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Report Date : |
13.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHINTOA CORPORATION |
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Registered Office : |
Fuji Bldg 7F, 3-2-3 Marunouchi Chiyodaku Tokyo 100-8383 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
February 1952 |
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Com. Reg. No.: |
(Tokyo-Chiyodaku) 018290 |
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Legal Form : |
Limited Company |
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Line of Business : |
A trading house for import, export, wholesale of
foodstuffs, beverages, vending machines (operation), fuels, chemicals,
aircraft engines |
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No. of Employees : |
154 employees |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 |
japan - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a
strong work ethic, mastery of high technology, and a comparatively small
defense allocation (1% of GDP) helped Japan develop a technologically advanced
economy. Two notable characteristics of the post-war economy were the close
interlocking structures of manufacturers, suppliers, and distributors, known as
keiretsu, and the guarantee of lifetime employment for a substantial portion of
the urban labor force. Both features are now eroding under the dual pressures
of global competition and domestic demographic change. Japan's industrial
sector is heavily dependent on imported raw materials and fuels. A tiny
agricultural sector is highly subsidized and protected, with crop yields among
the highest in the world. Usually self-sufficient in rice, Japan imports about
60% of its food on a caloric basis. Japan maintains one of the world's largest
fishing fleets and accounts for nearly 15% of the global catch. For three decades,
overall real economic growth had been spectacular - a 10% average in the 1960s,
a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed
markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s
that required a protracted period of time for firms to reduce excess debt,
capital, and labor. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2011 stood as the fourth-largest
economy in the world after second-place China, which surpassed Japan in 2001,
and third-place India, which edged out Japan in 2011. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan further into recession. Government stimulus spending helped the economy
recover in late 2009 and 2010, but the economy contracted again in 2011 as the
massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity
supplies remain tight because Japan has temporarily shut down almost all of its
nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled
by the earthquake and resulting tsunami. Estimates of the direct costs of the
damage - rebuilding homes, factories, and infrastructure - range from $235
billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister
Yoshihiko NODA has proposed opening the agricultural and services sectors to
greater foreign competition and boosting exports through membership in the
US-led Trans-Pacific Partnership trade talks and by pursuing free-trade
agreements with the EU and others, but debate continues on restructuring the
economy and reining in Japan's huge government debt, which exceeds 200% of GDP.
Persistent deflation, reliance on exports to drive growth, and an aging and
shrinking population are other major long-term challenges for the economy.
|
Source : CIA |
SHINTOA CORPORATION
Shintoa Koeki KK
Fuji Bldg 7F, 3-2-3 Marunouchi Chiyodaku Tokyo 100-8383 JAPAN
Tel:
03-3286-0211 Fax: 03-3213-2405
URL: http://www.shintoa.co.jp/
E-Mail address: info@sda.shintoa.co.jp
A trading house for import, export, wholesale of foodstuffs, beverages, vending machines (operation), fuels, chemicals, aircraft engines, others
Osaka,
Nagoya, Fukuoka, Sapporo, Sendai, Hiroshima, Takamatsu
Taipei,
Perth (Australia), Vietnam
USA
(2), UK (1), China
KAZUO
SHIGEMOTO, PRES Takao Takahashi, v
pres
Masataka
Ozawa, dir Morihiro Toida,
dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 103,963 M
PAYMENTS No Complaints CAPITAL Yen
500 M
TREND UP WORTH Yen 6,616 M
STARTED 1952 EMPLOYES 154
TRADING HOUSE, OWNED BY KANEMATSU CORP.
FINANCIAL SITUATION CONSIDERED FAIR
AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established jointly by voluntary groups of Mitsubishi Corp and former body of Bank of Tokyo-Mitsubishi, as a trading firm dealing with foods, metals, resources & materials, household items, etc. In Jan 2006, 60% of Mitsubishi Corp & its group shares were transferred to Kanematsu Corp, which became 77.4% owning parent company. Further in Oct 2010 Kanematsu Corp bought the whole shares and the firm became a 100% owned subsidiary of Kanematsu Corp (See REGISTRATION). This is a trading firm specializing in farm products, animal feeds, livestock products, vending machines for beverages, building materials, oil products, aerospace products, aluminum scraps, etc. Has overseas subsidiaries in USA (2), UK and China. In Aug/2006, took over 50% shares of nestle Vending KK from Nestle Japan Corp. Major activities are centered in domestic operations with overseas trading accounting for 15%. Aircraft engines and peripherals division is expanding and the vending machine division keeps rising. Health foods also continue growing. In Mar 2008, sold a subsidiary oil dealer, Shinto Petroleum Corporation, to Kanematsu Petro KK. In Jul 2012, transferred the food division business to Kanematsu Corp.
The sales volume for Mar/2012 fiscal term amounted to Yen 103,963 million, a 5% up from Yen 98,801 million in the previous term. Sales in Aerospace & Marine division rose thanks to increased demand from airlines, new & existing. Health food division also rose. The recurring profit was posted at Yen 1,158 million and the net profit at Yen 676 million, respectively, compared with Yen 812 million recurring profit and Yen 451 million net profit, respectively, a year ago.
For the current term ending Mar 2013 the recurring profit is projected at Yen 1,000 million and the net profit at Yen 650 million, respectively, on a 9% fall in turnover, to Yen 95,000 million. This is referred to the said transfer of foodstuff operations to Kanematsu Corp.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements.
Date Registered: Feb
1952
Regd No.: (Tokyo-Chiyodaku) 018290
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 40,000 shares
Issued: 10,000 shares
Sum: Yen 500 million
Major
shareholders (%): Kanematsu Corp*(100)
*.. Trading house, formerly general trading businesses, now specializes in foods, IT-related areas, founded 1961, listed Tokyo S/E, capital Yen 27,781 million, turnover Yen 1,006,365 million, operating profit Yen 21,426 million, recurring profit Yen 17,752 million, net profit Yen 6,110 million, total assets Yen 399,753 million, net worth Yen 56,392 million, employees 4,770, pres Masayuki Shimojima
Consolidated Financials are as attached (See SUPPLEMENTS).
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Wholesales foods (12%), pet-care goods (19%), health foods, health-care equipment (12.7%), food & beverage vending machines (33.3%), metal & materials (8.8%), aircraft engines, parts, other (14.4%).
(Overseas trading ratio 20%)
(Products):
Machinery: industrial machinery, transportation machinery, machines & tools, prime mover, plant machinery & equipment for petrochemicals, fertilizer, pulp & paper, power generation systems;
Aerospace products: airplane engines & electronic instruments, the products of: Rolls Royce, Honeywell, MOOG (--USA), Dowty Propellers, Goodrich Control Systems (--UK);
Food & Provisions: agricultural products, sugar, fruits & vegetables, livestock, meat & dairy products, marine products, processed foods, other;
Metals: ferrous & non-ferrous metals
Clients: [Mfrs, wholesalers] Japan Beverage, Self Defense Agency, Gastech Service, Zen-Noh, Neos Co, Daiwa House Ind, Glocal Petcare Japan, Shinko Service, Daiki Aluminum Ind, Summit Showa Aluminum, Nosan Corp, Chubu Shiryo, Japell Co, Nakaya Shoji, Arata Corp, Yuka Co, other
No. of accounts: 500
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Mitsubishi Corp, Otsuka Beverage, Shinko Service, Kurabo,
Otsuka Pharmaceutical, Asahi Calpis Beverage, Suntory Foods, Pokka Corp, Royal
Canin Japon, other
Payment
record: No Complaints
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
MUFG (H/O)
Mitsubishi Trust Bank (H/O)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
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Annual
Sales |
|
95,000 |
103,963 |
98,801 |
107,118 |
|
Recur.
Profit |
|
1,000 |
1,158 |
812 |
962 |
|
Net
Profit |
|
650 |
676 |
451 |
496 |
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Total
Assets |
|
|
33,036 |
32,528 |
32,315 |
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Current
Assets |
|
|
26,865 |
25,926 |
25,203 |
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Current
Liabs |
|
|
25,220 |
24,585 |
25,389 |
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Net
Worth |
|
|
6,616 |
5,976 |
5,597 |
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Capital,
Paid-Up |
|
|
500 |
500 |
500 |
|
Div.P.Share(¥) |
|
|
31,000.00 |
2,500.00 |
2,500.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
-8.62 |
5.22 |
-7.76 |
-19.45 |
|
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Current Ratio |
|
.. |
106.52 |
105.45 |
99.27 |
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N.Worth Ratio |
.. |
20.03 |
18.37 |
17.32 |
|
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R.Profit/Sales |
|
1.05 |
1.11 |
0.82 |
0.90 |
|
N.Profit/Sales |
0.68 |
0.65 |
0.46 |
0.46 |
|
|
Return On Equity |
.. |
10.22 |
7.55 |
8.86 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2013 fiscal term.
CONSOLIDATED FINANCIALS OF THE PARENT,
KANEMATSU CORPORATION
|
FINANCES: (Consolidated
in million yen) |
|
|||||
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Terms Ending: |
31/03/2012 |
31/03/2011 |
||
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INCOME STATEMENT |
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||||
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Annual Sales |
|
1,006,365 |
936,891 |
||
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Cost of Sales |
925,464 |
859,986 |
|||
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GROSS PROFIT |
80,900 |
76,905 |
|||
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Selling & Adm Costs |
59,473 |
58,875 |
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OPERATING PROFIT |
21,426 |
18,029 |
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Non-Operating P/L |
-3,674 |
-3,772 |
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RECURRING PROFIT |
17,752 |
14,257 |
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NET PROFIT |
6,510 |
9,175 |
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BALANCE SHEET |
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Cash |
|
70,835 |
69,014 |
||
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Receivables |
|
163,782 |
146,546 |
||
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Inventory |
|
57,113 |
57,089 |
||
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Securities, Marketable |
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|||
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Other Current Assets |
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|||
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TOTAL CURRENT ASSETS |
318,581 |
299,283 |
|||
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Property & Equipment |
27,028 |
27,884 |
|||
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Intangibles |
|
1,905 |
1,859 |
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Investments, Other Fixed Assets |
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|||
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TOTAL ASSETS |
399,753 |
388,676 |
|||
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Payables |
|
108,956 |
96,137 |
||
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Short-Term Bank Loans |
78,444 |
100,488 |
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Other Current Liabs |
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|||
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TOTAL CURRENT LIABS |
246,837 |
252,120 |
|||
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Debentures |
|
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||
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Long-Term Bank Loans |
82,403 |
73,138 |
|||
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Reserve for Retirement Allw |
2,736 |
2,516 |
|||
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Other Debts |
|
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|
||
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TOTAL LIABILITIES |
343,360 |
339,099 |
|||
|
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MINORITY INTERESTS |
|
|
|||
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Common
stock |
27,781 |
27,781 |
|||
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Additional
paid-in capital |
27,597 |
27,606 |
|||
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Retained
earnings |
1,540 |
8,914 |
|||
|
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Evaluation
p/l on investments/securities |
137 |
(166) |
|||
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Others |
|
|
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||
|
|
Treasury
stock, at cost |
(550) |
(569) |
|||
|
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TOTAL S/HOLDERS` EQUITY |
56,392 |
49,576 |
|||
|
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TOTAL EQUITIES |
399,753 |
388,676 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
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Terms ending: |
31/03/2012 |
31/03/2011 |
||
|
|
Cash
Flows from Operating Activities |
|
15,822 |
7,827 |
||
|
|
Cash Flows
from Investment Activities |
1,291 |
17,322 |
|||
|
|
Cash
Flows from Financing Activities |
-13,411 |
-20,664 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
70,594 |
67,426 |
||
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
56,392 |
49,576 |
||
|
|
|
Current
Ratio (%) |
129.07 |
118.71 |
||
|
|
|
Net
Worth Ratio (%) |
14.11 |
12.76 |
||
|
|
|
Recurring
Profit Ratio (%) |
1.76 |
1.52 |
||
|
|
|
Net Profit
Ratio (%) |
0.65 |
0.98 |
||
|
|
|
Return
On Equity (%) |
11.54 |
18.51 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.70 |
|
UK Pound |
1 |
Rs.84.51 |
|
Euro |
1 |
Rs.68.16 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.