|
Report Date : |
07.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
NIFCO INC |
|
|
|
|
Registered Office : |
184-1 Mioka-cho Totsukaku Yokohama 184-1 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
13.02.1967 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
manufacturer
of industrial plastic fasteners such as nails & synthetic resin-molded
products |
|
|
|
|
No. of Employees : |
8,665 |
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 |
|
Maximum Credit Limit : |
Yen 4,176.7 Million |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
NIFCO INC
Nifco KK
184-1 Mioka-cho
Totsukaku Yokohama 184-1 JAPAN
Tel: 045-825-7900
URL: http://www.nifco.co.jp
E-Mail address: (thru the URL)
Tokyo Headquarter
Japan Times-Nifco Building, 4-5-4 Shibaura, Minato-ku, Tokyo,
108-8522 Japan
Tel +81-3-5476-4850
Fax +81-3-5476-4859
mfr of industrial plastic fasteners
such as nails & synthetic resin-molded products
Tokyo,
Nagoya, Yamagata, other (Tot 11)
USA
(2), Europe (UK other tot 6), India, China, other (--subsidiaries)
At the
caption address, Nagoya, Utsunomiya, Sagamihara
TOSHIYUKI
YAMAMOTO, PRES
Yen
Amount: In million Yen, unless otherwise
stated
FINANCES FAIR A/SALES Yen 139,916 M
PAYMENTSREGULAR CAPITAL Yen
7,290 M
TREND UP WORTH Yen 89,538 M
STARTED 1967 EMPLOYES 8,665
MFR OF INDUSTRIAL PLASTIC FASTENERS
FINANCIAL SITUATION COSIDERED FAIR
AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 4,176.7 MILLION, 30 DAYS NORMAL TERMS
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
107,505 |
8,118 |
4,468 |
(%) |
79,067 |
|
(Consolidated) |
31/03/2011 |
120,574 |
12,541 |
7,531 |
12.16 |
81,439 |
|
|
31/03/2012 |
122,880 |
10,059 |
6,853 |
1.91 |
81,202 |
|
|
31/03/2013 |
139,916 |
10,946 |
5,348 |
13.86 |
89,538 |
|
|
31/03/2014 |
150,000 |
11,000 |
7,000 |
7.21 |
.. |
Unit: In Million Yen
Forecast figures for the 31/03/2014
fiscal term.
This is the largest independent mfr of industrial plastic fasteners such as nails, maintaining the overwhelming market share. Most products bound for automobiles and consumer electronics makers. Subsidiaries engaged in production of quality beds and publication of English newspaper “Japan Times”. Goods are exported widely thru its subsidiaries overseas..
The sales volume for Mar/2013 fiscal term amounted to Yen 139,916 million, a 1.1%% down from Yen 12,566 million in the previous term. The recurring profit was posted at Yen 10,946 million and the net profit at Yen 5,348 million, respectively, compared with Yen 10,059 million recurring profit and Yen 68,53 million net profit, respectively, a year ago.
For the current term ending Mar 2014 the recurring profit is projected at Yen 1,760 million and the net profit at Yen 950 million, on a 7.2% rise in turnover, to Yen 18,500 million. In vehicle applications of synthetic resin yarns, including fasteners, are expanding with growth exceeding domestic & overseas automobile production volumes.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 4,176.8 million, on 30 days normal terms.
Date Registered: 13 Feb 1967
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 233 million shares
Issued:
53,754,477
Sum: Yen 7,290
million
Major shareholders (%): Toshiaki Ogasawara (11.0), Northern Trust (AVFC) American (7.0), State Street Bank & Trust (5.6), Taiyo Fund LP (4.7), Master Trust Bank of Japan T (4.2), Japan Trustee Services T (4.1), Ogasawara Found (Sci & Engine) (4.0), State Street Bank & Trust (3.6), Japan Trustee Services T9 (3.2), Mellon Bank Melon Omnibus US (2.9); foreign owners 42.9)
No. of shareholders: 5,559
Listed on the S/Exchange (s) of: Tokyo
Managements: Toshiaki Ogasawara, ch; Toshiyuki Yamamoto, pres; Mitsutaka Ogasawara, dir; Akira Kagiichi, dir
Nothing detrimental is known as to the commercial morality of executives.
Activities: Manufactures industrial plastic fasteners: synthetic resin-molded products (86%), beds & furniture (12%), others (2%)
Overseas Sales Ratio (52%)
Clients: [Automakers, wholesalers] Toyota Motor, Nissan Motor, Honda Motor, Panasonic
Corp, Cannon Inc, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Nifco Yamagata, Nifco Kumamoto, Toyotsu Chemiplus, Marubeni
Crop, other
Payment
record: Regular
Location:
Business area in Yokohama. Office
premises at the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank (Tokyo)
MUFG (Shimbashi)
Relations: Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||
|
|
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
|
INCOME STATEMENT |
|
|
||
|
|
Annual Sales |
|
139,916 |
122,880 |
|
|
Cost of Sales |
100,074 |
85,403 |
|
|
|
GROSS PROFIT |
39,842 |
37,476 |
|
|
|
Selling & Adm Costs |
29,292 |
27,236 |
|
|
|
OPERATING PROFIT |
10,549 |
10,240 |
|
|
|
Non-Operating P/L |
397 |
-181 |
|
|
|
RECURRING PROFIT |
10,946 |
10,059 |
|
|
|
NET PROFIT |
5,348 |
6,853 |
|
|
BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
48,774 |
29,306 |
|
|
Receivables |
|
31,830 |
27,793 |
|
|
Inventory |
|
17,441 |
12,682 |
|
|
Securities, Marketable |
6,696 |
5,077 |
|
|
|
Other Current Assets |
4,712 |
4,906 |
|
|
|
TOTAL CURRENT ASSETS |
109,453 |
79,764 |
|
|
|
Property & Equipment |
59,035 |
45,403 |
|
|
|
Intangibles |
|
3,180 |
1,205 |
|
|
Investments, Other Fixed Assets |
7,107 |
8,514 |
|
|
|
TOTAL ASSETS |
178,775 |
134,886 |
|
|
|
Payables |
|
14,968 |
13,848 |
|
|
Short-Term Bank Loans |
5,994 |
4,097 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
29,835 |
10,710 |
|
|
|
TOTAL CURRENT LIABS |
50,797 |
28,655 |
|
|
|
Debentures |
|
22,533 |
15,000 |
|
|
Long-Term Bank Loans |
10,291 |
9,967 |
|
|
|
Reserve for Retirement Allw |
2,183 |
1,900 |
|
|
|
Other Debts |
|
3,433 |
(1,838) |
|
|
TOTAL LIABILITIES |
89,237 |
53,684 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common
stock |
7,290 |
7,290 |
|
|
|
Additional
paid-in capital |
11,651 |
11,651 |
|
|
|
Retained
earnings |
77,488 |
74,604 |
|
|
|
Evaluation
p/l on investments/securities |
444 |
272 |
|
|
|
Others |
|
(5,212) |
(10,845) |
|
|
Treasury
stock, at cost |
(2,123) |
(1,770) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
89,538 |
81,202 |
|
|
|
TOTAL EQUITIES |
178,775 |
134,886 |
|
|
CONSOLIDATED CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/03/2013 |
31/03/2012 |
|
|
Cash
Flows from Operating Activities |
|
11,118 |
8,584 |
|
|
Cash
Flows from Investment Activities |
-30,503 |
-17,371 |
|
|
|
Cash Flows
from Financing Activities |
22,868 |
1,407 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
33,353 |
28,778 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
89,538 |
81,202 |
|
|
|
Current
Ratio (%) |
215.47 |
278.36 |
|
|
|
Net
Worth Ratio (%) |
50.08 |
60.20 |
|
|
|
Recurring
Profit Ratio (%) |
7.82 |
8.19 |
|
|
|
Net
Profit Ratio (%) |
3.82 |
5.58 |
|
|
|
Return
On Equity (%) |
5.97 |
8.44 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.50 |
|
UK Pound |
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.84.50 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.