MIRA
INFORM REPORT
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Report Date : |
22.08.2007 |
IDENTIFICATION DETAILS
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Name : |
SHINTOA CORPORATION |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Feb 1952 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
A trading house for import, export, wholesale of foodstuffs, beverages, vending machines, fuels, chemicals, others |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
Yen 1517.2 millions |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
SHINTOA CORPORATION
REGD NAME
Shintoa Koeki KK
MAIN OFFICE
Tel : 03-3286-0211
Fax : 03-3213-2405
URL : http://www.shintoa.co.jp/
E-Mail
address: info@sda.shintoa.co.jp
ACTIVITIES
A trading house for import, export, wholesale of foodstuffs, beverages, vending machines, fuels, chemicals, others
BRANCHES
OVERSEAS
OVERSEAS SUBSIDIARIES
OFFICER(S)
Shuichi
Yamada, ch THORU
TABEI, PRES
Takashi Myojo, s/mgn dir Masahiro Ohno, dir
Yutaka
Tabata, dir Masayoshi
Oku, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 197,944 M
PAYMENTS REGULAR CAPITAL Yen 500 M
TREND SLOW WORTH Yen
4,660 M
STARTED 1952 EMPLOYES 251
COMMENT
TRADING HOUSE, AFFILIATED TO KANEMATSU CORP. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 1,517.2 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established jointly by voluntary groups
of Mitsubishi Corp and former body of Bank of Tokyo-Mitsubishi, as a trading
firm dealing with foods, metals, resources & materials, household items,
etc. In Jan 2006, 60% of Mitsubishi Corp
& its group shares were transferred to Kanematsu Corp, which became 77.4%
owning parent company. This is a trading
firm specializing in farm products, animal feeds, livestock products, vending
machines for beverages, building materials, oil products, aluminum scraps,
etc. Has overseas subsidiaries in
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 197,944 million, a 9% down from Yen 217,500 million in the previous term, affected by sluggish consumer spending. The net profit, on the other hand, improved to Yen 1,882 million from Yen 1,816 million a year ago. The operations, however, dipped into the red to mark Yen 335 million net losses for the term, compared with Yen 1,000 net profit a year ago. The firm booked some extraordinary losses for the term, due to restructuring costs as reported.
For the current term ending Mar 2008 the recurring profit is projected at Yen 1,900 million and the net profit at Yen 500 million, respectively, on a 1% rise in turnover, to Yen 200,000 million. Aircraft engines and vending machines divisions will contribute. Health foods div also growing.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,517.2 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Feb 1952
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 40,000 shares
Issued: 10,000 shares
Sum: Yen 500 million
Major shareholders (%): Kanematsu Corp*(77.4), Tokio M&F
Ins (4.0), MUFG (4.0), Mitsubishi UFJ
Trust Bank (3.0), Meiji Yasuda Life Ins (2.1), Mitsubishi Logistics Corp (2.1)
No. of shareholders: 83
*.. Trading house, formerly general trading businesses, now specializes in foods, IT-related areas, founded 1961, listed Tokyo, Osaka S/E’s, capital Yen 27,781 million, turnover Yen 1,281,331 million, recurring profit Yen 17,255 million, net profit Yen 7,507 million, total assets Yen 563,176 million, net worth Yen 32,959 million, employees 4,545, pres Yoshihiro Miwa
Consolidated Financials are as attached (See SUPPLEMENTS).
Nothing
detrimental is knows as to the commercial morality of executives.
OPERATION
Activities: Wholesales health foods, daily necessities (--17%), health-care equipment, tools, others (--6%), livestock products, farm products, animal feeds (--5%), beverage vending machines (26%), environmental resources, including recycled aluminums (8%), fuels, chemicals (--29%), aircraft engines, parts, electronics materials & supplies (--9%).
(Overseas trading ratio 9%)
Clients: [Mfrs, wholesalers] FV Corporation, Japan Beverage, Self Defense Agency, Gastech Service, Daiwa House Ind, Shinko Service, other
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsubishi Corp, Master Foods,
Otsuka Beverage, Shinko Service, Kurabo, Otsuka Pharmaceutical, Asahi Soft Drinks,
other
Payment
record: Regular
Location: Business area in
Bank References
MUFG
(H/O)
Mitsubishi
Trust Bank (H/O)
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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200,000 |
197,944 |
217,500 |
207,404 |
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Recur.
Profit |
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1,900 |
1,882 |
1,816 |
1,541 |
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Net
Profit |
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500 |
-335 |
1,000 |
554 |
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Total
Assets |
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49,237 |
49,426 |
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Current
Assets |
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41,284 |
41,529 |
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Current
Liabs |
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40,805 |
39,634 |
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Net
Worth |
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4,660 |
6,857 |
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Capital,
Paid-Up |
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500 |
500 |
500 |
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Div.P.Share(¥) |
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0.00 |
30000.00 |
10000.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.04 |
-8.99 |
4.87 |
3.98 |
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Current Ratio |
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101.17 |
104.78 |
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N.Worth Ratio |
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9.46 |
13.87 |
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R.Profit/Sales |
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0.95 |
0.95 |
0.83 |
0.74 |
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N.Profit/Sales |
0.25 |
-0.17 |
0.46 |
0.27 |
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Return On Equity |
.. |
-7.19 |
14.58 |
.. |
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Notes:
Forecast (or estimated) figures for the 31/03/20085 fiscal term.
SUPPLEMENTS:
CONSOLIDATED
FINANCIALS FOR THE PARENT, KANEMTSU CORP
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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1,281,331 |
1,096,409 |
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Cost of Sales |
1,177,619 |
1,014,676 |
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GROSS PROFIT |
103,711 |
81,732 |
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Selling & Adm Costs |
81,997 |
63,750 |
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OPERATING PROFIT |
21,713 |
17,982 |
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Non-Operating P/L |
-4,458 |
-2,273 |
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RECURRING PROFIT |
17,255 |
15,709 |
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NET PROFIT |
7,507 |
-21,686 |
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BALANCE SHEET |
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Cash |
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65,778 |
52,115 |
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Receivables |
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205,639 |
197,953 |
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Inventory |
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84,942 |
79,737 |
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Securities, Marketable |
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Other Current Assets |
50,231 |
51,577 |
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TOTAL CURRENT ASSETS |
406,590 |
381,382 |
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Property & Equipment |
40,601 |
51,041 |
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Intangibles |
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3,549 |
3,905 |
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Investments, Other Fixed Assets |
112,436 |
119,718 |
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TOTAL ASSETS |
563,176 |
556,046 |
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Payables |
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153,283 |
138,970 |
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Short-Term Bank Loans |
143,527 |
215,885 |
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Other Current Liabs |
70,683 |
59,538 |
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TOTAL CURRENT LIABS |
367,493 |
414,393 |
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Debentures |
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Long-Term Bank Loans |
127,151 |
82,548 |
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Reserve for Retirement Allw |
5,441 |
5,863 |
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Other Debts |
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14,324 |
12,264 |
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TOTAL LIABILITIES |
514,409 |
515,068 |
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MINORITY INTERESTS |
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14,972 |
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Common
stock |
27,781 |
27,781 |
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Additional
paid-in capital |
27,646 |
27,641 |
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Retained
earnings |
(9,496) |
(16,294) |
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Evaluation
p/l on investments/securities |
3,853 |
4,816 |
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Others |
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Treasury
stock, at cost |
(627) |
(600) |
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TOTAL S/HOLDERS` EQUITY |
48,767 |
26,004 |
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TOTAL EQUITIES |
563,176 |
556,046 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash
Flows from Operating Activities |
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20,874 |
19,720 |
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Cash
Flows from Investment Activities |
7,822 |
5,382 |
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Cash
Flows from Financing Activities |
-26,583 |
-2,913 |
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Cash,
Bank Deposits at the Term End |
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50,934 |
48,831 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
48,767 |
26,004 |
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Current
Ratio (%) |
110.64 |
92.03 |
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Net
Worth Ratio (%) |
8.66 |
4.68 |
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Recurring
Profit Ratio (%) |
1.35 |
1.43 |
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Net
Profit Ratio (%) |
0.59 |
-1.98 |
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Return
On Equity (%) |
15.39 |
-83.39 |
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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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)