MIRA INFORM REPORT
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Report Date : |
21.04.2012 |
IDENTIFICATION DETAILS
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Name : |
NAKANISHI MFG CO LTD |
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Registered Office : |
5-4-14 Tatsumi-Minami Ikunoku Osaka
544-0015 |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
March 1936 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer, import, wholesale of commercial-use kitchen
equipment |
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No. of Employees
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394 |
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 755.8 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
NAKANISHI MFG CO LTD
REGD NAME
KK Nakanishi
Seisakusho
MAIN OFFICE
5-4-14
Tatsumi-Minami Ikunoku Osaka 544-0015 JAPAN
Tel:
06-6791-1111 Fax: 06-6793-5151
*.. Tokyo Headquarters: 1-5-15 Minami Ogikubo Suginamiku Tokyo 167-0052, as given
URL: http://www.nakanishi.co.jp/
E-Mail address: (thru the URL)
ACTIVITIES
Mfg,
import, wholesale of commercial-use kitchen equipment
BRANCHES
Tokyo,
Sapporo, Sendai, Nagoya, other (Tot 8 branches & 34 sales offices)
FACTORIES
Nara
CHIEF EXEC
AKIO
NAKANISHI, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 20,374 M
PAYMENTS No
Complaints CAPITAL Yen 1,445 M
TREND SLOW WORTH Yen 7,210 M
STARTED 1936
EMPLOYES 394
COMMENT
MFR OF COMMERCIAL-USE KITCHEN EQUIPMENT.
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 755.8 MILLION, 30 DAYS NORMAL TERMS
Forecast (or estimated) figures for 31/03/2012 fiscal term
HIGHLIGHTS
This is a leading mfr of commercial-use kitchen systems &
equipment. School meal catering and
cooked rice processors are among major customers. Active mainly in Osaka area. MacDonald Holdings & Saizeriya are listed
as one of major clients. Has strength in
system equipment, including automatic rice-cooking system. In Nov 2007 merged a subsidiary, Kuruwa Co
Ltd, to make it International Trading Division, for importing kitchen system
& equipment from Europe, USA, other.
The firm participated in school meal catering business for utilizing
private capital, managerial skill & technology. In school lunch centers, the firm is trying
to differentiate them with large scale centralized cooking systems. No litigation, liens or protest is heard.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 20,374
million, a 10.1% up from Yen 18,500 million in the previous term. Demand from schools and restaurants
increased. The recurring profit was
posted at Yen 774 million and the net profit at Yen 269 million, respectively,
compared with Yen 812 million recurring profit and Yen 407 million net profit,
respectively, a year ago. The firm
issued promissory notes of Yen 474 million for the term, compared with Yen 824
million in the previous term.
(Apr/Dec/2011 results): Sales Yen 12,123 million (down 16.7%), operating
profit Yen 219 million (down 52.4%), recurring profit Yen 282 million (down
46.1%), net profit Yen 42 million (down 69.9%).
(% compared with the corresponding period a year ago).
For the term that ended Mar 2012 the recurring profit is projected at
Yen 490 million and the net profit at Yen 200 million, respectively, on a 6.5%
fall in turnover, to Yen 19,700 million.
Large-lot orders from restaurants were absent, while orders from school
lunch caters were bouncing back on getting out of the impact of the Earthquake
and recovered. Final 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 755.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar
1936
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
17 million shares
Issued:
6,308,000 shares
Sum: Yen 1,445
million
Major shareholders
(%):
Akio Nakanishi (9.0), Customers’ S/Holding Assn (9.0), Employees’ S/Holding
Assn (7.9), Mizuho Bank (4.7), Kazuma Nakanishi (4.5), Tadashi Nakanishi (4.4),
Nippon Life Ins (2.6), Fukushima Industries (2.5), Kazuko Mimoto (2.3), Yoko
Osafune (2.1)
No. of
shareholders: 592
Listed on the
S/Exchange (s) of: Osaka (Second Section)
Managements: Akio Nakanishi,
pres; Ichiro Nakanishi, s/mgn dir; Masahito Hashimoto, dir; Masahiro Kakoi, dir
Related companies: No subsidiaries
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Manufactures,
imports and wholesales commercial-use kitchen system & equipment: washing
machines & sterilizers (17%), culinary equipment (42%), rice-cooking
system, heating equipment, storage, others (41%).
(Handling brands
of importing system & equipment): Middleby Marshall, CTX, Toastmaster, NU-VU,
Bourgeois, HALLDE, Wexlodisk, other.
Clients: [Business firms,
government agencies, schools, hospitals, restaurants] MacDonald’s, Toyota Motor
group, NEC, Fujitsu, Mitsubishi Electric, JFE Steel, Kawasaki Heavy Ind, other
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Panasonic group, Fukushima Ind, Sanshin Kakoh, Hattori Kogyo KK,
Hanwa Kozai, other
Payment record: Regular
Location: Business area in Osaka.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank
References:
Mizuho Bank (Imazato)
Sumitomo
Trust Bank (Abenobashi)
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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FINANCES: (Non-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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20,374 |
18,500 |
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Cost of Sales |
15,883 |
14,067 |
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GROSS PROFIT |
4,491 |
4,433 |
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Selling & Adm Costs |
3,795 |
3,719 |
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OPERATING PROFIT |
695 |
714 |
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Non-Operating P/L |
79 |
98 |
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RECURRING PROFIT |
774 |
812 |
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NET PROFIT |
269 |
407 |
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BALANCE SHEET |
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Cash |
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2,748 |
2,757 |
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Receivables |
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4,001 |
3,635 |
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Inventory |
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1,307 |
1,885 |
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Securities, Marketable |
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Other Current Assets |
715 |
1,091 |
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TOTAL CURRENT ASSETS |
8,771 |
9,368 |
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Property & Equipment |
3,014 |
3,069 |
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Intangibles |
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27 |
33 |
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Investments, Other Fixed Assets |
815 |
960 |
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TOTAL ASSETS |
12,627 |
13,430 |
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Payables |
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1,973 |
2,143 |
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Short-Term Bank Loans |
100 |
100 |
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Other Current Liabs |
2,052 |
2,040 |
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TOTAL CURRENT LIABS |
4,125 |
4,283 |
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Debentures |
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Long-Term Bank Loans |
200 |
1,094 |
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Reserve for Retirement Allw |
1,010 |
996 |
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Other Debts |
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81 |
64 |
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TOTAL LIABILITIES |
5,416 |
6,437 |
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MINORITY INTERESTS |
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Common
stock |
1,445 |
1,445 |
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Additional
paid-in capital |
1,537 |
1,537 |
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Retained
earnings |
4,713 |
4,507 |
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Evaluation
p/l on investments/securities |
22 |
10 |
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Others |
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(505) |
(505) |
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Treasury
stock, at cost |
(2) |
(2) |
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TOTAL S/HOLDERS` EQUITY |
7,210 |
6,992 |
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TOTAL EQUITIES |
12,627 |
13,430 |
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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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329 |
2,533 |
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Cash
Flows from Investment Activities |
-50 |
-59 |
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Cash
Flows from Financing Activities |
-286 |
-1,697 |
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Cash,
Bank Deposits at the Term End |
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2,748 |
2,757 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
7,210 |
6,992 |
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Current
Ratio (%) |
212.63 |
218.73 |
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Net
Worth Ratio (%) |
57.10 |
52.06 |
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Recurring
Profit Ratio (%) |
3.80 |
4.39 |
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Net
Profit Ratio (%) |
1.32 |
2.20 |
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Return
On Equity (%) |
3.73 |
5.82 |
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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.51.99 |
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UK Pound |
1 |
Rs.83.54 |
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Euro |
1 |
Rs.63.40 |
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.