MIRA
INFORM REPORT
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Report Date : |
19.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
SETO SHINKIN BANK |
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Registered Office : |
119-1 Higashiyokoyamacho Seto City Aichi-Pref 489-8650 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
November 1942 |
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Legal Form : |
Cooperative Financial Institution (Shin’yo Kinko) |
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Line of Business : |
Banking Business Operations |
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 109.4 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
SETO SHINKIN BANK
REGD NAME: Seto Shin’yo Kinko
MAIN OFFICE: 119-1
Higashiyokoyamacho Seto City Aichi-Pref 489-8650 JAPAN
Tel:
0561-82-3141
* The given
address is its Branch Office in Kasugai City
URL: http://www.setoshin.co.jp/
E-Mail address: (thru
the URL)
ACTIVITIES
Banking business operations
BRANCHES
Seto (15), Nagoya (31), Owari-Asahi (5), Kasugai (7), Toyota
(3), Komaki (1), Nisshin (1),
Kiyosu (1), Kitanagoya (1), Atagogun (3) (Tot 67 in Aichi-Pref)
OFFICER(S)
YUKIO KASHIMA, PRES
Masaki Ishiwata, v pres
Kunihiko Miyaji, s/mgn dir
Mikizo Yano, mgn dir
Itsuki Matsubara, mgn dir
Toshimi Katoh, mgn dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 26,797 M
PAYMENTS REGULAR CAPITAL Yen 1,175 M
TREND STEADY WORTH Yen 93,097 M
STARTED 1942 EMPLOYES 1,233
COMMENT
BANKING BUSINESS OPERATION.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR PROPER
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 109.4 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of 5 credit unions merged and in 1951 promoted to credit bank. This is a credit bank offering credit banking business centering in Aichi-Pref. Operates a total 67 offices in the Prefecture.
FINANCIAL INFORMATION
The revenues for Mar/2007 fiscal term amounted to Yen 26,797 million, a 10% up from Yen 24,331 million in the previous term. The recurring profit was posted at Yen 254 million and the net profit at Yen 2,702 million, respectively, compared with Yen 213 million recurring profit and Yen 3,861 million net profit, respectively, a year ago. Due to lifting of zero interest rate policy the interests on deposits rose which ate into net profit.
For the term just ended Mar 2008 the recurring profit was projected at Yen 260 million and the net profit at Yen 2,800 million, respectively, on a 5% rise in turnover, to Yen 28,000 million.
The financial situation is considered FAIR and good for PROPER business engagements. Max credit limit is estimated at Yen 109.4 million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov 1942
Legal Status: Cooperative Financial Institution (Shin’yo Kinko)
Capital: Yen 1,175 shares
No. of shareholders: 54,103
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Banking business operations, operating 67 branch offices in Aichi-Pref (--100%)
Deposits: At end Mar/2007 (Yen 1,282,900 million); at end Dec/2007 (Yen 1,323,000 million);
Loans: At end Mar/2007 (Yen 693,300 million); at end Dec/2007 (Yen 672,800 million)
Loan composition: Mfrs (22.7%), Construction (9.7%), Wholesalers/retailers (15.0%), Real Estate (11.2%), Servicing businesses (12.2%), local governments (3.3%), individuals (23.5%), other. (As of Dec/2007)
Clients
Consumers, business firms, local municipalities, other.
No. of accounts
Unavailable
Domestic areas of activities
Centered in Aichi-Pref
Suppliers
[Financial institutions] MUFG, Shinkin Chukin, other.
Payment record
Regular
Location
Business area in Seto City. Office premises at the caption address are owned and maintained satisfactorily.
FINANCES: (In Million Yen)
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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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26,797 |
24,331 |
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Cost of Sales |
5,862 |
3,766 |
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GROSS PROFIT |
20,935 |
20,565 |
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Selling & Adm Costs |
17,345 |
16,736 |
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OPERATING PROFIT |
3,590 |
3,829 |
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Non-Operating P/L |
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RECURRING PROFIT |
254 |
213 |
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NET PROFIT |
2,702 |
3,601 |
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BALANCE
SHEET |
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Cash |
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30,582 |
13,116 |
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Receivables |
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186,740
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139,032
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Inventory |
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Securities, Marketable |
491,576
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458,570
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Other Current Assets |
677,002
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734,512
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TOTAL CURRENT ASSETS |
1,385,900
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1,345,230
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Property & Equipment |
20,155 |
20,560 |
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Intangibles |
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140 |
141 |
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Investments, Other Fixed Assets |
(3,475) |
503 |
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TOTAL ASSETS |
1,402,720
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1,366,434
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Payables |
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1,282,995
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1,262,395
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Short-Term Bank Loans |
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Other Current Liabs |
13,824 |
5,170 |
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TOTAL CURRENT LIABS |
1,296,819
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1,267,565
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
7,165 |
7,113 |
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Other Debts |
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5,648 |
6,374 |
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TOTAL LIABILITIES |
1,309,632
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1,281,052
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MINORITY INTERESTS |
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Common
stock |
1,175 |
1,160 |
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Additional
paid-in capital |
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Retained
earnings |
89,777 |
87,168 |
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Evaluation
p/l on investments/securities |
2,134 |
(2,946) |
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Others |
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1 |
0 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
93,087 |
85,382 |
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TOTAL EQUITIES |
1,296,820 |
1,366,434 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
93,087 |
85,382 |
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Current
Ratio (%) |
106.87 |
106.13 |
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Net
Worth Ratio (%) |
7.18 |
6.25 |
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Recurring
Profit Ratio (%) |
0.95 |
0.88 |
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Net
Profit Ratio (%) |
10.08 |
14.80 |
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Return
On Equity (%) |
2.90 |
4.22 |
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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%)