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Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SHINDEN HIGHTEX CORPORATION |
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Registered Office : |
Sankyo Bldg 6F, 3-7-2 Irifune Chuoku |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
June 1995 |
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Com. Reg. No.: |
(Tokyo-Chuoku) 094897 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, wholesaler of LCDs, semiconductors, peripherals |
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No. of Employees : |
102 |
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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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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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
SHINDEN HIGHTEX CORPORATION
REGD NAME: Shinden
Hightex KK
MAIN OFFICE: Sankyo
Bldg 6F, 3-7-2 Irifune Chuoku Tokyo 104-0042 JAPAN
Tel: 03-3537-0101
Fax: 03-3537-0202
URL: http://www.shinden.co.jp/
E-Mail address: info@shinden.co.jp
Import, wholesaler
of LCDs, semiconductors, peripherals
Osaka, Nagoya,
Sendai, Kumagaya, Shizuoka, Nagano, Fukuoka, Kyoto,Fukuyama
Shinden Hong Kong Ltd, Shinden-Hightex Korea Corp, Shinden Korea Techno Co, Shinden Singapore Pte Ltd, Shinden Trading (Shanghai) Co Ltd, Shinden (Thailand) Co Ltd (--subsidiaries)
(subcontracted)
TAMOTSU
SHIROSHITA, PRES Atsushi Suzuki, mgn dir
Toshikazu Saito,
dir Akira
Tomizawa, dir
Jun’ichi
Nishimoto, dir Koji
Akazawa, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 28,046 M
PAYMENTS SLOW
BUT CORRECT CAPITAL Yen 841 M
TREND SLOW WORTH Yen
2,238 M
STARTED 1995 EMPLOYES 102
IMPORTER AND WHOLESALER
SPECIALIZING IN SEMICONDUCTORS AND PERIPHERALS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR CREDIT
ENGAGEMENTS: US$75,000 / O/A 60 DAYS.
The subject company was established by Susumu
Kaizuka, now ch, in order to make most of his experience in the subject line of
business. This is a trading firm
specializing in import and wholesale of semiconductors, LCD’s and peripherals. Goods are imported from USA, China, Korea,
other and shipped to major electronics mfrs nationwide. Operates 6 overseas offices in China and
other Asian countries, engaged in mfg of these products.
The sales volume for Mar/2012 fiscal term amounted to Yen 28,046
million, a 15% down from Yen 33,075 million in the previous term. Sales to sharp Corp decreased due to their
poor sales. The recurring profit was
posted at Yen 180 million and the net profit at Yen 107 million, respectively,
compared with Yen 354 million recurring profit and Yen 354 million recurring
profit and Yen 130 million, respectively, a year ago.
For the current term ending Mar 2013 the
recurring profit is projected at Yen 200 million and the net profit at Yen 120
million, respectively, on a 3% rise in turnover, to Yen 29,000 million.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Date Registered: Jun 1995
Regd No.:
(Tokyo-Chuoku) 094897
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 27,200 shares
Issued: 8,010 shares
Sum: Yen 841 million
Major
shareholders (%): Susumu Kaizuka (15.2), Employees’ S/Holding Assn (9.6), Tamotsu Shiroshita (8.8), Masaru Kawai (5.3),
Jafco V2 Joint Investment (4.9), SDS Investment (3.4)
No. of shareholders: 93
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports and
wholesales LCDs (19%), semiconductors (66%), electronics equipment (8%), others
(8%).
Import/Export
(26%)
Clients: [Electronics
mfrs] Alps, Alpine, Brother, Canon, Citizen, Fanuc, Fuji Film, Fujitsu, Fuji
Xerox, Ishida, JVC, Konica Minolta, Kyocera Mita, Nagano JRC, NEC, NJRC, Oki
Data, Panasonic, Panasonic Communications, Renesas, Ricoh, Sanyo Electric,
Seiko Epson, Sharp, Sony, TDK, Toshiba, Toshiba Tec, other.
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Atmel, ADTEC, Amimon, Barun Electronics, Dongbu HiTek, EMLSI,
Hynix, IBM, LG Display, LG Innotek, M&W, Magna Chip, Ramtron International,
Sanyo, Smartrack Technology, Suti Soft, Synerchip, Transcend, WIN
Semiconductor, other.
Payment record: Slow but correct
Location: Business area in Tokyo.
Office premises at the caption address are leased and maintained
satisfactorily.
Bank References:
Mizuho Bank
(Shinagawa)
SMBC (Shibuya)
Relations:
Satisfactory
(In Million Yen)
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Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
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Annual
Sales |
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29,000 |
28,046 |
33,075 |
23,906 |
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Recur.
Profit |
|
200 |
184 |
351 |
293 |
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Net
Profit |
|
120 |
107 |
130 |
288 |
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Total
Assets |
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12,469 |
11,526 |
7,893 |
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Current
Assets |
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12,105 |
10,349 |
8,969 |
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Current
Liabs |
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7,238 |
7,511 |
5,733 |
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Net
Worth |
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2,238 |
2,154 |
2,030 |
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Capital,
Paid-Up |
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|
841 |
841 |
841 |
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Div.P.Share(¥) |
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4000.00 |
4000.00 |
2500.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.40 |
-15.20 |
38.35 |
-62.66 |
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Current Ratio |
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.. |
167.24 |
137.78 |
156.45 |
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N.Worth Ratio |
.. |
17.95 |
18.69 |
25.72 |
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R.Profit/Sales |
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0.69 |
0.66 |
1.06 |
1.23 |
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N.Profit/Sales |
0.41 |
0.38 |
0.39 |
1.20 |
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Return On Equity |
.. |
4.78 |
6.04 |
14.19 |
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Notes: Forecast
(or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.53.63 |
|
|
1 |
Rs.86.17 |
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Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
-- |
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.