MIRA INFORM REPORT
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Report Date : |
12.03.2011 |
IDENTIFICATION DETAILS
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Name : |
NIPPON FINE CHEMICAL CO Ltd |
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Registered Office : |
2-4-9 Bingomachi Chuoku |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
February 1918 |
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Com. Reg. No.: |
(Osaka-Chuoku) 093267 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of industrial chemicals |
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 1,246.0 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 |
Note:
Recent Earthquake in
company name
NIPPON FINE CHEMICAL CO Ltd
REGD NAME
MAIN OFFICE
2-4-9 Bingomachi Chuoku
Tel: 06-6231-4781 Fax: 06-6231-4787-
URL: http://www.nipponseika.co.jp
E-Mail
address: (thru the URL)
ACTIVITIES
Mfg of
industrial chemicals
BRANCHES
FACTORIES
Takasago,
CHIEF EXEC
SUSUMU
YANO, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 27,546 M
PAYMENTS REGULAR CAPITAL Yen 5,933 M
TREND SLOW WORTH Yen 23,621 M
STARTED 1918 EMPLOYES 580
COMMENT
MFR OF INDUSTRIAL CHEMICALS
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 1,246.0 MILLION, 30 DAYS NORMAL TERMS
Forecast figures for the 31/03/2011
fiscal term.
HIGHLIGHTS
The subject company was established in 1918 as a camphor maker. Today the firm is the major mfr of camphor
and fatty acid derivatives for industrial chemicals, and pharmaceutical and
cosmetic raw materials. Nearly
monopolizes domestic market. Home-use
aromatics and medicinal raw materials expanding. Engaged in high-profit real estate business.
FINANCIAL INFORMATION
The sales volume for /2010 fiscal term amounted to Yen 27,546 million, a
5..3% up from Yen 26,164 million in the previous term. Pharmaceutical ingredients increased as those
against new-type influenza prevailing.
By divisions, Industrial chemicals down 6.5% to Yen 15,517 million;
Household products up 52.6% to Yen 8,735 million; Real estate down 21.1% to Yen
2,408 million. The recurring profit was
posted at Yen 3,376 million and the net profit at Yen 1,551 million,
respectively, compared with Yen 1,819 million recurring profit and Yen 882
million net profit, respectively, a year ago.
(Apr/Dec/2010 results): Sales Yen 18,307 million (down 11.4%), operating
profit Yen 1,172 million (down 60.1%), recurring profit Yen 1,275 million (down
58.4%), net profit Yen 766 million (down 47.2%). (% compared with the corresponding period a
year ago).
For the current term ending Mar 2011 the recurring profit is projected
at Yen 1,550 million and the net profit at Yen 950 million, on a 9.2% fall in
turnover, to Yen 25,000 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 1,246.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: Feb 1918
Regd No.: (Osaka-Chuoku) 093267
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 38,413,600 shares
Issued: 25,372,447shares
Sum: Yen 5,933
million
Major shareholders
(%):
Taiyo Koko Co Ltd (13.9), Company’s Treasury Stock (6.3), Co-op Company’s
S/Holding Assn (5.9), NOF Corp (4.0), Astellas Pharma (4.0), Sojitz Corp (3.2),
Tokio Marine & Nichido Fire Ins (3.2), Japan Trustee Services T (2.6),
Shiseido Co (2.6), Employees’ S/Holding Assn (1.9); foreign owners (3.1)
No. of
shareholders: 3,742
Listed on the
S/Exchange (s) of:
Managements: Susumu Yano,
pres; Hiroyuki Nakazawa, s/mgn dir; Keisuke Kinomura, dir; Hisayoshi Hayashida,
dir; Kazunobu Suzuki, dir; Chihiro Murase, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Nissei Kosan Co,
Nissei Bilis Co, Arbos Co, other
OPERATION
Activities: Manufactures
industrial chemicals (56%), household products (32%), real estate (9%), others
(3%).
Overseas Sales
Ratio (12.0%)
(Handling Items):
Industrial
Chemicals: fatty acid amides, alkyl ketene dimmers, fatty acid derivatives, lanolin
fatty acids & lanolin derivatives, lanolin-based rust-prevention &
lubricating additives, leather chemicals, functional coatings;
Cosmetic
Ingredients: sheep-wool derived materials (lanolin & lanolin derivatives,
sterols & sterol derivatives), Natural raw materials (lipid complexes,
glycosides), vegetable derivatives (esters, vegetable derivatives);
Fine Chemicals: highly purified
phospholipids, camphor’s, acid chlorides, alkyl chlorides, alkyl bromides,
fatty acids & derivatives, other.
Clients: [Mfrs,
wholesalers] Sojitz Corp, DKSH Japan, Matsumoto Trading, Arbos Co, Nissei
Bilis, other.
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers]
Nissei Bilis, Nagase Corp, Osaka Oil & Fat Co, Sanko Shoji Co, Motohiro Co,
other
Payment record:
Regular
Location:
Business area in
Bank References:
SMBC
(Osaka-Chuo)
MUFG
(Kawaramachi)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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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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27,546 |
26,164 |
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Cost of Sales |
20,004 |
20,407 |
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GROSS PROFIT |
7,542 |
5,756 |
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Selling & Adm Costs |
4,323 |
4,065 |
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OPERATING PROFIT |
3,219 |
1,690 |
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Non-Operating P/L |
157 |
129 |
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RECURRING PROFIT |
3,376 |
1,819 |
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NET PROFIT |
1,551 |
882 |
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BALANCE SHEET |
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Cash |
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3,617 |
1,406 |
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Receivables |
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6,687 |
6,537 |
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Inventory |
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6,345 |
6,345 |
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Securities, Marketable |
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Other Current Assets |
604 |
466 |
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TOTAL CURRENT ASSETS |
17,253 |
14,754 |
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Property & Equipment |
8,732 |
9,151 |
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Intangibles |
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318 |
341 |
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Investments, Other Fixed Assets |
5,299 |
4,444 |
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TOTAL ASSETS |
31,602 |
28,690 |
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Payables |
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3,807 |
3,178 |
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Short-Term Bank Loans |
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400 |
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Other Current Liabs |
3,011 |
1,998 |
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TOTAL CURRENT LIABS |
6,818 |
5,576 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
62 |
160 |
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Other Debts |
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1,100 |
846 |
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TOTAL LIABILITIES |
7,980 |
6,582 |
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MINORITY INTERESTS |
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Common
stock |
5,933 |
5,933 |
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Additional
paid-in capital |
6,803 |
6,803 |
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Retained
earnings |
10,867 |
9,819 |
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Evaluation
p/l on investments/securities |
695 |
209 |
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Others |
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344 |
364 |
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Treasury
stock, at cost |
(1,021) |
(1,021) |
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TOTAL S/HOLDERS` EQUITY |
23,621 |
22,107 |
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TOTAL EQUITIES |
31,602 |
28,690 |
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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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4,133 |
2,226 |
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Cash
Flows from Investment Activities |
-1,611 |
-419 |
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Cash
Flows from Financing Activities |
-885 |
-1,836 |
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Cash,
Bank Deposits at the Term End |
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2,998 |
1,406 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2010 |
31/03/2009 |
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Net
Worth (S/Holders' Equity) |
23,621 |
22,107 |
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Current
Ratio (%) |
253.05 |
264.60 |
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Net Worth
Ratio (%) |
74.75 |
77.05 |
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Recurring
Profit Ratio (%) |
12.26 |
6.95 |
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Net
Profit Ratio (%) |
5.63 |
3.37 |
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Return
On Equity (%) |
6.57 |
3.99 |
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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.45.21 |
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1 |
Rs.72.55 |
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Euro |
1 |
Rs.62.43 |
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 |
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.