MIRA INFORM REPORT
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Report Date : |
07.12.2011 |
IDENTIFICATION DETAILS
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Name : |
NKM COATINGS CO LTD |
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Registered Office : |
5-24-15 Higashi-Ohi Shinagawaku Tokyo
140-0011 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
October 2001 |
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Com. Reg. No.: |
(Tokyo-Shinagawaku) 013340 |
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Legal Form : |
Limited Company |
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Line of Business : |
Export,
wholesale of ship’s paints
& coatings |
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No. of Employees
: |
90 persons |
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 220.5 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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Japan |
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 |
Company name
NKM COATINGS CO LTD
REGD NAME
NKM Coatings KK
MAIN OFFICE
5-24-15
Higashi-Ohi Shinagawaku Tokyo 140-0011 JAPAN
Tel: 03-3472-3521 Fax: 03-3472-3481
URL: http://www.nkm-c.jp
E-Mail address: (thru the URL)
ACTIVITIES
Export,
wholesale of ship’s paints & coatings
BRANCHES
Sapporo,
Sendai, Osaka, Onomichi, Imabari, Nagasaki, Fukuoka, Oita
OVERSEAS
Shanghai, Singapore, Taiwan, Hong Kong
OFFICERS
YOSHIHIRO
HONDA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 12,000 M
PAYMENTS REGULAR CAPITAL Yen 90 M
TREND SLOW WORTH Yen
3,150 M
STARTED 2001 EMPLOYES 90
COMMENT
TRADING FIRM SPECIALIZING IN SHIP’S PAINTS, WHOLLY OWNED BY
KANSAI PAINT CO LTD.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 220.5 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established originally as a JV of BASF Coatings
Japan and Kansai Paint Co Ltd, paint mfr, Osaka (See REGISTRATION). In Apr 2007,
Kansai bought the share of BASF Coatings Japan and the firm became a wholly
owned subsidiary of Kasai Paint. In Apr
2002 the firm went into a business tie-up with Jotun (Norway) and expanded
sales networks worldwide. This is a
trading firm specializing in export and wholesale of ship’s paints &
coatings. Goods are partially
imported. Operates agencies at major
ports in Japan and S/E Asian countries.
Clients are ship owners, ship builders, fish boats, electric powers,
other.
FINANCIAL INFORMATION
Financial are consolidated by the parent, Kansai Paint Co Ltd, and only
partially disclosed.
The sales volume for Dec/2010 fiscal term amounted to Yen 12,000
million, a 5% down from Yen 12,700 million in the previous term. Shipping market was sluggish. Newbuilding orders reduced. The net profit was posted at Yen 554 million,
compared with Yen 377 million a year ago.
For the current term ending Dec 2011 the net profit is projected at Yen
570 million, on a 5% rise in turnover, to Yen 12,600 million. Shipping market revived. Ship repair paints for S/E Asia will expand
and paints for new ships in South Korea will recover.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 220.5 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Oct 2001
Regd
No.: (Tokyo-Shinagawaku) 013340
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized:
7,200 shares
Issued:
1,800 shares
Sum:
Yen 90 million
Major
shareholders (%): Kansai Paint Co Ltd* (100)
*.. One of top-class paint mfr in Japan, Osaka, founded 1918, listed
Tokyo, Osaka S/E’s, Capital Yen 25,658, sales Yen 236,984 million, operating
profit Yen 21,101 million, recurring profit Yen 23,534 million, net profit Yen
12,675 million, total assets Yen 271,244 million, net worth Yen 187,623
million, employees 10,474, pres Yozo Kawamori Consolidated Financials are
attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Trading firm for
export and wholesale of ship’s paints & coatings (--100%).
Clients: Ship owners, ship
builders, fishing boats, electric power co, other
No. of accounts: 300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Kansai Paint Co, Jotun (Norway), other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
·
MUFG (Kyobashi)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
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31/12/2011 |
31/12/2010 |
31/12/2009 |
31/12/2008 |
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Annual
Sales |
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12,600 |
12,000 |
12,700 |
12,800 |
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Recur.
Profit |
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Net
Profit |
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570 |
554 |
377 |
307 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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3,150 |
2,596 |
2,219 |
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Capital,
Paid-Up |
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90 |
90 |
90 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.00 |
-5.51 |
-0.78 |
16.36 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
4.52 |
4.62 |
2.97 |
2.40 |
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Notes:
Financials are only partially disclosed.
Forecast
(or estimated) figures for the 31/12/2011 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT, KANSAI
PAINT CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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236,984 |
222,401 |
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Cost of Sales |
167,776 |
155,062 |
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GROSS PROFIT |
69,208 |
67,339 |
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Selling & Adm Costs |
48,106 |
46,834 |
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OPERATING PROFIT |
21,101 |
20,505 |
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Non-Operating P/L |
2,433 |
2,097 |
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RECURRING PROFIT |
23,534 |
22,602 |
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NET PROFIT |
12,675 |
11,830 |
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BALANCE SHEET |
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Cash |
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41,491 |
41,183 |
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Receivables |
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67,999 |
70,162 |
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Inventory |
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25,434 |
23,636 |
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Securities, Marketable |
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Other Current Assets |
5,825 |
5,032 |
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TOTAL CURRENT ASSETS |
140,749 |
140,013 |
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Property & Equipment |
56,632 |
58,427 |
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Intangibles |
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2,590 |
2,379 |
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Investments, Other Fixed Assets |
71,273 |
69,554 |
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TOTAL ASSETS |
271,244 |
270,373 |
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Payables |
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47,635 |
50,041 |
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Short-Term Bank Loans |
842 |
1,321 |
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Other Current Liabs |
17,444 |
19,073 |
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TOTAL CURRENT LIABS |
65,921 |
70,435 |
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Debentures |
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Long-Term Bank Loans |
372 |
811 |
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Reserve for Retirement Allw |
6,159 |
6,089 |
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Other Debts |
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11,168 |
12,002 |
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TOTAL LIABILITIES |
83,620 |
89,337 |
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MINORITY INTERESTS |
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Common
stock |
25,658 |
25,658 |
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Additional
paid-in capital |
27,154 |
27,154 |
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Retained
earnings |
116,913 |
108,004 |
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Evaluation
p/l on investments/securities |
12,276 |
13,091 |
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Others |
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11,324 |
12,833 |
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Treasury
stock, at cost |
(5,702) |
(5,704) |
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TOTAL S/HOLDERS` EQUITY |
187,623 |
181,036 |
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TOTAL EQUITIES |
271,244 |
270,373 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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18,252 |
19,582 |
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Cash
Flows from Investment Activities |
-14,246 |
-7,673 |
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Cash
Flows from Financing Activities |
-4,741 |
-3,220 |
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Cash,
Bank Deposits at the Term End |
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39,738 |
40,548 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
187,623 |
181,036 |
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Current
Ratio (%) |
213.51 |
198.78 |
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Net
Worth Ratio (%) |
69.17 |
66.96 |
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Recurring
Profit Ratio (%) |
9.93 |
10.16 |
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Net
Profit Ratio (%) |
5.35 |
5.32 |
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Return
On Equity (%) |
6.76 |
6.53 |
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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.51.39 |
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UK Pound |
1 |
Rs.80.20 |
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Euro |
1 |
Rs.68.92 |
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.