MIRA INFORM REPORT
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Report Date : |
05.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
MEIHAN SHINKU KOGYO CO LTD |
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Registered Office : |
106 -1 Koyama Kanancho Minamikawachigun
Osaka-Pref 585-0034 |
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Country : |
Japan |
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Financials (as on) : |
31.07.2008 |
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Date of Incorporation : |
November, 1983 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Surface processing of plastics,
vacuum metalizing, other |
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 224.4 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
Name
MEIHAN SHINKU
KOGYO CO LTD
REGD NAME
Meihan Shinku Kogyo KK
MAIN OFFICE
106-1 Koyama Kanancho Minamikawachigun Osaka-Pref 585-0034 JAPAN
Tel: 0721-90-3223 Fax:
0721-93-5777
URL: http://www.msk-japan.co.jp
E-Mail address: info@msk-japan.co.jp
ACTIVITIES
Surface processing of plastics, vacuum metalizing, other
BRANCHES
Shanghai
FACTORY(IES)
At the caption address, Nara (2)
OFFICERS
NISSHO IWAMOTO, PRES Kenji
Hashimoto, s/mgn dir
Yoshihiro Fumoto, dir Chiaki
Satoh, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 4,597 M
PAYMENTS REGULAR CAPITAL Yen 28 M
TREND STEADY WORTH Yen 2,845 M
STARTED 1983 EMPLOYES 129
COMMENT
SURFACE
PROCESSING OF PLASTICS, VACUUM METALIZING WORKS.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 224.4 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established by Nissho Iwamoto
in order to make most of his previous experience
in the subject line of business.
Started as a vacuum deposition firm and pursued the technology of
surface processing for plastics and developed various processing: hard-coat,
anti-reflection, anti-static electricity, etc.
Also handles vacuum metalizing.
Noted for hard coat processing technology. Goods are exported to Korea, Taiwan, China, Hong Kong,
Singapore, USA, Europe, other.
FINANCIAL INFORMATION
The sales volume for Jul/2007 fiscal term amounted to Yen 4,597 million, a 12% down from Yen 5,247 million in the previous term. Exports were dwindled due to competition. The recurring profit was posted at Yen 759 million and the net profit at Yen 475 million, respectively, compared with Yen 1,399 million recurring profit and Yen 592 million net profit, respectively, a year ago. Rising costs of materials & fuel oils ate into profits.
For the term that ended Jul 2008 the net profit was projected and believed posted at Yen 480i million, on a 3% rise in turnover, to Yen 4,750 million. Exports revived. Weaker Yen helped raise sales in Yen terms.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 224.4 million, on 30 days normal terms.
REGISTRATION
Registered
Date: Nov 1983
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 800 shares
Issued:
560 shares
Sum: Yen 28 million
Major shareholders (%): Nissho Iwamoto (57), Mitsubishi
Gas Chemical (29), Miharu Iwamoto (14)
No. of shareholders: 3
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Surface processing of plastics, vacuum metalizing, other (--100%).
Surface Processing of Plastics: hard coat processing, non-glare processing, anti-static processing, anti-haze processing, weathering processing, other;
Vacuum Metalizing: mirror/half mirror, anti-reflection processing, ITO processing, increased reflection processing, other.
(Application):
Screen Windows for cellular phones: mar resistant processing, anti-static processing, mirror processing;
Front panels for projection TVs: mar resistant processing, anti-static processing, non-glare MR processing;
Helmet shields & Goggles: mar resistant processing, anti-fog processing, water repellent processing, half mirror processing;
Front panels for LCD monitors; mar resistant processing, anti-reflection processing;
Inscription boards for Audio: mar resistant processing, half mirror processing;
Windproof panels for highways & construction panels: mar resistant processing, weathering processing.
Clients
[Mfrs, wholesalers] Mitsubishi Gas Chemical, Sumitomo Chemical Ind, Shoei,
Mitsubishi Plastics Inc, Takiron Co, Kuraray Trading, Mitsubishi Corp, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Kuraray Trading, Sumitomo Chemical, Allied Materials, Nippon Paints, Tokyo Shokai, Nippon Shokubai Co, other.
Payment
record: Regular
Location:
Business area in Minamikawachigun, Osaka-Pref.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Resona Bank (Koshiba)
MUFG (Kosaka)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/07/2008 |
31/07/2007 |
31/07/2006 |
31/07/2005 |
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Annual
Sales |
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4,750 |
4,597 |
5,247 |
4,830 |
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Recur.
Profit |
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760 |
759 |
1,399 |
1,077 |
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Net
Profit |
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480 |
475 |
592 |
632 |
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Total
Assets |
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3,828 |
3,953 |
4,432 |
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Current
Assets |
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2,709 |
2,916 |
3,376 |
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Current
Liabs |
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376 |
878 |
2,051 |
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Net
Worth |
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2,845 |
2,371 |
1,779 |
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Capital,
Paid-Up |
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38 |
38 |
38 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.33 |
-12.39 |
8.63 |
-3.96 |
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Current Ratio |
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.. |
720.48 |
332.12 |
164.60 |
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N.Worth Ratio |
.. |
74.32 |
59.98 |
40.14 |
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R.Profit/Sales |
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16.00 |
16.51 |
26.66 |
22.30 |
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N.Profit/Sales |
10.11 |
10.33 |
11.28 |
13.08 |
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Return On Equity |
.. |
16.70 |
24.97 |
35.53 |
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Note: Forecast (or estimated) for the 31/07/2008 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.44.26 |
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UK Pound |
1 |
Rs.79.19 |
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Euro |
1 |
Rs.64.42 |
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%)