MIRA INFORM REPORT
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Report Date : |
04.05.2011 |
IDENTIFICATION DETAILS
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Name : |
NICHIMO CO LTD |
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Registered Office : |
Tennozu Yusen Bldg, 2-2-20 Higashishinagawa Shinagawaku Tokyo 140-0002 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
August
1919 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Export, Wholesale of fishing nets, fishing
equipment, fresh & frozen fish, synthetic resins, packaging materials,
fermented soybean, health foods |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 1,837.8 Million |
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Status : |
Moderate |
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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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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
NICHIMO CO LTD
REGD NAME
Nichimo KK
MAIN OFFICE
Tennozu Yusen
Bldg, 2-2-20 Higashishinagawa Shinagawaku Tokyo 140-0002, JAPAN
Tel:
03-3458-3020 Fax: 03-3458-3088
URL: http://www.nichimo.co.jp/
E-Mail address: home@nichimo.co.jp
ACTIVITIES
Import, export, wholesale of fishing nets, fishing equipment, fresh & frozen fish, synthetic resins, packaging materials, fermented soybean, health foods
BRANCHES
Sapporo, Sendai, Osaka, Fukuoka, Nagoya, Sakai-Minato,
Shimonoseki, Nagasaki, Amakusa, Kagoshima
OVERSEAS
Beijing
Nor Eastern Trawl Systems Inc,
Nichimo Int’l Inc (--USA), Nichimo (Holland) BV
(Netherlands) (--overseas subsidiaries)
CHIEF EXEC
YUKIO
KOIKE, PRES & CEO
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 89,056 M
PAYMENTS REGULAR CAPITAL Yen
4,411 M
TREND SLOW WORTH Yen
13,201 M
STARTED 1919 EMPLOYES 829
COMMENT
TRADING HOUSE SPECIALIZING IN MARINE PRODUCTS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 1,837.8 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for 31/03/2011 fiscal term
HIGHLIGHTS
An old-established trading house founded in 1919. Once noted for major producer of fishing nets
and gears, as Nippon Gyomo Sengu KK (Gyomo means fishing nets and Sengu means
fishing gears), but later spun off the production div as a separate
company. Since then the subject focused
on the trading business, expanding into processed foods including ground fish
and food-processing machines and packaging materials, health foods. Stressing bio business & health foods. Has close ties with Nippon Suisan Kaisha
Ltd. Main businesses are the sale and
culturing of marine products. Has sub
Kignus Sekiyu KK, petroleum dealer, Tokyo.
(Announcement – Northeast Japan Earthquake)
Dated 15/03/2011: Buildings/facilities (fishing net mfg) in Ishinomaki
& Miyako districts were seriously damaged.
Further news will be forthcoming.
Dated 22/04/2011: The damaged facilities resumed partial operations from
20th & 25th April.
Ishinomaki facilities were damaged but buildings/offices remained and it
took relatively shorter time for resumption of mfg.
FINANCIAL INFORMATION
The sales volume for Mar/2010 fiscal term amounted to Yen
89,056 million, a 10.2% down
from Yen 99,181 million in the previous term. Global economic downturn affected the sales
substantially. Sales declined, except in
Marine Operations. High Yen hurt
revenues & profits in Yen terms. By
divisions, Food Div down 22.7% to Yen 56,671 million, as sales prices of
kneaded food products as well as prices of their raw materials remained
stagnant; Marine Div up to Yen 15,980 million, thanks to increased sales of
purse seine and tuna farming cage nets; Machinery Div up to Yen 6,505 million,
thanks to the receipt of large-scale orders for fish processing plants and
frozen Chinese food plants in the domestic market; Materials Div down 4.0% to
Yen 9,489 million; Biotic Div down 3.7% to Yen 287 million. The recurring profit was posted at Yen 95
million and the net profit at Yen 161 million, respectively, compared with Yen
284 recurring profit and Yen 73 million net losses, respectively, a year ago.
(Apr/Dec/2010 results): Sales Yen 67,693 million (down 3.7%), operating
profit Yen 1,047 (up 189.3%), recurring profit Yen 963 million (up 339.1%), net
profit Yen 900 million (up 693.7%). (% compared
with the corresponding period a year ago).
For the term that ended Mar 2011 the recurring profit was
projected at Yen 600 million and the net profit at Yen 500 million,
respectively, on a 5.5% rise in turnover, to Yen 94,000 million. Foods were hit by sluggish crab sales but
profit margin improved thanks to frozen fish.
The impact of the Earthquake on financials has not been informed despite
the fact that the firm will immediately release the figures as impacted from
the Earthquake, but the information has not been given as yet. We have set the figures unchanged as
previously projected (Dec/2010). Finals
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 1,837.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Aug 1919
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
154,514,000 shares
Issued:
34,874,000 shares
Sum: Yen 4,411
million
Major shareholders
(%): Company’s Treasury Stock (10.0), Asahi Life Ins (7.9), Nippon Suisan
(6.3), TCSB (Mizuho Bank) (4.4), Sompo Japan Ins (3.1), CBNYDFA Int’l Cap Value
P (2.1), Japan Trustee Services Bank T (2.0), Customers’ S/Holding Assn (1.8),
JTSB (CMTB Equity Investment) (1.7), Tokyo Rope Mfg (1.3); foreign owners (3.0)
No. of
shareholders: 3,763
Listed on the
S/Exchange (s) of: Tokyo
Managements: Yukio Koike, pres; Tomomi Ishii, dir; Noboru
Tabe, dir; Kazuaki Matsumoto, dir
Nothing detrimental is knows as to the commercial morality of
executives.
Related companies: Nishi Nihon
Nichimo, Nichimo One Man, Nichimo Marifarm, Nor Eastern Trawl Systems, Nichimo
(Holland) BV, Nichimo Foods, other
OPERATION
Activities: Trading house
specializing in marine products:
(Sales breakdown
by Divisions):
Marine Div (18%): fishing nets
& gears, ship equipment & machinery;
Food Div (64%): Surimi (fish
paste), fresh & frozen fish, processed/value added foods;
Machinery Div
(7%): food processing machinery & equipment;
Material Supply
Div (11%): synthetic resin, packaging materials, agricultural materials,
other.
Clients: [Fishery coops,
wholesalers] Ensui Co, National Federation of Fishery Processors Coops,
Hokkaido Federation of Fishery Processors Coops, Haneuo Shokuhin, Tenmalu Co,
Toppan Kenso Products, other.
No. of accounts: 2,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Riken Technos, Daitou Suisan Co, Next Co, American Seafood Co,
Nishi Nihon Nichimo, Riken Technos Corp, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank
References:
Mizuho Bank (Marunouchi)
Norin Chukin Bank (H/O)
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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89,056 |
99,181 |
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Cost of Sales |
81,615 |
91,303 |
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GROSS PROFIT |
7,440 |
7,878 |
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Selling & Adm Costs |
7,241 |
7,290 |
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OPERATING PROFIT |
199 |
587 |
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Non-Operating P/L |
-104 |
-303 |
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RECURRING PROFIT |
95 |
284 |
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NET PROFIT |
161 |
-73 |
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BALANCE SHEET |
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Cash |
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4,296 |
3,793 |
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Receivables |
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14,250 |
15,791 |
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Inventory |
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15,465 |
17,677 |
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Securities, Marketable |
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Other Current Assets |
1,847 |
1,823 |
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TOTAL CURRENT ASSETS |
35,858 |
39,084 |
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Property & Equipment |
5,235 |
5,222 |
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Intangibles |
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85 |
130 |
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Investments, Other Fixed Assets |
7,675 |
6,971 |
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TOTAL ASSETS |
48,853 |
51,407 |
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Payables |
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8,918 |
8,322 |
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Short-Term Bank Loans |
16,260 |
19,394 |
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Other Current Liabs |
2,873 |
4,256 |
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TOTAL CURRENT LIABS |
28,051 |
31,972 |
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Debentures |
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3,750 |
3,875 |
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Long-Term Bank Loans |
2,605 |
1,321 |
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Reserve for Retirement Allw |
386 |
294 |
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Other Debts |
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860 |
802 |
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TOTAL LIABILITIES |
35,652 |
38,264 |
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MINORITY INTERESTS |
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Common
stock |
4,411 |
4,411 |
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Additional
paid-in capital |
22 |
22 |
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Retained
earnings |
9,761 |
9,770 |
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Evaluation
p/l on investments/securities |
777 |
555 |
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Others |
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(655) |
(502) |
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Treasury
stock, at cost |
(1,115) |
(1,114) |
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TOTAL S/HOLDERS` EQUITY |
13,201 |
13,142 |
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TOTAL EQUITIES |
48,853 |
51,407 |
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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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4,455 |
938 |
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Cash
Flows from Investment Activities |
-779 |
-2,292 |
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Cash
Flows from Financing Activities |
-3,121 |
1,279 |
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Cash,
Bank Deposits at the Term End |
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3,358 |
2,835 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2010 |
31/03/2009 |
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Net
Worth (S/Holders' Equity) |
13,201 |
13,142 |
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Current
Ratio (%) |
127.83 |
122.24 |
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Net
Worth Ratio (%) |
27.02 |
25.56 |
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Recurring
Profit Ratio (%) |
0.11 |
0.29 |
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Net
Profit Ratio (%) |
0.18 |
-0.07 |
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Return
On Equity (%) |
1.22 |
-0.56 |
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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.44.34 |
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UK Pound |
1 |
Rs.73.70 |
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Euro |
1 |
Rs.65.75 |
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 |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.