MIRA
INFORM REPORT
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Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SHINWA KIGYO CO LTD |
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Registered Office : |
Tsukiboshi Bldg 5F, 4-11-5 Hatchobori Chuoku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Dec 1961 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Contractor of bicycle parking towers; import, export of metals; operation of golf course, restaurants, filling stations |
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 711.3 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
SHINWA KIGYO CO LTD
REGD NAME
Shinwa Kigyo KK
MAIN OFFICE
Tsukiboshi Bldg
5F, 4-11-5 Hatchobori Chuoku
Tel : 03-3553-8511
Fax : 03-3552-9574
URL : http://www.shinwa-kigyo.co.jp/
E-Mail address: info@shinwa-kigyo.co.jp
*.. The given address is its general administration division, stationed in the parent’s headquarters, Nisshin Steel Co Ltd.
ACTIVITIES
Contractor of
bicycle parking towers; import, export of metals; operation of golf course,
restaurants, filling stations
BRANCHES
Marunouchi (as
given),
FACTORY(IES)
Yamaguchi (filling
station); Ushiku (
OFFICER(S)
YUJI ITOH, PRES Minoru Tamiya,
mgn dir
Shoji Matsubara, dir Nobuyuki Ishizaka, dir
Shigeki Kawamura, dir Kenji Totsuka, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 25,851 M
PAYMENTS REGULAR CAPITAL Yen 499 M
TREND STEADY WORTH Yen
3,939 M
STARTED 1961 EMPLOYES 271
COMMENT
TRADING & ENGINEERING DIVISION OWNED BY NISSHIN STEEL CO LTD. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 711.3 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a trading
servicing division separated from Nisshin Steel Co Ltd,
FINANCIAL INFORMATION
Financials are consolidated by the parent (See supplements).
The sales volume for Mar/2006 fiscal term amounted to Yen 25,851 million, a 19% up from Yen 21,763 million in the previous term. This is thanks to the rising steel product & materials prices. The recurring profit was posted at Yen 216 million and the net profit at Yen 930 million, respectively, compared with Yen 288 million recurring profit and Yen 164 million net profit, respectively, a year ago. The sharp rise in profits account for one-off extraordinary incomes from the disposal of large lots of fixed assets.
For the term ended Mar 2007 the recurring profit was projected at Yen 350 million and the net profit at Yen 200 million, on a 10% rise in turnover, to Yen 28,500 million. Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 711.3 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1961
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 39.86 million shares
Issued: 9.99 shares
Sum: Yen 499 million
Major shareholders
(%): Nisshin Steel Co Ltd*(99.6)
*.. 5th ranked furnace steelmaker with surface-treated steel products as mainline, Tokyo (at the given address), founded 1928, listed Tokyo, Osaka, Nagoya, Frankfurt S/E’s, capital Yen 79,913 million, sales Yen 641,345 million, recurring profit Yen 62,130 million, net profit Yen 37,213 million, total assets Yen 826,539 million, net worth Yen 375,637 million, employees 6,234, pres Hideo Suzuki
No. of
shareholders: 5
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: A trading & engineering company, owned by Nisshin Steel Co Ltd, specializing in: design, building of housing condominiums, office building, public buildings, shopping malls, other, including maintenance & repairing works (25%), bicycle parking towers & peripheral facilities & equipment (25%); ad agency, printing of corporate brochures, trade manuals, others (25%); import, export of steels, nonferrous metals, iron wastes, working tools, paints, chemicals, fats, firebricks, other (25%); health-care & welfare division, eco-friendly table ware, kitchenware; operation of golf course (25%). (Sales breakdowns are all about)
Clients: [Steel makers, government agencies] Nisshin Steel, Sun Wave Corp, Nihon Teppan, Nisshin A&C, Sanko Metal Ind, Tsukiboshi Logistics, Toho Kinzoku, other.
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Nisshin Steel, Nisshin A&C, Tokio Marine & Nichido Fire Ins, Hiroshima Aluminum Ind, Nippon Oil Corp, Kinnodai Golf Course, other.
Payment record:
Regular
Location: Business area in
Bank References
MUFG (
Mizuho Bank
(Kakigaracho)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2007 |
31/03/2006 |
31/03/2005 |
31/03/2004 |
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Annual
Sales |
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28,500 |
25,851 |
21,763 |
18,647 |
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Recur.
Profit |
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350 |
216 |
288 |
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Net
Profit |
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200 |
930 |
164 |
207 |
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Total
Assets |
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11,791 |
9,428 |
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Current
Assets |
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4,599 |
4,411 |
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Current
Liabs |
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4,087 |
3,406 |
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Net
Worth |
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3,939 |
3,000 |
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Capital,
Paid-Up |
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499 |
499 |
499 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
10.25 |
18.78 |
16.71 |
5.01 |
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Current Ratio |
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112.53 |
129.51 |
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N.Worth Ratio |
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33.41 |
31.82 |
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R.Profit/Sales |
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1.23 |
0.84 |
1.32 |
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N.Profit/Sales |
0.70 |
3.60 |
0.75 |
1.11 |
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Return On Equity |
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23.61 |
5.47 |
.. |
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Notes: Financials
are consolidated by the parent, Nisshin Steel Co Ltd.
Forecast (or estimated)
figures for the 31/03/2007 fiscal term.
SUPPLEMENTS:
CONSOLIDATED
FINANCIALS OF THE PARENT, NISSHIN STEEL CO LTD
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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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641,245 |
556,056 |
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Cost of Sales |
528,568 |
438,550 |
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GROSS PROFIT |
112,677 |
117,506 |
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Selling & Adm Costs |
49,406 |
47,307 |
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OPERATING PROFIT |
63,270 |
70,198 |
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Non-Operating P/L |
-1,140 |
-7,046 |
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RECURRING PROFIT |
62,130 |
63,152 |
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NET PROFIT |
37,213 |
24,464 |
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BALANCE SHEET |
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Cash |
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15,890 |
18,989 |
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Receivables |
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112,759 |
89,263 |
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Inventory |
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128,070 |
123,974 |
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Securities, Marketable |
4,901 |
4,546 |
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Other Current Assets |
32,107 |
22,694 |
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TOTAL CURRENT ASSETS |
293,727 |
259,466 |
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Property & Equipment |
267,922 |
268,437 |
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Intangibles |
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8,518 |
8,788 |
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Investments, Other Fixed Assets |
256,372 |
181,546 |
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TOTAL ASSETS |
826,539 |
718,237 |
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Payables |
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110,921 |
87,989 |
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Short-Term Bank Loans |
55,857 |
60,519 |
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Other Current Liabs |
83,881 |
90,499 |
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TOTAL CURRENT LIABS |
250,659 |
239,007 |
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Debentures |
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40,000 |
33,000 |
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Long-Term Bank Loans |
52,982 |
39,615 |
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Reserve for Retirement Allw |
35,363 |
48,338 |
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Other Debts |
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61,840 |
33,047 |
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TOTAL LIABILITIES |
440,844 |
393,007 |
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MINORITY INTERESTS |
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9,634 |
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Common
stock |
79,913 |
79,913 |
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Additional
paid-in capital |
49,893 |
49,893 |
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Retained
earnings |
160,769 |
129,333 |
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Evaluation
p/l on investments/securities |
98,527 |
65,297 |
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Others |
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11,813 |
893 |
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Treasury
stock, at cost |
(15,221) |
(9,735) |
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TOTAL S/HOLDERS` EQUITY |
385,694 |
315,594 |
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TOTAL EQUITIES |
826,539 |
718,237 |
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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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52,249 |
42,411 |
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Cash
Flows from Investment Activities |
-48,040 |
-22,877 |
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Cash
Flows from Financing Activities |
-7,338 |
-27,650 |
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Cash,
Bank Deposits at the Term End |
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15,885 |
18,984 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth
(S/Holders' Equity) |
385,694 |
315,594 |
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Current
Ratio (%) |
117.18 |
108.56 |
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Net
Worth Ratio (%) |
46.66 |
43.94 |
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Recurring
Profit Ratio (%) |
9.69 |
11.36 |
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Net
Profit Ratio (%) |
5.80 |
4.40 |
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Return
On Equity (%) |
9.65 |
7.75 |
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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/normal. |
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%)