MIRA
INFORM REPORT
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Report Date : |
11.02.2012 |
IDENTIFICATION DETAILS
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Name : |
NICHIBAN CO Ltd |
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Registered Office : |
2-3-3 Sekiguchi Bunkyoku Tokyo 112-8663 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
Dec 1934 |
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Com. Reg. No.: |
(Tokyo-Bunkyoku) 000010 |
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Legal Form : |
Limited Company (Kabushiki Kaisha |
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Line of Business : |
Mfg of
tapes for medical, sports and industrial use |
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No. of Employees : |
1,160 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 1,207.4 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clears |
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 |
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
NICHIBAN CO Ltd
REGD NAME: Nichiban
KK
MAIN OFFICE: 2-3-3
Sekiguchi Bunkyoku Tokyo 112-8663 JAPAN
Tel:
03-5978-5601 Fax: 03-5978-5620-
URL: http://www.nichiban.co.jp
E-Mail
address: (thru the URL)
ACTIVITIES
Mfg of
tapes for medical, sports and industrial use
BRANCHES
Sapporo,
Sendai, Osaka, Nagoya, Kanazawa, Hiroshima, other (Tot 8)
FACTORIES
Osaka,
Saitama, Anjo
CHIEF EXEC
NAOTO
HOTTA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 38,521 M
PAYMENTS REGULAR CAPITAL Yen 5,451 M
TREND STEADY WORTH Yen
23,527 M
STARTED 1934 EMPLOYES 1,160
COMMENT
MFR OF TAPES FOR MEDICAL, SPORTS & INDUSTRIAL USE,
OTHER
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 1,207.4 MILLION, 30 DAYS NORMAL TERMS
Forecast figures for the 31/03/2012
fiscal term.
HIGHLIGHTS:
This is an office supply mfr, and top-ranked maker of
cellophane tapes. In 1976, the firm
became part of Otsuka Pharmaceutical Group, following third-party share
allotment to Taiho Pharmaceutical.
Diversified product line from tape for office use to tapes for medical,
sports and industrial use. Aggressive in
M&A activities. In March 2013,
band-aid exports will start. The company
is starting to market band-aids in Beijing, Shanghai and Seoul.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen
38,521 million, a 2.8% up from Yen 37,486 million in the previous term. Medical tapes grew 4.3% to Yen 12,031
million. Office & household-use
tapes up 2.1% to Yen 26,489 million. The
recurring profit was posted at Yen 2,002 million and the net profit at Yen 943
million, respectively, compared with Yen 1,633 million recurring profit and Yen
911 million net profit, respectively, a year ago.
(Apr/Dec/2011 results): Sales Yen 28,607 million 8down 0.9%),
operating profit Yen 1,302 million (down 19.3%), recurring profit Yen 1,264
million (down 21.9%), net profit Yen 528 million (down 44.4%). (% compared with the corresponding period a
year ago)
For the current term ending Mar 2012 the recurring profit is
projected at Yen 1,500 million and the net profit at Yen 650 million, on a 0.2%
rise in turnover, to Yen 38,600 million.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 1,207.4 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1934
Regd No.: (Tokyo-Bunkyoku) 000010
Legal Status: Limited Company (Kabushiki Kaisha
Authorized: 140 million shares
Issued: 41,476,012 shares
Sum: Yen 5,451 million
Major shareholders (%): Taiho Pharmaceutical* (32.5), Customers’ S/Holding Assn (5.1), MUFG (4.9) Mizuho Bank (4.9), Japan Trustee Services T (4.3), Aioi Nissay Dowa Ins (3.2), Master Trust Bank of Japan T (2.1), CBNYDFA Int’l Cap Value P (1.4), Resona Bank (1.3), Dai-ichi Life Ins (1.3); foreign owners (3.5)
*..Taiho Pharmaceutical Co Ltd, Tokyo, mfr of medical goods, founded 1963, capital Yen 200 million, sales Yen 123,562 million, operating profit Yen 15,778 million, recurring profit Yen 17,220 million, net profit Yen 12,128 million, total assets Yen 354,883 million, net worth Yen 114,044 million, employees 2,622, pres Tohru Usami
No. of shareholders: 5,298
Listed on the S/Exchange (s) of: Tokyo, Osaka
Managements: Naoto Hotta, pres; Takashi Sudoh, s/mgn dir; Tatsuya Suzuki, dir; Nobuyuki Sekiya, dir; Takemasa Takahashi, dir; Hiroki Sakai, dir; Takafumi Yamada, di; Takemasa Kokubo, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Nichiban Medical, Nichiban Print, Nichiban Techno, other.
OPERATION
Activities: Manufactures cellophane tapes, tapes for medical, sports & industrial use (adhesive tapes, medical tapes, plastic tapes, package wrapping tapes, other) (69%), medical goods, other (31).
Clients: [Mfrs, wholesalers] PIP Co, Morikawa Sangyo, Ecole Ryutsu Group, Mitsubishi Stationery Co, Otsuka Brush Mfg, Tokyo Crown Co, JOINTEX Co, Kaunet Co, other
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Nichiban Medical, Futamura Chemical Ind, Nichiban Print,
Shinomura Chemical Ind, Mitsubishi Shoji Plastic Corp, Zeon Corp, other
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG (Muromachi)
Mizuho Bank (Ikebukuro)
Relations: Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (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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38,521 |
37,486 |
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Cost of Sales |
27,449 |
26,995 |
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GROSS PROFIT |
11,071 |
10,490 |
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Selling & Adm Costs |
9,108 |
8,944 |
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OPERATING PROFIT |
1,962 |
1,962 |
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Non-Operating P/L |
40 |
-329 |
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RECURRING PROFIT |
2,002 |
1,633 |
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NET PROFIT |
943 |
911 |
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BALANCE SHEET |
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Cash |
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10,405 |
9,158 |
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Receivables |
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11,866 |
11,813 |
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Inventory |
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4,951 |
5,103 |
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Securities, Marketable |
505 |
505 |
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Other Current Assets |
810 |
795 |
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TOTAL CURRENT ASSETS |
28,537 |
27,374 |
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Property & Equipment |
11,357 |
11,784 |
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Intangibles |
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70 |
44 |
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Investments, Other Fixed Assets |
4,608 |
4,533 |
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TOTAL ASSETS |
44,572 |
43,735 |
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Payables |
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6,918 |
6,559 |
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Short-Term Bank Loans |
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Other Current Liabs |
4,482 |
4,387 |
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TOTAL CURRENT LIABS |
11,400 |
10,946 |
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Debentures |
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Long-Term Bank Loans |
2,000 |
2,000 |
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Reserve for Retirement Allw |
3,887 |
4,462 |
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Other Debts |
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3,757 |
3,453 |
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TOTAL LIABILITIES |
21,044 |
20,861 |
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MINORITY INTERESTS |
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Common
stock |
5,451 |
5,451 |
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Additional
paid-in capital |
4,186 |
4,186 |
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Retained
earnings |
14,019 |
13,325 |
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Evaluation
p/l on investments/securities |
39 |
78 |
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Others |
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(161) |
(161) |
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Treasury stock, at cost |
(7) |
(6) |
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TOTAL S/HOLDERS`
EQUITY |
23,527 |
22,873 |
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TOTAL EQUITIES |
44,572 |
43,735 |
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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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3,068 |
3,894 |
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Cash
Flows from Investment Activities |
-1,448 |
-1,479 |
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Cash
Flows from Financing Activities |
-379 |
-636 |
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Cash,
Bank Deposits at the Term End |
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10,495 |
9,251 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
23,527 |
22,873 |
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Current
Ratio (%) |
250.32 |
250.08 |
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Net
Worth Ratio (%) |
52.78 |
52.30 |
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Recurring
Profit Ratio (%) |
5.20 |
4.36 |
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Net
Profit Ratio (%) |
2.45 |
2.43 |
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Return
On Equity (%) |
4.01 |
3.98 |
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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.49.64 |
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1 |
Rs.78.35 |
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Euro |
1 |
Rs.65.79 |
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 |
-- |
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.