MIRA INFORM REPORT
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Report Date : |
18.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHIN-ETSU FILM CO LTD |
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Registered Office : |
Shin-Etsu Chemical Kitago Plant, 2-1-5
Kitago Echizen City Fukui-Pref 915-0802 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
December, 1973 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of PP/PE films |
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 292.2 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
Name
SHIN-ETSU
FILM CO LTD
REGD NAME
Shin-Etsu Film KK
MAIN OFFICE
Shin-Etsu Chemical Kitago Plant, 2-1-5
Kitago Echizen City Fukui-Pref 915-0802 JAPAN
Tel: 0778-23-8066 Fax:
0778-22-8066
* Tokyo Head Office at: 1-3-8 Uchikanda Chiyodaku Tokyo, as given
URL: http://www.shinetsu-film.co.jp/
E-Mail address: info@shinetsu-film.co.jp
ACTIVITIES
Mfg of PP/PE films
BRANCHES
Tokyo
FACTORY(IES)
At the caption address (which is the Factory
of the parent, Shin-Etsu Chemical)
OFFICER(S)
SHUNZO MORI, PRES Tatsuhiko Motomiya, mgn dir
Shigeaki Takahashi, dir Hideho Sasaya, dir
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 8,706 M
PAYMENTS REGULAR CAPITAL Yen
200 M
TREND STEADY WORTH Yen
2,287 M
STARTED 1973 EMPLOYES 29
COMMENT
MFR OF PE/PP & OTHER PLASTIC FILMS, WHOLLY OWNED BY SHIN-ETSU
CHEMICAL CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 292.2 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company dates back to 1971 when the trading division of Shin-Etsu Chemical Co Ltd, the parent body of the subject, imported OPP films for capacitors from General Electrics of USA. In 1973 the two established 50/50 JV firm and started production of OPP capacitor films. In 1977, Shin-Etsu Chemical bought the share of GE and the subject became a wholly-owned consolidated subsidiary of the former. Specializes in mfg capacitor films, wrapping films, packaging pouches, other. The factory is located at the parent’s Factory side. The Tokyo Office functions as international & domestic trading & marketing. Clients include semiconductor mfrs.
FINANCIAL INFORMATION
Financials are consolidated by the parent, Shin-Etsu Chemical Co Ltd, and only digested figures are made available.
The sales volume for Mar/2008 fiscal term amounted to Yen 8,706 million, an 11% drop from Yen 9,770 million in the previous term. This is referred to decreased demand from semiconductor mfrs due to shrinking demand. The net profit was posted at Yen 623 million, compared with Yen 563 million a year ago. Some extraordinary incomes are said to have contributed to the profit improvement, details of which are not made available.
For the current term ending Mar 2009 the net profit is projected at Yen 550 million, on an almost similar turnover, at Yen 8,800 million. The outlook for demand from semiconductor/personal computers/digital home appliances/other mfrs is grim as these mfrs are getting slammed by the global slump, the firm says. Sales could well be revised downward, although no official words from the company.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max credit limit is estimated at Yen 292.2
million, on 30 days normal terms.
REGISTRATION
Date
Registered: Dec 1973
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 1.6 million shares
Issued: 400,000
shares
Sum:
Yen 200 million
Major shareholders (%)
Shin-Etsu Chemical Co Ltd*(100)
* World’s largest
mfr of PVC & semiconductor wafers, Tokyo, founded 1926, listed Tokyo, Osaka
& Nagoya S/E’s, capital Yen 119,419 million, sales Yen 1,376,364 million,
operating profit Yen 287,145 million, recurring profit Yen 300,040 million, net
profit Yen 183,580 million, total assets Yen 1,918,544 million, net worth Yen
1,438,796 million, employees 20,241, pres Chihiro Kanagawa
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Manufactures
capacitor films, wrapping films, packaging pouches, solar wafers, other
capacitor-related materials (--100%).
Mfg base materials are: PE (polypropylene),
PE (polyethylene), PET (Poly Ester), PE/PET (laminated), Si (silicon), Al
(aluminum), other.
Main uses/applications: capacitor films for high-voltage, ultra-high
voltage & low voltage capacitors; wrapping films for mfg golf clubs,
fishing rods, other; packaging pouches for semiconductor silicone wafers, case
packaging, pharmaceuticals, precision instruments, other; solar wafers for
solar cells, other; capacitor-related materials are mainly aluminum electrode for
capacitors.
Clients
[Mfrs, wholesalers] Shin-Etsu Semiconductor,
Sharp Corp, Motech, Scan Water, Cooper, Nisshin Denki Seisakusho, Kyushu
Shizuki Co Inc, other.
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Prime Polymer, Nihon
Matai Co, Opt Inc, other.
Payment
record: Regular
Location: Light industrial
area in Echizen City, Fukui-Pref.
Office premises at the caption address are owned by the parent,
Shin-Etsu Chemical Co Ltd, and maintained satisfactorily.
Bank References
Fukui Bank (Kitago)
MUFG (Shin-Marunouchi)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2009 |
31/03/2008 |
31/03/2007 |
31/03/2006 |
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Annual
Sales |
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8,800 |
8,706 |
9,770 |
7,044 |
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Recur.
Profit |
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Net
Profit |
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550 |
623 |
563 |
330 |
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Total
Assets |
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4,018 |
4,319 |
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Current
Assets |
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3,372 |
3,725 |
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Current
Liabs |
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1,710 |
2,619 |
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Net
Worth |
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2,287 |
1,684 |
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Capital,
Paid-Up |
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200 |
200 |
200 |
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Div.P.Share(Ą) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.08 |
-10.89 |
38.70 |
54.92 |
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Current Ratio |
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.. |
197.19 |
142.23 |
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N.Worth Ratio |
.. |
56.92 |
38.99 |
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R.Profit/Sales |
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.. |
.. |
.. |
.. |
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N.Profit/Sales |
6.25 |
7.16 |
5.76 |
4.68 |
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Return On Equity |
.. |
27.24 |
33.43 |
.. |
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Notes: Forecast (or estimated) figures for the 31/03/2009 fiscal
term.
SUPPLEMENTS
CONSOLIDATED
FINANCIALS OF THE PARENT, SHIN-ETSU CHEMICAL CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2008 |
31/03/2007 |
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INCOME STATEMENT |
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Annual Sales |
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1,376,364 |
1,304,695 |
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Cost of Sales |
946,940 |
933,199 |
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GROSS PROFIT |
429,424 |
371,496 |
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Selling & Adm Costs |
142,278 |
130,467 |
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OPERATING PROFIT |
287,146 |
241,028 |
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Non-Operating P/L |
12,894 |
5,990 |
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RECURRING PROFIT |
300,040 |
247,018 |
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NET PROFIT |
183,580 |
154,010 |
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BALANCE SHEET |
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Cash |
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217,265 |
296,851 |
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Receivables |
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313,943 |
315,710 |
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Inventory |
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204,336 |
169,177 |
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Securities, Marketable |
184,519 |
207,178 |
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Other Current Assets |
97,262 |
74,583 |
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TOTAL CURRENT ASSETS |
1,017,325 |
1,063,499 |
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Property & Equipment |
654,643 |
545,408 |
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Intangibles |
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25,859 |
25,964 |
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Investments, Other Fixed Assets |
220,717 |
225,124 |
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TOTAL ASSETS |
1,918,544 |
1,859,995 |
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Payables |
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149,304 |
155,463 |
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Short-Term Bank Loans |
11,826 |
24,490 |
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Other Current Liabs |
215,518 |
252,940 |
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TOTAL CURRENT LIABS |
376,648 |
432,893 |
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Debentures |
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Long-Term Bank Loans |
22,132 |
20,652 |
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Reserve for Retirement Allw |
13,783 |
10,943 |
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Other Debts |
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22,312 |
35,192 |
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TOTAL LIABILITIES |
434,875 |
499,680 |
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MINORITY INTERESTS |
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Common
stock |
119,419 |
119,419 |
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Additional
paid-in capital |
128,177 |
128,177 |
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Retained
earnings |
1,163,680 |
1,017,260 |
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Evaluation
p/l on investments/securities |
10,695 |
29,173 |
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Others |
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73,915 |
73,846 |
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Treasury
stock, at cost |
(12,217) |
(7,560) |
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TOTAL S/HOLDERS` EQUITY |
1,483,669 |
1,360,315 |
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TOTAL EQUITIES |
1,918,544 |
1,859,995 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2008 |
31/03/2007 |
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Cash
Flows from Operating Activities |
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202,413 |
272,488 |
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Cash Flows
from Investment Activities |
-248,626 |
-185,183 |
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Cash
Flows from Financing Activities |
-53,534 |
-61,833 |
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Cash,
Bank Deposits at the Term End |
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301,619 |
404,532 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
1,483,669 |
1,360,315 |
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Current
Ratio (%) |
270.10 |
245.67 |
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Net
Worth Ratio (%) |
77.33 |
73.14 |
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Recurring
Profit Ratio (%) |
21.80 |
18.93 |
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Net
Profit Ratio (%) |
13.34 |
11.80 |
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Return
On Equity (%) |
12.37 |
11.32 |
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FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.68 |
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UK Pound |
1 |
Rs.74.64 |
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Euro |
1 |
Rs.62.58 |
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%)