MIRA INFORM REPORT

 

 

Report Date :           

20.04.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

SHIN-ETSU FILM CO LTD 

 

 

Registered Office :

Shin-Etsu Chemical Kitago Plant, 2-1-5 Kitago Echizen City Fukui-Pref 9150802

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

December 1973

 

 

Com. Reg. No.:

2100-01-011694 (Fukui-Echizen)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of PP/PE films

 

 

No. of Employees :

26

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 96.1 Million

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

SHIN-ETSU FILM CO LTD

 

REGD NAME

 

Shin-Etsu Film KK

 

MAIN OFFICE

 

Shin-Etsu Chemical Kitago Plant, 2-1-5 Kitago Echizen City Fukui-Pref 915-0802 JAPAN

           

Tel: 0778-23-8066     Fax: 0778-22-8066

 

* Tokyo Head Office at: 1-3-8 Uchikanda Chiyodaku Tokyo, as given

 

URL:                 http://www.shinetsu-film.co.jp/

E-Mail address:            info@shinetsu-film.co.jp

 

 

ACTIVITIES  

 

Mfg of PP/PE films

 

 

BRANCHES

 

Tokyo

 

 

FACTORIES

 

At the caption address (which is the Factory of the parent, Shin-Etsu Chemical)

 

 

OFFICER(S)  

 

HIDEHO SASAYA, PRES         

Shigeaki Takahashi, s/mgn dir

      Hiroto Imai, dir        

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR     A/SALES                                              Yen 1,896 M

PAYMENTS      No Complaints          CAPITAL           Yen 200 M

TREND             SLOW                          WORTH            Yen 2,667 M

STARTED         1973     EMPLOYES                  26

 

 

COMMENT         

 

MFR OF PE/PP & OTHER PLASTIC FILMS, WHOLLY OWNED BY SHIN-ETSU CHEMICAL CO LTD.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

MAX CREDIT LIMIT: YEN 96.1 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company dates back to 1971 when the trading division of Shin-Etsu Chemical Co Ltd, the parent body of the subject, imported OPP films for capacitors from General Electrics of USA.  In 1973 the two established 50/50 JV firm and started production of OPP capacitor films.  In 1977, Shin-Etsu Chemical bought the share of GE and the subject became a wholly-owned consolidated subsidiary of the former.  This is a specialized mfr of capacitor films, wrapping films, packaging pouches, other.  The factory is located at the parent’s Factory site.  The Tokyo Office functions as international & domestic trading & marketing.  Clients include semiconductor mfrs.

 

 

FINANCIAL INFORMATION

 

Financials are consolidated by the parent, Shin-Etsu Chemical Co Ltd, and only digested figures are made available.

 

The sales volume for Mar/2011 fiscal term amounted to Yen 1,896 million, a 4% up from Yen 1,831 million in the previous term.  Economic recovery continued in the Asian region, centering on China.  Affected by the Great East Japan Earthquake on 11/03/2011, operations stopped at Shin-Etsu Chemical’s Kashima Plant and Shin-Etsu Handotai’s Shirakawa Plant.  The net profit was posted at Yen 35 million, compared with Yen 16 million a year ago. 

 

For the term that ended Mar 2012 the net profit was projected at Yen 40 million, on a 5% rise in turnover, to Yen 2,000 million.  Final results are yet to be released.

           

The financial situation is considered FAIR and good for ORDINARY business engagements.            Max credit limit is estimated at Yen 96.1 million, on 30 days normal terms.

REGISTRATION

 

Date Registered:  Dec 1973

Regd No.:        2100-01-011694 (Fukui-Echizen)

Legal Status:   　Limited Company (Kabushiki Kaisha)

Authorized:      　1.6 million shares

Issued: 　         400,000 shares

Sum:                　Yen 200 million

 

Major shareholders (%): Shin-Etsu Chemical Co Ltd*(100)

 

* World’s largest mfr of PVC & semiconductor wafers, Tokyo, founded 1926, listed Tokyo S/E, capital Yen 119,419 million, sales Yen 1,058,257 million, operating profit Yen 149,221 million, recurring profit Yen 160,338 million, net profit Yen 100,119 million, total assets Yen 1,784,166 million, net worth Yen 1,469,429 million, employees 16,109, pres Shunzo Mori

 

Consolidated Financials are as attached (See SUPPLEMENTS)

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Manufactures capacitor films, wrapping films, packaging pouches, solar wafers,  solar cells, aluminum foils, other capacitor-related materials (--100%).

 

            Mfg base materials are: PE (polypropylene), PE (polyethylene), PET (Poly Ester), PE/PET (laminated), Si (silicon), Al (aluminum), other.

 

Main uses/applications: capacitor films for high-voltage, ultra-high voltage & low voltage capacitors; wrapping films for mfg golf clubs, fishing rods, other; packaging pouches for semiconductor silicone wafers, case packaging, pharmaceuticals, precision instruments, other; solar wafers for solar cells, other; capacitor-related materials are mainly aluminum electrode for capacitors.

 

Clients: [Mfrs, wholesalers] Shin-Etsu Handotai, Sharp Corp, Motech, Scan Water, Cooper, Nisshin Denki Seisakusho, Kyushu Shizuki Co Inc, Siemens, other.

            No. of accounts: 300

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Prime Polymer, Nihon Matai Co, Opt Inc, Shin-Etsu Chemi-

cal, Sun Tox Co, other.

 

Payment record: No Complaints

 

Location: Light industrial area in Echizen City, Fukui-Pref.  Office premises at the caption address are owned by the parent, Shin-Etsu Chemical Co Ltd, and maintained satisfactorily.

 

Bank References:

Fukui Bank (Kitago)

MUFG (Shin-Marunouchi)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

2,000

1,896

1,831

10,082

Recur. Profit

　

　

　

　

　

Net Profit

　

40

35

16

369

Total Assets

　

　

3,237

3,382

4,560

Current Assets

　

　

2,378

2,269

3,868

Current Liabs

　

　

523

709

1,891

Net Worth

　

　

2,667

2,633

2,636

Capital, Paid-Up

　

　

200

200

200

Div.P.Share(¥)

　

　

0.00

40.00

40.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

5.49

3.55

-81.84

15.81

    Current Ratio

 

..

454.68

320.03

204.55

    N.Worth Ratio

..

82.39

77.85

57.81

    R.Profit/Sales

 

..

..

..

..

    N.Profit/Sales

2.00

1.85

0.87

3.66

    Return On Equity

..

1.31

0.61

14.00

 

Notes: Forecast (or estimated) figures for the 31/03/2012 fiscal term. 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, SHIN-ETSU CHEMICAL CO LTD

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

1,058,257

916,837

 

  Cost of Sales

803,574

700,902

 

      GROSS PROFIT

254,682

215,934

 

  Selling & Adm Costs

105,460

98,718

 

      OPERATING PROFIT

149,221

117,215

 

  Non-Operating P/L

11,117

9,804

 

      RECURRING PROFIT

160,338

127,019

　

      NET PROFIT

100,119

83,852

BALANCE SHEET

 

 

 

 

  Cash

　

244,002

209,046

 

  Receivables

 

270,499

273,949

 

  Inventory

 

188,283

183,553

 

  Securities, Marketable

116,714

109,761

 

  Other Current Assets

68,429

66,262

 

      TOTAL CURRENT ASSETS

887,927

842,571

 

  Property & Equipment

620,334

646,133

 

  Intangibles

 

14,020

17,055

 

  Investments, Other Fixed Assets

261,885

263,380

 

      TOTAL ASSETS

1,784,166

1,769,139

 

  Payables

 

110,753

93,294

 

  Short-Term Bank Loans

8,712

11,866

 

　

 

　

　

 

  Other Current Liabs

129,969

124,964

 

      TOTAL CURRENT LIABS

249,434

230,124

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

5,548

7,884

 

  Reserve for Retirement Allw

14,119

12,677

 

  Other Debts

　

45,636

44,241

 

      TOTAL LIABILITIES

314,737

294,926

 

      MINORITY INTERESTS

 

 

 

Common stock

119,419

119,419

 

Additional paid-in capital

128,177

128,177

 

Retained earnings

1,376,043

1,318,413

 

Evaluation p/l on investments/securities

3,275

6,717

 

Others

 

(116,568)

(57,622)

 

Treasury stock, at cost

(40,917)

(40,892)

 

      TOTAL S/HOLDERS` EQUITY

1,469,429

1,474,212

　

      TOTAL EQUITIES

1,784,166

1,769,139

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

217,490

171,538

 

Cash Flows from Investment Activities

-132,005

-102,835

 

Cash Flows from Financing Activities

-48,621

-50,960

　

Cash, Bank Deposits at the Term End

　

302,285

270,443

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

1,469,429

1,474,212

 

 

Current Ratio (%)

355.98

366.14

 

 

Net Worth Ratio (%)

82.36

83.33

 

 

Recurring Profit Ratio (%)

15.15

13.85

 

 

Net Profit Ratio (%)

9.46

9.15

 

 

Return On Equity (%)

6.81

5.69

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.89

UK Pound

1

Rs.83.18

Euro

1

Rs.68.06

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.