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MIRA INFORM REPORT
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Report No. : |
489959 |
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Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
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Name : |
NIPPON FISHER CO LTD |
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Registered Office : |
NOF Shinagawa Konan Bldg 4F, 1-2-5 Higashi-Shinagawa Shinagawaku Tokyo
140-0002 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2017 |
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Date of Incorporation : |
July 1969 |
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Com. Reg. No.: |
0107-01-012231 (Tokyo-Shinagawaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufactures Control Valves, Valve Cocks, Other Accessories (--100%) |
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No. of Employees : |
200 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
JAPAN - ECONOMIC OVERVIEW
Over the past 70 years, government-industry cooperation, a strong work
ethic, mastery of high technology, and a comparatively small defense allocation
(slightly less than 1% of GDP) have helped Japan develop an advanced economy.
Two notable characteristics of the post-World War II 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 have significantly eroded under the dual
pressures of global competition and domestic demographic change.
Measured on a purchasing power parity basis that adjusts for price
differences, Japan in 2017 stood as the fourth-largest economy in the world
after first-place China, which surpassed Japan in 2001, and third-place India,
which edged out Japan in 2012. For three postwar decades, overall real economic
growth was impressive - a 10% average in the 1960s, 5% in the 1970s, and 4% in
the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely
because of the aftereffects of inefficient investment and the collapse of an
asset price bubble in the late 1980s, which entailed considerable 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.
Japan enjoyed an uptick in growth in 2013 on the basis of Prime Minister
Shinzo ABE’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics”
- of monetary easing, “flexible” fiscal policy, and structural reform. Led by
the Bank of Japan’s aggressive monetary easing, Japan is making modest progress
in ending deflation, but demographic decline – a low birthrate and an aging,
shrinking population – poses a major long-term challenge for the economy. The
government currently faces the quandary of balancing its efforts to stimulate
growth and institute economic reforms with the necessity of addressing its
sizable public debt, which stands at 235% of GDP. To help raise government
revenue, Japan adopted legislation in 2012 to gradually raise the consumption
tax rate. However, the first such increase, in April 2014, led to another
recession, so Prime Minister ABE has twice postponed the next increase, now
scheduled for October 2019. Structural reforms to unlock productivity are seen
as central to strengthening the economy in the long-run.
Scarce in critical natural resources, Japan has long been dependent on
imported energy and raw materials. After the complete shutdown of Japan’s
nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's
industrial sector has become even more dependent than before on imported fossil
fuels. However, ABE’s government is seeking to restart nuclear power plants
that meet strict new safety standards and is emphasizing nuclear energy’s
importance as a base-load electricity source. In August 2015, Japan successfully
restarted one nuclear reactor at the Sendai Nuclear Power Plant in Kagoshima
prefecture, and several other reactors around the country have since resumed
operations; however, opposition from local governments has delayed several more
restarts that remain pending. Reforms of the electricity and gas sectors,
including full liberalization of Japan’s energy market in April 2016 and gas
market in April 2017, constitute an important part of Prime Minister Abe’s
economic program.
In October 2015, Japan and 11 trading partners reached agreement on the
Trans-Pacific Partnership (TPP), a pact that had promised to open Japan's
economy to increased foreign competition and create new export opportunities
for Japanese businesses. Japan was the second country to ratify the TPP in
December 2016; the United States signaled its withdrawal from the TPP on
January 23, 2017, and as of April 2017 the agreement has not gone into effect.
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Source
: CIA |
Company
name & address
NIPPON FISHER CO LTD
REGD NAME: Nippon
Fisher KK
MAIN OFFICE: NOF
Shinagawa Konan Bldg 4f, 1-2-5 Higashi-Shinagawa Shinagawaku Tokyo 140-0002 JAPAN
Tel:
03-5769-6900 Fax: 03-5769-6901
E-Mail address: (Thru the URL)
ACTIVITIES: Mfr
of control valves, valve cocks, other accessories
BRANCHES: Chiba,
Nagoya, Mie, other (Tot 6)
OVERSEAS: USA
(the parent), other
FACTORIES: Sakura
(Chiba)
OFFICERS: MASAKI HARA, PRES
Osamu Mizuno, dir
Jun Ito, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 6,344 M
PAYMENTS REGULAR CAPITAL Yen 860 M
TREND SLOW WORTH Yen
3,016 M
STARTED 1969 EMPLOYES 200
COMMENT: MFR OF CONTROL VALVES, OTHER. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
HIGHLIGHTS
The subject company is a specialized mfr of control valves, valve cocks, and other accessories, owned by Fisher Controls International LLC (USA). The USA parent has 22 factories in 15 countries and over 130 offices in 66 countries overseas. Clients include electric power industries, gas companies, other.
FINANCIAL
INFORMATION
The sales volume for Sept/2017 fiscal term amounted to Yen 6,344 million, a 15% fall from Yen 7,470 million in the previous term. The recurring profit was posted at Yen 777 million and the net profit at Yen 539 million, respectively, compared with Yen 730 million recurring profit and Yen 456 million net profit, respectively, a year ago.
For the current term ending Sept 2018 the recurring profit is projected at Yen 780 million and the net profit at Yen 560 million, respectively, on a 3% rise in turnover, to Yen 6,540 million.
Financial situation is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
Date Registered: Jul 1969
Regd No.:
0107-01-012231
(Tokyo-Shinagawaku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 6.88 million shares
Issued: 1.72
million shares
Sum: Yen
860 million
Major shareholders (%): Fisher
Controls International LLC (70), GM Investments (30)
No. of shareholders: 2
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures control valves, valve cocks, other accessories (--100%)
Clients: [Mfrs, wholesalers] Tokyo Energy & Systems Inc, Tokyo Electric Holdings, Toho Gas Corp, Moritani Shokai, Mitsubishi Chemical, Asahi Glass, Ube Ind, other to electric powers & gas makes, other
No. of accounts: 350
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Fisher Controls, Daido Special Metals, UEX Inc, Shimamura Ind, other
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References:
MUFG (Nihombashi)
SMBC (Shimbashi)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
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30/09/2018 |
30/09/2017 |
30/09/2016 |
30/09/2015 |
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Annual
Sales |
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6,540 |
6,344 |
7,470 |
7,041 |
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Recur.
Profit |
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780 |
777 |
730 |
830 |
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Net
Profit |
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560 |
539 |
456 |
392 |
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Total
Assets |
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5,243 |
6,147 |
5,905 |
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Net
Worth |
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3,016 |
2,876 |
2,920 |
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Capital,
Paid-Up |
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860 |
860 |
860 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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3.09 |
-15.07 |
6.09 |
-12.59 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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57.52 |
46.79 |
49.45 |
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N.Profit/Sales |
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8.56 |
8.50 |
6.10 |
5.57 |
Notes: Forecast (or estimated) figures for the
30/09/2018 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.61 |
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1 |
INR 90.17 |
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Euro |
1 |
INR 78.95 |
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Yen |
1 |
INR 0.58 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial condition covering various ratios
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Company background and operations size
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Promoters / Management background
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Payment record
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Litigation against the subject
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Industry scenario / competitor analysis
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Supplier / Customer / Banker review (wherever
available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.