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Report No. : |
327013.2 |
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Report Date : |
08.08.2015 |
IDENTIFICATION DETAILS
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Name : |
SHINWA CORPORATION |
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Registered Office : |
Harmony Tower 28F, 1-32-2 Honcho Nakanoku Tokyo 164-0012 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
February 1946 |
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Com. Reg. No.: |
0111-01-009766 |
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Legal Form : |
Limited Company |
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Line of Business : |
Subject is Imports, exports and wholesales commercial
& industrial filters, silencers, drederization & gas removable
filters & system, air pollution control system, air filters & systems
for gas turbine, electric mechanical parts/components, air filters for
blowers & meters, lasers/heat exchangers, air filters & systems for
nuclear application, air filters for sewage treatment. |
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No. of Employee : |
187 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 an 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. Scarce in many natural resources, Japan has long been dependent on imported raw materials. Since the complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than it was previously on imported fossil 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 impressive - 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 aftereffects 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 four times since 2008. 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 of that year disrupted manufacturing. The economy has largely recovered in the four years since the disaster, although reconstruction in the affected Tohoku region has lagged, in part due to a shortage of labor in the construction sector. Japan enjoyed a sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Abe’s government has replaced the preceding administration’s plan to phase out nuclear power with a new policy of seeking to restart nuclear power plants that meet strict new safety standards, and emphasizing nuclear energy’s importance as a base-load electricity source. Japan joined the Trans-Pacific Partnership (TPP) 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 2014 stood as the fourth-largest economy in the world after first-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. While seeking to stimulate and reform the economy, the government must also devise a strategy for reining in Japan's huge government debt, which amounts to more than 230% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8% implemented in April 2014. That increase had a contractionary effect on GDP, however, so PM Abe in late 2014 decided to postpone the final phase of the increase until April 2017 to give the economy more time to recover. Led by the Bank of Japan’s aggressive monetary easing, Japan is making progress in ending deflation, but demographics - low birthrate and an aging, shrinking population - pose major long-term challenges for the economy.
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Source
: CIA |
SHINWA CORPORATION
Shinwa Tec KK
Harmony Tower 28F,
1-32-2 Honcho Nakanoku Tokyo 164-0012 JAPAN
Tel:
03-5352-7200 Fax: 03-5352-7230
http://www.shinwatec.co.jp
E-Mail
address: (thru the URL)
Import/export/wholesale
of air conditioners, air filters, other
Osaka,
Nagoya, Fukuoka, Chiba, Saitama, Yokohama, other (Tot 11)
(subcontracted)
HIROMOTO
WATANABE, PRES Yasutaka Watanabe, v pres
Masataka
Yoshida, s/mgn dir Kotaro Sugino, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 17,514 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 306 M
TREND STEADY WORTH Yen 7,177 M
STARTED 1946 EMPLOYES 187
TRADING FIRM SPECIALIZING IN AIR FILTER, AIR CONDITIONERS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established by Takeo Watanabe in
order to make most of his experience in the subject line of business. Hiromoto Watanabe is his son, who took the
pres office in Apr 2013. This is a
trading firm, with mfg division, specializing in air filters, heat exchangers,
air conditioner, other (see OPERATION). Goods are imported from USA, Korea, China,
Brazil, other. 70% of the goods are
imported from/exported to USA. Clients
include Hitachi Ltd, Nippon Steel & Sumikin Corp, Mitsubishi Heavy
Industries, and other, nationwide.
The sales volume for Mar/2015 fiscal term amounted to Yen
17,514 million, a 16% up from Yen 15,089 million in the previous term. The recurring profit was posted at Yen 387
million and the net profit at Yen 215 million, respectively, compared with Yen
315 million recurring profit and yen 189 million net profit, respectively, a
year ago.
For the current term ending Mar 2016 the recurring profit is
projected at Yen 395 million and the net profit at Yen 220 million, respectively,
on a 3% rise in turnover, to Yen 18,050 million.
The financial situation is considered FAIR and good for
ORDINARY business engagements.
Date Registered: Feb
1946
Regd No.: 0111-01-009766 (Tokyo-Nakanoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 24
million shares
Issued:
6.133 million shares
Sum: Yen 306.65 million
Major shareholders (%): Masanori Watanabe (7), Soyo
Corp (6), Hiromoto Watanabe (5)
No. of shareholders: 163
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports and wholesales
commercial & industrial filters, silencers, drederization & gas
removable filters & system, air pollution control system, air filters &
systems for gas turbine, electric mechanical parts/components, air filters for
blowers & meters, lasers/heat exchangers, air filters & systems for
nuclear application, air filters for sewage treatment, others (--100%)
Clients: [Mfrs, wholesalers] Mitsubishi Hitachi
Power Systems Ltd, Japan Climate Systems, Nippon Steel & Sumikin Metals
Corp Mitsubishi Heavy Industries, Takasago Thermal Engineering, JFE Steel,
others
No. of
accounts: 500
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Japan Air Filters,
Senate Technologies Japan, Armstrong International (USA), other
Imports from USA (70%), Korea,
China, Brazil, other
Payment record: No
Complaints
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
SMBC
(Asakusabashi)
MUFG
(Kojimachi)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2016 |
31/03/2015 |
31/03/2014 |
31/03/2013 |
|
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Annual
Sales |
|
18,050 |
17,514 |
15,089 |
17,192 |
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Recur.
Profit |
|
395 |
387 |
315 |
374 |
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Net
Profit |
|
220 |
215 |
189 |
209 |
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Total
Assets |
|
|
13,851 |
13,629 |
14,454 |
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Current
Assets |
|
|
9,882 |
9,275 |
10,483 |
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Current
Liabs |
|
|
5,948 |
5,422 |
6,288 |
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Net
Worth |
|
|
7,177 |
6,966 |
6,725 |
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Capital,
Paid-Up |
|
|
306 |
306 |
306 |
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Div.Ttl
in Million (¥) |
|
|
45.3 |
60.5 |
90.75 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
|
3.06 |
16.07 |
-12.23 |
-5.04 |
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Current Ratio |
|
.. |
166.14 |
171.06 |
166.71 |
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N.Worth Ratio |
|
.. |
51.82 |
51.11 |
46.53 |
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R.Profit/Sales |
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2.19 |
2.21 |
2.09 |
2.18 |
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N.Profit/Sales |
|
1.22 |
1.23 |
1.25 |
1.22 |
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Return On Equity |
|
.. |
3.00 |
2.71 |
3.11 |
Notes:
Forecast (or estimated) figures for the 31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.81 |
|
|
1 |
Rs.98.93 |
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Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
ASH |
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.