MIRA
INFORM REPORT
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Report Date : |
06.09.2014 |
IDENTIFICATION DETAILS
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Name : |
NIHON PARKERIZING CO LTD |
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Registered Office : |
Parker Bldg, 1-15-1 Nihombashi Chuoku |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
July, 1928 |
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Legal Form : |
Limited Company (Kabushiki Kaisha |
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Line of Business : |
Mfg of surface treatment chemicals,
processing & equipment |
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No. of Employees |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 3,727.3 million |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complai9nts |
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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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
Company name and address
NIHON PARKERIZING CO LTD
REGD NAME: Nihon
Parkerizing KK
MAIN OFFICE: Parker
Bldg, 1-15-1 Nihombashi Chuoku Tokyo 103-0027 JAPAN
Tel:
03-3278-4333 Fax: 03-3278-4313 -
URL: http://www.parker.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of surface
treatment chemicals, processing & equipment
BRANCHES
Hiratsuka,
Ibaraki, Handa, Koga, Fukuyama, Fukuoka, other (Tot 22)
OVERSEAS
Europe (8), China
(14), Korea (4), other Asia (11) (--group firms)
FACTORIES
Hiratsuka,
Hiroshima, Tochigi, Itami, Utsunomiya, other (Tot 19)
CHIEF EXEC
KAZUICHI SATOMI,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 99,793 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 4,560 M
TREND UP WORTH Yen 117,672 M
STARTED 1928 EMPLOYES 3,536
MAX CREDIT LIMIT: YEN 3,727.3 MILLION, 30 DAYS NORMAL TERMS
COMMENT
MFR OF SURFACE TREATMENT CHEMICALS &
PROCESSING
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast figures for the 31/03/2015 fiscal
term.
HIGHLIGHTS
This is a chemical company maintaining nearly sole market share in surface
treatment chemicals. Large sales of not
chemicals but also of calendered film treatment for automakers and
weather-coating processing. Overseas
operations expanding.
FINANCIAL INFORMATION
The sales volume for Mar/2014 fiscal term amounted to Yen 99,793
million, an 11% up from Yen 89,919 million in the previous term. The recurring profit was posted at Yen 18,046
million and the net profit at Yen 10,142 million, respectively, compared with
Yen 15,179 million recurring profit and Yen 8,463 million net profit,
respectively, a year ago.
(Apr/Jun/2014 results): Sales Yen 23,193 million (up 10.1%), operating
profit Yen 3,722 million (up 17.2%), recurring profit Yen 4,222 million (up
12.9%), net profit Yen 2,398 million (up 20.3%). (% compared with the corresponding period a
year ago)
For the current term ending Mar 2015 the recurring profit is projected
at Yen 17,000 million and the net profit at Yen 9,500 million, respectively, on
a 2.2% rise in turnover, to Yen ^ million.
Facility expansion for surface treatment in Asia will contribute.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit
limit is estimated at Yen 3,727.3 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Jul 1928
Legal Status: Limited
Company (Kabushiki Kaisha
Authorized:
150 million shares
Issued: 66,902,262
shares
Sum: Yen
4,560 million
Major
shareholders (%): Nippon Life Ins (5.4), Company’s Treasury Stock (4.3), Meiji Yasuda Life
Ins (4.2), TCSB (Nippon Steel & Sumitomo Metal) (4.0), Chiba Bank (3.5),
Yugen Co (3.5), Satomi Scholarship Society (3.4), Master Trust Bank of Japan T
(3.2), Mizuho Bank (3.1), Japan Trustee Services T (2.6); foreign owners (24.4)
No.
of shareholders: 2,255
Listed on the S/Exchange (s) of: Tokyo
Managements: Kikuo Satomi,
honorary ch; Shun Ono, ch; Kazuichi Satomi, pres; Yasuo Satomi, mgn dir; Toshi
Miyawaki, mgn dir; Osamu Moroga, mgn dir; Shuji Tanabe, dir; Takao Ogino, dir;
Noriaki Yoshitake, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related
companies: Hamamatsu Heat Treatment, Parker Processing, Parker Thailand, other.
OPERATION
Activities: Manufactures surface
treatment chemicals, others (42%), processing equipment (21%), processing works
(34%), others (3%)
Overseas
Sales Ratio (43%)
(Processing):
surface
treatment, conversion coating, lubricant for deformation, solid lubricant
coating, rust proof coating, salt-bath nitriding, salt-bath carburizing,
AUSTEMPER treatment, composite plating, other
Clients: [Mfrs,
wholesalers] Nippon Steel & Sumitomo Metals, Hitachi Automotive Systems,
Aishin AW, Parker Coop, JFE Steel, AS Brake Systems, other
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Hitachi Automotive
Systems, Parker Trading, Aishin AW,
other
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption address
are owned and maintained satisfactorily.
Bank References:
Chiba Bank (Tokyo)
Mizuho Bank
(Tokyo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2014 |
31/03/2013 |
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INCOME STATEMENT |
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Annual
Sales |
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99,793 |
89,919 |
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Cost
of Sales |
63,065 |
57,118 |
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GROSS
PROFIT |
36,728 |
32,800 |
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Selling
& Adm Costs |
21,335 |
19,654 |
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OPERATING
PROFIT |
15,393 |
13,146 |
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Non-Operating
P/L |
2,653 |
2,033 |
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RECURRING
PROFIT |
18,046 |
15,179 |
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NET
PROFIT |
10,142 |
8,463 |
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BALANCE SHEET |
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Cash |
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38,005 |
31,985 |
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Receivables |
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30,167 |
28,148 |
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Inventory |
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10,237 |
9,387 |
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Securities,
Marketable |
3,649 |
3,419 |
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Other
Current Assets |
3,957 |
4,123 |
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TOTAL
CURRENT ASSETS |
86,015 |
77,062 |
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Property
& Equipment |
42,772 |
37,211 |
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Intangibles |
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2,697 |
2,469 |
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Investments,
Other Fixed Assets |
34,430 |
29,997 |
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TOTAL
ASSETS |
165,914 |
146,739 |
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Payables |
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14,538 |
13,433 |
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Short-Term
Bank Loans |
1,680 |
1,697 |
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Other
Current Liabs |
16,194 |
16,320 |
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TOTAL
CURRENT LIABS |
32,412 |
31,450 |
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Debentures |
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Long-Term
Bank Loans |
2,108 |
2,090 |
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Reserve
for Retirement Allw |
10,313 |
999 |
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Other
Debts |
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3,408 |
11,463 |
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TOTAL
LIABILITIES |
48,241 |
46,002 |
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MINORITY
INTERESTS |
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Common
stock |
4,560 |
4,560 |
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Additional
paid-in capital |
3,913 |
3,913 |
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Retained
earnings |
86,546 |
78,073 |
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Evaluation
p/l on investments/securities |
6,203 |
4,531 |
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Others |
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20,073 |
13,285 |
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Treasury
stock, at cost |
(3,623) |
(3,625) |
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TOTAL
S/HOLDERS` EQUITY |
117,672 |
100,737 |
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TOTAL
EQUITIES |
165,914 |
146,739 |
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CONSOLIDATED CASH FLOWS |
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Terms
ending: |
31/03/2014 |
31/03/2013 |
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Cash
Flows from Operating Activities |
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14,837 |
12,998 |
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Cash Flows
from Investment Activities |
-10,079 |
-6,594 |
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Cash
Flows from Financing Activities |
-3,708 |
-2,371 |
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Cash,
Bank Deposits at the Term End |
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28,552 |
25,968 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
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Net
Worth (S/Holders' Equity) |
117,672 |
100,737 |
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Current
Ratio (%) |
265.38 |
245.03 |
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Net
Worth Ratio (%) |
70.92 |
68.65 |
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Recurring
Profit Ratio (%) |
18.08 |
16.88 |
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Net
Profit Ratio (%) |
10.16 |
9.41 |
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Return
On Equity (%) |
8.62 |
8.40 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.44 |
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UK Pound |
1 |
Rs.98.64 |
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Euro |
1 |
Rs.78.20 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.