|
Report Date : |
04.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHINKAWA ELECTRIC CO LTD |
|
|
|
|
Registered Office : |
10-9 Mikawacho Nakaku Hiroshima 730-0029 |
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|
|
|
Country : |
Japan |
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|
|
|
Financials (as on) : |
31.01.2012 |
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|
|
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Date of Incorporation : |
November 1951 |
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|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
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|
|
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Line of Business : |
Import, export, wholesale of industrial instruments, measuring instruments, analytical appliances, electric appliances, others. |
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|
|
|
No. of Employees : |
658 |
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 |
|
Status : |
Satisfactory |
|
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 – 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
SHINKAWA ELECTRIC CO LTD
REGD NAME: Shinkawa
Denki KK
MAIN OFFICE: 10-9
Mikawacho Nakaku Hiroshima 730-0029 JAPAN
Tel:
082-247-4211
*.. The is its Tokyo
Office
URL: http://www.shinkawa.co.jp
E-Mail address: (thru the URL)
Import, export, wholesale of industrial instruments, measuring instruments, analytical appliances, electric appliances, others
Tokyo, Yokohama,
Aomori, Sendai, Hitachi, Chiba
USA, China,
Malaysia, Singapore (--subsidiaries)
FUMITO SHINKAWA,
PRES Yoichi Shinkawa, ch
Kotaro Matsumoto, mgn
dir Yukio Fujimoto, dir
Toshiaki Takeda,
dir Mitsunobu Ogino, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 24,769 M
PAYMENTS NO
COMPLAINTS CAPITAL Yen 300 M
TREND UP WORTH Yen 2,624 M
STARTED 1951 EMPLOYES 658
TRADING FIRM SPECIALIZING IN INDUSTRIAL
INSTRUMENTS, ANALYTICAL INSTRUMENTS, ELECTRIC APPLIANCES, OTHERS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was
established originally in 1927 by a certain Shinkawa, on his account, for
dealing with electric appliances.
Incorporated in 1951 the firm has been succeeded by his
descendants. This is a trading firm for
import, export and wholesale of industrial instruments, analytical instruments,
measuring instruments, electric appliances, others. Operates 4 overseas subsidiaries: USA,
Singapore, Malaysia and China. Domestic
clients include heavy machinery mfrs, trading firms, others.
The sales volume for
Jan/2012 fiscal term amounted to Yen 24,769 million, a 0.4% up from Yen 24,682
million in the previous term. Export
revenues were reduced by the high Yen in Yen terms. The recurring profit was posted at Yen 461
million and the net profit at Yen 171 million, respectively, compared with Yen
210 million recurring profit and Yen 53 million net profit, respectively, a
year ago.
For the term that ended
Jan 2013 the recurring profit was projected at Yen 470 million and the net
profit at Yen 175 million, respectively, on a 0.9% rise in turnover, to Yen
25,000 million. Final results are yet to
be released.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Nov
1951
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 1.8 million shares
Issued: 460,000 shares
Sum: Yen 300 million
Major
shareholders (%): Employees’ S/Holding Assn (13.7), Tokao Shinkawa (5.4), Tomiko Harima
(4.3), Fumito Shinkawa (4.3), Yoshio Shinkawa (4.2), Kiyoto Kihara (4.1)
No. of shareholders: 117
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports
and wholesales industrial instruments (43%), measuring instruments (17%),
chemical analytical instruments (9%), electric appliances (5%), others (26%)
Overseas
sales ratio (5%)
(Products
handled): Process control system for oil/LNG refineries, cooling/heating systems,
safety instrumentation systems, self-propelled inspection system, others
Clients: [Mfrs,
wholesalers] Daicel Corp, Mitsubishi Heavy Ind, Tokuyama Corp, Ube Ind Ltd,
Nippon Steel & Sumitomo Metal Corp, other
No. of accounts:
300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Yokogawa Electric Ind, Agillent Technologies, Yokogawa Meter &
Instruments, Tokyo Keiki Inc, Sertec Corp, other
Payment record: No Complaints
Location: Business area in
Hiroshima. Office premises at the
caption address are owned and maintained satisfactorily.
Bank
References:
Yamaguchi Bank
(Hiroshima)
Hiroshima Bank
(Mikawacho)
Relations:
Satisfactory
(In Million
Yen)
|
Terms Ending: |
31/01/2013 |
31/01/2012 |
31/01/2011 |
31/01/2010 |
|
|
Annual
Sales |
|
25,000 |
24,769 |
24,682 |
23,554 |
|
Recur.
Profit |
|
470 |
461 |
210 |
251 |
|
Net
Profit |
|
175 |
171 |
53 |
83 |
|
Total
Assets |
|
|
15,379 |
15,102 |
14,611 |
|
Current
Assets |
|
|
10,421 |
10,438 |
|
|
Current
Liabs |
|
|
9,785 |
9,630 |
|
|
Net
Worth |
|
|
2,624 |
2,433 |
2,410 |
|
Capital,
Paid-Up |
|
|
300 |
300 |
300 |
|
Div.P.Share(¥) |
|
|
80.00 |
80.00 |
80.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
0.93 |
0.35 |
4.79 |
-20.96 |
|
|
Current Ratio |
|
.. |
106.50 |
108.39 |
.. |
|
N.Worth Ratio |
.. |
17.06 |
16.11 |
16.49 |
|
|
R.Profit/Sales |
|
1.88 |
1.86 |
0.85 |
1.07 |
|
N.Profit/Sales |
0.70 |
0.69 |
0.21 |
0.35 |
|
|
Return On Equity |
.. |
6.52 |
2.18 |
3.44 |
|
Notes: Forecast
(or estimated) figures for the 31/01/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.48 |
|
|
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.71.27 |
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.