MIRA INFORM REPORT
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Report Date : |
21.05.2013 |
IDENTIFICATION DETAILS
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Name : |
SHIN HIROSE SHOJI CORPORATION |
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Registered Office : |
4133-2 Hongo Tachiaraimachi Miigun Fukuoka-Pref 830-1211 |
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Country : |
Japan |
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Financials (as on) : |
31.07.2012 |
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Date of Incorporation : |
January, 2006 |
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Com. Reg. No.: |
2900-01-050825
(Fukuoka-Miigun-Tachiarai) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Food Containers. |
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No. of Employees : |
33 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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.
Source
: CIA
SHIN HIROSE SHOJI CORPORATION
Shin Hirose Shoji
KK
4133-2 Hongo Tachiaraimachi Miigun
Fukuoka-Pref 830-1211 JAPAN
Tel: 0942-77-3000
Fax: 0942-77-3939
URL: http://www.hirose-cm.co.jp/
E-mail: royalweb@hirose-cm.co.jp
Mfg of food
containers
Tokyo
At the caption
address
Qingdao (3),
Langfang, Yantai (--China), Vietnam
SHIGETAKA HIROSE,
PRES Masashi Kawakami, rep dir
Ikuo Maruyama, dir Takashi Hirose, dir
Norio Yoshiki, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES R/WEAK A/SALES Yen 610 M
PAYMENTS SLOW BUT CORRECT CAPITAL Yen
43 M
TREND SLOW WORTH Yen 59 M
STARTED 2006 EMPLOYES 33
MFR OF PLASTIC
FOOD CONTAINERS
FINANCIAL SITUATION CONSIDERED RATHER WEAK
BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS
The subject
company was established on the basis of succession of business operations of KK
Marx, mfr of food containers, founded 1966, in order to engage in mfg of
plastic food containers. This is a
specialized mfr of plastic food containers: plastic bowl covers, injection
plate, glass cover, food preserving containers, other. Goods are manufactures at subsidiary makers
in China (5), Taiwan, Vietnam and other subcontracted makers overseas. Goods are also exported to China, other S/E
Asian countries.
Financials are
only partially disclosed.
The sales volume
for Jul/2012 fiscal term amounted to Yen 610 million, an almost similar amount
in the previous term. Demand remained
steady. The higher Yen hurt export
earnings & profits. The net profit
was posted at Yen 1 million, similarly in the previous term.
For the current
term ending Jul 2013 the net profit is projected at Yen 1 million, on a 3% rise
in turnover, to Yen 630 million. Demand
is picking up. Production in Chin
continues increasing. Weaker Yen may
contribute to raise sales amount in Yen terms.
The financial
situation is considered RATHER WEAK but should be good for MODERATE business
engagements. Max credit limit is
estimated at Yen 11.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jan 2006
Regd No.:
2900-01-050825
(Fukuoka-Miigun-Tachiarai)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 17,200 shares
Issued: 4,300 shares
Sum: Yen 43 million
Major shareholders (%): D E Co (46.5),
Kenzo Anai (37.2), Ikuo Sonoyam (9.3),
Shigetaka Hirose
(7.0)
No.
of shareholders: 4
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
plastic food containers: injection plate, injection tub, PSP tub, glass cover, bowl
cover, food preserving container, plastic raw materials, other (--100%).
Goods are both imported from and exported to
China, Taiwan, Vietnam and other S/E Asian markets
Clients: [Mfrs,
wholesalers] Hinode Corp, Asahi Shokuhin Youki, Yamada Suisan (seafoods), Giken
Kasei Co, Food Box Co, Restaurant Express, Orikei Co, Hatae Corp, Ichihashi
Hamonoten (Cutlery shop), Imura Sangyo Co, other
No. of accounts: 300
Domestic areas of
activities: Centered in Kyushu
Suppliers [Mfrs, wholesalers] Imports from China,
Taiwan, Vietnam, other
Payment record: Slow but correct
Location: Business area in
Fukuoka. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Yamaguchi Bank
(Kurume)
MUFG (Kurume)
Relations: Satisfactory
(In Million Yen)
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Terms Ending: |
|
31/07/2013 |
31/07/2012 |
31/07/2011 |
31/07/2010 |
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Annual
Sales |
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630 |
610 |
606 |
600 |
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Recur.
Profit |
|
.. |
.. |
.. |
.. |
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Net
Profit |
|
1 |
1 |
1 |
1 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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|
59 |
58 |
57 |
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Capital,
Paid-Up |
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|
43 |
43 |
43 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.28 |
0.66 |
1.00 |
-13.79 |
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Current Ratio |
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|
.. |
.. |
.. |
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N.Worth Ratio |
|
.. |
.. |
.. |
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N.Profit/Sales |
0.16 |
0.16 |
0.17 |
0.17 |
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Notes: Financials
are only partially disclosed.
Forecast (or estimated)
figures for the 31/07/2013 fiscal term
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.04 |
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|
1 |
Rs.83.61 |
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Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
-- |
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.