MIRA
INFORM REPORT
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Report Date : |
01.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHINKO INVESTMENT TRUST MANAGEMENT CO LTD |
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Registered Office : |
Shinko Bldg, 1-17-10 Nihombashi Chuoku Tokyo 103-0027 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
June 1961 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Investment Trust Fund Manager |
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 705.4 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
SHINKO INVESTMENT TRUST MANAGEMENT CO LTD
REGD NAME
Shinko Toushin KK
MAIN OFFICE
Shinko Bldg, 1-17-10 Nihombashi Chuoku Tokyo 103-0027 JAPAN
Tel: 033277-1811 Fax: 03-3272-4710
URL
http://www.shinkotoushin.co.jp/
E-Mail address
ACTIVITIES
Investment trust fund manager
LICENSE
Kanto FSA #339
BRANCHES
Nil
OFFICER(S)
Junji Matsunaga, ch
AKIRA YOSHIDA, PRES
Yukihiko Kuramoto, dir
Masafumi Miyoshi, dir
Akira Narumi, dir
Yen Amount
In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 10,952 M
PAYMENTS REGULAR CAPITAL Yen 4,524 M
TREND STEADY WORTH Yen 23,385 M
STARTED 1961 EMPLOYES 172
COMMENT
INVESTMENT TRUST FUND MANAGER,
OWNED BY SHINKO SECURITIES CO LTD.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 705.4 MILLION, 30 DAYS NORMAL
TERMS
HIGHLIGHTS
The subject company was established
by O’i Securities Trust Co Ltd (now merged into Shinko Securities Co Ltd of
Mizuho Corporate Bank group (See REGISTRATION). This is an investment trust fund manager.
Operating funds as of Mar/2007:
Yen 1,794,400 million
Total fund units: 641 funds as of
Dec/2007
FINANCIAL INFORMATION
The sales volume for Mar/2007
fiscal term amounted to Yen 10,952 million, a 41% hike from Yen 7,753 million
in the previous term. The recurring
profit was posted at Yen 1,541 million and the net profit at Yen 1,249 million,
respectively, compared with Yen 479 million recurring profit and Yen 985
million net profit, respectively, a year ago.
For the current term ending Mar
2008 the recurring profit is projected at Yen 1,900 million and the net profit
at Yen 1,400 million, respectively, on a 23% rise in turnover, to Yen 13,500
million.
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 705.4
million, on 30 days normal terms.
Financial Summary:
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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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13,500 |
10,952 |
7,753 |
6,629 |
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Recur.
Profit |
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1,900 |
1,541 |
479 |
246 |
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Net
Profit |
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1,400 |
1,249 |
985 |
440 |
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Total
Assets |
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26,105 |
26,695 |
23,678 |
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Current
Assets |
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14,587 |
12,426 |
15,614 |
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Current
Liabs |
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1,654 |
2,670 |
1,417 |
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Net
Worth |
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23,385 |
23,421 |
21,767 |
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Capital,
Paid-Up |
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4,524 |
4,524 |
4,524 |
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Div.P.Share(¥) |
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0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
23.27 |
41.26 |
16.96 |
9.10 |
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Current Ratio |
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881.92 |
465.39 |
1,101.91
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N.Worth Ratio |
.. |
89.58 |
87.74 |
91.93 |
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R.Profit/Sales |
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14.07 |
14.07 |
6.18 |
3.71 |
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N.Profit/Sales |
10.37 |
11.40 |
12.70 |
6.64 |
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Return On Equity |
.. |
5.34 |
4.21 |
2.02 |
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Forecast for the 31/03/2008 fiscal
term.
REGISTRATION
Date Registered: Jun 1961
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 1.82 million shares
Issued: 1.82 million shares
Sum: Yen 4,524 million
Major shareholders (%)
Shinko Securities Co*(76.4), Shinko
Sogo Kenkyusho (6.5), Mizuho
Corporate Bank (4.9), Mizuho Bank
(4.9)
No. of shareholders: 41
* Shinko Securities Co Ltd,
leading comprehensive securities house of Mizuho Banking group, founded 1917,
listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 125,127 million, turnover Yen
146,794 million, operating profit Yen 23,786 million, recurring profit Yen
29,056 million, net profit Yen 21,935 million, total assets Yen 3,734,941
million, net worth Yen 125,127 million, employees 4,648, pres Takashi Kusuma
Nothing detrimental is known as to
the commercial morality of executives.
OPERATION
Activities: Investment trust fund
manager (100%).
Licensed by Kanto FSA #339
Operating funds total 141 as of
end Dec/2007.
Clients
Business firms, investors, other
No. of accounts
Unavailable
Domestic areas of activities
Nationwide
Suppliers
Stock markets
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References
Resona Bank (Nihombashi)
Mizuho Corporate Bank (Kabutocho)
Relations: Satisfactory
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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10,952 |
7,753 |
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Cost of Sales |
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GROSS PROFIT |
10,952 |
7,753 |
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Selling & Adm Costs |
9,713 |
7,408 |
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OPERATING PROFIT |
1,238 |
345 |
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Non-Operating P/L |
303 |
134 |
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RECURRING PROFIT |
1,541 |
479 |
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NET PROFIT |
1,249 |
985 |
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BALANCE SHEET |
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Cash |
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3,745 |
5,690 |
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Receivables |
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2,692 |
1,781 |
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Inventory |
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Securities, Marketable |
6,017 |
1,915 |
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Other Current Assets |
(28) |
5,201 |
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TOTAL CURRENT ASSETS |
12,426 |
14,587 |
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Property & Equipment |
14,268 |
11,517 |
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Intangibles |
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203 |
23 |
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Investments, Other Fixed Assets |
(202) |
(22) |
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TOTAL ASSETS |
26,695 |
26,105 |
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Payables |
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1,668 |
1,484 |
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Short-Term Bank Loans |
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Other Current Liabs |
1,002 |
170 |
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TOTAL CURRENT LIABS |
2,670 |
1,654 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
93 |
152 |
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Other Debts |
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511 |
914 |
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TOTAL LIABILITIES |
3,274 |
2,720 |
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MINORITY INTERESTS |
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Common
stock |
4,524 |
4,524 |
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Additional
paid-in capital |
2,761 |
2,761 |
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Retained
earnings |
15,030 |
14,521 |
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Evaluation
p/l on investments/securities |
1,109 |
1,582 |
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Others |
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1 |
1 |
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Treasury
stock, at cost |
(4) |
(4) |
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TOTAL S/HOLDERS` EQUITY |
23,421 |
23,385 |
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TOTAL EQUITIES |
26,695 |
26,105 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
23,421 |
23,385 |
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Current
Ratio (%) |
465.39 |
881.92 |
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Net
Worth Ratio (%) |
87.74 |
89.58 |
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Recurring
Profit Ratio (%) |
14.07 |
6.18 |
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Net
Profit Ratio (%) |
11.40 |
12.70 |
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Return
On Equity (%) |
5.33 |
4.21 |
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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%)