MIRA INFORM REPORT
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Report Date : |
16.05.2013 |
IDENTIFICATION DETAILS
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Name : |
THE SHIBUSAWA WAREHOUSE CO LTD |
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Registered Office : |
2-37-25 Kotoku
Tokyo 135-8513 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
July 1909 |
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Com. Reg. No.: |
0106-01-038102 (Tokyo-Kotoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Warehousing |
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No. of Employees : |
1092 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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 on exports to drive growth,
and an aging and shrinking population are other major long-term challenges for the
economy.
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Source
: CIA |
Company name
THE SHIBUSAWA WAREHOUSE CO LTD
REGD NAME
Shibusawa Soko KK
MAIN OFFICE
2-37-25 Kotoku
Tokyo 135-8513 JAPAN
Tel:
03-5646-7220 Fax: 03-3820-9130 -
URL: http://www.shibusawa.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Warehousing
BRANCHES
Osaka,
Sendai, Komaki, Yokohama, Chiba, other (Tot 10)
FACTORIES
At
major airports (warehouses)
CHIEF EXEC
SHINJI
KASAHARA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 53,399 M
PAYMENTSREGULAR CAPITAL Yen
7,847 M
TREND UP WORTH
Yen 34,227 M
STARTED 1909 EMPLOYES 1,092
COMMENT
WAREHOUSING
FINANCIAL SITUATION COSIDERED FAIR
AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast figures for the 31/03/2014
fiscal term.
HIGHLIGHTS
This is the second-tier warehousing company. Member of old Dai-Ichi Kangyo Bank
group. Established full line of logistic
operations concentrating on inland distributions. Aggressive in international transport with
track record in N America, East Asia and Middle East. Emphasis being placed on the real estate
business. Warehouse reconstruction in
Ibaraki, Osaka is scheduled to finish off the summer 2015. First stage works on warehouse renovation
project in Yokohama will be completed in the autumn 2015. The company is planning to start second-stage
works on Yokohama warehouse.
FINANCIAL INFORMATION
The sales volume for Mar/2013 fiscal term amounted to Yen 53,399
million, a 0.2% down from Yen 53,496 million in the previous term. International cargo service bottomed up
toward the term-end. In leasing
business, newly acquired building showed results. Earthquake disaster-related emergency cargoes
fade away. The recurring profit was
posted at Yen 2,476 million and the net profit at Yen 1,106 million,
respectively, compared with Yen 2,377 million recurring profit and Yen 930
million net profit, respectively, a year ago.
For the current term ending Mar 2014 the recurring profit is projected
at Yen 2,220 million and the net profit at Yen 1,300 million, on a 1.7% rise in
turnover, to Yen 54,300 million. Cargo
movement will take upturn at home and abroad.
In real estate leasing business, the preceding term’s real estate
acquisition tax will fade away, but cost will rise on warehouse reconstruction
in Yokohama.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
REGISTRATION
Date
Registered: Jul 1909
Regd
No.: 0106-01-038102 (Tokyo-Kotoku)
Legal
Status: Limited Company (Kabushiki Kaisha
Authorized: 240 million shares
Issued:
76,088,737 shares
Sum: Yen 7,847 million
Major shareholders
(%):
Don Quijote (9.5), Tokio Marine & Nichido Fire Ins (8.3), Shimizu Corp
(4.9), Mizuho Corporate Bank (4.9), Prospect Japan Fund Ltd (3.9), Tokyo Univ
(2.7), Chuo Estate (2.7), Saitama Resona Bank (2.6), Zeon Corp (2.1), Nipponkoa
Ins (2.1); foreign owners (9.2)
No. of shareholders: 2,790
Listed on the S/Exchange (s) of:
Tokyo
Managements: Shizuo Inuzuka, ch; Shinji Kasahara,
pres; Shuichi Saito, v pres; Haruki Kashiwabara, dir; Keiichi Imai, dir; Masanobu
Manabe, dir
Nothing detrimental is known as
to the commercial morality of executives.
OPERATION
Activities: Warehousing logistics operations
(87%), Real estate (12%), others (1%)
Clients: [Mfrs,
wholesalers] JT, Fujitsu General, Furukawa Electric Ind, Suntory Ltd, other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Hanshin Delivery, Shibusawa Rikuun, System Logistics Co, Hinase
Logistics, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank
References:
Mizuho Corporate Bank (Uchisaiwaicho)
Saitama Resona Bank (Tokyo)
Relations: Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2013 |
31/03/2012 |
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INCOME STATEMENT |
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Annual Sales |
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53,399 |
53,496 |
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Cost of Sales |
47,510 |
47,658 |
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GROSS PROFIT |
5,889 |
5,838 |
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Selling & Adm Costs |
3,110 |
3,115 |
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OPERATING PROFIT |
2,778 |
2,722 |
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Non-Operating P/L |
-302 |
-345 |
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RECURRING PROFIT |
2,476 |
2,377 |
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NET PROFIT |
1,106 |
930 |
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BALANCE SHEET |
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Cash |
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5,348 |
5,565 |
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Receivables |
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9,558 |
9,459 |
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Inventory |
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Securities, Marketable |
1,063 |
910 |
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Other Current Assets |
4,266 |
5,751 |
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TOTAL CURRENT ASSETS |
20,235 |
21,685 |
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Property & Equipment |
55,138 |
51,538 |
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Intangibles |
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802 |
727 |
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Investments, Other Fixed Assets |
11,102 |
10,867 |
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TOTAL ASSETS |
87,277 |
84,817 |
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Payables |
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4,239 |
4,347 |
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Short-Term Bank Loans |
2,194 |
2,178 |
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Other Current Liabs |
13,824 |
7,188 |
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TOTAL CURRENT LIABS |
20,257 |
13,713 |
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Debentures |
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7,000 |
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Long-Term Bank Loans |
24,913 |
24,185 |
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Reserve for Retirement Allw |
2,169 |
2,077 |
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Other Debts |
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5,711 |
5,278 |
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TOTAL LIABILITIES |
53,050 |
52,253 |
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MINORITY INTERESTS |
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Common
stock |
7,847 |
7,847 |
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Additional
paid-in capital |
5,663 |
5,663 |
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Retained
earnings |
18,587 |
18,016 |
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Evaluation
p/l on investments/securities |
1,973 |
1,094 |
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Others |
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720 |
(37) |
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Treasury
stock, at cost |
(563) |
(19) |
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TOTAL S/HOLDERS` EQUITY |
34,227 |
32,564 |
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TOTAL EQUITIES |
87,277 |
84,817 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2013 |
31/03/2012 |
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Cash Flows
from Operating Activities |
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4,831 |
3,546 |
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Cash
Flows from Investment Activities |
-6,517 |
-5,381 |
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Cash
Flows from Financing Activities |
-75 |
2,158 |
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Cash,
Bank Deposits at the Term End |
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6,797 |
8,547 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
34,227 |
32,564 |
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Current
Ratio (%) |
99.89 |
158.13 |
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Net
Worth Ratio (%) |
39.22 |
38.39 |
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Recurring
Profit Ratio (%) |
4.64 |
4.44 |
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Net
Profit Ratio (%) |
2.07 |
1.74 |
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Return
On Equity (%) |
3.23 |
2.86 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.78 |
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UK Pound |
1 |
Rs.83.38 |
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Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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 |
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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.