MIRA INFORM REPORT
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Report Date : |
12th May 2006 |
IDENTIFICATION DETAILS
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Name : |
GREENPOT CO LTD |
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Registered Office : |
296-1 Kizuka
Zendojimachi Kurume Fukuoka-Pref 839-0822 Japan |
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Date of Incorporation : |
Jan 1982 |
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Legal Form : |
Limited
Company |
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Line of Business : |
Importers
and wholesalers of gardening tools & supplies |
RATING & COMMENTS
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MIRA’s Rating : |
B |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
YEN 8.4 MILLION |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME
GREENPOT CO LTD
REGD NAME
KK Greenpot
MAIN OFFICE
296-1 Kizuka Zendojimachi Kurume Fukuoka-Pref
839-0822 JAPAN
Tel: 0942-47-2222
Fax: 0942-76-2699
URL: http://www.greenpot.co.jp/
E-Mail address: info@greenpot.co.jp
ACTIVITIES
Import, wholesale of gardening tools
& supplies
BRANCHES
Minogun (Hyogo) (Overseas Planning
Division)
FACTORY(IES)
Yamatogun (Fukuoka) (Distribution
Center); Tokyo (Storage house)
OFFICER(S)
Tsuruji Furukawa, ch HIROTSUGU FURUKAWA, PRE
Masahiro Furukawa, s/mgn dir Osamu Furukawa, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 702 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND SLOW WORTH Yen 46 M
STARTED 1982 EMPLOYES 35
COMMENT
IMPORTER AND WHOLESALER SPECIALIZING
IN GARDENING TOOLS & SUPPLIES.
FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR
MODERATE BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 8.4 MILLION,
SECURED TERMS RECOMMENDED.
HIGHLIGHTS
The subject company was
established by Tsuruji Furukawa in order to make most of his experience in the
subject line of business. Hirotsugu is
the founder’s son. This is a
family-based company, wholly owned and operated by the Furukawa family,
specializing in import and wholesale of gardening tools & supplies: terra
cotta, tiles & bricks, stone ornaments, garden furniture, artificial turfs,
others related to gardening & horticulture. Goods are imported widely from Europe centrally: Germany, UK,
Italy, Belgium, Spain, Tunisia, Egypt, Turkey, Vietnam, Thailand, China,
etc. Clients are chain stores, DIY
goods stores, seeds & seedlings firms, other, with nationwide cover. The firm stopped releasing full financials
with the last closing Jul 2000 and henceforth only partial figures have been
disclosed. Reportedly, the firm has
huge (reported by other sources) borrowings from banks involved in excessive
investments, details of which have not been made available. This could not be confirmed with the firm,
however.
The sales volume for Jul/2005
fiscal term amounted to Yen 702 million, an 11% down from Yen 785 million in
the previous term. This is referred to
lower priced imports from China and other S/E Asian countries, depressing
market prices in severe competition.
Gardening boom is still widespread, however. 100 Yen shops are selling similar goods much cheaper. The net profit was posted at Yen 2 million,
compared with Yen 3 million a year ago.
For the term ending Jul 2006 the
net profit is projected at Yen 2 million, on a slight rise in turnover, to Yen
710 million. Weaker Yen against foreign
currencies could lift sales in Yen terms.
The financial situation is
considered RATHER WEAK but should be good for MODERATE business
engagements. Max credit limit is
estimated at Yen 8.4 million, on fully secured terms recommended. The strict assessment is because the details
of the said borrowings from banks have not been made available. This will be pursued further.
REGISTRATION
Date Registered: Jan 1982
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 800 shares
Issued: 200
shares
Sum: Yen 10 million
Major shareholders (%):
Hirotsugu Furukawa (30), Osamu Furukawa (15), Masahiro Furukawa (10), Tsuruji
Furukawa (5)
No. of shareholders: 4
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: Imports and
wholesales gardening tools & supplies: terra cotta (various original types
by the country), tiles & bricks, stone ornaments (animal & bird
figures, etc), garden furniture (tables, chairs, etc), stones (pavement stones,
aggregates, edging stones), artificial turfs, others related to gardening and
horticulture operations (--100%).
(Import 60%).
Clients: [DIY goods stores,
chain stores, flower shops, hotels] Home Wide Corp, Green Farm, Royal Home Center,
Kaneko Seeds, Daiichi Seed, Yokohama Nursery, Goody, Tostem-Viva, Aeon group
chain stores, other.
No. of accounts: 700
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs, wholesalers]
Daiwa Ceramic (subsidiary) (15%), Yokohama Nursery, Takasho Co, Kaneko Seeds,
Daiichi Seed, Yamakin Touki, other.
Also imports from Deroma, Silma, other from Germany, UK, Italy, Belgium,
Spain, Tunisia, Egypt, Turkey, China, Thailand, Vietnam, other.
Payment record: Regular
Location: Business area in
Kurume City, adjacent to Fukuoka City.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Nishinippon City Bank (Setaka)
Shoko Chukin Bank (Kurume)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms
Ending: |
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31/07/2006 |
31/07/2005 |
31/07/2004 |
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Annual
Sales |
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710 |
702 |
785 |
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Recur.
Profit |
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.. |
.. |
.. |
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Net
Profit |
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2 |
2 |
3 |
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Total
Assets |
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N/A |
N/A |
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Net
Worth |
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46 |
44 |
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Capital,
Paid-Up |
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10 |
10 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
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<Analytical
Data> |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.14 |
-10.57
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0.64 |
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Current Ratio |
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.. |
.. |
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N.Worth Ratio |
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.. |
.. |
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N.Profit/Sales |
0.28 |
0.28 |
0.38 |
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Notes: Financials are only partially
disclosed.
Forecast (or estimated) figures for the
31/07/2006 fiscal term.
Full financials stopped releasing as
from the 31/07/2001 fiscal term.
RATING EXPLANATIONS
RATING
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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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |