|
Report Date : |
05.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
NAKANISHI INC. |
|
|
|
|
Registered Office : |
700, Shimo-hinata, Kanuma-shi, Tochigi pref. 322-8666 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.12.2013 (Consolidated) |
|
|
|
|
Date of Incorporation : |
24.02.1953 |
|
|
|
|
Com. Reg. No.: |
0600-01-010545 (Utsunomiya) |
|
|
|
|
Legal Form : |
Private
Company |
|
|
|
|
Line of Business : |
manufacturer of dental
and Industrial Equipment Subject product
ranges includes: · Turbines · Contra-angles · Clinical micro motors · Built-in · Mobile dentistry · Oral hygiene · Endodontic · Surgical · Laboratory ·
Hygiene and maintenance |
|
|
|
|
No of Employees : |
776 |
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 : |
No Complaints |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy.
|
Source : CIA |
NAKANISHI INC.
Company name: NAKANISHI INC.
Name in local language: NAKANISHI,
K.K.
Office address: 700, Shimo-hinata, Kanuma-shi, Tochigi
pref. 322-8666
Country: Japan
Office tel: 0289-64-3380
Office fax: 0289-62-5636
Website: www.japan.nsk-dental.com
Business type: Manufacturer
Industry: Dental and industrial equipment
Established: February
24, 1953
Capital: Jp. 867,948,542 yen
Employees: 776
Corporate formation: Listed
Corporation No.: 0600-01-010545
(Utsunomiya Legal Affairs Bureau)
As of December 31, 2013:
Paid in capital : Jp. 867,948,542 yen
Number of authorized shares : 125,000,000
shares
Shares issued : 31,419,800
shares
Number of shareholder : 752
Name of shareholders Number of thousand shares (%)
-----------------------------------------------------------------------------------------------
Nakanishi Inc.(treasury stock) 418
(6.66)
Chase Manhattan Bank NA(UK) 412
(6.56)
Nakanishi E&N Inc. 302
(4.81)
Mr. Sousuke Nakanishi
286 (4.55)
Ms. Chiyo Nakanishi
286
(4.55)
Activity Product/Service
Description
-------------------------------------------------------------------------------
Manufacturing Dental equipment
Manufacturing Industrial equipment
President Mr. Eiichi Nakanishi (*)
Nationality: Japan
Vice President Mr.
Kensuke Nakanishi
Nationality: Japan
Senior Managing Director Mr. Shunji Onoue
Nationality: Japan
Director Mr.
Yuji Nonagase
Nationality: Japan
Auditor Mr. Hideki Toyotama
Nationality: Japan
Auditor Mr.
Mamoru Somemiya
Nationality: Japan
Auditor Mr. Yuji Sawada
Nationality Japan
Note: The names of director(s) and auditor(s) are phonetically spelt.
*Key Personnel*
==============
Mr. Eichi Nakanishi
President and representative director
Born on August 11, 1964
Business career:
Jul. 1990:
Employed by the subject.
Oct. 1993:
Director & vice president.
Jul. 1994:
President of NSK-America Corp.
May 2000:
Representative director and president of the subject.
Other responsibilities:
President of:
- NSK-America
Corp.
- NSK Europe GmbH
- NSK Euro
Holdings S.A.
- NSK France
S.A.(Chairman)
- NSK Oceania Pty.
Ltd.
- NSK UK Ltd.
- NSK-Dental Spain
S.A.
- Shanghai NSK
Co., Ltd.
Home address: 340, Kami-hinata, Kanuma-shi, Tochigi pref.
Currency: (local currency - Jp. yen)
-------------------------------------------------------------------------------------
Year | Sales | Net Income
-------------------------------------------------------------------------------------
|
2008 |
23,020,328,000 |
3,885,402,000 |
|
2009 |
19,982,635,000 |
4,338,149,000 |
|
2010 |
22,213,537,000 |
4,687,912,000 |
|
2011 |
22,266,020,000 |
4,694,866,000 |
|
2012 |
22,583,136,000 |
4,340,596,000 |
|
2013 |
26,236,358,000 |
4,735,468,000 |
*Book Closing*
============
December 31st
*Financials*
==========
|
Consolidated Balance Sheet |
|||
|
Unit: millions of JP yen |
|||
|
|
12/31/2011 |
12/31/2012 |
12/31/2013 |
|
Current assets |
26,995 |
29,940 |
34,809 |
|
Cash & deposits |
12,166 |
14,977 |
15,701 |
|
Account receivables |
3,440 |
3,192 |
4,227 |
|
Inventories |
5,677 |
6,286 |
6,615 |
|
Others |
5,712 |
5,485 |
8,266 |
|
Fixed assets |
11,430 |
12,929 |
15,895 |
|
Tangible assets |
4,608 |
4,601 |
5,243 |
|
Intangible assets |
422 |
331 |
697 |
|
Investments & others |
6,398 |
7,996 |
9,955 |
|
Total Assets |
38,425 |
42,869 |
50,705 |
|
|
|
|
|
|
Current liabilities |
3,209 |
3,622 |
5,624 |
|
Account payables |
561 |
362 |
728 |
|
Short term loans |
108 |
104 |
113 |
|
Outstanding taxes |
1,489 |
1,248 |
1,708 |
|
Others |
1,051 |
1,908 |
3,075 |
|
Fixed liabilities |
394 |
416 |
495 |
|
Long term loans |
3 |
0 |
48 |
|
Retirement benefits |
207 |
231 |
250 |
|
Others |
184 |
185 |
197 |
|
Shareholders' equity |
36,053 |
38,952 |
42,743 |
|
Paid up capital |
867 |
867 |
867 |
|
Capital reserves |
1,163 |
1,163 |
1,163 |
|
Retained earnings |
36,475 |
40,216 |
44,363 |
|
Treasury stock |
-2,452 |
-3,296 |
-3,651 |
|
Valuation & adjustment |
-1,365 |
-303 |
1,542 |
|
Minority Interest |
115 |
152 |
253 |
|
Warrants |
19 |
28 |
45 |
|
Total Net Assets |
34,822 |
38,830 |
44,585 |
|
Total Liabilities & Net
Assets |
38,425 |
42,869 |
50,705 |
|
Consolidated Income Statement |
|||
|
Unit : millions of JP yen |
|||
|
|
12/31/2011 |
12/31/2012 |
12/31/2013 |
|
Sales |
22,266 |
22,583 |
26,236 |
|
Cost of goods sold |
8,786 |
9,038 |
10,462 |
|
Gross profit(loss) |
13,479 |
13,544 |
15,773 |
|
Sales/administrative expenses |
6,287 |
6,883 |
8,229 |
|
Operating profit(loss) |
7,191 |
6,661 |
7,543 |
|
Non operating income |
155 |
397 |
795 |
|
Non operating expenses |
210 |
22 |
15 |
|
Ordinary profit(loss) |
7,135 |
7,036 |
8,323 |
|
Special profits |
606 |
9 |
1 |
|
Special losses |
169 |
27 |
497 |
|
Pretax profit |
7,573 |
7,019 |
7,827 |
|
Taxes & adjustment |
2,832 |
2,658 |
3,055 |
|
Minority interest |
45 |
20 |
37 |
|
Net profit |
4,694 |
4,340 |
4,735 |
On November 7, 2014, the subject released the following business results
and forecast:
As of September 30, 2014(3Q 2014)
Unit: millions of JPY
|
Year term |
Sales |
Operating profit |
Ordinary profit |
Net profit |
|
3Q 2013 |
18,899 |
5,829 |
6,159 |
3,715 |
|
3Q 2014 |
22,867 |
7,431 |
8,080 |
5,220 |
|
FY 2014(P) |
29,284 |
8,437 |
8,593 |
5,350 |
|
Current assets; |
36,701 |
|
Fixed assets; |
15,917 |
|
Total assets; |
52,618 |
|
Current liabilities; |
4,334 |
|
Fixed liabilities; |
394 |
|
Shareholders’ equity; |
45,948 |
|
Retained earnings; |
48,293 |
|
Total net assets; |
47,889 |
|
Total liabilities and
net assets; |
52,618 |
Bank Name : Ashikaga Bank, Ltd.
Branch : Kanuma
Bank Name : Mizuho Bank, Ltd.
Branch : Utsunomiya
Bank Name : Bank of
Tokyo-Mitsubishi UFJ, Ltd.
Branch : Omiya-ekimae
The subject is a reputed manufacturer of dental and industrial
equipment, known for its high-speed revolutions equipment.
A steady performance has been maintained for years, particularly in
overseas markets.
While the shipment in the nation is currently slow due to the aftermath
of increased consumption tax, robust demands in America and Europe have been
pulling the overall performance.
A record high performance was posted for Dec. 2013 term and further
record is predicted blessed with a weaker currency, too.
Some investment for logistics in Germany and IT systems worldwide is
scheduled.
Negative factors are not observed in particular at moment.
Branch name: Tokyo office
Branch address: TIXTOWER UENO 9F, 4-8-1, Higashi-ueno,
Taito-ku, Tokyo 110-0015
----------------------------------------------------------------------------------------------------
Branch name: Osaka office
Branch address: 4-1-5, Miyahara, Yodogawa-ku, Osaka-shi,
Osaka 532-0003
----------------------------------------------------------------------------------------------------
*Main Products & Services*
======================
Development and manufacture of the following dental and industrial
equipment:
-
Turbines
-
Contra-angles
-
Clinical
micro motors
-
Built-in
-
Mobile
dentistry
-
Oral
hygiene
-
Endodontic
-
Surgical
-
Laboratory
-
Hygiene
and maintenance
For Dec. 2013 term:
-
Dental
equipment (87%)
-
Industrial
equipment (10%)
-
Other
products (3%)
Overseas business (78%)
At the location of the head office
*Address*
=========
Registered address is the same as the operational address.
The quoted address, 4-8-1, Higashi-ueno, Taito-ku, Tokyo, is for Tokyo
office.
Date Development
-----------------------------------------------------------------------------------------------
1930 Started business under the name of “Nakanishi
Seisakusho.”
February 24, 1953 Incorporated under the name of “Nakanishi
Dental Equipment Mfg.
Co., Ltd”
1957 Launched its original brand, “NSK KN Contra.”
1979 Started exporting its products.
1984 Founded the first overseas operation, “NSK
America Corp.”
1986 Started exporting to China.
1996 The above company and “Nakanishi Inc.” merged
together and took
the current
company name.
1997 ISO9001 certified.
1999 ISO14001 certified.
2000 Listed on the JASDAQ(#7716).
2001 Completed a new head office building.
*Suppliers*
==========
Kuno Sangyo Co., Ltd.
Tanoi Corp.
Watanabe Metals Co., Ltd.
Toyo Bearing Sales Co., Ltd.
Chiaki Metal Plating Co., Ltd.
Yamato Transport Co., Ltd.
*Customers*
==========
Daiei Dental Industries Inc.
Momose Shika Shokai Ltd.
Nippon Shika Kogyosha Co., Ltd.
Belmont Technology Inc.
Yuasa Corp.
Company name: NSK-America Corp.
Country: U.S.A.
Status: Subsidiary
----------------------------------------------------------------------------------------------------
Company name: NSK Europe GmbH
Country: Germany
Status: Subsidiary
----------------------------------------------------------------------------------------------------
Company name: Shanghai NSK Co., Ltd.
Country: China
Status: Subsidiary
----------------------------------------------------------------------------------------------------
*Subsidiaries & Affiliates*
=====================
As of December 31, 2013 the subject owns and controls a total of 18
subsidiaries at home and abroad.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.88 |
|
UK Pound |
1 |
Rs.97.02 |
|
Euro |
1 |
Rs.76.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.