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Report No. : |
321316 |
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Report Date : |
09.05.2015 |
IDENTIFICATION DETAILS
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Name : |
NOMURA ASSET
MANAGEMENT CO LTD |
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|
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Registered Office : |
1-12-1 Nihombashi Chuoku Tokyo 103-8265 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
December 1959 |
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Legal Form : |
Limited Company |
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Line of Business : |
Subject is engaged
in Asset management offering investment trusts, institutional investment management,
investment advisory, other (--100%) |
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No. of Employees : |
829 |
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 : |
Good |
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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 – 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.
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 |
NOMURA ASSET MANAGEMENT CO LTD
Nomura Asset
Management KK
1-12-1 Nihombashi
Chuoku Tokyo 103-8265 JAPAN
Tel:
03-3241-9511
URL: http://www.nomura-am.co.jp/
E-Mail address: info@nomura-am.co.jp
ACTIVITIES: Investment management,
investment advisory
LICENSE: Kanto FSA No.373
BRANCHES: Osaka, Fukuoka, Sendai
OVERSEAS: USA, UK, Hong Kong,
Singapore, Malaysia
OFFICER(S): KUNIO WATANABE, PRES Hiroyuki Suzuki, ch
Shoichi Nagamatsu, dir Akihito Watanabe, dir
Masahiko Kitayama, dir Junko Nakagawa, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 112,036 M
PAYMENTS REGULAR CAPITAL Yen 17,180 M
TREND STEADY WORTH Yen 86,929 M
STARTED 1959 EMPLOYES 829
COMMENT: ASSET MANAGEMENT FIRM, OWNED
BY NOMURA HOLDINGS INC. FINANCIAL SITUATION CONSIDERED FAIR TO EXCELLENT AND
GOOD FOR PROPER BUSINESS ENGAGEMENTS.
The subject company
was established on the basis of an asset management division separated from Nomura securities Corp (now
Nomura Holdings Inc) (See REGISTRATION). Merged two sister firms and has become the
top-class investment firm in Japan.
Asset breakdown are twofold: investment trusts and institutional
investment management.
The sales volume for
Mar/2014 fiscal term amounted to Yen 112,036 million, a 22% up from Yen 91,747
million in the previous term. The
recurring profit was posted at Yen 22,151 million and the net profit at Yen
12,273 million, respectively, compared with Yen 13,598 million recurring profit
and Yen 6,510 million net profit, respectively, a year ago.
For the term that
ended Mar 2015 the recurring profit was projected at Yen 23,000 million and net
profit at Yen 13,000 million, on a 5% rise in turnover, to Yen 117,600
million. Final results are yet to be
released.
The financial
situation is considered FAIR to EXCELLENT and good for PROPER business
engagements.
Date Registered: Dec 1959
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 20
million shares
Issued: 5.15
million shares
Sum: Yen
17,180 million
Major shareholders (%): Nomura
Holdings Inc*(100)
* Largest securities firm having research arm, founded 1925, listed
Tokyo, Nagoya, Singapore, New York S/E’s, capital Yen 594,493 million, sales
Yen 1,831.844 million, recurring profit Yen 361.614 million, net profit Yen
213,591 million, total assets Yen 44,103,284 million, net worth Yen 2,714,447
million, employees 28,889, pres Koji Nagai
Nothing detrimental
is known as to the commercial morality of executives.
Activities: Asset management offering investment trusts,
institutional investment management, investment advisory, other (--100%)
Clients: Investors, business firms, consumers, other
Area of Activities: Nationwide
Suppliers: Nomura Securities Nomura Fund & Technology, other
Payment record: Regular
Location: Business area in Tokyo. Office
premises at the caption address are owned by the parent, Nomura Holdings Inc,
and maintained satisfactorily.
Bank References:
MSBC (H/O)
Resona Bank
(Nihombashi)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual
Sales |
|
117,600
|
112,036
|
91,747 |
96,325 |
|
Recur. Profit |
|
23,000 |
22,151 |
13,598 |
13,370 |
|
Net
Profit |
|
13,000 |
12,273 |
6,510 |
8,509 |
|
Total
Assets |
|
|
114,837
|
101,956
|
99,472 |
|
Current
Assets |
|
|
83,026 |
70,582 |
66,535 |
|
Current
Liabs |
|
|
24,191 |
22,436 |
25,310 |
|
Net
Worth |
|
|
86,929 |
76,570 |
71,227 |
|
Capital,
Paid-Up |
|
|
17,180 |
17,180 |
17,180 |
|
Div.P.Share(¥) |
|
|
1950.00
|
770.00 |
600.00 |
|
<Analytical
Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.97 |
22.11 |
-4.75 |
1.89 |
|
Current Ratio |
|
.. |
343.21 |
314.59 |
262.88 |
|
N.Worth Ratio |
|
.. |
75.70 |
75.10 |
71.61 |
|
R.Profit/Sales |
|
19.56 |
19.77 |
14.82 |
13.88 |
|
N.Profit/Sales |
|
11.05 |
10.95 |
7.10 |
8.83 |
|
Return On Equity |
|
.. |
14.12 |
8.50 |
11.95 |
Notes: Forecast (or
estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.05 |
|
|
1 |
Rs.99.04 |
|
Euro |
1 |
Rs.71.76 |
INFORMATION DETAILS
|
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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>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.