|
Report Date : |
30.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
Nan-A Corporation |
|
|
|
|
Registered Office : |
5025 Tohokucho Miyakonojo City Miyazaki-Pref 885-0004 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.05.2012 |
|
|
|
|
Date of Incorporation : |
February, 1965 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
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|
|
|
Line of Business : |
Manufacturer of Green House, Plastic Sheet, Poles, Other. |
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|
|
|
No. of Employees : |
89 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 small
agricultural sector is highly subsidized and protected, with crop yields among
the highest in the world. While self-sufficient in rice production, Japan
imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the economy has
fallen into recession three times since 2008. A sharp downturn in business
investment and global demand for Japan's exports in late 2008 pushed Japan 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 and the ensuing tsunami in March disrupted manufacturing. The
economy has largely recovered in the two years since the disaster, but
reconstruction in the Tohoku region has been uneven. Newly-elected Prime
Minister Shinzo ABE has declared the economy his government's top priority; he
has pledged to reconsider his predecessor's plan to permanently close nuclear
power plants and is pursuing an economic revitalization agenda of fiscal
stimulus and regulatory reform and has said he will press the Bank of Japan to
loosen monetary policy. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2012 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 2012. The new government will
continue a longstanding debate 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
NAN-A CORPORATION
REGD NAME: Nan-A
Kogyo KK
MAIN OFFICE: 5025
Tohokucho Miyakonojo City Miyazaki-Pref 885-0004 JAPAN
Tel:
0986-27-5060 Fax: 0986-27-5000
E-Mail address: (thru the URL)
Mfg of greenhouse,
plastic sheets, poles, other
Saitama, Toyonaka
Miyakonojo
(Miyazaki)
At the caption
address
KEN’ICHI ISHIGAMI,
PRES Eiji Ishigami, ch
Yoshito Yamaguchi,
s/mgn dir Yukihiko Takei, mgn dir
Shin’ichi
Kuroshima, dir Katsuko
Ishigami dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES WEAK A/SALES Yen 2,243 M
PAYMENTSSlow CAPITAL Yen 36 M
TREND UP WORTH Yen (-) 779 M
STARTED 1965 EMPLOYES 89
MFR OF GREEN HOUSE, PLASTIC SHET, POLES, OTHER ATTACHMENT.
FINANCIAL SITUATION CONSIDERED WEAK AND NO
CREDITS AR RECOMMENDED. NEGATIVE NET
WORTH AT YEN (-) 779 MILLION
The subject company
was established by Eishi Ishigami in order to make most of his experience in
the subject line of business. This is a
specialized mfr of greenhouse, plastic sheet, poles, other attachments. Also makes gardening tools &
supplies. Clients include Miyazaki-Pref
Economic Assn and Kagoshima Federation of agriculture. The firm went bankrupt in Dec 2008 with
liabilities at Yen 3,196 million, and sought for protection under Corporate
Rehabilitation Law, and was concluded in Feb 2013.
The sales volume for May/2012 fiscal term amounted to Yen 2,243 million,
a 14% up from Yen 1,976 million in the previous term. The recurring profit was posted at Yen 57
million and the net profit at Yen 284 million respectively, compared with Yen 463
million recurring profit and Yen 216 million net profit, respectively, a year
ago.
For the current term ending May 2013 the recurring profit is projected
at Yen 60 million and the net profit at Yen 60 million, respectively, on a 3%
rise in turnover, to Yen 2,300 million.
The financial situation is considered WEAK
and no credits are recommended. Negative
net worth.
Date Registered: Feb 1965
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 288,000
shares
Issued: 72,000
shares
Sum: Yen
36 million
Major shareholders (%): Eizo
Ishigami (51.3), Katsuko Ishigami (11.1), Ken’ichi Ishigami (9.5), Yukihiko
Takei (7.5), Yoshito Yamaguchi (5.5)
No. of shareholders: 15
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures greenhouse,
plastic sheets, poles, steel pipes (70%), retailing gardening tools,
agricultural tools (25%), handy phones, others (5%)
Clients: [Mfrs, wholesalers] Cainz,
Alpen, Handsman, Miyazaki-Pref Agriculture Association, Kagoshima-Pref
Federation of Agriculture, Miyakonojo Agricultural Coops, other
No. of accounts: 300
Domestic areas of activities: Centered in
Kyushu
Suppliers: [mfrs,
wholesalers] Chuo Bussan Kaisha, Fujimoori Kogyo, Chuo Bussan Corp, Miyakonojo
Engeihanaichiba Co, other
Payment record: Slow
Location: Business area in
Miyakonojo, Miyazaki-Pref. Office
premises at the caption address are owned and maintained satisfactorily.
Bank References:
Miyazaki
Bank (Miiyakonojo-Kita)
Minami
Nippon Bank (Miyazaki)
Relations:
Satisfactory
(In Million
Yen)
|
Terms Ending: |
31/05/2013 |
31/05/2012 |
31/05/2011 |
31/05/2010 |
|
|
Annual
Sales |
|
2,300 |
2,243 |
1,976 |
1,905 |
|
Recur.
Profit |
|
60 |
57 |
463 |
5 |
|
Net
Profit |
|
60 |
284 |
216 |
-1,517 |
|
Total
Assets |
|
|
1,274 |
1,272 |
3,437 |
|
Current
Assets |
|
|
821 |
807 |
1,717 |
|
Current
Liabs |
|
|
125 |
93 |
1,907 |
|
Net
Worth |
|
|
-779 |
-1,063 |
251 |
|
Capital,
Paid-Up |
|
|
36 |
36 |
36 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.54 |
13.51 |
3.73 |
-11.81 |
|
|
Current Ratio |
|
.. |
656.80 |
867.74 |
90.04 |
|
N.Worth Ratio |
.. |
-61.15 |
-83.57 |
7.30 |
|
|
R.Profit/Sales |
|
2.61 |
2.54 |
23.43 |
0.26 |
|
N.Profit/Sales |
2.61 |
12.66 |
10.93 |
-79.63 |
|
Notes: Forecast (or
estimated) figures for the 31/05/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.28 |
|
|
1 |
Rs.84.23 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.