MIRA
INFORM REPORT
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Report Date : |
05.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHINATOMO CO LTD |
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Registered Office : |
Central Bldg 7F, 3-11-30 Sakae Nakaku Nagoya 460-0008 |
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Country : |
Japan |
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Financials (as on) : |
31/03/2007 |
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Date of Incorporation : |
Aug 1984 |
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Legal Form : |
Limited Company |
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Line of Business : |
Importer, wholesaler of cotton, yarns, synthetic fiber, apparel |
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 449.6 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name
SHINATOMO CO LTD
REGD NAME
Shinatomo KK
MAIN OFFICE
Central Bldg 7F, 3-11-30 Sakae Nakaku Nagoya 460-0008 JAPAN
Tel: 052-262-2811
Fax: 052-221-1570
URL: http://www.shinatomo.co.jp/
E-Mail address: seihin@shinatomo.co.jp
ACTIVITIES
Import, wholesale of cotton, yarns,
synthetic fiber, apparel
BRANCHES
Tokyo, Osaka, Hamamatsu
FACTORY(IES)
(subcontracted)
OFFICER(S)
ISAO YAMASHITA, PRES Hisaji Kondoh, ch
Mitsuo Okawa, mgn dir Kenichi
Ohmukai, dir
Osamu Kubota, dir Shoji
Hayashi, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 25,814 M
PAYMENTS REGULAR CAPITAL Yen 300 M
TREND STEADY WORTH Yen 2,183 M
STARTED 1984 EMPLOYES 82
COMMENT
TRADING FIRM SPECIALIZING IN TEXTILES. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 449.6 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established originally in 1862 when Tomoemon Shinanoya started his own company selling cotton yarns, on his account. Incorporated the firm has been succeeded by his descendants. This is a trading firm specializing in import and wholesale of cotton yarns, natural & synthetic fibers, textiles, apparel, other related goods. Goods are imported from China, India, Pakistan, Korea, Indonesia, other. Close business tie-ups with Toyota Tsusho Corp.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 25,814 million, a 9% up from Yen 23,600 million in the previous term. Import volumes increased sufficiently to cover lower commodity prices. Competition among the trade is seen getting harder. The recurring profit was posted at Yen 183 million and the net profit at Yen 78 million, respectively, compared with Yen 219 million recurring profit and Yen 118 million net profit, respectively, a year ago. Rising costs of operations ate into profits.
For the current term ending Mar 2008 the recurring profit is projected at Yen 185 million and the net profit at Yen 80 million, respectively, on a 5% rise in turnover, to Yen 27,000 million.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max credit limit is estimated at Yen 449.6
million, on 30 days normal terms.
REGISTRATION
Date Registered: Aug
1984
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 2.4
million shares
Issued: 600,000
shares
Sum: Yen
300 million
Major shareholders (%)
Toshin Fudosan KK*(25), Toyota Tsusho Corp
(20), Nisshinbo Ind (13), Hisaji
Kondo (8), MUFG (5) *..Holding company owned by the firm
No. of shareholders
69
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Imports and wholesales cotton
yarns, fibers (50%), textiles, suiting, dress materials (--40%), apparel,
beddings, others (--10%).
Clients
[Mfrs, wholesalers] Nisshinbo Ind, Daiwabo
Co, Kuraray Co, Toyobo Co, Teijin Ltd, Shikibo Ltd, Mitsubishi Corp, Sumitomo
Corp, other.
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Imports from China,
Korea, Taiwan, India, Indonesia, Pakistan, other.
Payment record
Regular
Location
Business area in
Nagoya. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References
MUFG (Nagoya)
Shizuoka Bank (Nagoya)
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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27,000 |
25,814 |
23,600 |
25,873 |
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Recur.
Profit |
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185 |
183 |
219 |
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Net
Profit |
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80 |
78 |
118 |
116 |
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Total
Assets |
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10,269 |
10,339 |
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Current
Assets |
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8,194 |
7,811 |
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Current
Liabs |
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7,157 |
6,796 |
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Net
Worth |
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2,183 |
2,135 |
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Capital,
Paid-Up |
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300 |
300 |
300 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.59 |
9.38 |
-8.79 |
-9.85 |
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Current Ratio |
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.. |
114.49 |
114.94 |
.. |
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N.Worth Ratio |
.. |
21.26 |
20.65 |
.. |
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R.Profit/Sales |
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0.69 |
0.71 |
0.93 |
.. |
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N.Profit/Sales |
0.30 |
0.30 |
0.50 |
0.45 |
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Return On Equity |
.. |
3.57 |
5.53 |
.. |
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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%)