MIRA
INFORM REPORT
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Report Date : |
22.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHIGA WOOD CO LTD |
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Registered Office : |
151 Tatsumicho Nagahama Shiga-Pref 526-0834 |
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Country : |
Japan |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
June 1997 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of 2x4 Housing Panels, Pallets, Plywood,
Resin Pallets; House Building Works |
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 38.0 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
SHIGA WOOD CO LTD
REGD NAME: KK Shiga Wood
MAIN OFFICE: 151 Tatsumicho
Nagahama Shiga-Pref 526-0834 JAPAN
Tel:
0749-62-1517 Fax: 0749-63-8817
URL: http://www.shigawood.com/
E-Mail address: info@shigawood.com
ACTIVITIES
Mfg of 2x4 housing panels, pallets, plywood, resin pallets;
house building works
BRANCHES
Nil
FACTORY(IES)
At the caption address
OFFICER(S)
FUMIO TAKAHASHI, PRES
Masaru Hashimoto, dir
Hideyuki Matsubara, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,861 M
PAYMENTS REGULAR CAPITAL Yen 360 M
TREND STEADY WORTH Yen 182 M
STARTED 1997 EMPLOYES 32
COMMENT
MFR SPECIALIZING IN 2X4 HOUSING PANELS & PALLETS, OTHER BUILDIHNG MATERIALS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINRY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 38.0 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established originally in 1971 by 4 local building firms to form a cooperative named Shiga Builders Coop. In 1997, the building division was separated to be established as captioned. This is a specialized mfr of 2x4 housing panels, pallets, pre-cut timbers, plywood, other housing materials. Material woods are imported. Clients are local house builders, construction firms, other.
FINANCIAL INFORMATION
The sales volume for Jun/2007 fiscal term amounted to Yen 1,861 million, a 2% down from Yen 1,907 million in the previous term. Housing market slowed due to stricter regulations on house building standards. The recurring profit was posted at Yen 93 million and the net profit at Yen 52 million, respectively, compared with Yen 41 million recurring profit and Yen 18 million net profit, respectively, a year ago. Profits improved due to drastic cost-saving & restructuring efforts.
For the current term ending Jun 2008 the recurring profit is projected at Yen 95 million and the net profit at Yen 50 million, respectively, on a 5% rise in turnover, to Yen 1,950 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 38.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jun 1997
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 2,800 shares
Issued: 721 shares
Sum: Yen 360.5 million
Major shareholders (%)
Fumio Takahashi (28), Hiroshi Kumakawa (28), Hideyuki Matsubara (28), Yoshizo Takahashi (14), Mitsuoki Kumakawa (2)
No. of shareholders: 5
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures 2z4 hosing panels, pallets, pre-cut timber, packaging materials, plywood, resin panels, steel pallets, other housing & building materials (--100%).
Executes housing/building works, too.
(Handling Items):
Housing panels: 2x4 housing panels, 2x4 housing pre-cut units, 2x4 housing lumber, other;
Housing pallets: South-Sea wood pallets, turpentine wood pallets, resin pallets, steel racks, steel supporters, plywood, wooden boxes, other.
Clients
[House builders, construction companies, wholesalers] Sumitomo Realty & Development, Produce TMY Architect, Barrie Free Homes, Yokohama Reito, Dainichi Construction, Nabrane, Ikoh Ryutsu Center, Nishino Pallet Kogyo, other.
No. of accounts
500
Domestic areas of activities
Centered in greater-Nagoya
Suppliers
[Mfrs, wholesalers] Sumitomo Forestry, Ishii Shoten, Dainihon Wood-Preserving, Eguchi Lumber, Orvis Corp, Yokouchi Ringyo, Marutama Ind, Dai Lumber, other.
Payment record
Regular
Location
Business area in Nagahama City, Shiga-Pref. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
Shiga Bank (Nagahama)
Shoko Chukin Bank (Hikone)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
30/06/2008 |
30/06/2007 |
30/06/2006 |
30/06/2005 |
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Annual
Sales |
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1,950 |
1,861 |
1,907 |
1,580 |
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Recur.
Profit |
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95 |
93 |
41 |
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Net
Profit |
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50 |
52 |
18 |
1 |
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Total
Assets |
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656 |
623 |
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Current
Assets |
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582 |
547 |
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Current
Liabs |
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269 |
276 |
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Net
Worth |
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182 |
131 |
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Capital,
Paid-Up |
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360 |
360 |
360 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.78 |
-2.41 |
20.70 |
8.22 |
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Current Ratio |
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216.36 |
198.19 |
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N.Worth Ratio |
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27.74 |
21.03 |
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R.Profit/Sales |
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4.87 |
5.00 |
2.15 |
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N.Profit/Sales |
2.56 |
2.79 |
0.94 |
0.06 |
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Return On Equity |
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28.57 |
13.74 |
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Notes: Forecast (or estimated) figures for the 30/06/2008
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%)