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Report Date : |
12.02.2013 |
IDENTIFICATION DETAILS
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Name : |
SHINSEI HITECH CO LTD |
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Registered Office : |
2-6-25 Nishi-Nagasucho Amagasaki Hyogo-Pref 660-0805 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
March 1985 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of electronic devices, car stereo, AV equipment |
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No. of Employees : |
138 |
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
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 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
SHINSEI HITECH CO LTD
REGD NAME: Shinsei
Hitech KK
MAIN OFFICE: 2-6-25
Nishi-Nagasucho Amagasaki Hyogo-Pref 660-0805 JAPAN
Tel:
06-6489-2470 Fax: 06-6489-2477
E-Mail address: info@s-ht.co.jp
Mfg of electronic
devices, car stereo, AV equipment
Nil
Taiwan
At the caption
address
SHIGENORI YAMASHITA,
PRES
Masanori
Nishiwaki, s/mgn dir
Saburo Nishida,
dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 3,940 M
PAYMENTS NO
COMPLAINTS CAPITAL Yen 48 M
TREND UP WORTH Yen 305 M
STARTED 1985 EMPLOYES 138
MFR OF ELECTRONICS DEVICES.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was
established on the basis of a division separated from Eagle Electronics Ind, as
Eagle System Engineering KK. In May 2009
renamed as captioned. This is a
specialized mfr of electronics devices: LED lamps, reel counter light, golf
navigation unit (golf GPS system), AV equipment, car stereo, other. In Oct 2012 merged a sister company, Shinsei
Electronics KK. Clients include major
electronics makers, heavy machinery makers, others
The sales volume for
Mar/2012 fiscal term amounted to Yen 3,940 million, a 50% up from Yen 2,627
million in the previous term. Part of
operations of the said merged company was transferred. The recurring profit was posted at Yen 36
million and the net profit at Yen 123 million, respectively, compared with Yen
125 million recurring profit and Yen 74 million net profit, respectively, a
year ago.
For the current term
ending Mar 2013 the recurring profit is projected at Yen 50 million and the net
profit at Yen 125 million, respectively, on a 14% rise in turnover, to Yen
4,500 million. The said merger will contribute
to sales growth.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 36.9
million, on 30 days normal terms.
Date Registered: Mar
1985
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 384,000 shares
Issued: 96,000 shares
Sum: Yen 48 million
Major
shareholders (%): Shinsei Electronics KK* (100)
*.. Holding company owned by the firm
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
electronics devices: LED lamps, reel counter light, golf navigation unit (golf
GPS system), AV equipment, car stereo, other (--100%)
Clients: [Mfrs,
wholesalers] Daikoku Denki Co (70%), Mitsubishi Electric, Mitsubishi Heavy Ind,
Panasonic Corp, Nichibei Denshi Co, Diken Iki Corp, Yokogawa Electric Corp,
Dainippon Sumitomo Pharma Co, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Shinsei Electric (95%), Techno Shinsei, Yamaguchi Seisakusho,
Mizuta Seisakusho, other
Payment record: No Complaints
Location: Business area in
Amagasaki, Hyogo-Pref. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG
(Amagasaki-Ekimae)
Iyo Bank
(Osaka-Kita)
Relations:
^Satisfactory
(In Million
Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
4,500 |
3,940 |
2,627 |
1,386 |
|
Recur.
Profit |
|
50 |
36 |
125 |
5 |
|
Net
Profit |
|
125 |
123 |
74 |
4 |
|
Total
Assets |
|
|
2,170 |
608 |
396 |
|
Current
Assets |
|
|
1,104 |
579 |
363 |
|
Current
Liabs |
|
|
714 |
319 |
178 |
|
Net
Worth |
|
|
305 |
181 |
107 |
|
Capital,
Paid-Up |
|
|
48 |
48 |
48 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
14.21 |
49.98 |
89.54 |
21.26 |
|
|
Current Ratio |
|
.. |
154.62 |
181.50 |
203.93 |
|
N.Worth Ratio |
.. |
14.06 |
29.77 |
27.02 |
|
|
R.Profit/Sales |
|
1.11 |
0.91 |
4.76 |
0.36 |
|
N.Profit/Sales |
2.78 |
3.12 |
2.82 |
0.29 |
|
|
Return On Equity |
.. |
40.33 |
40.88 |
3.74 |
|
Notes: Forecast (or
estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.68 |
|
|
1 |
Rs.84.84 |
|
Euro |
1 |
Rs.71.87 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.