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Report Date : |
12.08.2014 |
IDENTIFICATION DETAILS
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Name : |
SHINDENGEN ELECTRIC MFG CO LTD |
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Registered Office : |
New-Ohtemachi Bldg 6F, 2-2-1 Ohtemachi Chiyodaku |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
August 1949 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacture of power sources |
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No. of Employees : |
5,195 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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. Prime Minister Shinzo ABE
has declared the economy his government's top priority; he has overturned his
predecessor's plan to permanently close nuclear power plants and is pursuing an
economic revitalization agenda of fiscal stimulus, monetary easing, and
structural reform. Japan joined the Trans Pacific Partnership negotiations in
2013, a pact that would open Japan's economy to increased foreign competition
and create new export opportunities for Japanese businesses. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2013 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 is
exceeding 230% of GDP. To help raise government revenue and reduce public debt,
Japan decided in 2013 to gradually increase the consumption tax to a total of
10% by the year 2015. Japan is making progress on ending deflation due to a
weaker yen and higher energy costs, but reliance on exports to drive growth and
an aging, shrinking population pose other major long-term challenges for the
economy.
|
Source
: CIA |
company name and address
SHINDENGEN ELECTRIC MFG CO LTD
REGD NAME: Shindengen
Kogyo KK
MAIN OFFICE: New-Ohtemachi
Bldg 6F, 2-2-1 Ohtemachi Chiyodaku Tokyo 100-0014 JAPAN
Tel:
03-3279-4431 Fax: 03-3279-6478 -
URL: http://www.shindengen.co.jp
E-Mail
address: (thru the URL)
ACTIVITIES
Mfg of
power sources
BRANCHES
Osaka,
Nagoya, Utsunomiya, Hanno (Saitama-Pref)
OVERSEAS
Singapore,
Thailand, China, India, Philippines, Vietnam, USA, UK, Hong Kong, other
FACTORIES
Hanno
(Saitama-Pref); Asia (--overseas subsidiaries)
CHIEF EXEC
MASATO
MORIKAWA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 104,564 M
PAYMENTSREGULAR CAPITAL Yen
17,823 M
TREND UP WORTH Yen
49,662 M
STARTED 1949 EMPLOYES 5,195
COMMENT
MFG OF POWER SOURCES
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual
Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
87,330 |
6,099 |
4,575 |
(%) |
35,714 |
|
(Consolidated) |
31/03/2012 |
82,561 |
3,699 |
1,502 |
-5.46 |
34,541 |
|
|
31/03/2013 |
88,426 |
3,317 |
4,009 |
7.10 |
39,746 |
|
|
31/03/2014 |
104,564 |
10,960 |
12,129 |
18.25 |
49,662 |
|
|
31/03/2015 |
109,000 |
6,500 |
4,500 |
4.24 |
.. |
Unit: In Million Yen
Forecast figures for the 31/03/2015
fiscal term.
HIGHLIGHTS
This is one of 3 major mfrs of power sources. Also makes power semiconductors, ICs, and
power source equipment for communications as well as electronic auto parts for
Honda Motor, such as circuit products, rectifiers, etc. Aggressive in overseas operations, with mfg
bases in Asia. The company will start
mass production of electronic motorcycle parts at a new plant in India in May
2014. It intends to actively launch
power converters connected to storage batteries. .
FINANCIAL INFORMATION
The sales volume for Mar/2014 fiscal term amounted to Yen
104,564 million, an 18.2% up from Yen 88,426 million in the previous term. Demand for power semiconductors grew. Orders for power converters for photovoltaic
power systems also rose significantly.
Sales of electronic motorcycle parts also expanded, thanks to the weaker
Yen and sharply increased demand in Indonesia.
The recurring profit was posted at Yen 10,960 million and the net profit
at Yen 12,129 million, respectively, compared with Yen 3,317 million recurring
profit and Yen 4,009 million net profit, respectively, a year ago.
For the current term ending Mar 2015 the recurring profit is
projected at Yen 6,500 million and the net profit at Yen 4,500 million, on a
4.2% rise in turnover, to Yen 109,000 million.
Sales of electronic motorcycle parts will continue rising.
The financial situation is
considered FAIR and good for ORDINARY business engagements.
REGISTRATION
Date Registered: Aug
1949
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 310 million shares
Issued:
109,069,848 shares
Sum: Yen 17,823
million
Major shareholders (%): Honda Motor (12.9), Chuo
Estate (9.4), Japan Trustee Services T (8.1), Sompo Japan Ins (3.5), Mizuho
Bank (3.4), Asahi Life Ins (3.1), Master Trust Bank of Japan T (3.1), Co-op
Companies’ S/Holding Assn (2.1), Japan Trustee Services T4 (1.9), Saitama
Resona Bank (1.7); Foreign owners (13.4)
No. of shareholders: 5,941
Listed on the S/Exchange (s) of: Tokyo
Managements: Masato Morikawa, pres; Masanori
Ogasawara, dir; Yoshimitsu Arahata, dir; Yoshinori Suzuki, dir; Yasumi Negishi,
dir; Kenji Horiguchi, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies:
Akita Shindengen, Okabe Shindengen, other.
OPERATION
Activities: Manufactures power sources: devices
(33%), modules (52%), Systems (11%), others (3%)
Overseas Trading Ratio (50%)
Clients: [Mfrs, wholesalers] Honda Motor, NTT Facilities,
Toyotsu Electronics, Panasonic Corp, Hitachi Ltd, other
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Global Wafers, Renesas Easton, Morishita Sangyo, Sanko
Sangyo Inc, NHK Spring Co, other
Payment record:
Regular
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
Mizuho
Bank (Kyobashi)
Saitama
Resona Bank (Tokyo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
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|||
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Terms Ending: |
31/03/2014 |
31/03/2013 |
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INCOME STATEMENT |
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Annual Sales |
|
104,564 |
88,426 |
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Cost of Sales |
81,454 |
74,229 |
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GROSS PROFIT |
23,109 |
14,197 |
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Selling & Adm Costs |
11,796 |
10,864 |
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OPERATING PROFIT |
11,312 |
3,333 |
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Non-Operating P/L |
-352 |
-16 |
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RECURRING PROFIT |
10,960 |
3,317 |
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NET PROFIT |
12,129 |
4,009 |
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BALANCE SHEET |
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Cash |
|
40,063 |
34,193 |
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Receivables |
|
23,604 |
20,816 |
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Inventory |
|
20,234 |
18,612 |
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Securities, Marketable |
|
3,500 |
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Other Current Assets |
4,132 |
2,514 |
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TOTAL CURRENT ASSETS |
88,033 |
79,635 |
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Property & Equipment |
23,084 |
23,080 |
|
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Intangibles |
|
1,092 |
930 |
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Investments, Other Fixed Assets |
20,614 |
15,055 |
|
|
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TOTAL ASSETS |
132,823 |
118,700 |
|
|
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Payables |
|
17,633 |
18,596 |
|
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Short-Term Bank Loans |
7,965 |
5,939 |
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|
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Other Current Liabs |
13,367 |
4,403 |
|
|
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TOTAL CURRENT LIABS |
38,965 |
28,938 |
|
|
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Debentures |
|
2,800 |
6,200 |
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Long-Term Bank Loans |
26,288 |
31,752 |
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Reserve for Retirement Allw |
14,462 |
10,177 |
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Other Debts |
|
646 |
1,887 |
|
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TOTAL LIABILITIES |
83,161 |
78,954 |
|
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MINORITY INTERESTS |
|
|
|
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Common
stock |
17,823 |
17,823 |
|
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Additional
paid-in capital |
7,738 |
9,009 |
|
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Retained
earnings |
24,333 |
12,652 |
|
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Evaluation
p/l on investments/securities |
2,077 |
1,713 |
|
|
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Others |
|
(2,191) |
(1,337) |
|
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Treasury
stock, at cost |
(118) |
(114) |
|
|
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TOTAL S/HOLDERS` EQUITY |
49,662 |
39,746 |
|
|
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TOTAL EQUITIES |
132,823 |
118,700 |
|
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CONSOLIDATED CASH FLOWS |
|
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||
|
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Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
Cash
Flows from Operating Activities |
|
13,145 |
7,657 |
|
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Cash Flows
from Investment Activities |
-5,155 |
-6,915 |
|
|
|
Cash
Flows from Financing Activities |
-6,319 |
-107 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
39,803 |
37,148 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
|
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Net
Worth (S/Holders' Equity) |
49,662 |
39,746 |
|
|
|
Current
Ratio (%) |
225.93 |
275.19 |
|
|
|
Net
Worth Ratio (%) |
37.39 |
33.48 |
|
|
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Recurring
Profit Ratio (%) |
10.48 |
3.75 |
|
|
|
Net
Profit Ratio (%) |
11.60 |
4.53 |
|
|
|
Return
On Equity (%) |
24.42 |
10.09 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.12 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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Report Prepared
by : |
SDA |
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 |
|
|
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 |
|
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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 |
|
|
<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.