MIRA INFORM REPORT
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Report No. : |
348078 |
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Report Date : |
31.10.2015 |
IDENTIFICATION DETAILS
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Name : |
NAGASE & CO LTD |
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Registered Office : |
1-1-17 Shinmachi Nishiku Osaka 550-8668 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
December 1917 |
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Com. Reg. No.: |
0100-01-036659 (Osaka-Nishiku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Subject is Import, export, wholesale of
chemicals |
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No. of Employee : |
6,348 |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
COMPANY NAME
NAGASE & CO LTD
REGD NAME: Nagase
Sangyo KK
ADDRESS
1-1-17 Shinmachi
Nishiku Osaka 550-8668 JAPAN
Tel: 06-6535-2114
Fax: 06-6535-2160
*.. The is its
Tokyo Head Office
E-Mail address: info@nagase.co.jp
ACTIVITIES
Import, export,
wholesale of chemicals
BRANCHES
Tokyo, Nagoya,
Kobe, Amagasaki, Sakai (Tot 5)
OVERSEAS
USA, Canada, UK, Germany, Hungary, Poland,
China, Taiwan, Korea, Thailand, Malaysia, Singapore, Vietnam, India, Indonesia,
UAE, Mexico, Brazil, other
CHIEF EXEC
KENJI ASAKURA,
PRES & CEO
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 759,713 M
PAYMENTSREGULAR CAPITAL Yen
9,699 M
TREND STEADY WORTH Yen 287,500 M
STARTED 1917 EMPLOYES 6,348
COMMENT
TOP-RANKED TRADING HOUSE SPECIALIZING IN INDUSTIRAL CHEMICALS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 29,271.3 MILLION, 30
DAYS NORMAL TERMS.
Notes: Unit: In Million Yen
Forecast (or estimated) figures for 31/03/2016
fiscal term
HIGHLIGHTS
The subject
company is a top-ranked trading house specializing in industrial chemicals,
founded originally in 1832 by a certain Nagase as a dyestuff merchant in
Kyoto. In 1900, established business
ties with Bassel Chemical of Switz (now Chiba Specialty Chemicals) and since
diversified into various other industrial chemicals. Excels in dyestuffs, synthetic resins,
etc. Actively engaged in new
technological sector such as pharmaceuticals raw materials, specialty resins,
biotechnology, electronics and other new materials. Emphasizing semiconductor and LCD-related
materials and equipment. Also deals in
medical equipment and pharmaceutical intermediates. Acquired bio-related company in bankruptcy
Hayashibara. Aggressive in investment,
including M&A activities, in electronics, automobile and healthcare
areas.
FINANCIAL
INFORMATION
The sales volume
for Mar/2015 fiscal term amounted to Yen 759,713 million, a 5.0% up from Yen
723,212 million in the previous term.
Sales of automobile-related parts & processed materials drove
earnings growth. The recurring profit
was posted at Yen 20,366 million and the net profit at Yen 11,318 million,
respectively, compared with Yen 17,905 million recurring profit and Yen 11,663
million net profit, respectively, a year ago.
For the current
term ending Mar 2016 the recurring profit is projected at Yen 20,600 million
and the net profit at Yen 12,100 million, respectively, on an 8.3% rise in
turnover, to Yen 823,000 million. The
automobile-related business in North America will continue expanding. The electronic business will also show an
improvement in the absence of the reserves for bad debts that were booked in
the preceding term.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 29,271.3
million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1917
Regd No.:
0100-01-036659
(Osaka-Nishiku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 346,980,000 shares
Issued:
138,408,285 shares
Sum: Yen
9,699 million
Major shareholders
(%): Company’s Treasury Stock (8.2), Northern Trust (AVFC) Silchester (4.3),
Master Trust Bank of Japan T (4.2), Sumitomo Mitsui Trust Bank (4.1), Japan
Trustee Services T (3.1), SMBC (3.1), Hiroshi Nagase (2.9), Nippon Life Ins
(2.5), Reiko Nagase (2.5), Northern
Trust US Tax Ex Pension f (2.5); foreign owners (27.9)
No.
of shareholders: 5,882
Listed on the S/Exchange (s) of: Tokyo
Managements: Hiroshi Nagase,
ch; Reiji Nagase, v ch, Kenji Asakura, pres; Mitsuro Naba, mgn dir; Hiroshi
Hanamoto, mgn dir; Osamu Morishita, mgn dir; Ken’ichi Matsuki, dir; Toshiro
Yamaguchi, dir; Yasuo Nishiguchi, dir; Hidenori Nishi, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related
companies: Nagase Chemtex, Totaku Ind, Hoei Sangyo, Nagase Logistics, Nagase
(Hong Kong), other
OPERATION
Activities: Specialized
trading house for import, export, wholesale of industrial Chemicals:
(Sales breakdown
by divisions): dyestuffs, pigments, other industrial chemicals (23%),synthetic resins
(33%), electronic materials & equipment (19%), automotive & energy
(14%), health-care products, foodstuffs (11%).
(Overseas sales
ratio (48%)
(Products handled
by Divisions):
Colors &
Imaging Division: dyestuffs, dyeing auxiliaries, finishing agents, textile processing
resins, adhesives for textiles, pigments, pigment dispersing agents, plastic
additives, UV cured resins, toner resins, silicones, dyes & related
chemicals for imaging & recording, chemicals for paper mfg, additives for
paints & inks;
Performance
Chemicals Division: plastic materials, plastics & pigments
solvents, additives for paints & inks, urethane materials, flame
retardants, plastic additives, plasticizers, polymer fibers;
Specialty Chemicals
Division: petrochemical products, raw materials for household products, cosmetic
ingredients, surfactants & surfactant raw materials, Fluor chemicals,
materials for silicones, daily goods, China & process chemicals;
Advanced Polymer
Division: functional resins, general-purpose resins, auxiliaries, plastic
products, plastic-related equipment, devices & dies;
Automotive
Solutions Division: general-purpose resins, functional resins,
auxiliaries, plastic products, plastic-related equipment, devices & dies,
software engineering facility equipment;
Polymer Products
Division: resin materials, film sheet products, molded plastic products,
construction products;
Electronic
Chemicals Division: photo resist developer production equipment,
chemical management equipment for liquid crystal preprocessing, chemicals for
production of semiconductors & liquid crystals, formulated epoxy resins
& related products;
Electronic
Materials Division: liquid crystal displays, material & mfg devices
& optical films for LCDs and organic light-emitting diodes (LEDs),
processed aluminum products, processed glass products;
Fine Chemicals
Division: pharmaceuticals, intermediates in vitro diagnostics, hard disk-related
materials, other;
Beauty-Care
Products Division: cosmetics, skin counseling, health foods, facial services, other.
Clients: [Chemical mfrs,
wholesalers] Nagase Plastics, Nagase Chemical, Nippon Paint, Japan Display,
DIC, Sharp Corp, Sekisui Chemical, Nippon Paint, DIC, Toyo Quality One,
Sumitomo Chemical, Mitsubishi Motors, Otsuka Pharmaceutical, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Nagase Chemtex, DIC,
Mitsui Chemical, Asahi Kasei Chemicals,
Sumitomo Chemical Ind, Daicel Chemical Ind, Nippon Shokubai, Mitsubishi Chemical, Tottori Sanyo Electric, Sharp
Corp, BASF Japan, other.
Payment record: Regular
Location: Business area in Osaka. Office premises at the caption address are
leased and maintained satisfactorily.
Bank References:
SMBC (Osaka)
MUFG (H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2015 |
31/03/2014 |
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INCOME STATEMENT |
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Annual Sales |
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759,713 |
723,212 |
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Cost of Sales |
667,722 |
634,276 |
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GROSS PROFIT |
91,991 |
88,936 |
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Selling & Adm Costs |
73,838 |
73,146 |
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OPERATING PROFIT |
18,153 |
15,789 |
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Non-Operating P/L |
2,213 |
2,116 |
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RECURRING PROFIT |
20,366 |
17,905 |
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NET PROFIT |
11,318 |
11,663 |
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BALANCE SHEET |
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Cash |
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40,575 |
34,980 |
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Receivables |
208,209 |
202,996 |
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Inventory |
69,012 |
57,458 |
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Securities, Marketable |
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Other Current Assets |
12,052 |
10,928 |
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TOTAL CURRENT ASSETS |
329,848 |
306,362 |
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Property & Equipment |
66,774 |
63,914 |
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Intangibles |
48,844 |
53,030 |
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Investments, Other Fixed Assets |
101,059 |
74,835 |
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TOTAL ASSETS |
546,525 |
498,141 |
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Payables |
105,737 |
105,014 |
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Short-Term Bank Loans |
31,388 |
28,818 |
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Other Current Liabs |
39,299 |
29,814 |
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TOTAL CURRENT LIABS |
176,424 |
163,646 |
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Debentures |
20,000 |
30,000 |
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Long-Term Bank Loans |
30,322 |
27,140 |
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Reserve for Retirement Allw |
10,803 |
11,875 |
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Other Debts |
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21,476 |
13,588 |
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TOTAL LIABILITIES |
259,025 |
246,249 |
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MINORITY INTERESTS |
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Common
stock |
9,699 |
9,699 |
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Additional
paid-in capital |
11,654 |
10,242 |
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Retained
earnings |
205,203 |
206,351 |
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Evaluation
p/l on investments/securities |
44,920 |
24,725 |
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Others |
16,252 |
7,791 |
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Treasury
stock, at cost |
(228) |
(6,916) |
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TOTAL S/HOLDERS` EQUITY |
287,500 |
251,892 |
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TOTAL EQUITIES |
546,525 |
498,141 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2015 |
31/03/2014 |
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Cash
Flows from Operating Activities |
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15,474 |
12,721 |
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Cash
Flows from Investment Activities |
-7,732 |
-14,171 |
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Cash Flows
from Financing Activities |
-3,205 |
-11,833 |
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Cash,
Bank Deposits at the Term End |
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40,522 |
33,825 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2015 |
31/03/2014 |
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Net
Worth (S/Holders' Equity) |
287,500 |
251,892 |
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Current
Ratio (%) |
186.96 |
187.21 |
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Net
Worth Ratio (%) |
52.61 |
50.57 |
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Recurring
Profit Ratio (%) |
2.68 |
2.48 |
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Net
Profit Ratio (%) |
1.49 |
1.61 |
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Return
On Equity (%) |
3.94 |
4.63 |
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 |
-- |
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.