MIRA INFORM REPORT
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Report Date : |
23rd May 2006 |
IDENTIFICATION DETAILS
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Name : |
KEN CORPORATION LTD |
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Registered Office : |
KN 127 Bldg, 1-2-7
Nishiazabu Minatoku Tokyo 106-0031 Japan |
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Date of Incorporation : |
Dec 1972 |
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Legal Form : |
Limited
Company |
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Line of Business : |
Real estate
business (sale/purchase, broking, leasing, management) |
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 106.6 MILLION |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME
KEN CORPORATION LTD
REGD NAME
KK Ken Corporation
MAIN OFFICE
KN 127 Bldg, 1-2-7 Nishiazabu Minatoku Tokyo
106-0031 JAPAN
Tel: 03-5413-5650
Fax: 03-5413-5707
URL: http://www.kencorp.co.jp/
E-Mail address: webmaster@kencorp.co.jp
ACTIVITIES
Real estate business (sale/purchase,
broking, leasing, management)
Licenses: Ministry of Land,
Infrastructure & Transport (4) 4372;
FSA No.217
BRANCHES
Tokyo (6), Yokohama
OFFICER(S)
KENSUKE TANAKA, PRES
Shigeru Satoh, s/mgn dir
Minoru Tsuruoka, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen
13,036 M
PAYMENTS REGULAR CAPITAL Yen 380 M
TREND STEADY WORTH Yen 7,992 M
STARTED 1972 EMPLOYES 376
COMMENT
REAL ESTATE BUSINESS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 106.6 MILLION,
NORMAL 30 DAYS TERMS.
Forecast
(or estimated) for the 30/11/2006 fiscal term.
HIGHLIGHTS
The subject company was established by Kensuke Tanaka in
order to make most of his experience in the real estate business. A well established real estate company,
known for management of luxury & premier properties, providing total
consulting services as a general real estate company, especially luxury real
estate, including planning, supply, leasing mediation and property management. Provides also asset management services for
investors, property owners and corporate firms. Currently the firm manages approx 5,000 homes, apartments and
offices, entrusted to the firm. Clients
include embassies, foreign financial institutions, major business firms,
other.
The sales volume for Nov/2005
fiscal term amounted to Yen 13,036 million, a 0.8% up from Yen 12,928 million
in the previous term. The recurring
profit was posted at Yen 2,963 million and the net profit at Yen 2,114 million,
respectively, compared with Yen 2,963 million recurring profit and Yen 1,932
million net profit, respectively, a year ago.
For the current term ending Nov
2006 the recurring profit is projected at Yen 2,950 million and the net profit
Yen 2,100 million, respectively, on an almost similar turnover, at Yen 13,000
million.
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 106.6
million, on normal 30 days terms.
REGISTRATION
Date Registered: Dec 1972
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 3 million shares
Issued: 760,000
shares
Sum: Yen 380 million
Major shareholders (%): Kensuke
Tanaka (78), Shigeru Satoh (6), Kenji Hasegawa (5), Shinsuke Tanaka (4), Sosuke
Tanaka (4)
No. of shareholders: 7
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: General real estate
company (100%), providing total consulting services for planning, supply,
leasing mediation & property management especially for luxury real estate,
office buildings, condominiums, other.
Also provides, through a subsidiary, asset management services for
investors, property owners and corporate bodies. Currently manages 5,000 homes, apartments & offices, entrusted
to the firm.
Clients: [Embassies, financial
institutions] Goldman Sachs Securities, Vodafone Asia Pacific, Deutche
Securities, Merrill Lynch Japan Securities, General Electric International,
other.
No. of accounts: 3,000
Domestic areas of activities:
Nationwide
Suppliers: [Real estate owners,
brokers] Mitsubishi Real Estate Services, Mitsubishi Estate, Mitsui Fudosan
Housing Lease, Mori Building, NTT Business Associates, Orix Real Estate, Sumitomo
Realty & Development, NTT Urban Development, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References
Resona Bank (Shiba)
Mizuho Bank (Roppongi)
Relations: Satisfactory
FINANCES
(In
Million Yen)
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FINANCES: (in
million yen) |
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Terms
Ending: |
30/11/2005 |
30/11/2004 |
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INCOME
STATEMENT |
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Annual Sales |
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13,036
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12,928
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Cost of Sales |
7,461 |
6,685 |
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GROSS PROFIT |
5,575 |
6,242 |
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Selling & Adm Costs |
2,310 |
2,218 |
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OPERATING PROFIT |
3,264 |
4,024 |
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Non-Operating P/L |
-301 |
-1,665
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RECURRING PROFIT |
2,963 |
2,359 |
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NET PROFIT |
2,114 |
1,932 |
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BALANCE
SHEET |
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Cash |
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4,478 |
4,677 |
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Receivables |
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1,052 |
548 |
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Inventory |
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501 |
515 |
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Securities, Marketable |
116 |
65 |
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Other Current Assets |
1,288 |
2,974 |
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TOTAL CURRENT ASSETS |
7,435 |
8,779 |
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Property & Equipment |
39,111
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35,417
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Intangibles |
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530 |
362 |
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Investments, Other Fixed Assets |
(453) |
(161) |
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TOTAL ASSETS |
46,623
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44,397
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Payables |
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Short-Term Bank Loans |
4,709 |
5,194 |
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Other Current Liabs |
4,445 |
4,057 |
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TOTAL CURRENT LIABS |
9,154 |
9,251 |
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Debentures |
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5,246 |
7,013 |
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Long-Term Bank Loans |
21,046
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19,870
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Reserve for Retirement Allw |
677 |
606 |
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Other Debts |
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2,507 |
2,069 |
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TOTAL LIABILITIES |
38,630
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38,809
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MINORITY INTERESTS |
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Common
stock |
380 |
380 |
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Additional
paid-in capital |
0 |
0 |
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Retained
earnings |
6,982 |
5,095 |
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Evaluation
p/l on investments/securities |
629 |
112 |
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Others |
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1 |
1 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
7,992 |
5,588 |
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TOTAL EQUITIES |
46,623
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44,397
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ANALYTICAL RATIOS Terms
ending: |
30/11/2005 |
30/11/2004 |
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Net
Worth (S/Holders' Equity) |
7,992 |
5,588 |
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Current
Ratio (%) |
81.22 |
94.90 |
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Net
Worth Ratio (%) |
17.14 |
12.59 |
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Recurring
Profit Ratio (%) |
22.73 |
18.25 |
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Net
Profit Ratio (%) |
16.22 |
14.94 |
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Return
On Equity (%) |
26.45 |
34.57 |
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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 |