MIRA
INFORM REPORT
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Report Date : |
28.06.2008 |
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 Tokyo 104-0032 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
December 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 : |
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 828.4 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
SHINWA KIGYO CO
LTD
REGD NAME: Shinwa Kigyo KK
MAIN OFFICE: Tsukiboshi Bldg 5F, 4-11-5 Hatchobori Chuoku
Tokyo 104-0032 JAPAN
Tel:
03-3553-8511 Fax: 03-3552-9574
*.. The given
address is its general administration division, stationed in the parent’s headquarters, Nisshin Steel Co Ltd.
URL: http://www.shinwa-kigyo.co.jp/
E-Mail address:info@shinwa-kigyo.co.jp
ACTIVITIES
Contractor of bicycle parking towers; import, export of
metals; operation of golf course, restaurants, filling stations
BRANCHES
Marunouchi (as given), Osaka, Ichikawa, Kure, Yamaguchi,
Saijo (Ehime)
FACTORY(IES)
Yamaguchi (filling station); Ushiku (Ibaraki) (Kinnodai Golf
Country Club)
OFFICER(S)
YUJI ITOH, PRES
Minoru Tamiya, mgn dir
Nobuyuki Ishizaka, dir
Shigeki Kawamura, dir
Kenji Totsuka, dir
Hiromitsu Sakai, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 33,810 M
PAYMENTS REGULAR CAPITAL Yen 499 M
TREND STEADY WORTH Yen 4,206 M
STARTED 1961 EMPLOYES 238
COMMENT
TRADING & ENGINEERING DIVISION OWNED BY NISSHIN STEEL CO LTD. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 828.4 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, Tokyo (see REGISTRATION). The subject firm operates diversified businesses: bicycle parking towers & related facilities, operation of filling stations, restaurants and coffee shops, golf course; ad agency, printing; import & export of raw minerals & intermediates for steel makers; house building & managing real estate & buildings, etc. Major clients are steel makers, wholesalers, steel traders, other, nationwide. The administration division is located at the parent’s address as given.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 33,810 million, a 31% hike from Yen 25,851 million in the previous term. This is thanks to the rising steel product & materials prices and particularly of skyrocketing prices of fuel oils. The recurring profit was posted at Yen 491 million and the net profit at Yen 270 million, respectively, compared with Yen216 million recurring profit and Yen 930 million net profit, respectively, a year ago. The last year’s profits included one-off extraordinary incomes from the disposal of large lots of fixed assets.
For the term ended Mar 2008 the net profit was projected at Yen 275 million, on a 4% rise in turnover, to Yen 35,000 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 828.4 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 649,494 million, recurring profit Yen 54,546 million, net profit Yen 32,191 million, total assets Yen 818,310 million, net worth Yen 356,014 million, employees 6,210, 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 Tokyo. Office premises at the caption address are owned by a group firm and maintained satisfactorily.
Bank References
MUFG (Tokyo)
Mizuho Bank (Kakigaracho)
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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35,000 |
33,810 |
25,851 |
21,763 |
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Recur.
Profit |
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491 |
216 |
288 |
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Net
Profit |
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275 |
270 |
930 |
164 |
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Total
Assets |
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13,515 |
11,791 |
9,248 |
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Current
Assets |
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6,418 |
4,599 |
4,411 |
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Current
Liabs |
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7,109 |
4,087 |
3,406 |
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Net
Worth |
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4,206 |
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 |
3.52 |
30.79 |
18.78 |
16.71 |
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Current Ratio |
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90.28 |
112.53 |
129.51 |
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N.Worth Ratio |
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31.12 |
33.41 |
32.44 |
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R.Profit/Sales |
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1.45 |
0.84 |
1.32 |
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N.Profit/Sales |
0.79 |
0.80 |
3.60 |
0.75 |
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Return On Equity |
.. |
6.42 |
23.61 |
5.47 |
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Notes: Forecast (or estimated) figures for the 31/03/2008
fiscal term.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.79 |
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UK Pound |
1 |
Rs.85.04 |
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Euro |
1 |
Rs.67.39 |
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%)