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Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHINDENGEN ELECTRIC MFG CO LTD |
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Registered Office : |
New-Ohtemachi Bldg 6F, 2-2-1 Ohtemachi Chiyodaku Tokyo 100-0014 |
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Country : |
Japan |
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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
|
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 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate 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 |
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)
Mfg of
power sources
Osaka,
Nagoya, Utsunomiya, Hanno (Saitama-Pref)
Singapore,
Thailand, China, India, Philippines, Vietnam, USA, UK, Hong Kong, other
Hanno
(Saitama-Pref); Asia (--overseas subsidiaries)
MASATO
MORIKAWA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
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
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.
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. .
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.
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.
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
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||
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|
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
|
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 |
|
|
Investments, Other Fixed Assets |
20,614 |
15,055 |
|
|
|
TOTAL ASSETS |
132,823 |
118,700 |
|
|
|
Payables |
|
17,633 |
18,596 |
|
|
Short-Term Bank Loans |
7,965 |
5,939 |
|
|
|
|
|
|
|
|
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Other Current Liabs |
13,367 |
4,403 |
|
|
|
TOTAL CURRENT LIABS |
38,965 |
28,938 |
|
|
|
Debentures |
|
2,800 |
6,200 |
|
|
Long-Term Bank Loans |
26,288 |
31,752 |
|
|
|
Reserve for Retirement Allw |
14,462 |
10,177 |
|
|
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Other Debts |
|
646 |
1,887 |
|
|
TOTAL LIABILITIES |
83,161 |
78,954 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
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) |
|
|
Treasury
stock, at cost |
(118) |
(114) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
49,662 |
39,746 |
|
|
|
TOTAL EQUITIES |
132,823 |
118,700 |
|
|
CONSOLIDATED CASH FLOWS |
|
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||
|
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
Cash
Flows from Operating Activities |
|
13,145 |
7,657 |
|
|
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 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
49,662 |
39,746 |
|
|
|
Current
Ratio (%) |
225.93 |
275.19 |
|
|
|
Net
Worth Ratio (%) |
37.39 |
33.48 |
|
|
|
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.59.03 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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 |
|
|
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 |
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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.