MIRA INFORM REPORT

 

 

Report Date :

30.05.2012

 

IDENTIFICATION DETAILS

 

Name :

NARASAKI SANGYO CO LTD

 

 

Registered Office :

1-1-3 Kita-Ichijo-Nishi Chuoku Sapporo

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

October 1943

 

 

Com. Reg. No.:

4300¥01-035966 (Sapporo-Chuoku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, export, wholesale of industrial machinery, construction machinery

 

 

No. of Employees :

658

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

Regular

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 18)

 

 

OVERSEAS

 

Shanghai

 

 

CHIEF EXEC

 

TAKASHI ISHIKAWA, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY

 

FINANCES        FAIR                 　A/SALES       Yen 97,598 M

PAYMENTS      REGULAR         　CAPITAL        Yen 2,354 M

TREND UP                    　WORTH         Yen 6,704 M

STARTED         1943                 　EMPLOYES   658

 

 

COMMENT

 

TRADING FIRM SPECIALIZING IN INDUSTRIAL & CONSTRUCTION

 

MACHINERY, FUELS, ELECTRIC MACHINERY. 

 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

           

                        Notes: Unit: in Million Yen

                        Forecast (or estimated) figures for 31/03/2012 fiscal term

 

 

HIGHLIGHTS

 

This is a medium-sized general trading house in Hokkaido, main business territory.  Originally coastal shipping company and diversified into agricultural & construction materials, electric facilities and equipment, fuels, construction materials and port/harbor stevedoring.  The company is more selective in orders reception to prevent bad debts.  It aims to slash loans with cash and deposits, and sale of notes receivable, and will decide on the extent of the reduction depending on outstanding accounts receivable.  Development of non-JA sales routes for agricultural machinery is a key issue.

           

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2012 fiscal term amounted to Yen 97,596 million, a 4% up from Yen 93,859 million in the previous term.  Recovery from the Earthquake (Mar/2011) was exceptionally fast and activities revived.  By Divisions, Electric Machinery & Facility Div down 2.5% to Yen 16,972 million; Materials & Fuel Div up 7.2% to Yen 50,994 million; Machinery Div down 5.7% to Yen 9,163; Shipping Div up 5.2% to Yen 17,092 million.  The recurring profit was posted at Yen 1,516 million and the net profit at Yen 683 million, respectively, compared with Yen 1,355 million recurring profit and Yen 849 million net profit, respectively, a year ago.

           

For the current term ending Mar 2013 the recurring profit is projected at Yen 1,300 million and the net profit at Yen 700 million, respectively, on a 0.4% rise in turnover, to Yen 98,000 million.  Agricultural machinery and construction materials will recover slightly.

 

The financial situation is considered maintained FAIR and good for ORDINARY business engagements.       

 

 

REGISTRATION

 

Date Registered:　Oct 1943

Regd No.:           4300¥01-035966 (Sapporo-Chuoku)

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), JX Holdings (1.8); foreign owners (0.3)

 

No. of shareholders: 2,948

 

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: electric machinery & facility-related (19%), materials & fuel-related (51%), machinery (19%), shipping-related (17%), others (3%). 

 

(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, Yanmar Green System, Oil Terminal, Calbee Potato, 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)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2012

31/03/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

97,598

93,859

 

  Cost of Sales

89,233

85,621

 

      GROSS PROFIT

8,364

8,238

 

  Selling & Adm Costs

6,736

6,746

 

      OPERATING PROFIT

1,628

1,491

 

  Non-Operating P/L

-112

-136

 

      RECURRING PROFIT

1,516

1,355

　

      NET PROFIT

683

849

BALANCE SHEET

 

 

 

 

  Cash

　

5,932

5,023

 

  Receivables

 

21,400

18,630

 

  Inventory

 

794

529

 

  Securities, Marketable

　

　

 

  Other Current Assets

1,404

1,666

 

      TOTAL CURRENT ASSETS

29,530

25,848

 

  Property & Equipment

9,153

9,249

 

  Intangibles

 

82

95

 

  Investments, Other Fixed Assets

3,664

3,699

 

      TOTAL ASSETS

42,429

38,891

 

  Payables

 

21,304

18,025

 

  Short-Term Bank Loans

3,325

3,625

 

　

 

　

　

 

  Other Current Liabs

4,504

4,075

 

      TOTAL CURRENT LIABS

29,133

25,725

 

  Debentures

 

　

200

 

  Long-Term Bank Loans

4,047

4,683

 

  Reserve for Retirement Allw

812

614

 

  Other Debts

　

1,732

1,614

 

      TOTAL LIABILITIES

35,724

32,836

 

      MINORITY INTERESTS

 

 

 

Common stock

2,354

2,354

 

Additional paid-in capital

1,293

1,289

 

Retained earnings

2,816

2,211

 

Evaluation p/l on investments/securities

54

38

 

Others

 

236

225

 

Treasury stock, at cost

(49)

(63)

 

      TOTAL S/HOLDERS` EQUITY

6,704

6,054

　

      TOTAL EQUITIES

42,429

38,891

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2012

31/03/2011

 

Cash Flows from Operating Activities

　

2,216

2,103

 

Cash Flows from Investment Activities

-223

-285

 

Cash Flows from Financing Activities

-1,083

-1,802

　

Cash, Bank Deposits at the Term End

　

5,910

5,000

ANALYTICAL RATIOS            Terms ending:

31/03/2012

31/03/2011

 

 

Net Worth (S/Holders' Equity)

6,704

6,054

 

 

Current Ratio (%)

101.36

100.48

 

 

Net Worth Ratio (%)

15.80

15.57

 

 

Recurring Profit Ratio (%)

1.55

1.44

 

 

Net Profit Ratio (%)

0.70

0.90

 

 

Return On Equity (%)

10.19

14.02

 

           


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.42

UK Pound

1

Rs.87.37

Euro

1

Rs.69.95

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.