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Report Date : |
06.03.2014 |
IDENTIFICATION DETAILS
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Name : |
NISSEI CORPORATION |
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Registered Office : |
Nissei Edobashi Bldg, 1-10-5 Nihombashi-Honcho Chuoku Tokyo 103-0023 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
November, 1947 |
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Com. Reg. No.: |
0100-01-048342 (Tokyo-Chuoku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of industrial chemicals |
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No. of Employees : |
145 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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 |
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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
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 exceeds 225% 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 |
NISSEI CORPORATION
REGD NAME: Nissei Sangyo KK
MAIN OFFICE: Nissei Edobashi Bldg, 1-10-5 Nihombashi-Honcho
Chuoku Tokyo 103-0023 JAPAN
Tel:
03-3241-2548
Fax: 03-3241-6748
URL: http://www.nisseicorp.co.jp
E-Mail address: info@nisseicorp.co.jp
Import, export, wholesale of industrial chemicals
Osaka, Nagoya, Toyama, Fukuoka, Miyagi
Indonesia, India, Vietnam, Thailand, China, Singapore
HIDEMI MIZUTANI, PRES Akio
Otomo, s/mgn dir
Nobuhiro Kakiya, mgn dir Kozo
Yabuuchi, mgn dir
Shigeo Yokotsuka, dir Takao
Nakamura, dir
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 46,557 M
PAYMENTS REGULAR CAPITAL Yen
427 M
TREND STEADY WORTH Yen
7,392 M
STARTED 1947 EMPLOYES 145
TRADING FIRM SPECIALIZING IN INDUSTRIAL CHEMICALS, WHOLLY OWNED BY
NISSAN CHEMICAL IND.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS:
US$50,000 / O/A TERMS
The subject company was established on the basis of a division separated
from Nissan Chemical Ind (see REGISTRATION) as a trading house handling
industrial chemicals, produced by the parent and group firms. Specializes in import, export and wholesale
of organic/inorganic chemicals, fine chemicals & ceramics, plastics, tire
chain, mast, equipment, etc. Goods are
more exported than imported. Export
destinations are: China, Hong Kong, Taiwan, Korea, Singapore, Malaysia,
Indonesia, Vietnam, Thailand, India, Australia, Canada, USA, South Africa,
France, other. Imports are from USA,
China, Germany, etc. In Oct 2002, merged
a sister firm, Nissei Corp and renamed as captioned. Goods are supplied to the parent, Nissan
Chemical Ind, other.
The sales volume for Mar/2013 fiscal term amounted to Yen 46,557
million, a 4% up from Yen 44,838 million in the previous term. Newly cultivated market in Vietnam increased
demand and exports rose. The recurring
profit was posted at Yen 1,502 million and the net profit at Yen 884 million,
respectively, compared with Yen 1,465 million recurring profit and Yen 853
million net profit, respectively, a year ago.
For the current term ending Mar 2014 the recurring profit is projected
at Yen 1,550 million and the net profit at Yen 900 million, respectively, on a
3% rise in turnover, to Yen 48,000 million.
Business is seen expanding steadily.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date
Registered: Nov 1947
Regd No.: 0100-01-048342 (Tokyo-Chuoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 35 million shares
Issued:
8.9 million shares
Sum: Yen 427 million
Major shareholders
(%):
Nissan Chemical Ind*(100)
*..Medium-sized mfr of chemical products including basis chemicals,
founded 1921, listed Tokyo S/E, capital Yen 18,942 million, turnover, Yen
153,806 million, operating profit Yen 19,548 million, recurring profit Yen
20,492 million, net profit Yen 13,879 million, total assets Yen 187,355
million, net worth Yen 133,152 million, employees 2,293, pres Kojiro Kinoshita
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Imports, exports and wholesales industrial chemicals: functional
chemicals (42%), chemicals products (36.6%), synthetic resins (14.3%),
insurance, real-estate, others (7.1%).
Clients: [Mfrs,
wholesalers] Nissan Chemical Ind, other
Exports to: China, Hong Kong, India, China, Taiwan, Korea, Singapore,
Malaysia, Indonesia, Vietnam, Thailand, India, Australia, Canada, USA, South
Africa, France, etc.
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Nissan Chemical Ind, SCG, Fuji
Chemical, Nippon Oil &
Fats, Solvay Advanced Polymers Japan, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Mizuho Bank
(H/O)
Relations:
Satisfactory.
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual Sales |
|
48,000 |
46,557 |
44,838 |
44,143 |
|
Recur. Profit |
|
1,550 |
1,502 |
1,465 |
|
|
Net Profit |
|
900 |
884 |
853 |
782 |
|
Total Assets |
|
|
17,777 |
17,135 |
16,007 |
|
Current Assets |
|
|
14,532 |
14,039 |
|
|
Current Liabs |
|
|
9,779 |
10,241 |
|
|
Net Worth |
|
|
7,392 |
6,397 |
5,532 |
|
Capital, Paid-Up |
|
|
427 |
427 |
427 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.10 |
3.83 |
1.57 |
7.02 |
|
|
Current Ratio |
.. |
148.60 |
137.09 |
.. |
|
|
N.Worth Ratio |
.. |
41.58 |
37.33 |
34.56 |
|
|
R.Profit/Sales |
3.23 |
3.23 |
3.27 |
.. |
|
|
N.Profit/Sales |
1.88 |
1.90 |
1.90 |
1.77 |
|
|
Return On Equity |
.. |
11.96 |
13.33 |
14.14 |
|
Notes: Forecast for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.86 |
|
|
1 |
Rs.103.06 |
|
Euro |
1 |
Rs.84.92 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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.