|
Report Date : |
24.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHINGY CO LIMITED |
|
|
|
|
Registered Office : |
KDX Gobancho
Bldg 8F, 5-5 Gobancho Chiyodaku Tokyo 102-0076 |
|
|
|
|
Country : |
Japan |
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|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
October 1997 |
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|
|
|
Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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|
|
|
Line of Business : |
Manufactures of OEM health
foods, OEM supplements. |
|
|
|
|
No. of Employees : |
20 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
|
|
Maximum Credit Limit : |
YEN 11.4 Million |
|
Status : |
Moderate |
|
Payment Behaviour : |
No complaints |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 small agricultural sector is highly subsidized and protected, with
crop yields among the highest in the world. While self-sufficient in rice
production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the
economy has fallen into recession three times since 2008. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan 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 and the ensuing tsunami in March disrupted
manufacturing. The economy has largely recovered in the two years since the
disaster, but reconstruction in the Tohoku region has been uneven.
Newly-elected Prime Minister Shinzo ABE has declared the economy his
government's top priority; he has pledged to reconsider his predecessor's plan
to permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus and regulatory reform and has said he
will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 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 2012. The new government will continue a longstanding debate on
restructuring the economy and reining in Japan's huge government debt, which
exceeds 200% of GDP. Persistent deflation, reliance
Source
: CIA
SHINGY CO LTD
REGD NAME: KK
Shingy
MAIN OFFICE: KDX Gobancho
Bldg 8F, 5-5 Gobancho Chiyodaku Tokyo 102-0076 JAPAN
Tel:
03-6380-9380
Fax: 03-3237-8288
E-Mail
address: shingy@shingy.co.jp
Mfg of
OEM health foods, OEM supplements, other
Nil
China
Guanzhou
(China)
HOJU
LI, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES R/WEAK A/SALES Yen 870 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
48 M
TREND SLOW WORTH Yen
35 M
STARTED 1997 EMPLOYES 20
OEM MFR OF HEALTH FOODS, SUPPLEMENTS.
FINANCIAL SITUATION CONSIDERED
RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
The subject company was established originally in 1993 by
Hoju Li in order to import health foods & supplements from China, and was
incorporated in 1997. This is an OEM mfr
of health foods, supplements, other.
Goods are all manufactured in Guanzhou Factory in China. In 2005, went into business tie-up with
Sumitomo Shoji Chemicals Co Ltd, and clients networks expanded.
MAX CREDIT LIMIT: YEN 11.4 MILLION, 30 DAYS NORMAL TERMS
The sales volume for Mar/2013 fiscal term amounted to Yen
870 million, a 6% down from Yen 936 million in the previous term. Production in China slowed and imports
decreased. The recurring profit was
posted at Yen 40 million and the net profit at Yen 40 million, respectively,
compared with Yen 25 million recurring loss and Yen 25 million net losses,
respectively, a year ago.
For the current term ending Mar 2014 the recurring profit is
projected at Yen 45 million and the net profit at Yen 45 million, respectively,
on a 5% rise in turnover, to Yen 910 million.
The financial situation is considered RATHER WEAK but should
be good for MODERATE business engagements.
Max credit limit is estimated at Yen 11.4 million, on 30 days
normal terms.
Date Registered: Oct
1997
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 3,840 shares
Issued:
960 shares
Sum: Yen
48 million
Major shareholders (%): Hoju Li (95), other
No. of shareholders: 3
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures OEM health foods, health
supplements, other (--100%)
Goods are all manufactured at
Guanzhou Factory (China)
Mfg raw materials): sea cucumber, bee larva, ants,
abalone, silky fowl, other
Clients: [Mfrs, wholesalers] Belluna Co,
Sumitomo Shoji Chemicals, SLC, Nihondo Co, other
No. of
accounts: 300
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Imports from China
(subsidiary factory)
Payment record: No
Complaints
Location: Business
area in Tokyo. Office premises at the
caption address are leased and maintained satisfactorily.
Bank References: Higashi Nippon Bank (H/O)
Mizuho Bank
(Kamiyacho)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual
Sales |
|
910 |
870 |
926 |
|
Recur.
Profit |
|
45 |
40 |
-25 |
|
Net
Profit |
|
45 |
40 |
-25 |
|
Total
Assets |
|
|
326 |
330 |
|
Current
Assets |
|
|
246 |
242 |
|
Current
Liabs |
|
|
288 |
328 |
|
Net
Worth |
|
|
35 |
-5 |
|
Capital,
Paid-Up |
|
|
48 |
48 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.60 |
-6.05 |
2.89 |
|
|
Current Ratio |
|
.. |
85.42 |
73.78 |
|
N.Worth Ratio |
.. |
10.74 |
-1.52 |
|
|
R.Profit/Sales |
|
4.95 |
4.60 |
-2.70 |
|
N.Profit/Sales |
4.95 |
4.60 |
-2.70 |
|
Notes:
Financials are only partially disclosed for the 31/03/2011 fiscal term
Forecast
(or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 64.69 |
|
|
1 |
Rs. 100.80 |
|
Euro |
1 |
Rs. 86.30 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.