MIRA INFORM REPORT
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Report Date : |
17th May 2006 |
IDENTIFICATION DETAILS
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Name : |
KOGYOKU CO LTD |
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Registered Office : |
Sunroad Plaza Daiya Palace Kichijoji 907,
1-11-30 Kichijoji-Honcho Musashino Tokyo-Metrop 180-0004
Japan |
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Date of Incorporation : |
May 1985 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Retailers
of gemstones, jewelry products |
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 4.8 MILLION |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME
KOGYOKU CO LTD
REGD NAME
YK Kogyoku Shoji
MAIN OFFICE
Sunroad Plaza Daiya Palace Kichijoji 907, 1-11-30
Kichijoji-Honcho Musashino
Tokyo-Metrop 180-0004 JAPAN
Tel: 0422-22-4534
Fax: 0422-22-8848
URL: N/A
ACTIVITIES
Retail of gemstones, jewelry products
STORES
Kichijoji adjacent to the caption
address (1-1-12 Kichijoji-Honcho Musashino)
FACTORY(IES)
(subcontracted)
OFFICER(S)
HIDEYUKI FURUKAWA, PRES
Keiko Furukawa, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 410 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND SLOW WORTH Yen 61 M
STARTED 1985 EMPLOYES 3*
*.. Regular staffs only, not including
part-timers
COMMENT
RETAILER SPECIALIZING IN JEWELRY. FINANCIAL SITUATION CONSIDERED RATHER WEAK
BUT GOOD FOR CREDIT ENGAGEMENTS: US$62,500 / O/A 90 DAYS.
MAX CREDIT LIMIT: YEN 4.8 MILLION,
NORMAL 30 DAYS TERMS.
HIGHLIGHTS
The subject company was
established by Hideyuki Furukawa in order to make most of his experience in the
subject line of business. Keiko is the
founder’s wife. Owned and operated
solely by the Furukawa family, the firm specializes in retailing gemstones,
special metals, necklaces, bracelets, fingerings, earrings, broaches, other jewelry
products and accessories. Gem stones
are partially subcontracted mfg & processing to domestic jewelry
processors. About 60% of the goods are
imported directly from Israel, Hong Kong, Thailand, China, other. Under the continuing unfavorable economic
climate where consumer spending remains stagnant, the firm conducted restructuring
the operations including staff cuts to 3 from the previous 6. The firm stopped releasing financials
(albeit partial) as from the 30/04/2005 fiscal term. The following figures have been obtained from the outside sources
which, however, the firm declined to confirm.
All figures are therefore based on the information from outside sources.
The sales volume for Apr/2005
fiscal term is reported amounted to Yen 410 million, a 1.7% down from Yen 417
million in the previous term. The net
profit remained similar at Yen 2 million.
For the term ended Apr 2006 the
net profit is believed posted at Yen 2 million, on a 3% rise in turnover, to
Yen 420 million. This is largely thanks
to the weaker Yen against foreign currencies which resulted to lift sales in
Yen terms. This business faces severe
competition on prices with cheaper imports coming in from China and other S/E
Asian countries.
The financial situation is
considered RATHER WEAK but should be good for MODERATE business
engagements. Max credit limit is
estimated at Yen 4.8 million, on normal 30 days terms. The proposed amount for 90 days terms is
considered within the firm’s financial capabilities.
REGISTRATION
Date Registered: May 1985
Legal Status: Private Limited Company (Yugen Kaisha)
Regd Capital: Yen 10 million
Major shareholders (%): Hideyuki Furukawa (50), Keiko
Furukawa (50)
No. of shareholders: 2
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: Imports and retails
gemstones, precious metals, fingerings, necklaces, bracelets, earrings,
broaches, pendants, charms, other jewelry products & accessories
(--100%). About 60% of the products are
imported from Israel, Thailand, Hong Kong, China, etc.
Clients: Consumers
No. of accounts: Unavailable
Domestic areas of activities: Limited
in Musashino City, Tokyo-Metrop
Suppliers: [Jewelry processors,
wholesalers] Murakami Necklace and other domestic jewelry processors. Also imports from Thailand, Hong Kong,
China, Israel, etc.
Payment record: Regular
Location: Business area in
Musashino City, adjacent to Tokyo.
Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
SMBC (Kichijoji)
Bank of Tokyo-Mitsubishi UFJ
(Kichijoji)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms
Ending: |
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30/04/2005 |
30/04/2004 |
30/04/2003 |
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Annual
Sales |
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410 |
417 |
439 |
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Recur.
Profit |
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.. |
.. |
.. |
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Net
Profit |
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2 |
2 |
2 |
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Total
Assets |
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N/A |
N/A |
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Net
Worth |
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61 |
59 |
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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 |
-1.68 |
-5.01 |
-0.45 |
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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 |
0.49 |
0.48 |
0.46 |
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Notes: Financials are only partially
disclosed.
Forecast (or estimated) figures for the
30/04/2005 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 |