MIRA
INFORM REPORT
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Report Date : |
23.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
SETTSU METAL INDUSTRIAL CO LTD |
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Registered Office : |
4-1-26 Yagumonishi Moriguchi City Osaka-Pref 570-0006 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
December 1950 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of
Racks, Cases for Telecommunications and Electronics Equipment |
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 136.8 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
SETTSU METAL INDUSTRIAL CO LTD
REGD NAME: Settsu Kinzoku Kogyo
KK
MAIN OFFICE: 4-1-26 Yagumonishi
Moriguchi City Osaka-Pref 570-0006 JAPAN
Tel:
06-6992-2331 Fax: 06-6991-6269
E-Mail address: eigyou@settsu.co.jp
ACTIVITIES
Mfg of racks, cases for telecommunications & electronics
equipment
BRANCHES
Tokyo, Fuchu, Osaka, Yokohama, Nagoya, Kyoto, Fukuoka
FACTORY(IES)
At the caption address
OFFICER(S)
NOBUYUKI ITOH, PRES
Shinnosuke Itoh, mgn dir
Masahiro Nakanishi, dir
Shigeto Yamada, dir
Nobuo Kohno, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 3,990 M
PAYMENTS REGULAR CAPITAL Yen 746 M
TREND STEADY WORTH Yen 7,496 M
STARTED 1950 EMPLOYES 214
COMMENT
MFR OF CONTAINERS & RACKS FOR
TELECOMMUNICATIONS/ELECTRONICS EQUIPMENT.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 136.8 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by father of Nobuyuki Itoh for mfg packages & contain-ers. With development of telecommunications the firm diversified mfg items to racks & trunks for use in telecommunications and electronics equipment, such as cabinet rack, open rack, desk cabinets, etc. In 1995, signed with Zero Inc (USA) as its exclusive distributor in Japan. Clients are electronics mfrs nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen
3,990 million, a 6% up from Yen 3,765 million in the previous term, supported
by brisk demand from IT industries. The
recurring profit was posted at Yen 128 million and the net profit at Yen 131 million,
respectively, compared with Yen 154 million recurring profit and Yen 103
million net profit, respectively, a year ago.
For
the current term ending Mar 2008 the net profit is projected at Yen 135
million, on a 5% rise in turnover, to Yen 4,200 million. Demand continues rising.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 136.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1950
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 5
million shares
Issued: 1,493,940
shares
Sum: Yen
746.97 million
Major shareholders (%)
Nobuyuki Itoh, Resona Bank, Shinnosuke Itoh, others (breakdown unavailable)
No. of shareholders: 35
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Manufactures racks, cabinets, trunks & containers for use in telecommunications & electronics equipment (--100%).
Handling items: cabinet rack, open rack, desk cabinet, console desk, sub rack, system plat-form, metal case, unit case, plastic case, container trunk case, network rack, server rack, other accessories.
Clients
[Electronics mfrs] Jupiter Telecom, Panasonic SS Marketing, Okamoto Electronics Corp, Kakuta Radio & Electric Co, Arrow-denshi Corp, other.
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Daiwa Kodo, Kanpoh Steel, Fukunishi Electrical Co, Canox Corp, other.
Payment record
Regular
Location
Light
industrial area in Moriguchi City, Osaka-Pref.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Resona Bank (Moriguchi)
MUFG (Moriguchi)
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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4,200 |
3,990 |
3,765 |
4,064 |
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Recur.
Profit |
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128 |
154 |
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Net
Profit |
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135 |
131 |
103 |
90 |
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Total
Assets |
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13,425 |
12,379 |
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Current
Assets |
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4,255 |
4,636 |
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Current
Liabs |
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2,207 |
1,565 |
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Net
Worth |
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7,496 |
7,422 |
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Capital,
Paid-Up |
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746 |
746 |
746 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.26 |
5.98 |
-7.36 |
-7.68 |
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Current Ratio |
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.. |
192.80 |
296.23 |
.. |
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N.Worth Ratio |
.. |
55.84 |
59.96 |
.. |
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R.Profit/Sales |
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.. |
3.21 |
4.09 |
.. |
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N.Profit/Sales |
3.21 |
3.28 |
2.74 |
2.21 |
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Return On Equity |
.. |
1.75 |
1.39 |
.. |
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Notes: Forecast (or estimated) figures for the 31/03/2008
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%)