MIRA
INFORM REPORT
|
Report Date : |
14.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
NAKANISHI MFG CO LTD |
|
|
|
|
|
|
Registered Office : |
5-4-14 Tatsumi-Minami Ikunoku Osaka 544-0015 |
|
|
|
|
|
|
Country : |
|
|
|
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
|
|
Date of Incorporation : |
March 1936 |
|
|
|
|
|
|
Com. Reg. No.: |
1200-01-018349 (Osaka-Ikunoku) |
|
|
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
|
|
Line of Business : |
Manufacturer, import, wholesale of commercial-use kitchen equipment |
|
|
|
|
|
|
No. of Employees : |
390 |
|
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 : |
Slow but correct |
|
Litigation : |
Clear |
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 |
JAPAN - ECONOMIC OVERVIEW
In the years following World War
II, government-industry cooperation, a strong work ethic, mastery of high
technology, and a comparatively small defense allocation (1% of GDP) helped
Japan develop a technologically advanced economy. Two notable characteristics
of the post-war economy were the close interlocking structures of
manufacturers, suppliers, and distributors, known as keiretsu, and the
guarantee of lifetime employment for a substantial portion of the urban labor
force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A tiny agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. Usually self-sufficient in rice, Japan imports about 60% of its
food on a caloric basis. Japan maintains one of the world's largest fishing
fleets and accounts for nearly 15% of the global catch. For three decades,
overall real economic growth had been spectacular - a 10% average in the 1960s,
a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed
markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s that
required a protracted period of time for firms to reduce excess debt, capital,
and labor. Measured on a purchasing power parity (PPP) basis that adjusts for
price differences, Japan in 2011 stood as the fourth-largest economy in the
world after second-place China, which surpassed Japan in 2001, and third-place
India, which edged out Japan in 2011. A sharp downturn in business investment
and global demand for Japan's exports in late 2008 pushed Japan further into
recession. Government stimulus spending helped the economy recover in late 2009
and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude
earthquake in March disrupted manufacturing. Electricity supplies remain tight
because Japan has temporarily shut down almost all of its nuclear power plants
after the Fukushima Daiichi nuclear reactors were crippled by the earthquake
and resulting tsunami. Estimates of the direct costs of the damage - rebuilding
homes, factories, and infrastructure - range from $235 billion to $310 billion,
and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has
proposed opening the agricultural and services sectors to greater foreign
competition and boosting exports through membership in the US-led Trans-Pacific
Partnership trade talks and by pursuing free-trade agreements with the EU and
others, but debate continues on restructuring the economy and reining in
Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation,
reliance on exports to drive growth, and an aging and shrinking population are
other major long-term challenges for the economy.
Source
: CIA
Company name and address
NAKANISHI MFG CO LTD
REGD NAME: KK
Nakanishi Seisakusho
MAIN OFFICE: 5-4-14
Tatsumi-Minami Ikunoku
Tel:
06-6791-1111 Fax: 06-6793-5151
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 9 branches & 33 sales offices)
FACTORIES
Nara
CHIEF EXEC
AKIO NAKANISHI,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 18,335 M
PAYMENTS SLOW BUT CORRECT CAPITAL Yen 1,445 M
TREND SLOW WORTH Yen
7,515 M
STARTED 1936 EMPLOYES 390
COMMENT
MFR OF COMMERCIAL-USE KITCHEN EQUIPMENT.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
Notes: Unit: In Million Yen
Forecast (or estimated) figures for 31/03/2013
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 its 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. The firm will pursue an
ecological feature with large rice cooker for lunch caters using an IH cooking
heater. It will promote disinfection
storage equipment for kitchen knives and cutting boards, which is manufactured
at its own plant, together with sterilizing cabinet.
FINANCIAL INFORMATION:
The sales volume for Mar/2012 fiscal
term amounted to Yen 18,335 million, a 10% down from Yen 20,374 million in the
previous term. Large-lot orders from
restaurants were absent, while orders from school lunch caters bounced back on
getting out of the impact of the Earthquake and bounced back. The recurring profit was posted at Yen 825
million and the net profit at Yen 325 million, respectively, compared with Yen
774 million recurring profit and Yen 269 million net profit, respectively, a
year ago.
(Apr/Jun/2012 results): Sales Yen
2,610 million (down 9.1%), operating loss Yen 364 million (previously Yen 221
million loss), recurring loss Yen 337 million (previously Yen 194 million
loss), net loss Yen 242 million (previously Yen 130 million loss). (% & figures compared with the
corresponding period a year ago).
For the current term ending Mar 2013
the recurring profit is projected at Yen 1,000 million and the net profit at
Yen 530 million, respectively, on an 11.8% rise in turnover, to Yen 20,500
million. Sales of products for school
lunch centers will rapidly expand, thanks to renewed demand, which delayed due
to the Earthquake disaster. Those of
products for hospitals and nursing care will also fare well. Program to develop market for restaurants and
lunch caterers will progress. The
release of new environment-friendly large energy-saving products will
contribute to earnings. Efforts to raise
the in-house production ratio and curb personnel expenses will contribute.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
REGISTRATION
Date
Registered: Mar 1936
Regd
No.: 1200-01-018349 (Osaka-Ikunoku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 17 million shares
Issued: 6,306,000 shares
Sum: Yen 1,445 million
Major
shareholders (%): Akio Nakanishi (9.1), Customers’ S/Holding Assn (8.0), Employees’
S/Holding Assn (8.0), Mizuho Bank (4.7), Kazuma Nakanishi (4.5), Tadashi
Nakanishi (3.8), Fukushima Industries (2.8), Nippon Life Ins (2.6), Kazuko
Mimoto (2.3), Yoko Osafune (2.1)
No.
of shareholders: 637
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 (18%), culinary equipment (36%), rice-cooking
system, heating equipment, storage, others (46%).
(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, Ken Corporation, NEC group, Fujitsu group, Mitsubishi Electric group, JFE
group, 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, Comet Kato Co, Miura Co, Nichiwa Electric Corp, Elekta KK, Okura
Shoji Co, other.
Imports from USA, other
Payment record: Slow but correct
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)
|
FINANCES: (Consolidated
in million yen) |
|
|||||
|
|
|
Terms Ending: |
31/03/2012 |
31/03/2011 |
||
|
INCOME STATEMENT |
|
|
||||
|
|
Annual Sales |
|
18,335 |
20,374 |
||
|
|
Cost of Sales |
13,848 |
15,883 |
|||
|
|
GROSS PROFIT |
4,487 |
4,491 |
|||
|
|
Selling & Adm Costs |
3,746 |
3,795 |
|||
|
|
OPERATING PROFIT |
741 |
695 |
|||
|
|
Non-Operating P/L |
84 |
79 |
|||
|
|
RECURRING PROFIT |
825 |
774 |
|||
|
|
NET PROFIT |
354 |
269 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
2,839 |
2,748 |
||
|
|
Receivables |
|
3,993 |
4,001 |
||
|
|
Inventory |
|
1,252 |
1,307 |
||
|
|
Securities, Marketable |
|
|
|||
|
|
Other Current Assets |
1,334 |
715 |
|||
|
|
TOTAL CURRENT ASSETS |
9,418 |
8,771 |
|||
|
|
Property & Equipment |
3,026 |
3,014 |
|||
|
|
Intangibles |
|
121 |
27 |
||
|
|
Investments, Other Fixed Assets |
931 |
815 |
|||
|
|
TOTAL ASSETS |
13,496 |
12,627 |
|||
|
|
Payables |
|
2,008 |
1,973 |
||
|
|
Short-Term Bank Loans |
200 |
100 |
|||
|
|
|
|
|
|
||
|
|
Other Current Liabs |
1,997 |
2,052 |
|||
|
|
TOTAL CURRENT LIABS |
4,205 |
4,125 |
|||
|
|
Debentures |
|
|
|
||
|
|
Long-Term Bank Loans |
580 |
200 |
|||
|
|
Reserve for Retirement Allw |
835 |
736 |
|||
|
|
Other Debts |
|
360 |
355 |
||
|
|
TOTAL LIABILITIES |
5,980 |
5,416 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Common
stock |
1,445 |
1,445 |
|||
|
|
Additional
paid-in capital |
1,537 |
1,537 |
|||
|
|
Retained
earnings |
5,005 |
4,713 |
|||
|
|
Evaluation
p/l on investments/securities |
35 |
22 |
|||
|
|
Others |
|
(505) |
(505) |
||
|
|
Treasury
stock, at cost |
(2) |
(2) |
|||
|
|
TOTAL S/HOLDERS` EQUITY |
7,515 |
7,210 |
|||
|
|
TOTAL EQUITIES |
13,496 |
12,627 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2012 |
31/03/2011 |
||
|
|
Cash
Flows from Operating Activities |
|
605 |
329 |
||
|
|
Cash
Flows from Investment Activities |
-194 |
-50 |
|||
|
|
Cash
Flows from Financing Activities |
-320 |
-286 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
2,839 |
2,748 |
||
|
ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
7,515 |
7,210 |
||
|
|
|
Current
Ratio (%) |
223.97 |
212.63 |
||
|
|
|
Net Worth
Ratio (%) |
55.68 |
57.10 |
||
|
|
|
Recurring
Profit Ratio (%) |
4.50 |
3.80 |
||
|
|
|
Net
Profit Ratio (%) |
1.93 |
1.32 |
||
|
|
|
Return
On Equity (%) |
4.71 |
3.73 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.44 |
|
|
1 |
Rs.89.31 |
|
Euro |
1 |
Rs.71.61 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.