MIRA
INFORM REPORT
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Report Date : |
25.08.2011 |
IDENTIFICATION DETAILS
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Name : |
SWING CORPORATION |
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Registered Office : |
11-1 Haneda-Asahicho Ohtaku Tokyo 144-0042 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
April 1977 |
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Com. Reg. No.: |
(Tokyo-Ohtaku) 018437 |
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Legal Form : |
Limited Company |
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Line of Business : |
Engineering of water treatment
facilities/plants |
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 1,037.3 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
SWING CORPORATION
REGD NAME: Swing
KK
MAIN OFFICE: 11-1
Haneda-Asahicho Ohtaku Tokyo 144-0042 JAPAN
Tel: 03-6275-9111 Fax: 03-5736-3164
E-Mail address: (thru the URL)
ACTIVITIES
Engineering of
water treatment facilities/plants
BRANCHES
Sapporo, Sendai,
Osaka, other (Tot 36)
FACTORIES
(at the caption
address)
OFFICERS
MASAYOSHI HIROSE,
PRES Kazunori Nito, v pres
Shigeo Mizutani, v
pres Hisanori
Yoshimura, ch
Takanori Oyama, mgn dir Yoichi Amemiya, mgn dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 67,970 M
PAYMENTS REGULAR CAPITAL Yen 650 M
TREND SLOW WORTH Yen 9,946 M
STARTED 1977 EMPLOYES 1,978
COMMENT
WATER TREATMENT ENGINEERING.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 1,037.3 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established
by Ebara Corp as water treatment engineering firm, named Ebara Engineering
Service Co Ltd. In Apr 2011 the firm
became independent from Ebara Corp and renamed as captioned. This is water treatment engineering firm (See
OPERATION). Clients include municipal offices, public
offices, mfrs, other. Actively engaged in
overseas operations.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal
term amounted to Yen 67,970 million, a 1% down from Yen 68,908 million in the
previous term. The number of order works
increased but were eroded by the high Yen, decreasing revenues & profits in
Yen terms. The recurring profit was
posted at Yen 4,616 million and the net profit at Yen 1,919 million,
respectively, compared with Yen 4,359 million recurring profit and Yen 2,247 million
net profit, respectively, a year ago.
For the current term ending Mar 2012
the recurring profit is projected at Yen 4,700 million and the net profit at
Yen 2,000 million, respectively, on a 6% rise in turnover, to Yen 72,000
million.
The financial situation is considered FAIR and
good for ORDINARY business engagements.
Max credit limit is estimated at Yen 1,037.3 million, on 30 days normal
terms.
REGISTRATION
Date Registered: Apr
1977
Regd No.:
(Tokyo-Ohtaku) 018437
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 3 million shares
Issued: 3 million shares
Sum: Yen 650 million
Major
shareholders (%): Ebara Corp (33.3), Mitsubishi Corp (33.3), JGC Corp (33.3)
No. of shareholders: 3
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Engineering
firm:
(Sales
breakdown by divisions):
Engineering
Works (34.9%): Design, execution, sales of water treatment facilities: water treatment facilities,
packaged water purification facilities, industrial water treatment facilities,
pump facilities, public waste water treatment facilities, sludge & biomass
recycling, other;
Operations
& Maintenance Works (45.3%): Operates, maintains and repairs these facilities;
Supply
& Sale of industrial chemicals (17.4%): manufactures and sale of industrial
chemicals & gas used in the water treatment facilities and environmental
plant facilities.
Clients: [Public agencies,
mfrs, wholesalers] Ebara Corp, Ebara Shoji Co, Ebara Jitsugyo Co, Sankyo Kogyo
Co, Soda Nikka Co, Honcho Chemical Ind, Sanyo Kako Co, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Ebara Corp, Ebara Jitsugyo Co, Honcho Chemical Ind, Soda Nikka Co,
Sanyo Kako Co, Ebara Densan Ltd, Kyoei Plant Mfg, Chuo Plant Service, Ebara
Techno-Serve Co, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Mizuho Corporate
Bank (Uchisaiwaicho)
MUFG (Tokyo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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72,000 |
67,970 |
68,908 |
78,750 |
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Recur.
Profit |
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4,700 |
4,616 |
4,359 |
3,565 |
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Net
Profit |
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2,000 |
1,919 |
2,247 |
1,982 |
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Total
Assets |
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47,581 |
43,382 |
41,846 |
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Current
Assets |
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42,147 |
39,169 |
40,048 |
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Current
Liabs |
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34,465 |
33,970 |
36,937 |
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Net
Worth |
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9,966 |
8,045 |
3,317 |
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Capital,
Paid-Up |
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|
650 |
650 |
650 |
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Div.Total
in Million(¥) |
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0.00 |
2615 |
5356 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.93 |
-1.36 |
-12.50 |
-2.48 |
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Current Ratio |
|
.. |
122.29 |
115.30 |
108.42 |
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N.Worth Ratio |
.. |
20.95 |
18.54 |
7.93 |
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R.Profit/Sales |
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6.53 |
6.79 |
6.33 |
4.53 |
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N.Profit/Sales |
2.78 |
2.82 |
3.26 |
2.52 |
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Return On Equity |
.. |
19.26 |
27.93 |
59.75 |
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Notes: Forecast
(or estimated) figures for the 31/03/2012 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.77 |
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|
1 |
Rs.75.57 |
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Euro |
1 |
Rs.65.97 |
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 |
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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-- |
NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.