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Report Date : |
10.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SEIREN SHOJI CO LTD |
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Registered Office : |
Seiren Shin-Honsha Bldg 3F, 1-10-1 Keya Fukui 918-8560 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
March, 1974 |
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Com. Reg. No.: |
2100-01-009624 (Fukui-Keya) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of fuel oil, cosmetics, dyestuffs, apparel |
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No. of Employees : |
57 |
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 |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
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 |
SEIREN SHOJI CO
LTD
REGD NAME: Seiren Shoji KK
MAIN OFFICE: Seiren Shin-Honsha Bldg 3F, 1-10-1 Keya Fukui
918-8560 JAPAN
Tel:
0776-33-8824
Fax: 0776-33-8827
URL: http://www.seirensyouji.jp
E-Mail address: (thru the URL)
Import, export, wholesale of fuel oil, cosmetics, dyestuffs, apparel;
other
Fukui, Awara
NOBUYUKI IMAI, PRES Koji
Tsubota, ch
Keiji Asakura, dir Masakazu
Nomura, dir
Tomofumi Katsuki, dir
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 5,685 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
40 M
TREND UP WORTH Yen 1,188 M
STARTED 1974 EMPLOYES 57
TRADING FIRM SPECIALIZING IN FUELOIL, COSMETICS, CHEMICALS,
OTHER, OWNED BY SEIREN CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
The subject company was established on the basis of a division separated
from Seiren Co Ltd (See REGISTRATION)
in order to engage in insurance broking business. This is a trading firm for import, export and
wholesale of fuel oils, cosmetics, chemicals, apparel, office furniture,
other. In 2002, the firm started to
import dyestuffs and apparel; thus transformed the firm into a trading
firm. In Feb 2010 merged with Seiren
Housing Co Ltd. Launched into dealing
with fuel oils.
The sales volume for Mar/2013 fiscal term amounted to Yen 5,685 million,
a 45% up from Yen 3,918 million in the previous term. Sales of fuel oils contributed, added by the
price hikes. The recurring profit was
posted at Yen 150 million and the net profit at Yen 99 million, respectively,
compared with Yen 135 million recurring profit and Yen 63 million net profit,
respectively, a year ago.
For the term that ended Mar 2014 the recurring profit was projected at
Yen 160 million and the net profit at Yen 100 million, respectively, on a 2%
rise in turnover, to Yen 5,800 million.
Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Mar 1974
Regd No.: 2100-01-009624 (Fukui-Keya)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
320,000 shares
Issued:
80,000 shares
Sum: Yen 40 million
Major shareholders
(%): Seiren Co Ltd* (100)
*.. Wholesale of car interior materials, others, at the caption address,
founded 1923, listed
Tokyo S/E, capital Yen 17,520 million, sales Yen 90,364 million, operating
profit Yen 3,850 million, recurring profit Yen 4,459 million, net profit Yen
2,711 million, total assets Yen 99,958 million, net worth Yen 54,524 million,
employees 5,513, pres Tatsuo Kawada
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Imports, exports
and wholesales: fuel oils, cosmetics (skin-care), dyestuffs, chemicals, apparel
(uniforms, etc), office furniture; insurance broking, others (--100%)
Clients: [Mfrs,
wholesalers] Seiren Co and group firms, other
No. of accounts: 300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Seiren Co, Nikka Fine Techno, Yamato LPG, Kiwa Chemical Ind,
Nippon Chemical, Kanematsu Petroleum Corp, Emori & Co, Nippon Shizai, Nicca
Chemical, other
Payment record: No complaints
Location: Business area in
Fukui. Office premises at the caption
address are owned by the parent, Seiren Co Ltd, and maintained satisfactorily.
Bank References:
Hokuriku
Bank (Fukui)
Relations:
Satisfactory
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual Sales |
|
5,800 |
5,685 |
3,918 |
3,773 |
|
Recur. Profit |
|
160 |
150 |
135 |
112 |
|
Net Profit |
|
100 |
99 |
63 |
61 |
|
Total Assets |
|
|
2,668 |
2,163 |
2,302 |
|
Current Assets |
|
|
1,761 |
1,193 |
1,296 |
|
Current Liabs |
|
|
1,455 |
911 |
1,225 |
|
Net Worth |
|
|
1,188 |
1,100 |
1,051 |
|
Capital, Paid-Up |
|
|
40 |
40 |
40 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.02 |
45.10 |
3.84 |
8.70 |
|
|
Current Ratio |
|
.. |
121.03 |
130.95 |
105.80 |
|
N.Worth Ratio |
.. |
44.53 |
50.86 |
45.66 |
|
|
R.Profit/Sales |
|
2.76 |
2.64 |
3.45 |
2.97 |
|
N.Profit/Sales |
1.72 |
1.74 |
1.61 |
1.62 |
|
|
Return On Equity |
.. |
8.33 |
5.73 |
5.80 |
|
Notes: Forecast (or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.05 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NNA |
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.