|
Report No. : |
327013 |
|
Report Date : |
16.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHINWA CORPORATION |
|
|
|
|
Registered Office : |
Harmony Tower 28F, 1-32-2 Honcho Nakanoku Tokyo 164-0012 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
February 1946 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Imports, exports and wholesales commercial & industrial filters, silencers, deodorization & 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%) |
|
|
|
|
No. of Employees : |
199 |
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 |
|
Payment Behaviour : |
No Complaints |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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. Since the complete
shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster
in 2011, Japan's industrial sector has become 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 four 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. A sales tax increase caused the economy to
contract during the 2nd and 3rd quarters of 2014. The economy has largely
recovered in the three years since the disaster, but reconstruction in the
Tohoku region has been uneven due to labor shortages. 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 2014 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 government will continue a longstanding debate on
restructuring the economy and reining in Japan's huge government debt, which
amounts to more than 240% 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 2015, although the government in 2014 decided to postpone the
final phase of the increase until 2017 to give the economy time to recover from
the 2014 increase. 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 |
SHINWA CORPORATION
REGD NAME: Shinwa
Tec KK
MAIN OFFICE: Harmony
Tower 28F, 1-32-2 Honcho Nakanoku Tokyo 164-0012 JAPAN
Tel: 03-5352-7200
Fax: 03-5352-7230
URL: http://www.shinwatec.co.jp
E-Mail address: (thru the URL)
ACTIVITIES: Import/export/wholesale
of air conditioners, air filters, other
BRANCHES: Osaka,
Nagoya, Fukuoka, Chiba, Saitama, Yokohama, other (Tot 13)
FACTORIES: (subcontracted)
OFFICERS: HIROMOTO
WATANABE, PRES
Masataka Yoshida,
s/mgn dir Toshio Senda, mgn dir
Yasutaka Watanabe, mgn
dir Masanori Watanabe, ch dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 15,089 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 300 M
TREND SLOW WORTH Yen 6,857 M*
STARTED 1946 EMPLOYES 199
*.. Only estimated
as not precisely disclosed
COMMENT: 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 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/2014 fiscal term amounted to Yen 15,089
million, a 12% down from Yen 17,192 million in the previous term. The net profit was posted at Yen 189 million,
compared with Yen 209 million a year ago.
Only the sales and profit figures are disclosed for the term.
For the term that ended Mar 2015 the net profit was projected at Yen 200
million, on a 5% rise in turnover, to Yen 15,850 million. Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Feb 1946
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 24,000
shares
Issued: 6.000
shares
Sum: Yen
300 million
Major
shareholders (%): Masanori Watanabe (7), Soyo Corp (6), Hiromoto Watanabe
(5)
No. of shareholders: 65 (about)
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports and wholesales commercial & industrial filters, silencers, deodorization & 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] Hitachi Ltd, Japan Climate Systems, Nippon Steel & Sumikin
Metals Corp Mitsubishi Heavy Industries, Takasago Thermal Engineering,
others
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Japan Air Filters, Senate Technologies Japan, Armstrong
International, Bristol Compressors (-- both 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: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
15,089 |
17,192 |
18,104 |
18,324 |
|
Recur.
Profit |
|
|
374 |
538 |
|
|
Net
Profit |
|
189 |
209 |
193 |
305 |
|
Total
Assets |
|
|
14,454 |
14,828 |
14,695 |
|
Current
Assets |
|
|
10,483 |
11,080 |
|
|
Current
Liabs |
|
|
6,288 |
6,767 |
|
|
Net
Worth |
|
|
6,725 |
6,514 |
6,456 |
|
Capital,
Paid-Up |
|
|
306 |
306 |
306 |
|
Div.Ttl
in Million (¥) |
|
60.5 |
90.75 |
121.00 |
105.88 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
-12.23 |
-5.04 |
-1.20 |
-2.58 |
|
|
Current Ratio |
.. |
166.71 |
163.74 |
.. |
|
|
N.Worth Ratio |
.. |
46.53 |
43.93 |
43.93 |
|
|
R.Profit/Sales |
.. |
2.18 |
2.97 |
.. |
|
|
N.Profit/Sales |
1.25 |
1.22 |
1.07 |
1.66 |
|
|
Return On Equity |
.. |
3.11 |
2.96 |
4.72 |
|
Notes: Resulted figures
for the 31/03/2014 fiscal term, no other figures have been disclosed.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.09 |
|
|
1 |
Rs.99.57 |
|
Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.