MIRA INFORM REPORT
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Report No. : |
321319 |
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Report Date : |
05.05.2015 |
IDENTIFICATION DETAILS
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Name : |
S T CORPORATION |
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Registered Office : |
1-4-10 Shimoochiai Shinjukuku Tokyo 161-0033 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
August 1948 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures insect repellents & sanitation-related (44%),
aromatics & humidifiers-related (56%) |
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No. of Employees : |
835 |
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 : |
Slow but correct |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 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.
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Source
: CIA |
company
Name
S T CORPORATION
REGD
NAME
S. T. KK
MAIN
OFFICE
1-4-10 Shimoochiai Shinjukuku Tokyo 161-0033 JAPAN
Tel: 03-3367-6111
*.. The is its Branch Office -
URL: http://www.st-c.co.jp
E-Mail address: (thru the URL)
ACTIVITIES: Mfr of deodorant, air
fresheners, mothproofing agents
BRANCHES: 13 branches
OVERSEAS: Thailand, Korea,
Philippines
FACTORIES: Fukushima, Saitama,
Fukuoka (2)
CHIEF EXEC: TAKAKO SUZUKI, PRES
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 48,263 M
PAYMENTS SLOW BUT CORRECT CAPITAL Yen 7,065 M
TREND UP WORTH Yen
22,600 M
STARTED 1948 EMPLOYES 835
COMMENT: MFR OF DEODORANT,
OTHER FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
Unit: In Million
Yen
Forecast figures
for the 31/03/2016 fiscal term.
HIGHLIGHTS
This is one of the top-ranked mfr of mothballs, aromatics, moisture absorbents
and household-use resin gloves.
Originally mothball producer, expanded into other niche products. Known for development of original products. Has Fumakilla Co, equity method subs.
FINANCIAL
INFORMATION
The sales volume for Mar/2015 fiscal term amounted to Yen 48263 million,
a 2.7% up from Yen 46,992 million in the previous term. The recurring profit was posted at Yen 1,597
million and the net profit at Yen 892 million, respectively, compared with Yen
1,496 million recurring profit and Yen 1,233 million net profit, respectively,
a year ago.
For the current term ending Mar 20165 the recurring profit is projected
at Yen 1,800 million and the net profit at Yen 1,050 million, respectively, on
a 2.6% rise in turnover, to Yen 49,500 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
REGISTRATION
Date Registered: Aug 1948
Legal Status: Limited
Company (Kabushiki Kaisha
Authorized: 96 million shares
Issued: 23
million
Sum: Yen 7,065 million
Major shareholders (%): Shardan Co (24.0), Nippon Life Ins (6.4),
Company’s Treasury Stock (4.9), TCSB (Mizuho Bank) (3.8), Takashi Suzuki (2.9),
other; foreign owners (2.9)
No. of shareholders: 13,252
Listed on the S/Exchange (s) of: Tokyo
Managements: Takashi Suzuki, ch; Takako Suzuki, pres; Kumiko Ishikawa,
mgn dir; Koichi Yoshizawa, mgn dir; other
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Fumakilla Co, other.
OPERATION
Activities: Manufactures insect repellents & sanitation-related
(44%), aromatics & humidifiers-related (56%)
Clients: [Mfrs, wholesalers] Paltac, S T Trading, J-Net, Arata Corp,
Chuo _Bussan Corp, Ito Osamu Corp, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Toyo Aerosol Ind, Sanyo Medical, CKD,
other
Payment record: Slow but correct
Location: Business area in Tokyo.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References:
Mizuho Bank (Takadanobaba)
MUFG (Takadanobaba)
Relations: Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2015 |
31/03/2014 |
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INCOME
STATEMENT |
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Annual Sales |
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48,263 |
46,992 |
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Cost of Sales |
28,235 |
26,980 |
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GROSS PROFIT |
20,028 |
20,012 |
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Selling & Adm Costs |
18,215 |
17,881 |
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OPERATING PROFIT |
1,812 |
2,131 |
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Non-Operating P/L |
-215 |
-635 |
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RECURRING PROFIT |
1,597 |
1,496 |
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NET PROFIT |
892 |
1,233 |
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BALANCE
SHEET |
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Cash |
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7,628 |
6,765 |
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Receivables |
5,867 |
5,150 |
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Inventory |
5,770 |
5,952 |
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Securities, Marketable |
109 |
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Other Current Assets |
847 |
1,089 |
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TOTAL CURRENT ASSETS |
20,221 |
18,956 |
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Property & Equipment |
8,109 |
7,554 |
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Intangibles |
219 |
192 |
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Investments, Other Fixed Assets |
5,236 |
5,668 |
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TOTAL ASSETS |
33,785 |
32,370 |
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Payables |
1,974 |
2,050 |
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Short-Term Bank Loans |
62 |
38 |
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Other Current Liabs |
6,972 |
6,877 |
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TOTAL CURRENT LIABS |
9,008 |
8,965 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
1,190 |
1,564 |
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Other Debts |
|
986 |
754 |
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TOTAL LIABILITIES |
11,184 |
11,283 |
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MINORITY INTERESTS |
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Common stock |
7,065 |
7,065 |
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Additional paid-in capital |
7,067 |
7,067 |
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Retained earnings |
9,394 |
8,837 |
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Evaluation p/l on
investments/securities |
743 |
145 |
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Others |
(16) |
(377) |
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Treasury stock, at cost |
(1,653) |
(1,651) |
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TOTAL S/HOLDERS` EQUITY |
22,600 |
21,086 |
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TOTAL EQUITIES |
33,785 |
32,370 |
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CONSOLIDATED
CASH FLOWS |
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Terms ending: |
31/03/2015 |
31/03/2014 |
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Cash Flows from Operating Activities |
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2,136 |
2,110 |
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Cash Flows from Investment
Activities |
-1,767 |
514 |
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Cash Flows from Financing Activities |
-613 |
-465 |
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Cash, Bank Deposits at the Term End |
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6,584 |
6,727 |
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ANALYTICAL
RATIOS Terms ending: |
31/03/2015 |
31/03/2014 |
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Net Worth (S/Holders' Equity) |
22,600 |
21,086 |
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Current Ratio (%) |
224.48 |
211.44 |
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Net Worth Ratio (%) |
66.89 |
65.14 |
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Recurring Profit Ratio (%) |
3.31 |
3.18 |
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Net Profit Ratio (%) |
1.85 |
2.62 |
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Return On Equity (%) |
3.95 |
5.85 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.57 |
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1 |
Rs.97.99 |
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Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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 |
-- |
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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.