MIRA INFORM REPORT
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Report Date : |
22nd May 2006 |
IDENTIFICATION DETAILS
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Name : |
ISHIGURO CORPORATION |
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Registered Office : |
Noir-Hatchobori Bldg,
4-5-8 Hatchobori Chuoku Tokyo 104-0032 Japan |
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Date of Incorporation : |
May 1950 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wholesale
of pipes, valves, joints, housing equipment, air conditioners |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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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Maximum Credit Limit : |
YEN 171.5 MILLION |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME
ISHIGURO CORPORATION
REGD NAME
Ishiguro KK
MAIN OFFICE
Noir-Hatchobori Bldg, 4-5-8 Hatchobori Chuoku Tokyo
104-0032 JAPAN
Tel: 03-2552-2161
Fax: 03-3551-5660
URL: http://www.ishiguro-gr.co.jp/
E-Mail address: info@ishiguro-gr.co.jp
ACTIVITIES
Wholesale of pipes, valves, joints,
housing equipment, air conditioners
BRANCHES
Sapporo, Sendai, Niigata, Ichihara,
Yokohama, Kurashiki, other (Tot 18)
OFFICER(S
KATSUJI ISHIGURO, PRES Atsuo Umemura, mgn dir
Minoru Nomoto, dir Takeshi Ishiguro, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen
27,470 M
PAYMENTS REGULAR CAPITAL Yen 235 M
TREND STEADY WORTH Yen 1,658 M
STARTED 1950 EMPLOYES 390
COMMENT
WHOLESALER SPECIALIZING IN
PIPING EQUIPMENT & SUPPLIES. FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 171.5 MILLION,
NORMAL 30 DAYS TERMS.
Forecast
(or estimated) for the 30/04/2006 fiscal term.
HIGHLIGHTS
The subject company was
established originally in 1939 by Koji Ishiguro for mfg valves, on his
account. Incorporated by K Ishiguro in
1950 as Ishiguro Valve KK, the firm changed the mainline to wholesaling of
piping equipment & components.
Through several mergers of sister firms the subject renamed as captioned
in Apr 2002, when Katsuji Ishiguro assumed the post of presidency. He is the founder’s grandson. The firm is wholly owned and managed by the
Ishiguro family. This is a well
established trading firm specializing in import, export and wholesale of piping
units, joints, valves, other. Also
handles air-conditioning equipment, measuring instruments, integrated kitchen
systems, hot-water apparatus. Imports
and exports are handled mainly by major general trading houses. Clients are heavy & industrial machinery
mfrs, glass mfrs, and other mfrs, nationwide.
The sales volume for Apr/2005
fiscal term amounted to Yen 27,470 million, a 15% up from Yen 23,840 million in
the previous term. This is attributed
to the merger of a sister trading firm in Jun 2004 and sales increased. The recurring profit more than doubled to
Yen 1,049 million and the net profit at Yen 217 million, a 372% increase from
Yen 46 million a year ago. Also
supported was robust demand from increasing productions by related
industries. Exports remained brisk, too.
For the term ended Apr 2006 the
recurring profit is believed posted at Yen 1,100 million and the net profit at
Yen 220 million, respectively, on a 9% rise in turnover, to Yen 30,000
million. Demand said continued
brisk. The firm is in the process of settling
the accounts. These figures are
projections only.
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 171.5
million, on normal 30 days terms.
REGISTRATION
Date Registered: May 1950
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 10 million shares
Issued: 4,712,000
shares
Sum: Yen 235 million
Major shareholders (%): Katsuji
Ishiguro (44.5), Akiko Ishiguro (25.2), Takeshi Ishiguro (24.5), Kayoko
Nishimura (5.8)
No. of shareholders: 4
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: A trading house for import,
export and wholesale (--100%) of:
Piping equipment: valves, joints,
pipes, pumps, other;
Air-conditioning equipment: air coolers, heating apparatus,
flow meters, other measuring
instruments;
Housing equipment: steel/plastic tanks and containers,
sanitary chinaware & equipment, integrated kitchen systems, bath units,
water-supply units, other.
Clients: [Mfrs, wholesalers]
Mitsubishi Heavy Ind, Asahi Glass, Ebara Corp, Toyo Engineering Corp, Mitsui
Engineering & Shipbuilding, Takasago Thermal Engineering, Taikisha Ltd,
Dai-Dan Co, JGC Corp, Shinryo Corp, other.
No. of accounts: 2,000
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs, wholesalers]
Mitsui & Co, Mitsubishi Corp, Sojitz Corp, Sumikin Bussan Corp, Hitachi
Metals Admet, Venn Co, Sekisui Chemical, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References
Bank of Tokyo-Mitsubishi UFJ
(Yaesudori)
Mizuho Bank (Tokyo)
Relations: Satisfactory
FINANCES
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(Non-Consolidated in million yen) |
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Terms
Ending: |
30/04/2005 |
30/04/2004 |
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INCOME
STATEMENT |
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Annual Sales |
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27,470
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23,840
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Cost of Sales |
21,915
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19,625
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GROSS PROFIT |
5,555 |
4,214 |
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Selling & Adm Costs |
4,408 |
3,611 |
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OPERATING PROFIT |
1,147 |
602 |
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Non-Operating P/L |
-98 |
-106 |
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RECURRING PROFIT |
1,049 |
496 |
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NET PROFIT |
217 |
46 |
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BALANCE
SHEET |
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Cash |
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1,333 |
773 |
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Receivables |
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8,656 |
7,199 |
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Inventory |
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2,577 |
2,239 |
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Securities, Marketable |
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Other Current Assets |
682 |
1,380 |
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TOTAL CURRENT ASSETS |
13,248
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11,591
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Property & Equipment |
4,404 |
5,235 |
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Intangibles |
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100 |
23 |
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Investments, Other Fixed Assets |
(100) |
(19) |
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TOTAL ASSETS |
17,652
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16,830
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Payables |
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10,895
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11,086
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Short-Term Bank Loans |
781 |
1,646 |
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Other Current Liabs |
1,133 |
196 |
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TOTAL CURRENT LIABS |
12,809
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12,928
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Debentures |
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670 |
400 |
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Long-Term Bank Loans |
2,310 |
2,059 |
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Reserve for Retirement Allw |
111 |
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Other Debts |
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94 |
51 |
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TOTAL LIABILITIES |
15,994
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15,438
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MINORITY INTERESTS |
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Common
stock |
235 |
235 |
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Additional
paid-in capital |
0 |
0 |
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Retained
earnings |
1,373 |
1,156 |
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Evaluation
p/l on investments/securities |
48 |
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Others |
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2 |
0 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
1,658 |
1,391 |
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TOTAL EQUITIES |
17,652
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16,830
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ANALYTICAL RATIOS Terms
ending: |
30/04/2005 |
30/04/2004 |
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Net
Worth (S/Holders' Equity) |
1,658 |
1,391 |
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Current
Ratio (%) |
103.43
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89.66 |
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Net
Worth Ratio (%) |
9.39 |
8.27 |
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Recurring
Profit Ratio (%) |
3.82 |
2.08 |
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Net
Profit Ratio (%) |
0.79 |
0.19 |
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Return
On Equity (%) |
13.09 |
3.31 |
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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 |