MIRA
INFORM REPORT
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Report Date : |
01.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHIMA TRADING CO LTD |
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Registered Office : |
2-12-14 Ginza Chuoku Tokyo 104-0061 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
July 1921 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Wholesale of Industrial Chemicals, Lubricating
Oils, Machinery, Other |
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 880.1 MILLION |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
SHIMA TRADING CO
LTD
REGD NAME: Shima Boeki KK
MAIN OFFICE: 2-12-14 Ginza Chuoku Tokyo 104-0061 JAPAN
Tel:
03-3542-3111 Fax: 03-3542-3345
URL: http://www.shima-tra.co.jp/
E-Mail address: (thru
the URL)
ACTIVITIES
Import, wholesale of industrial chemicals, lubricating oils,
machinery, other
BRANCHES
Osaka, Nagoya
OVERSEAS
USA (2), China (Shanghai), Singapore, Malaysia, Taiwan
(--subsidiaries)
OFFICER(S)
KOSHI SHIMA, PRES
Shinsaku Yoshioka, s/mgn dir
Yasuhiro Asada, mgn dir
Motoshi Yoshimura, dir
Shigemi Nozoe, dir
Kazuhiro Matsuura, dir
Yen
Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 42,648 M
PAYMENTS REGULAR CAPITAL Yen
378 M
TREND STEADY WORTH Yen 5,214 M
STARTED 1921 EMPLOYES 133
COMMENT
TRADING FIRM SPECIALIZING IN INDUSTRIAL CHEMICALS,
MACHINERY, OTHER.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 880.1 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The
subject company was established originally in 1905 by Sadajiro Shima, on his
account, for wholesaling industrial chemicals & machinery. Incorporated in 1921 the firm has been
succeeded by his descendants. This is a
trading firm for import, export and wholesale of industrials chemicals,
pharmaceuticals, lubricating oils, plastics, machinery, other. Operates 6 overseas subsidiaries for
import/export business. Imports/exports
account for 46% of total sales.
FINANCIAL INFORMATION
The
sales volume for Sept/2007 fiscal term amounted to Yen 42,648 million, a 1%
down from Yen 43,204 million in the previous term. Imports decreased for lubricating oils due to higher oil prices
which could not be passed on to clients.
The recurring profit was posted at Yen 797 million and the net profit at
Yen 488 million, respectively, compared with Yen 787 million recurring profit
and Yen 422 million net profit, respectively, a year ago.
For
the term that ended Sept 2008 the recurring profit was projected at Yen 780
million and the net profit at Yen 480 million, respectively, on a slight rise in
turnover, to Yen 43,000 million. The
final figures are yet to be produced, however, the firm says the figures have
been achieved. The business had not
been much affected by the recent worldwide financial crisis, the firm says.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 880.1 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Jul 1921
Legal
Status: Limited
Company (Kabushiki Kaisha)
Authorized: 28 million shares
Issued: 7.56
mill shares
Sum: Yen 378 million
Major shareholders (%)
Employees’ S/Holding Assn
(17.5), Shintaro Yoshimura (12.1), Koshi Shima (11.4), Treasury Stock (11.2),
JGC Corp (8.3)
No. of
shareholders: 40
Nothing detrimental is known as
to the commercial morality of executives.
OPERATION
Activities: Imports, exports and wholesales
industrial chemicals, fine chemicals, pharmaceutical & cosmetic materials,
plastics, electronics (54%), lubricating oils, additives, oils & fats (15%),
machinery & machine parts, metal products (27%), food/confectionery
materials, others (--4%).
Imports/Exports (46&).
Clients
[Mfrs, wholesalers] Shima
Trading Co (USA), FIC America, Shiseido Ltd, Shin-Etsu Chemical Ind, Tappan
Printing, other.
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Mitsui
Chemical Poly-Urethane, Futaba Trading, Japan Epoxy Resin, Clayton Polymer
Japan, Japan Chemical, other.
Payment
record: Regular
Location:
Business area in Tokyo. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References
SMBC (H/O)
MUFG (Kyobashi)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
30/09/2008 |
30/09/2007 |
30/09/2006 |
30/09/2005 |
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Annual
Sales |
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43,000 |
42,648 |
43,204 |
36,889 |
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Recur.
Profit |
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780 |
797 |
787 |
710 |
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Net
Profit |
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480 |
488 |
422 |
359 |
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Total
Assets |
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18,845 |
21,191 |
20,991 |
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Current
Assets |
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17,595 |
19,931 |
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Current
Liabs |
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12,764 |
1,260 |
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Net
Worth |
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5,214 |
4,771 |
4,406 |
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Capital,
Paid-Up |
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378 |
378 |
378 |
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Div.P.Share(¥) |
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6.00 |
6.00 |
6.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
0.83 |
-1.29 |
17.12 |
-4.47 |
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Current Ratio |
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.. |
137.85 |
1,581.83 |
.. |
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N.Worth Ratio |
.. |
27.67 |
22.51 |
20.99 |
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R.Profit/Sales |
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1.81 |
1.87 |
1.82 |
1.92 |
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N.Profit/Sales |
1.12 |
1.14 |
0.98 |
0.97 |
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Return On Equity |
.. |
9.36 |
8.85 |
8.15 |
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Notes: Forecast (or estimated) figures for the 30/09/2008
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.49.25 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.62.84 |
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%)