|
Report Date : |
20.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
NICHIRIN CO LTD |
|
|
|
|
Registered Office : |
98-1 Edomachi Chuoku Kobe 671-0224 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
March 1924 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha |
|
|
|
|
Line of Business : |
Manufacturer of automobile hoses, rubber
hoses |
|
|
|
|
No. of Employees : |
1,454 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
NICHIRIN CO LTD
REGD NAME: Nichirin
KK
MAIN OFFICE: 98-1
Edomachi Chuoku Kobe 671-0224 JAPAN
Tel: 079-252-4151
Fax:
079-251-2160 -
URL: http://www.nichirin.co.jp
E-Mail address: (thru the URL)
Mfg of automobile
hoses
Tokyo, Hamamatsu
USA (2), Mexico, China
(2), UK, Vietnam, India, Indonesia, Thailand (2),
Malaysia
Kobe
YOSHIO SHIMIZU,
PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 44,522 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 2,158 M
TREND UP WORTH Yen 4,400 M
STARTED 1924 EMPLOYES 1,454
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR^ ORDINARY BUSINESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
36,298 |
1,690 |
880 |
(%) |
10,326 |
|
(Consolidated) |
31/12/2011 |
33,463 |
577 |
-10 |
-7.81 |
10,085 |
|
31/12/2012 |
37,652 |
1,536 |
729 |
12.52 |
12,085 |
|
|
31/12/2013 |
44,522 |
3,996 |
2,130 |
18.25 |
19,051 |
|
|
31/12/2014 |
47,000 |
4,400 |
2,300 |
5.57 |
.. |
Unit: In Million Yen
Forecast figures for the 31/12/201 fiscal term.
This is the pioneer in automobile hoses, engaged in integrated production
from rubber refining to assembly independent.
Maintains high market share in steering and air-conditioning hoses and
near monopoly in motorcycle hydraulic brake hose market. Honda & Suzuki Motor among major
customers.
The sales volume for Dec/2013 fiscal term amounted to Yen 44,522
million, an 18.2% up from Yen 37,652 million in the previous term. The recurring profit was posted at Yen 3,996
million and the net profit at Yen 2,130 million, respectively, compared with
Yen 1,536 million recurring profit and Yen 729 million net profit,
respectively, a year ago.
For the current term ending Dec 2014 the recurring profit is projected
at Yen 4,400 million and the net profit at Yen 2,300 million, on a 6% rise in
turnover, to Yen 47,000 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Mar 1924
Legal Status: Limited Company (Kabushiki Kaisha
Authorized:
32 million shares
Issued:
9 million shares
Sum: Yen 2,158 million
Major
shareholders (%): Taiyo Koko (25.0), Sojitz Corp (8.8), Tachibana Securities (4.4),
Century Tokyo Leasing (3.6), Mizuho Bank (2.9), other
No.
of shareholders: 1,345
Listed on the S/Exchange (s) of: Tokyo
Managements: Yoshio Shimizu,
pres Ryuichi Maeda, mgn dir; Masayuki Matsuda, mgn dir; Susumu Hashimoto, mgn
dir; Satoshi Koike, dir; Issei Suzuki, dir
Nothing
detrimental is known as to the commercial morality of executives..
Activities: Mfg of automobile
hoses, rubber hoses, other (--100%)
Clients: [Mfrs,
wholesalers] Nichirin Tennessee, Honda Motor, Nichirin Flex USA, Nichirin
Vietnam, Toto, other
No. of accounts:
300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Sunrise Ind, Itochu
Corp Tkasago, other
Payment record: No complaints
Location: Business area in
Kobe. Office premises at the caption
address are leased and maintained satisfactorily.
Bank
References: Mizuho Bank (Jibe)
SMBC (Kobe)
Relations:
Satisfactory
(In Million
Yen)
|
FINANCES: (Consolidated
in million yen) |
||||
|
|
|
Terms Ending: |
31/12/2013 |
31/12/2012 |
|
INCOME STATEMENT |
||||
|
Annual Sales |
|
44,522 |
37,652 |
|
|
Cost of Sales |
36,098 |
32,037 |
||
|
GROSS PROFIT |
8,423 |
5,615 |
||
|
Selling & Adm Costs |
4,903 |
4,442 |
||
|
OPERATING PROFIT |
3,519 |
1,172 |
||
|
Non-Operating P/L |
477 |
364 |
||
|
RECURRING PROFIT |
3,996 |
1,536 |
||
|
|
NET PROFIT |
2,130 |
729 |
|
|
BALANCE SHEET |
||||
|
Cash |
|
7,359 |
3,683 |
|
|
Receivables |
8,471 |
6,344 |
||
|
Inventory |
5,600 |
5,059 |
||
|
Securities, Marketable |
|
|
||
|
Other Current Assets |
1,612 |
1,534 |
||
|
TOTAL CURRENT ASSETS |
23,042 |
16,620 |
||
|
Property & Equipment |
11,453 |
9,796 |
||
|
Intangibles |
11,453 |
9,796 |
||
|
Investments, Other Fixed Assets |
(6,487) |
(5,186) |
||
|
TOTAL ASSETS |
39,461 |
31,026 |
||
|
Payables |
4,985 |
6,375 |
||
|
Short-Term Bank Loans |
153 |
466 |
||
|
|
|
|
||
|
Other Current Liabs |
7,170 |
4,310 |
||
|
TOTAL CURRENT LIABS |
12,308 |
11,151 |
||
|
Debentures |
|
|
||
|
Long-Term Bank Loans |
2,860 |
3,008 |
||
|
Reserve for Retirement Allw |
3,633 |
3,233 |
||
|
Other Debts |
|
1,608 |
1,549 |
|
|
TOTAL LIABILITIES |
20,409 |
18,941 |
||
|
MINORITY INTERESTS |
||||
|
Common
stock |
2,158 |
1,729 |
||
|
Additional
paid-in capital |
2,083 |
1,655 |
||
|
Retained
earnings |
8,316 |
6,311 |
||
|
Evaluation
p/l on investments/securities |
1,305 |
831 |
||
|
Others |
5,195 |
1,565 |
||
|
Treasury
stock, at cost |
(6) |
(6) |
||
|
TOTAL S/HOLDERS` EQUITY |
19,051 |
12,085 |
||
|
|
TOTAL EQUITIES |
19,461 |
31,026 |
|
|
CONSOLIDATED CASH FLOWS |
||||
|
Terms ending: |
31/12/2013 |
31/12/2012 |
||
|
Cash
Flows from Operating Activities |
|
31,178 |
|
|
|
Cash
Flows from Investment Activities |
31,650 |
|
||
|
Cash Flows
from Financing Activities |
-94,276 |
|
||
|
|
Cash,
Bank Deposits at the Term End |
|
140,940 |
|
|
ANALYTICAL RATIOS Terms ending: |
31/12/2013 |
31/12/2012 |
||
|
Net
Worth (S/Holders' Equity) |
19,051 |
12,085 |
||
|
Current
Ratio (%) |
187.21 |
149.04 |
||
|
Net
Worth Ratio (%) |
97.89 |
38.95 |
||
|
Recurring
Profit Ratio (%) |
8.98 |
4.08 |
||
|
Net
Profit Ratio (%) |
4.78 |
1.94 |
||
|
Return
On Equity (%) |
11.18 |
6.03 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
|
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.