MIRA INFORM REPORT
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Report Date : |
25.02.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
MEISHIN CORPORATION |
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Registered Office : |
Meishin Bldg,
1-27-6 Taishibashi Asahiku |
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Country : |
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Financials (as on) : |
30.09.2010 |
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Date of Incorporation : |
December
1961 |
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Com. Reg. No.: |
(Osaka-Asahiku) 065128 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wholesaler of industrial paints, resins, painting
equipment |
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 223.7 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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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
MEISHIN CORPORATION
REGD NAME
Meishin KK
MAIN OFFICE
Meishin Bldg,
1-27-6 Taishibashi Asahiku
Tel:
06-6952-3261 Fax: 06-6954-1616
URL: www.meisin.com
E-mail Address: info@meisin.com
ACTIVITIES
Wholesale
of industrial paints, resins, painting equipment
BRANCHES
FACTORIES
Higashi-Osaka
(sorting, other)
OFFICERS
TOSHIHIKO
ADACHI, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 7,474 M
PAYMENTS REGULAR CAPITAL Yen 30 M
TREND SLOW WORTH Yen
2,380 M
STARTED 1961 EMPLOYES 49
COMMENT
WHOLESALER SPECIALIZING IN INDUSTRIAL PAINTS &
COATINGS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 223.7 MILLION, 30 DAYS 30 DAYS
HIGHLIGHTS
The subject company was established by Toshio Adachi in order to make
most of his experience in the subject line of business. Toshihiko is his son, who took the office of
pres in Sept 2009. This is a trading
house for wholesale of industrial paints & coatings, synthetic resins,
resin materials, painting equipment & tools. Partially imports theme. Operations are essentially focused in
FINANCIAL INFORMATION
The sales volume for Sept/2010 fiscal term amounted to Yen 7,474
million, a 3% down from Yen 7,700 million in the previous term. The net profit was posted at Yen 177 million,
compared with 151 million a year ago.
For the current term ending Sept 2011 the net profit is projected at Yen
180 million, on a 5% rise in turnover, to Yen 7,850 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 223.7 million, on 30 days terms.
REGISTRATION
Date Registered: Dec
1961
Regd No.: (Osaka-Asahiku)
065128
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 240,000 shares
Issued: 60,000 shares
Sum: Yen
30 million
Major shareholders (%):
Toshihiko Adachi (50), Takako Adachi (30)
No. of shareholders: 5
Nothing detrimental is known as
to the commercial morality of executives.
OPERATION
Activities: Wholesales
industrial paints & coatings (60%), synthetic resins materials &
supplies (15%), solvents, other painting supplies (15%), painting equipment
& tools, spray guns, others (10%).
Goods are partially imported.
Clients: [Mfrs,
wholesalers] Eidai Co (mfr of building/housing materials) (20%), Matsushita
Electric Works, Kurimoto Ltd, Sekisui House Ltd, Sumitomo Metal Ind, JFE Metal
Products & Engineering, other.
No. of accounts: 500
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Dai Nippon Toryo (50%), DIC (10%), Natoco Co (10%), Nippon
Steel Chemical (5%), Kyotec, JFE Building Materials, other.
Payment
record: Regular
Location:
Business area in
Bank References:
·
Mizuho Bank (Moriguchi)
·
Resona Bank (Moriguchi-Doi)
·
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
30/09/2010 |
30/09/2009 |
30/09/2008 |
31/03/2008 |
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Annual
Sales |
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7,850 |
7,474 |
7,700 |
8,594 |
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Recur.
Profit |
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Net
Profit |
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180 |
177 |
151 |
193 |
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Total
Assets |
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4,872 |
4,865 |
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Current
Assets |
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3,791 |
3,755 |
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Current
Liabs |
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2,431 |
2,592 |
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Net
Worth |
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2,380 |
2,211 |
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Capital,
Paid-Up |
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30 |
30 |
30 |
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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 |
5.03 |
-2.94 |
-10.40 |
-1.12 |
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Current Ratio |
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.. |
155.94 |
144.87 |
.. |
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N.Worth Ratio |
.. |
48.85 |
45.45 |
.. |
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R.Profit/Sales |
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.. |
.. |
.. |
.. |
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N.Profit/Sales |
2.29 |
2.37 |
1.96 |
2.25 |
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Return On Equity |
.. |
7.44 |
6.83 |
.. |
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Notes: Forecast (or estimated) figures for
30/09/2011 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.45.37 |
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1 |
Rs.73.54 |
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Euro |
1 |
Rs.62.39 |
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 |
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.