-26
Tel: 06-6338-5651 Fax: 06-6338-5655
URL: http//:www.nippetrading.co.jp
E-mail: info@nippetrading.co.jp
ACTIVITIES
Import, export,
wholesale of paint raw materials, paints & coatings
BRANCHES
OVERSEAS
OFFICER(S)
YOSHIAKI KURODA,
PRES Hup Jin Goh, v pres
Toshiaki Nakamura,
mgn dir Kenji Kako, dir
Hidemi Yanagimura,
dir Kwang Thiam
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 24,897 M
PAYMENTS REGULAR CAPITAL Yen 25 M
TREND STEADY WORTH Yen
2,371 M
STARTED 1976 EMPLOYES 75
COMMENT
TRADDING HOUSE
SPECIALIZING IN PAINTS & COATINGS, OWNED BY
NIPPON PAINT CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS
MAX CREDIT LIMIT:
YEN 443.7 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject
company was established on the basis of a trading division separated from
Nippon Paint Co Ltd (See REGISTRATION). This is a trading firm specializing in
import, export and wholesale of paints, paint raw materials, paint mfg
equipment, other. Main customers are mfg
of Nippon Paint worldwide including JV’s.
FINANCIAL
INFORMATION
The sales volume for
Mar/2010 fiscal term amounted to Yen 24,897 million, a 14% up from Yen 21,813
million in the previous term. This is
referred to the merger of operations from a sister company, as reported. The recurring profit was posted at Yen 878
million and the net profit at Yen 549 million, respectively, compared with Yen
448 million recurring profit and Yen 261 million net profit, respectively, a
year ago. .
For the term just
ended Mar 2011 the recurring profit was projected at Yen 900 million and the
net profit at Yen 600 million, respectively, on an 8% rise in turnover, to Yen
27,000 million. Sales of automotive
paints rose, benefitting from customers’ stepped-up production in
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 443.7
million, on 30 days normal terms.
REGISTRATION
Date Registered: Jan
1976
Regd No.:
(Osaka-Suita) 007746
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 50,000 shares
Issued: 50,000 shares
Sum: Yen 25 million
Major shareholders (%): Nippon Paint Co
Ltd* (60), Nipsea Pte Ltd (40)
No. of shareholders: 2
*.. One of two largest paint mfrs, Osaka,
listed Tokyo S/E, capital Yen 27,712 million, sales Yen 216,547 million,
operating profit Yen 9,879 million, recurring profit Yen 12,833 million, net
profit Yen 8,729 million, total assets Yen 269,888 million, net worth Yen
128,998 million, employees 5,790, pres Kanji Sakai
Consolidated
Financials are attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports, exports
and wholesales paints & coatings, paint raw materials, paint mfg equipment,
other related (--100%).
Clients: [Mfrs,
wholesalers] Nippon Paint Co, Nippon Bee Chemical, Nippon Paint Hambai, AS
Paint, Nippon Paint Thailand, Nippon Paint America, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers]
Nippon Paint Co, Nippon Polyurethane Ind, Nagase & Co, DIC, Nippon Bee
Chemical, other
Payment record: Regular
Location: Business area in
Bank References:
SMBC (Nishi-Noda)
MUFG (Osaka-Chuo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2011 |
31/03/2010 |
31/03/2009 |
31/03/2008 |
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Annual
Sales |
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27,000 |
24,897 |
21,813 |
24,010 |
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Recur.
Profit |
|
900 |
878 |
448 |
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Net
Profit |
|
600 |
549 |
263 |
221 |
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Total
Assets |
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10,655 |
8,346 |
10,613 |
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Current
Assets |
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10,335 |
7,973 |
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Current
Liabs |
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8,231 |
6,412 |
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Net
Worth |
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2,371 |
1,874 |
1,728 |
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Capital,
Paid-Up |
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25 |
25 |
25 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
8.45 |
14.14 |
-9.15 |
-1.19 |
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Current Ratio |
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.. |
125.56 |
124.34 |
.. |
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N.Worth Ratio |
.. |
22.25 |
22.45 |
16.28 |
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R.Profit/Sales |
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3.33 |
3.53 |
2.05 |
.. |
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N.Profit/Sales |
2.22 |
2.21 |
1.21 |
0.92 |
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Return On Equity |
.. |
23.15 |
14.03 |
12.79 |
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Notes: Forecast (or
estimated) figures for the 31/03/2011 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF NIPPON PAINT CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2010 |
31/03/2009 |
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INCOME STATEMENT |
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Annual Sales |
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216,547 |
239,616 |
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Cost of Sales |
145,725 |
169,049 |
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GROSS PROFIT |
70,821 |
70,567 |
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Selling & Adm Costs |
60,942 |
67,505 |
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OPERATING PROFIT |
9,879 |
3,061 |
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Non-Operating P/L |
2,954 |
593 |
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RECURRING PROFIT |
12,833 |
3,654 |
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NET PROFIT |
8,729 |
1,802 |
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BALANCE SHEET |
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Cash |
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28,522 |
17,030 |
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Receivables |
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74,032 |
68,992 |
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Inventory |
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25,095 |
24,363 |
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Securities, Marketable |
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Other Current Assets |
6,801 |
4,950 |
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TOTAL CURRENT ASSETS |
134,450 |
115,335 |
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Property & Equipment |
67,743 |
69,164 |
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Intangibles |
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18,858 |
20,517 |
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Investments, Other Fixed Assets |
48,837 |
43,749 |
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TOTAL ASSETS |
269,888 |
248,765 |
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Payables |
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52,136 |
49,005 |
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Short-Term Bank Loans |
25,374 |
27,128 |
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Other Current Liabs |
25,396 |
17,638 |
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TOTAL CURRENT LIABS |
102,906 |
93,771 |
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Debentures |
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Long-Term Bank Loans |
21,976 |
21,619 |
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Reserve for Retirement Allw |
8,433 |
8,877 |
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Other Debts |
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7,574 |
7,626 |
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TOTAL LIABILITIES |
140,889 |
131,893 |
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MINORITY INTERESTS |
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Common
stock |
27,712 |
27,712 |
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Additional
paid-in capital |
27,187 |
27,187 |
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Retained
earnings |
72,785 |
65,116 |
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Evaluation
p/l on investments/securities |
1,184 |
(1,221) |
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Others |
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348 |
(1,718) |
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Treasury
stock, at cost |
(218) |
(205) |
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TOTAL S/HOLDERS` EQUITY |
128,998 |
116,871 |
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TOTAL EQUITIES |
269,888 |
248,765 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2010 |
31/03/2009 |
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Cash
Flows from Operating Activities |
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17,491 |
8,641 |
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Cash
Flows from Investment Activities |
-7,627 |
-10,683 |
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Cash
Flows from Financing Activities |
1,449 |
-3,308 |
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Cash,
Bank Deposits at the Term End |
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28,522 |
17,030 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2010 |
31/03/2009 |
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Net Worth
(S/Holders' Equity) |
128,998 |
116,871 |
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Current
Ratio (%) |
130.65 |
123.00 |
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Net
Worth Ratio (%) |
47.80 |
46.98 |
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Recurring
Profit Ratio (%) |
5.93 |
1.52 |
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Net
Profit Ratio (%) |
4.03 |
0.75 |
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Return
On Equity (%) |
6.77 |
1.54 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.52 |
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1 |
Rs.72.72 |
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Euro |
1 |
Rs.64.41 |
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 |
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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-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.