MIRA
INFORM REPORT
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Report Date : |
24.10.2011 |
IDENTIFICATION DETAILS
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Name : |
NOGAWA CHEMICAL CO LTD |
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Registered Office : |
Ichihashi Bldg, 4-15-11 Nihombashi-Honcho Chuoku Tokyo 103-0023 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Year of Establishment : |
May 1962 |
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Com. Reg. No.: |
Tokyo-Chuoku) 054035 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of adhesives, sealing agents |
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 26.3 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 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Japan
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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 |
Company name and address
NOGAWA CHEMICAL CO LTD
REGD NAME: Nogawa
Chemical KK
MAIN OFFICE: Ichihashi
Bldg, 4-15-11 Nihombashi-Honcho Chuoku Tokyo 103-0023 JAPAN
Tel: 03-3662-8991 Fax: 03-3666-1505
URL: http://www.nogawa-chem.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of adhesives,
sealing agents
BRANCHES
Osaka, Nagoya
FACTORIES
Saitama, Ibaraki
OFFICERS
TAKAYUKI NOGAWA,
PES Hideaki Nogawa,
s/mgn dir
Kio Arai, mgn dir Kanji
Isobe, mgn dir
Makoto Yamakawa
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,818 M
PAYMENTS REGULAR CAPITAL Yen 96 M
TREND STEADY WORTH Yen
450 M
STARTED 1962 EMPLOYES 70
COMMENT
MFR OF ADHESIVES, SEALING AGENTS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 26.3 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established
by Takashi Nogawa starting adhesives research.
Takayuki is his son, who took the pres office in 2006. This is a specialized mfg of adhesives,
sealing agents, other. Also makes bicycle
parts & components.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal
term amounted to Yen 2,818 million, a 7% up from Yen 2,642 million in the
previous term. The recurring profit was posted
at Yen 24 million and the net profit at Yen 10 million, respectively, compared
with Yen 10 million recurring profit and Yen 37 million net losses,
respectively, a year ago.
For the current term ending Mar 2012
the recurring profit is projected at Yen 25 million and the net profit at Yen
15 million, on a 3% rise in turnover, to Yen 2,900 million. Exports into China and other S/East Asian
countries are brisk.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Max credit limit is estimated at Yen 26.3 million, on 30 days normal
terms.
REGISTRATION
Date Registered: May
1962
Regd No.: (Tokyo-Chuoku) 054035
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 768,000 shares
Issued: 192,000 shares
Sum: Yen 96 million
Major
shareholders (%): Tsuneishi Trading (10.3), General Kasei (8), Kensetsu Rubber Co (8),
Toshi Horikoshi (7)
No. of shareholders: 56
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures
adhesives, sealing agents (--100%
(Mfg items): Elastomer adhesives, epoxy
resin adhesive, emulsion adhesives, UV curing type adhesive, Hot melt type adhesive,
acrylic adhesives for structural uses, radiation curing adhesives,
pressure-sensitive adhesives, other
Clients: [Mfrs,
wholesalers] General Kasei (10%), Tsuneishi Trading, Kensetsu Rubber, other.
No. of accounts:
300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsui & Co, Kisco, Tomoe Engineering Co, Denki Kagaku Kogyo,
other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Minato Bank (Tokyo)
Mizuho Bank (Yokoyamacho)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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2,900 |
2,818 |
2,642 |
2,825 |
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Recur.
Profit |
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25 |
24 |
10 |
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Net
Profit |
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15 |
10 |
-37 |
3 |
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Total
Assets |
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3,502 |
3,341 |
3,108 |
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Current
Assets |
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2,074 |
1,848 |
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Current
Liabs |
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1,666 |
1,717 |
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Net
Worth |
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450 |
440 |
477 |
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Capital,
Paid-Up |
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96 |
96 |
96 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.91 |
6.66 |
-6.48 |
-8.19 |
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Current Ratio |
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.. |
124.49 |
107.63 |
.. |
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N.Worth Ratio |
.. |
12.85 |
13.17 |
15.35 |
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R.Profit/Sales |
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0.86 |
0.85 |
0.38 |
.. |
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N.Profit/Sales |
0.52 |
0.35 |
-1.40 |
0.11 |
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Return On Equity |
.. |
2.22 |
-8.41 |
0.63 |
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Notes: Forecast
(or estimated) figures for the 31/03/2012 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.06 |
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1 |
Rs.79.15 |
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Euro |
1 |
Rs.69.03 |
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.