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Report No. : |
317210 |
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Report Date : |
14.04.2015 |
IDENTIFICATION DETAILS
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Name : |
NITIVY CO LTD |
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Registered Office : |
Nichirei Akashicho Bldg 6F, 6-4 Akashicho Chuoku Tokyo 104-0044 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
Aug., 1970 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of PVA Fiber, Alumina Fiber. |
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No. of Employees : |
122 |
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 71.4 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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.
Since the complete shutdown of Japan’s nuclear reactors after the earthquake
and tsunami disaster in 2011, Japan's industrial sector has become 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 four 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. A sales tax increase caused
the economy to contract during the 2nd and 3rd quarters of 2014. The economy
has largely recovered in the three years since the disaster, but reconstruction
in the Tohoku region has been uneven due to labor shortages. 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 2014 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 government will continue a
longstanding debate on restructuring the economy and reining in Japan's huge
government debt, which amounts to more than 240% 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 2015, although the government
in 2014 decided to postpone the final phase of the increase until 2017 to give
the economy time to recover from the 2014 increase. 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 |
NITIVY CO LTD
REGD NAME: KK Nitivy
MAIN OFFICE: Nichirei Akashicho
Bldg 6F, 6-4 Akashicho Chuoku Tokyo 104-0044 JAPAN
Tel: 03-6264-0757 Fax: 03-5565-8680
E-Mail address: (thru
the URL)
Mfg of PVA fiber, alumina fiber.
Shizuoka
Fujieda (Shizuoka)
YASUNORI NAKAMURA,
PRES Mitsuya Inamori, dir
Michiaki Koresaka,
dir Kimiya
Sano, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 1,659 M
PAYMENTSSLOW BUT CORRECT CAPITAL Yen 468 M
TREND STEADY WORTH Yen
2,627 M
STARTED 1970 EMPLOYES 122
MFR OF PVA FILAMENT YARNS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT:
ESTIMATED AT YEN 71.4 MILLION, ON 30 DAYS NORMAL TERMS.
The subject
company was established originally in 1961 and in 1970 was incorporated by Katakura
Industries Co Ltd (See REGISTRATION)
as a central organizing partner. This is a
specialized mfg of PVA filament yarns, PVA fiber, alumina fiber, woven &
knitted fabrics, sewing thread,
other.
Goods are exported to over 60 countries in USA, Europe, Oceania, Asia, other. Clients include trading firms, chemical makers,
other, nationwide
The sales volume
for Dec/2014 fiscal term amounted to Yen 1,659 million, a 3% down (as adjusted
on a 12 month basis) from Yen 2,145 million for 15 months in the previous
term. The recurring profit was posted at
Yen 262 million and the net profit at Yen 207 million, respectively, compared
with Yen 389 million recurring profit and Yen 322 million net profit,
respectively, a year ago.
For the current
term ending Dec 2015 the recurring profit is projected at Yen 270 million and
the net profit at Yen 220 million, respectively, on a 5% rise in turnover, to
Yen 1,750 million.
Business is seen
expanding steadily.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 71.4
million, on 30 days normal terms.
Date Registered: Aug 1970
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 3.7 shares
Issued: 936,000 shares
Sum: Yen 468 million
Major
shareholders (%): Katakura Industries Co Ltd* (76), Hulic Co Ltd (19), Mizuho Bank (5)
No. of shareholders: 5
*.. Largest producer of garment, Tokyo,
founded 1920, capital Yen 1,817 million, listed Tokyo S/E, sales Yen 44,428 million, operating profit Yen 404
million, recurring profit Yen 890
million, net profit Yen 268 million, total assets Yen 138,773 million, net
worth Yen 55,381 million, employees
1,404, pres Kimiya Sano
Nothing detrimental is known as to the
commercial morality of executives.
Activities: Manufactures PVA
fibers, Alumina fibers, twistless woven or knitted fibrics, sewing thread,
other (--100%)
Clients: [Mfrs, wholesalers]
Krosaki Harima Co (7.7%), Hiltex (6.4%), Itochu Corp (5%), Sowa Co Ltd (4.2%),
other
Exports to over 60 countries in USA, Europe,
Oceania, Asia, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers]
Denki Kagaku Kogyo (70%), Wako Pure Chemical Ind, Taisei Kako Group, other
Payment record: Slow but correct
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactory.
Bank
References:
Mizuho Bank (Ohtemachi)
SMBC (Kyobashi)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/12/2015 |
31/12/2014 |
31/12/2013 |
30/09/2012 |
|
|
Annual
Sales |
|
1,750 |
1,659 |
2,145 |
1,611 |
|
Recur.
Profit |
|
270 |
262 |
389 |
|
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Net
Profit |
|
220 |
207 |
322 |
194 |
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Total
Assets |
|
|
3,756 |
3,474 |
3,066 |
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Current
Assets |
|
|
2,681 |
2,504 |
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Current
Liabs |
|
|
469 |
343 |
|
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Net
Worth |
|
|
2,627 |
2,443 |
2,073 |
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Capital,
Paid-Up |
|
|
468 |
468 |
468 |
|
Div.Ttl
in Million (¥) |
|
|
70.2 |
46.8 |
70.2 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
5.49 |
-3.32 |
6.51 |
-4.28 |
|
Current Ratio |
|
.. |
571.64 |
730.03 |
.. |
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N.Worth Ratio |
|
.. |
69.94 |
70.32 |
67.61 |
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R.Profit/Sales |
|
15.43 |
15.79 |
18.14 |
.. |
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N.Profit/Sales |
|
12.57 |
12.48 |
15.01 |
12.04 |
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Return On Equity |
|
.. |
7.88 |
13.18 |
9.36 |
Notes: The 31/12/2013
term was for irregular 15 months, and the growth rates are adjusted on a regular 12
month basis.
Forecast (or
estimated) figures for the 31/12/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.37 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.66.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.