MIRA INFORM REPORT
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Report Date : |
08.09.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
SHINOHARA CO LTD |
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Registered Office : |
1022 Ubume Aoiku Shizuoka 420-0813 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
October
1975 |
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Com. Reg. No.: |
(Shizuoka-Aoiku)
002050 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of offset printing press |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 23.1 Million |
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Status : |
Moderate |
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Payment
Behaviour : |
Usually Correct |
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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
SHINOHARA CO LTD
REGD NAME
KK Shinohara
MAIN OFFICE
1022 Ubume Aoiku
Shizuoka 420-0813 JAPAN
Tel:
054-276-2008 Fax: 054-276-2010
URL: www.shinohara.co.jp
E-mail: (thru the URL)
ACTIVITIES
Mfg of
offset printing press
BRANCHES
Tokyo, Sendai, Nagoya, Osaka, Sapporo, Fukuoka, Okayama, other (Tot 9)
OVERSEAS
USA
(Shinohara USA Inc)
FACTORY
At the
caption address, Shizuoka (2)
OFFICER(S)
MIKIO
SHINOHARA, PRES
Naohiro Kawakami, mgn dir
Daisuke Shinohara, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES WEAK A/SALES Yen 2,261 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND SLOW WORTH Yen
1,043 M
STARTED 1944 EMPLOYES 180
COMMENT
MFR OF
OFFSET PRINTING PRESS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ODEINARY BUSINESS ENGAGEMENTS
MAX CREDIT LIMIT: YEN 23.1 MILLION, 30 DAYS, RECOMMENDING
SECURED TERMS ON ALL TRANSACTIONS.
HIGHLIGHTS
The subject company was established originally in 1919 by
Kanzaburo Shinohara for making printing machines, on his account. Incorporated in 1944 as Shinohara Machinery
Co Ltd and the firm has been succeeded by his descendants. This is a specialized mfr of offset printing
press, their parts & components. In
1975 the firm separated its trading division as an independent entity,
Shinohara Shoji KK, for import and export of the offset printing press. And in Oct 2010 the firm absorbed Shinohara
Shoji KK and changed the name as captioned.
This was done in order to eliminate unprofitable operations of the firm
(negative net worth of Yen (-) 743 million at Sept/2009 fiscal term). However, on 11/01/2011 the firm bankrupted
and applied to the court for protection under the Civil Rehabilitation
Law. The court accepted on the same day the company’s application for the process
of rehabilitation under the Civil Law.
The liabilities are reported at Yen 7,857 million as of Mar/2010 fiscal
term. In Dec/2009 the firm had to move
its factory, at a cost of Yen 2,500 million plus, as the factory site was
designated as a redevelopment area by the Prefecture.
FINANCIAL INFORMATION
The sales volume for Mar/2010 fiscal term amounted to Yen 2,261 million,
a sharp 53% decline from Yen 4,846 million in the previous term. The economic environment in Japan for the
period rapidly deteriorated as the unprecedented global financial crisis
intensified from the fall of 2008. The
printing industry & book publishers experienced a sharp decline in demand for
printing/books. Exports were substantially
plummeted. High Yen hurt export earnings
& profits in Yen terms. Moved the
Factory to the captioned and during that time productions substantially
declined. The operations plunged into
the red to register Yen 629 million recurring loss and Yen 517 million net
losses, respectively, compared with Yen 14 million recurring profit and Yen 14
million net profit, respectively, a year ago.
Inventories piled up and the devaluation losses ate into profits.
For the term that ended Mar 2011 the sales were projected at Yen 2,600
million, up 15% from the previous term.
The firm applied for the application of Civil Rehabilitation Law on
11/01/2011 as aforesaid. The ex-Factory
site is owned by the firm but is under mortgage by main banks. It is reported that Mitsubishi Estate Co Ltd
is planning to build a large office/residence building in the area and that the
value of the land will rise.
The financial situation is FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 23.1 million, 30 days, recommending fixed terms on all
transactions.
REGISTRATION
Date Registered: Oct 1975
Regd No.: (Shizuoka-Aoiku) 002050
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
80,000 shares
Issued: 20,000 shares
Sum: Yen 10 million
Major shareholders (%):
Mikio Shinohara (55), Company’s Treasury Stock (45)
No. of shareholders: 2
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures
offset printing press, attachments & accessories (--100%).
Clients: [Printing firms,
publishers] Motoya, Kobundo Publishers, Fuji Kizai Service, Isseisha, Gotoh
Shinkodo, Tiger Information System, Kinugasa Printing Materials Co, other
No. of accounts: 300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Techno System, NP Nakaneya, Kondo Kozai, Murata Boring Technology,
Shinohara Machinery Co Ltd, other
Payment record: Regular
Location: Business area in
Shizuoka. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
· Shizuoka Shinkin Bank (Eki-Minami)
· Shoko Chukin Bank (Shizuoka)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2011 |
31/03/2010 |
31/03/2009 |
31/03/2008 |
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Annual
Sales |
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2,600 |
2,261 |
4,846 |
5,766 |
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Recur.
Profit |
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- - - |
-629 |
125 |
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Net
Profit |
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- - - |
-517 |
14 |
27 |
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Total
Assets |
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8,901 |
11,043 |
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Current
Assets |
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5,982 |
7,870 |
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Current
Liabs |
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3,366 |
5,053 |
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Net
Worth |
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1,043 |
1,561 |
1,546 |
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Capital,
Paid-Up |
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10 |
10 |
10 |
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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 |
14.9 |
-53.34 |
-15.96 |
6.38 |
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Current Ratio |
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.. |
177.72 |
155.75 |
.. |
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N.Worth Ratio |
.. |
11.72 |
14.14 |
.. |
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R.Profit/Sales |
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-27.82 |
2.58 |
.. |
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N.Profit/Sales |
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-22.87 |
0.29 |
0.47 |
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Return On Equity |
.. |
-49.57 |
0.90 |
1.75 |
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Notes:
Forecast (or estimated) figures for the 31/03/2011 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.46.02 |
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UK Pound |
1 |
Rs.73.61 |
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Euro |
1 |
Rs.64.78 |
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.