MIRA INFORM REPORT
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Report Date : |
07.05.2011 |
IDENTIFICATION DETAILS
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Name : |
NARASAKI SANGYO CO LTD |
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Registered Office : |
Shirayuki Bldg, 1-1-3 Nihombashi-Kayabacho
Chuoku Tokyo 103-8436 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
October 1943 |
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Com. Reg. No.: |
(Sapporo-Chuoku) 053102 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Export, Wholesale of industrial machinery,
construction machinery |
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 932.7 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
NARASAKI SANGYO CO LTD
REGD NAME
KK Narasaki Sangyo
MAIN OFFICE
Shirayuki Bldg,
1-1-3 Nihombashi-Kayabacho Chuoku Tokyo 103-8436 JAPAN
Tel:
03-3666-2341 Fax: 03-3666-0385
*.. Registered at: 1-1-3 Kita-Ichijo-Nishi Chuoku Sapporo
URL: http://www.narasaki.co.jp/
E-Mail address: info@narasaki.co.jp
ACTIVITIES
Import,
export, wholesale of industrial machinery, construction machinery
BRANCHES
Sapporo,
Sendai, Nagoya, Osaka, Himeji, Kashiwa, Yokohama, Kofu, Fukuoka, other (Tot 14)
OVERSEAS
Shanghai
CHIEF EXEC
TAKASHI
ISHIKAWA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen
96,917 M
PAYMENTS REGULAR CAPITAL Yen
2,354 M
TREND SLOW WORTH Yen 5,268 M
STARTED 1943 EMPLOYES 650
COMMENT
TRADING FIRM SPECIALIZING IN INDUSTRIAL & CONSTRUCTION
MACHINERY, FUELS, ELECTRIC MACHINERY.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 932.7 MILLION, 30 DAYS NORMAL TERMS
Forecast (or estimated) figures for 31/03/2011 fiscal term
HIGHLIGHTS
This is a medium-sized general trading house in Hokkaido, main business
territory. Specializes in handling
general industrial & construction machinery. Also handles fuels and electrical
machinery. Shifting away from high
dependence on public works projects.
Foraying into Net-based fresh fish sales. Subsidiary is engaged in shipping
business. Differentiated equipment,
including wheat silos, and labor-saving equipment, such as pre-cooling systems,
becoming large-promising areas and positioned as core businesses in mid-term
plan starting Mar 2010 term. The company
created a team to diversify from Mitsubishi Electric-made FA equipment to food
machinery, agricultural machinery and others.
It may reconsider listing the marine transport subsidiary.
Impact from the
Great East Japan Earthquake: The firm’s
branch offices in Hachinohe, Morioka, Sendai and Kohriyama were damaged:
buildings were water-logged, fixtures & furniture fell down, etc. Operation is being suspended. Affects on to the financials are not
officially voiced.
FINANCIAL INFORMATION
The sales volume for Mar/2010 fiscal term amounted to Yen 96,917
million, a 4.5% down from Yen 101,501 million in the previous term. The global economic downturn starting in the latter
half of the term affected sales substantially, particularly in the first half
of the term. By Divisions, Machinery
& Facility Div down 4.8% to Yen 28,373 million, as demand for semiconductor
& mfg machinery declined in the first half; Materials & Fuel Div down
0.4% to Yen 53,177 million; Shipping Div down 16.0% to Yen 15,365 million. The recurring profit was posted at Yen 846
million, which resulted in Yen 182 million net losses for the term. Wrote off Yen 685 million in extraordinary
losses coming from assets impairment losses.
This compares with Yen 539 million recurring profit and Yen 99 million
net losses, respectively, a year ago.
(Apr/Dec/2010 results): sales Yen 68,787 million (down 2.4%), operating
profit Yen 1,022 million (up 65.5%), recurring profit Yen 928 million (up
102.6&), net profit Yen 568 million (up 156.9%). (% compared with the corresponding period a
year ago)
For the term that ended Mar 2011 the recurring profit was projected at
Yen 900 million and the net profit at Yen 450 million, respectively, on a 1.1%
rise in turnover, to Yen 98,000 million.
Electrical facilities and equipment did well on increased capital
spending by the electronic equipment industry in Honshu. Fuel and marine transport should have
contributed to profits. Final results
are yet to be released.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 932.7 million, on 30 days normal terms.
REGISTRATION
Date Registered: Oct 1943
Regd No.: (Sapporo-Chuoku) 053102
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
60 million shares
Issued:
26,628,000 shares
Sum: Yen 2,354
million
Major shareholders
(%):
Mitsubishi Electric (7.8), Mitsubishi UFJ Trust (4.3), Tokio Marine &
Nichido Fire Ins (3.0), Mitsui Sumitomo Ins (3.0), North Pacific Bank (2.6),
Sumitomo Osaka Cement (2.0), Sakai Heavy Ind (1.8), Nippon Oil (1.8), Meiji
Yasuda Life Ins (1.5), Yukio Eda (1.3); foreign owners (0.7)
No. of
shareholders: 3,109
Listed on the
S/Exchange (s) of: Tokyo (second section)
Managements: Shin’ichi Ono,
ch; Takashi Ishikawa, pres; Hidetoshi Takahashi, mgn dir; Ryu Izawa, mgn dir;
Takashi Kubota, mgn dir; Naoki Ueno, mgn dir Hitoshi Inoue, mgn dir; Kikunori
Mayumi, mgn dir; Takashi Kairada, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Narasaki Stacks,
Narasaki Sekiyu, Kyushu Marine, other
OPERATION
Activities: A trading firm
for import, export and wholesale of: machinery & facility-related (29%),
materials & fuel-related (55%), shipping-related (16%).
(Handling items):
Electric-facilities (factory FA key
components, information networking equipment, power supply);
Construction
facilities (air-conditioning facilities, air-purification facilities, elevator
machines, substation facilities, emergency private electricity generator,
uninterruptible power supply system, parking systems, building management
system, security systems);
FA equipment/materials (total FA
solution, foundry business, other);
Industrial/Agricultural
Machinery; construction machinery.
Clients: [Mfrs,
wholesalers] Kawasaki Kinkai Kisen, Zen-Noh, Hagiwara Kensetsu Kogyo, Kogin
Lease, Kuwazawa, Suzuden, Mitsui Sumitomo Finance & Lease, Obayashi Gumi,
Toshiba Corp, Toyo Suisan Kaisha, JX Nippon Oil & Energy Corp, other.
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Idemitsu Kosan, Mitsubishi Electric, Nittetsu Cement, Exxon Mobil, Yuasa Corp, Hokuren Agricultural
Cooperative Federation, Nittetsu Cement, JX Nippon Oil & Energy Corp,
other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Mitsubishi
UFJ Trust Bank (H/O)
North
Pacific Bank (Tokyo)
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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96,917 |
101,501 |
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Cost of Sales |
88,979 |
92,459 |
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GROSS PROFIT |
7,937 |
9,041 |
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Selling & Adm Costs |
6,892 |
8,262 |
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OPERATING PROFIT |
1,045 |
779 |
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Non-Operating P/L |
-199 |
-240 |
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RECURRING PROFIT |
846 |
539 |
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NET PROFIT |
-182 |
-99 |
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BALANCE SHEET |
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Cash |
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5,008 |
5,588 |
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Receivables |
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21,041 |
18,801 |
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Inventory |
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469 |
585 |
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Securities, Marketable |
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Other Current Assets |
1,894 |
2,023 |
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TOTAL CURRENT ASSETS |
28,412 |
26,997 |
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Property & Equipment |
9,591 |
10,546 |
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Intangibles |
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114 |
77 |
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Investments, Other Fixed Assets |
3,764 |
3,961 |
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TOTAL ASSETS |
41,881 |
41,581 |
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Payables |
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19,542 |
17,609 |
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Short-Term Bank Loans |
4,665 |
8,980 |
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Other Current Liabs |
4,799 |
2,025 |
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TOTAL CURRENT LIABS |
29,006 |
28,614 |
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Debentures |
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200 |
200 |
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Long-Term Bank Loans |
5,206 |
5,041 |
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Reserve for Retirement Allw |
764 |
753 |
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Other Debts |
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1,436 |
1,448 |
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TOTAL LIABILITIES |
36,612 |
36,056 |
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MINORITY INTERESTS |
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Common
stock |
2,354 |
2,354 |
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Additional
paid-in capital |
1,288 |
1,288 |
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Retained
earnings |
1,388 |
1,650 |
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Evaluation
p/l on investments/securities |
(85) |
(76) |
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Others |
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330 |
315 |
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Treasury
stock, at cost |
(7) |
(7) |
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TOTAL S/HOLDERS` EQUITY |
5,268 |
5,524 |
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TOTAL EQUITIES |
41,881 |
41,581 |
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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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964 |
985 |
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Cash
Flows from Investment Activities |
161 |
-509 |
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Cash
Flows from Financing Activities |
-1,706 |
1,615 |
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Cash,
Bank Deposits at the Term End |
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4,984 |
5,565 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2010 |
31/03/2009 |
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Net
Worth (S/Holders' Equity) |
5,268 |
5,524 |
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Current
Ratio (%) |
97.95 |
94.35 |
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Net
Worth Ratio (%) |
12.58 |
13.28 |
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Recurring
Profit Ratio (%) |
0.87 |
0.53 |
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Net
Profit Ratio (%) |
-0.19 |
-0.10 |
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Return
On Equity (%) |
-3.45 |
-1.79 |
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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.44.78 |
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UK Pound |
1 |
Rs.73.43 |
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Euro |
1 |
Rs.65.27 |
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.