MIRA INFORM REPORT
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Report Date : |
04.07.2011 |
IDENTIFICATION DETAILS
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Name : |
SHINWA KIGYO CO LTD |
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Registered Office : |
Tsukiboshi Bldg 5F, 4-11-5 Hatchobori
Chuoku Tokyo 104-0032 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
December 1961 |
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Com. Reg. No.: |
(Tokyo-Chuoku) 062911 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, wholesale of metals,
office supplies, contractor of bicycle parking towers; operation of golf
course, restaurants, filling stations |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 969.4 Million |
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Status : |
Moderate |
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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
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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
SHINWA KIGYO CO LTD
REGD NAME
Shinwa Kigyo KK
MAIN OFFICe
Tsukiboshi Bldg
5F, 4-11-5 Hatchobori Chuoku Tokyo 104-0032 JAPAN
Tel:
03-3553-8511 Fax: 03-3552-9574
*.. The given address is its general administration division, stationed
in the parent’s headquarters, Nisshin
Steel Co Ltd.
URL: http://www.shinwa-kigyo.co.jp/
E-Mail address: info@shinwa-kigyo.co.jp
ACTIVITIES
Import, wholesale of metals, office supplies, contractor of bicycle
parking towers; operation of golf course, restaurants, filling stations
BRANCHES
Marunouchi
(as given), Osaka, Ichikawa, Kure, Yamaguchi, Saijo (Ehime)
FACTORIES
Yamaguchi
(filling station); Ushiku (Ibaraki) (Kinnodai Golf Country Club)
OFFICER(S)
KOJI
TOMITA, PRES Shigeki
Kawamura, mgn dir
Norio
Iida, dir Eiji
Miki, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 26,171 M
PAYMENTS REGULAR CAPITAL Yen 499 M
TREND SLOW WORTH Yen
6,245 M
STARTED 1961 EMPLOYES 240
COMMENT
TRADING & ENGINEERING DIVISION OWNED BY NISSHIN STEEL CO
LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 969.4 MILLION, 30 DAYS NORMAL TERMS.
EXPRESSION IN EURO IS DIFFICULT AS THE EXCHANGE RATES VARY AND CANNOT BE
SET AT FIXED RATE. JAPANESE YEN IS TO BE
CONVERTED INTO EURO AT THE CURRENT AVAILABLE EXCHANGE RATES.
HIGHLIGHTS
The subject company was established on the basis of a trading servicing
division separated from Nisshin Steel Co Ltd, Tokyo (see REGISTRATION). The subject firm
operates diversified businesses: bicycle parking towers & related
facilities, operation of filling stations, restaurants and coffee shops, golf
course; ad agency, printing; import & export of raw minerals &
intermediates for steel makers; house building & managing real estate &
buildings, etc. Major clients are steel
makers, wholesalers, steel traders, other, nationwide. The administration division is located at the
parent’s address as given.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 26,171
million, a 12% up from Yen 23,455 million in the previous term. Sales of steel products to automobiles
recovered. Production of high corrosion resistant
coated steel sheets boosted at the parent factories. Sales in Asia increased. The recurring profit was posted at Yen 230
million and the net profit at Yen 98 million, respectively, compared with Yen
537 million recurring profit and Yen 212 million net profit, respectively, a
year ago.
For the term ending Mar 2012 the recurring profit is projected at Yen
220 million and the net profit at Yen 100 million, respectively, on an almost
similar turnover, at Yen 26,000 million.
.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 969.4 million, on 30 days normal terms. Expression of max credit limit in EURO is
difficult as the exchange rates vary day by day. The Japanese Yen is to be converted into EURO
at the prevailing exchange rate when applicable.
REGISTRATION
Date Registered: Dec 1961
Regd No.: (Tokyo-Chuoku) 062911
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
39.86 million shares
Issued: 9.99 shares
Sum: Yen 499.5
million
Major shareholders (%): Nisshin
Steel Co Ltd* (99.6)
No. of shareholder(s): 5
*.. 5th ranked furnace steelmaker with surface-treated steel
products as mainline, Tokyo (at the given address), founded 1928, listed Tokyo,
Osaka, Nagoya, Frankfurt S/E’s, capital Yen 79,913 million, sales Yen 545,353
million, operating profit Yen 23,943 million, recurring profit Yen 18,536
million, net profit Yen 12,048, total assets Yen 663,867 million, net worth Yen
205,095 million, employees 6,074, pres Toshinori Miki
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: A trading &
engineering company, owned by Nisshin Steel Co Ltd, specializing in: design,
building of housing condominiums, office building, public buildings, shopping
malls, other, including maintenance & repairing works (25%), bicycle
parking towers & pe-ripheral facilities & equipment (5%); ad agency,
printing of corporate brochures, trade manuals, others (25%); import, export of
steels, nonferrous metals, iron wastes, working tools, paints, chemicals, fats,
firebricks, other (40%); health-care & welfare division, eco-friendly
tableware, kitchenware; operation of golf course (5%). (Sales breakdowns are all about)
Clients: [Steel makers,
government agencies] Nisshin Steel, Sun Wave Corp, Nihon Teppan, Nisshin A&C, Sanko Metal Ind,
Tsukiboshi Logistics, Toho Kinzoku, other.
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers]
Nisshin Steel, Nisshin A&C, Tokio Marine & Nichido Fire Ins, Hiroshima Aluminum Ind, Nippon Oil
Corp, Kinnodai Golf Course, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned by a group firm and maintained satisfactorily.
Bank References:
MUFG
(Tokyo)
Mitsubishi
UFJ Trust Bank (H/O)
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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26,000 |
26,171 |
23,466 |
29,922 |
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Recur.
Profit |
|
220 |
230 |
537 |
485 |
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Net
Profit |
|
100 |
98 |
212 |
1,450 |
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Total
Assets |
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|
12,643 |
13,285 |
13,035 |
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Current
Assets |
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6,200 |
6,009 |
5,614 |
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Current
Liabs |
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3,832 |
4,576 |
4,417 |
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Net
Worth |
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6,245 |
6,145 |
5,944 |
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Capital,
Paid-Up |
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499 |
499 |
499 |
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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 |
-0.65 |
11.53 |
-21.58 |
-15.82 |
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Current Ratio |
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.. |
161.80 |
131.32 |
127.10 |
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N.Worth Ratio |
.. |
49.39 |
46.26 |
45.60 |
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R.Profit/Sales |
|
0.85 |
0.88 |
2.29 |
1.62 |
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N.Profit/Sales |
0.38 |
0.37 |
0.90 |
4.85 |
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Return On Equity |
.. |
1.57 |
3.45 |
24.39 |
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Notes:
Forecast (or estimated) figures for the 31/03/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
NISSHIN STEEL CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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545,353 |
441,486 |
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Cost of Sales |
477,422 |
441,805 |
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GROSS PROFIT |
67,931 |
-319 |
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Selling & Adm Costs |
43,987 |
42,909 |
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OPERATING PROFIT |
23,943 |
-43,228 |
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Non-Operating P/L |
-5,407 |
-10,549 |
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RECURRING PROFIT |
18,536 |
-53,774 |
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NET PROFIT |
12,048 |
-61,716 |
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BALANCE SHEET |
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Cash |
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18,388 |
41,764 |
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Receivables |
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90,597 |
71,608 |
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Inventory |
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133,628 |
110,574 |
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Securities, Marketable |
126 |
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Other Current Assets |
22,589 |
22,825 |
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TOTAL CURRENT ASSETS |
265,328 |
246,771 |
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Property & Equipment |
240,668 |
256,589 |
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Intangibles |
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8,745 |
9,560 |
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Investments, Other Fixed Assets |
149,126 |
157,430 |
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TOTAL ASSETS |
663,867 |
670,350 |
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Payables |
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85,512 |
75,977 |
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Short-Term Bank Loans |
66,207 |
34,073 |
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Other Current Liabs |
50,953 |
52,719 |
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TOTAL CURRENT LIABS |
202,672 |
162,769 |
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Debentures |
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100,000 |
110,000 |
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Long-Term Bank Loans |
106,695 |
143,813 |
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Reserve for Retirement Allw |
31,549 |
31,629 |
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Other Debts |
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17,856 |
16,837 |
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TOTAL LIABILITIES |
458,772 |
465,048 |
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MINORITY INTERESTS |
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Common
stock |
79,913 |
79,913 |
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Additional
paid-in capital |
49,893 |
49,893 |
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Retained
earnings |
95,711 |
84,637 |
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Evaluation
p/l on investments/securities |
8,115 |
13,202 |
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Others |
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(2,097) |
4,087 |
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Treasury
stock, at cost |
(26,440) |
(26,431) |
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TOTAL S/HOLDERS` EQUITY |
205,095 |
205,301 |
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TOTAL EQUITIES |
663,867 |
670,350 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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24,426 |
25,757 |
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Cash
Flows from Investment Activities |
-30,118 |
-29,986 |
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Cash
Flows from Financing Activities |
-16,074 |
7,396 |
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Cash,
Bank Deposits at the Term End |
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18,383 |
41,759 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
205,095 |
205,301 |
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Current
Ratio (%) |
130.91 |
151.61 |
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Net
Worth Ratio (%) |
30.89 |
30.63 |
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Recurring
Profit Ratio (%) |
3.40 |
-12.18 |
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Net
Profit Ratio (%) |
2.21 |
-13.98 |
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Return
On Equity (%) |
5.87 |
-30.06 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.59 |
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UK Pound |
1 |
Rs.71.75 |
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Euro |
1 |
Rs.64.80 |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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.