MIRA
INFORM REPORT
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Report Date : |
27.08.2007 |
IDENTIFICATION DETAILS
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Name : |
MEIHAN SHINKU KOGYO CO LTD |
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Registered Office : |
106-1 Koyama Kanancho Minamikawachigun |
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Country : |
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Financials (as on) : |
31.07.2007 |
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Date of Incorporation : |
Nov 1983 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Surface processing of
plastics, vacuum metalizing, other |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 187.6 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
MEIHAN SHINKU KOGYO CO LTD
REGD NAME
Meihan Shinku
Kogyo KK
MAIN OFFICE
106-1 Koyama
Kanancho Minamikawachigun Osaka-Pref 585-0034
Tel : 0721-90-3223
Fax : 0721-93-5777
URL : http://www.msk-japan.co.jp
E-Mail
address: info@msk-japan.co.jp
ACTIVITIES
Surface
processing of plastics, vacuum metalizing, other
BRANCHES
FACTORY(IES)
At the
caption address,
OFFICERS
NISSHO
IWAMOTO, PRES Kenji
Hashimoto, s/mgn dir
Chiaki
Satoh, dir Miharu
Iwamoto, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 5,247 M
PAYMENTS REGULAR CAPITAL Yen 28 M
TREND STEADY WORTH Yen
2,371 M
STARTED 1983 EMPLOYES 140
COMMENT
SURFACE PROCESSING OF PLASTICS, VACUUM METALIZING WORKS. FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 187.6 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by Nissho Iwamoto in order
to make most of his previous experience in the subject line of business. Started as a vacuum deposition firm and pursued
the technology of surface processing for plastics and developed various
processing: hard-coat, anti-reflection, anti-static electricity, etc. Also handles vacuum metalizing. Goods are exported to
FINANCIAL INFORMATION
The sales volume for Jul/2006 fiscal term amounted to Yen 5,247 million, a 9% up from Yen 4,830 million in the previous term. Exports were robust particularly for application for cellular phones. The recurring profit was posted at Yen 1,399 million and the net profit at Yen 592 million, respectively, compared with Yen 1,077 million recurring profit and Yen 632 million net profit, respectively, a year ago.
For the current term ending Jul 2007 the net profit is projected at Yen 600 million, on a 3% rise in turnover, to Yen 5,400 million. Exports continue expanding. Weaker Yen will help uplift sales in Yen terms, too.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 187.6 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Nov 1983
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 800 shares
Issued: 560 shares
Sum: Yen 28 million
Major shareholders (%): Nissho
Iwamoto (57), Mitsubishi Gas Chemical (29), Miharu Iwamoto (14)
No. of shareholders: 8
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities:
Surface processing of plastics, vacuum metalizing, other (--100%).
Surface Processing of Plastics: hard coat processing, non-glare processing, anti-static processing, anti-haze processing, weathering processing, other;
Vacuum Metalizing: mirror/half mirror, anti-reflection processing, ITO processing, increased reflection processing, other.
(Application):
Screen Windows for cellular phones: mar resistant processing, anti-static processing, mirror processing;
Front panels for projection TVs: mar resistant processing, anti-static processing, non-glare MR processing;
Helmet shields & Goggles: mar resistant processing, anti-fog processing, water repellent processing, half mirror processing;
Front panels for LCD monitors; mar
resistant processing, anti-reflection processing;
Inscription boards for Audio: mar
resistant processing, half mirror processing;
Windproof panels for highways &
construction panels: mar resistant processing, weathering
processing.
Clients: [Mfrs, wholesalers] Mitsubishi Gas Chemical, Sumitomo Chemical Ind, Shoei, Mitsubishi Plastics Inc, Takiron Co, Kuraray Trading, other.
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Sumitomo Gas Chemical, Mitsubishi Plastics, Takiron Co, Kuraray Trading, Mitsubishi Corp, Tokyo Shokai, other.
Payment
record: Regular
Location: Business area in Minamikawachigun, Osaka-Pref. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
Resona
Bank (Koshiba)
MUFG (
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
31/07/2007 |
31/07/2006 |
31/07/2005 |
31/07/2004 |
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Annual
Sales |
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5,400 |
5,247 |
4,830 |
5,029 |
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Recur.
Profit |
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1,399 |
1,077 |
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Net
Profit |
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600 |
592 |
632 |
487 |
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Total
Assets |
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3,953 |
4,432 |
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Current
Assets |
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2,916 |
3,376 |
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Current
Liabs |
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878 |
2,051 |
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Net
Worth |
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2,371 |
1,779 |
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Capital,
Paid-Up |
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28 |
28 |
28 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.92 |
8.63 |
-3.96 |
51.11 |
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Current Ratio |
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332.12 |
164.60 |
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N.Worth Ratio |
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59.98 |
40.14 |
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R.Profit/Sales |
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26.66 |
22.30 |
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N.Profit/Sales |
11.11 |
11.28 |
13.08 |
9.68 |
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Return On Equity |
.. |
24.97 |
35.53 |
.. |
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Note:
Forecast (or estimated) for the 31/07/2007 fiscal term.
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%)