MIRA
INFORM REPORT
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Report Date : |
03.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHINYEI MATERIAL CO LTD |
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Registered Office : |
Shinyei Bldg 2F, 77-1 Kyomachi Chuoku Kobe 650-0034 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
November 1987 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, WholesaleoOf Glass, Timber, Other Building
Materials, Furniture |
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 106.1 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
SHINYEI MATERIAL CO LTD
REGD NAME: Shinyei Material KK
MAIN OFFICE: Shinyei Bldg 2F, 77-1
Kyomachi Chuoku Kobe 650-0034 JAPAN
Tel:
078-392-6934 Fax: 078-331-7456
URL: http://www.shinyei.co.jo/smc/
E-Mail address:OPE@smc.shinyei.co.jp
ACTIVITIES
Import, wholesale of glass, timber, other building
materials, furniture
BRANCHES
Tokyo, Osaka, Fukui (of the parent’s branches)
OFFICER(S)
HIDEO AKAZAWA, PRES
Taro Nakagawa, dir
Hideki Nonoo, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 5,057 M
PAYMENTS REGULAR CAPITAL Yen 100 M
TREND STEADY WORTH Yen 589 M
STARTED 1987 EMPLOYES 35
COMMENT
IMPORTER & WHOLESALER SPECIALIZING IN BUILDING
MATERIALS, WHOLLY OWNED
BY SHINYEI KAISHA.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 106.1 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a building materials division separated from Shinyei Kaisha (See REGISTRATION) as SK Kenzai Kogyo KK. In Apr 2003 renamed as cap- tioned. This is a trading firm specializing in building materials: glass, stone, wood, other. Also handles bearings, other industrial materials, household furniture, etc. In Apr/2002, transferred from the parent its glass/timber business; in Jan/2005 its industrial materials operations. Goods are mostly subcontracted mfg to factories in China, Korea & Taiwan, and imported. Exports the goods from China to Europe, USA, etc.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 5,057 million, a 5% up from Yen 4,808 million in the previous term. Benefited from the hike in material prices. The operations came back to profitability to post Yen 38 million recurring profit and Yen 15 million net profit, respectively, compared with Yen 11 million recurring loss and Yen 18 million net loss, respectively, a year ago.
For the term just ended Mar 2008 the recurring profit was projected at Yen 40 million and the net profit at Yen 15 million, respectively, on a 6% rise in turnover, to Yen 5,350 million. Business is seen continuing growth. Export demand is good.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 106.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov 1987
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 8,000 shares
Issued: 2,000 shares
Sum: Yen 10 million
Major shareholders (%)
Shinyei Kaisha*(100)
* Wholesaler of foodstuffs & clothing, at the caption address, founded 1887, listed Tokyo, Osaka S/E’s, capital Yen 1,980 million, sales Yen 51,352 million, operating profit Yen 861 million, recurring profit Yen 666 million, net profit Yen 363 million, total assets Yen 28,556 million, net worth Yen 5,735 million, employees 641, pres Shoichi Atarashi
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports, exports and wholesales building & industrial materials, household equipment, others (--100%).
(Handling items by
divisions):
Glass Division: sheet glass, insulating glass, laminated glass (crime-preventive type), automotive glass, transmitting glass, emboss-type glass, other: goods are mfr’d and processed at partner factories in China, Korea, Taiwan, etc;
Wood Division: Exterior timber materials (landscape type), pre-cut timber, bonded wood, floorings, other building materials, furniture mfg materials, panels, other: goods are mainly manufactured and processed in China and directly exported to Japan, Europe, USA, other;
Industrial Materials Division: ball bearings, joints & cast metals, precision instruments, bolts & nuts, kitchen utensils, household equipment, outdoor goods (including tents), health-care appliances, home electronics parts & components, golf outfits, others;
Real Estate Div: Real estate survey & appraisal business, real estate broking, other..
Clients
[Mfrs, wholesalers] Shinyei Kaisha, Earnest Inc, Himeji Shoko, Royal Collection,
Meidai, other.
No. of accounts
500
Domestic areas of activities
Centered in greater-Osaka
Suppliers
[Mfrs, wholesalers] Shinyei Kaisha, Asahi Kasei Construction Materials, Itochu Kenzai Corp, other.
Payment record
Regular
Location
Business area in Kobe. Office premises at the caption address are owned by the parent, Shinyei Kaisha, and maintained satisfactorily.
Bank References
SMBC (Kobe)
MUFG (Kobe)
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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5,350 |
5,057 |
4,808 |
4,352 |
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Recur.
Profit |
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40 |
38 |
-11 |
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Net
Profit |
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15 |
15 |
-18 |
24 |
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Total
Assets |
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2,117 |
1,863 |
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Current
Assets |
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1,356 |
1,144 |
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Current
Liabs |
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986 |
809 |
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Net
Worth |
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589 |
574 |
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Capital,
Paid-Up |
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100 |
100 |
100 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.79 |
5.18 |
10.48 |
8.47 |
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Current Ratio |
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137.53 |
141.41 |
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N.Worth Ratio |
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27.82 |
30.81 |
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R.Profit/Sales |
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0.75 |
0.75 |
-0.23 |
.. |
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N.Profit/Sales |
0.28 |
0.30 |
-0.37 |
0.55 |
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Return On Equity |
.. |
2.55 |
-3.14 |
.. |
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Notes: Forecast (or estimated) figures for the 31/03/2008
fiscal term.
SUPPLEMENTS:
CONSOLIDATED FINANCIALS OF THE PARENT, SHINYEI KAISHA
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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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51,352 |
48,750 |
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Cost of Sales |
42,541 |
38,923 |
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GROSS PROFIT |
8,811 |
9,826 |
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Selling & Adm Costs |
7,949 |
8,473 |
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OPERATING PROFIT |
861 |
1,353 |
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Non-Operating P/L |
-195 |
-221 |
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RECURRING PROFIT |
666 |
1,132 |
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NET PROFIT |
363 |
549 |
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BALANCE SHEET |
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Cash |
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1,783 |
1,483 |
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Receivables |
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7,855 |
7,212 |
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Inventory |
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7,627 |
7,103 |
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Securities, Marketable |
19 |
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Other Current Assets |
1,213 |
1,232 |
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TOTAL CURRENT ASSETS |
18,497 |
17,030 |
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Property & Equipment |
4,434 |
4,362 |
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Intangibles |
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834 |
790 |
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Investments, Other Fixed Assets |
4,791 |
5,514 |
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TOTAL ASSETS |
28,556 |
27,696 |
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Payables |
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4,594 |
3,714 |
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Short-Term Bank Loans |
7,128 |
7,422 |
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Other Current Liabs |
3,500 |
2,715 |
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TOTAL CURRENT LIABS |
15,222 |
13,851 |
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Debentures |
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500 |
1,120 |
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Long-Term Bank Loans |
4,807 |
4,189 |
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Reserve for Retirement Allw |
1,084 |
1,324 |
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Other Debts |
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1,207 |
1,261 |
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TOTAL LIABILITIES |
22,820 |
21,745 |
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MINORITY INTERESTS |
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Common
stock |
1,980 |
1,980 |
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Additional
paid-in capital |
1,049 |
1,049 |
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Retained
earnings |
1,731 |
1,565 |
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Evaluation
p/l on investments/securities |
1,046 |
1,484 |
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Others |
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(65) |
(123) |
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Treasury
stock, at cost |
(5) |
(4) |
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TOTAL S/HOLDERS` EQUITY |
5,736 |
5,951 |
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TOTAL EQUITIES |
28,556 |
27,696 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash
Flows from Operating Activities |
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604 |
-1,235 |
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Cash
Flows from Investment Activities |
-176 |
-451 |
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Cash
Flows from Financing Activities |
-142 |
1,157 |
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Cash,
Bank Deposits at the Term End |
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1,783 |
1,483 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
5,736 |
5,951 |
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Current
Ratio (%) |
121.51 |
122.95 |
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Net
Worth Ratio (%) |
20.09 |
21.49 |
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Recurring
Profit Ratio (%) |
1.30 |
2.32 |
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Net
Profit Ratio (%) |
0.71 |
1.13 |
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Return
On Equity (%) |
6.33 |
9.23 |
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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%)