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Report No. : |
310437 |
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Report Date : |
28.02.2015 |
IDENTIFICATION DETAILS
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Name : |
NICHIMOKU SANGYO LTD |
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|
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Registered Office : |
4-1-8 Ayukawacho Hitachi City Ibaraki-Pref 310-0036 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
March 1970 |
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Legal Form : |
Limited Company |
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Line of Business : |
Engineering works of housing/construction & manufactures pre-cut timbers
for housing, other (--100%) |
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No. of Employees : |
102 |
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 : |
No Complaints |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
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.
|
Source
: CIA |
NICHIMOKU SANGYO
LTD
REGD NAME: Nichimoku Sangyo KK
MAIN OFFICE: 4-1-8 Ayukawacho Hitachi City Ibaraki-Pref
310-0036 JAPAN
Tel:
0294-34-4151 Fax: 0294-25-7071
URL: http://www.nichimoku.co.jp
E-Mail address: (thru the URL)
ACTIVITIES: Engineering works of construction/earth
works, housing pre-cut wood, other
BRANCHES: Tsukuba, Hitachi
FACTORIES: Hitachi-Naka City, Ibaraki-Pref
OFFICERS: HISAO OONUKI, PRES Norio Minakawa, dir
Koichi Mori, dir Shoichi Takino, dir
Takanori
Oowa, dir Takaaki
Wada, dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 10,806 M
PAYMENTS NO COMPLAINTS CAPITAL Yen 80 M
TREND SLOW WORTH Yen 1,856 M
STARTED 1970 EMPLOYES 102
COMMENT: ENGINEERING WORKS OF HOUSING &
MATERIALS. FINANCIAL SITUATION
CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: ESTIMATED AT YEN 286.3 MILLION, ON 30 DAYS NORMAL
TERMS.
The subject company was established by on the basis of a division
separated from Hitachi Mokuzai Kogyo KK (now Hitachi Life Ltd) (See REGISTRATION). This is an engineering company of housing and
housing materials (pre-cut timber, other).
40% of works are for Hitachi Life Ltd.
Clients include house builders, construction firms, other.
The sales volume for Mar/2014 fiscal term amounted to Yen 10,806
million, a 6% down from Yen 11,483 million in the previous term. Housing works were sluggish. The recurring profit was posted at Yen 228
million and the net profit at Yen 132 million, respectively, compared with Yen
378 million recurring profit and Yen 242 million net profit, respectively, a
year ago.
For the current term ending Mar 2015 the recurring profit is projected
at Yen 240 million and the net profit at Yen 150 million, respectively, on a 6%
rise in turnover, to Yen 11,500 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit is estimated at Yen 286.3
million, on 30 days normal terms.
Date Registered: Mar
1970
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 640,000 shares
Issued:
160,000 shares
Sum: Yen
80 million
Major shareholders
(%): Hitachi Life Ltd* (100)
*.. Real Estate Management, Tokyo, founded 1966, capital Yen 1,000
million, sales Yen 29,312million,
operating profit Yen 2,422 million, recurring profit Yen 2,311 million, net profit Yen 791 million, total assets Yen
52,988 million, employees 631, pres Shuji Sato
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Engineering
works of housing/construction & manufactures pre-cut timbers for housing,
other (--100%)
Clients: [Mfrs,
wholesalers] Hitachi Life Ltd (40%), CS Lumber, Sojitz Building Materials,
Century Homes, Suteki Nice Group firms, Engel House, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Hitachi Life Ltd, Sojitz Building Materials, Kobayashi Komuten,
Akai Seisakusho, Hitachi Civil Engineering, Yamatake Ringyo, Kajima Corp,
Ibamoku Co, other
Payment record: No Complaints
Location: Business area in
Hitachi. Office premises at the caption
address are owned and maintained satisfactory.
Bank References:
Joyo Bank (Hitachi)
Toho Bank (Hitachi)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual Sales |
|
11,500 |
10,806 |
11,483 |
9,790 |
|
Recur. Profit |
|
240 |
228 |
378 |
|
|
Net Profit |
|
150 |
132 |
242 |
96 |
|
Total Assets |
|
|
5,780 |
7,240 |
5,438 |
|
Current Assets |
|
|
5,097 |
6,488 |
|
|
Current Liabs |
|
|
3,629 |
5,088 |
|
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Net Worth |
|
|
1,856 |
1,823 |
1,612 |
|
Capital, Paid-Up |
|
|
80 |
80 |
80 |
|
Div.Ttl in Million (¥) |
|
|
101 |
30 |
57 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
6.42 |
-5.90 |
17.29 |
-3.73 |
|
Current Ratio |
|
.. |
140.45 |
127.52 |
.. |
|
N.Worth Ratio |
|
.. |
32.11 |
25.18 |
29.64 |
|
R.Profit/Sales |
|
2.09 |
2.11 |
3.29 |
.. |
|
N.Profit/Sales |
|
1.30 |
1.22 |
2.11 |
0.98 |
|
Return On Equity |
|
.. |
7.11 |
13.27 |
5.96 |
Notes: Forecast (or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.79 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.69.29 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.