MIRA
INFORM REPORT
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Report Date : |
4th
November 2006 |
IDENTIFICATION
DETAILS
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Name : |
EURO SPORTS INC |
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Registered Office : |
Emina Bldg 3F, 1-8-7 Kojimachi Chiyodaku
Tokyo 102-0083 Japan |
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Country : |
Japan |
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Financials (as on) : |
31/03/2006 |
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Date of Incorporation : |
Nov 2005 |
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Legal Form : |
Limited Company |
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Line of Business : |
Importers and
wholesalers of tennis rackets, tennis balls, other accessories |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
YEN 1 MILLION |
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Status : |
New
Company |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Name
EURO SPORTS INC
REGD NAME
Euro Sports KK
MAIN OFFICE
Emina Bldg 3F, 1-8-7 Kojimachi Chiyodaku Tokyo 102-0083 JAPAN
Tel: 03-5213-9644
Fax: 03-5213-9648
URL: http://www.euro-sports.co.jp/
E-Mail address: info@euro-sports.co.jp
ACTIVITIES
Import, wholesale of tennis rackets, tennis balls, other
accessories
BRANCHES
Osaka
OFFICERS
HIROYUKI MUKASA, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 322 M
PAYMENTS REGULAR CAPITAL Yen 40 M
TREND UP WORTH Yen 28 M
STARTED 2005 EMPLOYES 21
COMMENT
IMPORTER AND WHOLESALER SPECIALIZING IN TENNIS
OUTFITS. FINANCIAL SITUATION CONSIDERED
RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 1 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by SD Holdings Ltd (see
REGISTRATION) in order to branch out into import and wholesale of sporting
goods. Specializes in import and
wholesale of tennis rackets, squash rackets, tennis balls, tennis shoes, other
accessories. Operations started on 25/Nov/2005 on obtaining licensee agreement
with Head International GmbH, Head Sports AG for distributing Head brand tennis
outfits and Penn brand tennis balls.
FINANCIAL INFORMATION
The sales volume for the initial fiscal term ending
Mar/2006 for irregular 4 months amounted to Yen 322 million, with Yen 11
million net losses reported. This is
referred to the initial cost outlays, including office rental deposits.
For the current term ending Mar 2007 sales are targeted at
Yen 1,250 million, according to the firm.
Operations are expected to turn profitable.
The financial situation is considered RATHER WEAK but
should be good for MODERATE business engagements. Max credit limit is estimated at Yen 1 million, on 30 days normal
terms. This is based on the initial 4
month business results only. With
guarantee from the parent the limit can be extended.
REGISTRATION
Date Registered: Nov
2005
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 3,200 shares
Issued: 800 shares
Sum: Yen 40 million
Major shareholders (%): SD Holdings Co Ltd*(100)
*.. Developer & marketer of e-commerce systems (mail
order sales included), Tokyo, founded
2003, listed Tokyo Mothers S/E, capital Yen 706 million, turnover Yen 3,026
million, recurring loss Yen 56 million,
net loss Yen 90 million, total assets Yen 2,951 million, net worth Yen 659 million, employees 129, pres Masashi
Sakota.
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports and wholesales tennis rackets, squash
rackets, tennis/squash shoes, sports
bags, tennis/squash balls, other accessories (--100%).
Exclusive sales agent for Head International GmbH, Head
Sports AG.
Clients: [Sports good stores, chain stores] Alpen Co, Mega
Sports, Victoria, Windsor Trading,
Zett, SKK, other.
No. of accounts: 50
Domestic areas of activities: Nationwide
Suppliers: [Mfrs] Imports from Head International (Germany)
(80%), other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
Mizuho Bank (Kojimachi)
Resona Bank (Ueno)
Relations: Satisfactory
FINANCES
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(Non-Consolidated in million yen) |
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Terms Ending: |
31/03/2006 |
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INCOME STATEMENT |
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Annual
Sales |
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322 |
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Cost of
Sales |
176 |
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GROSS PROFIT |
145 |
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Selling
& Adm Costs |
147 |
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OPERATING PROFIT |
-2 |
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Non-Operating P/L |
-8 |
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RECURRING PROFIT |
-10 |
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NET
PROFIT |
-11 |
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BALANCE SHEET |
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Cash |
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13 |
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Receivables |
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210 |
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Inventory |
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279 |
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Securities, Marketable |
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Other
Current Assets |
40 |
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TOTAL CURRENT ASSETS |
542 |
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Property
& Equipment |
7 |
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Intangibles |
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1 |
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Investments, Other Fixed Assets |
14 |
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TOTAL ASSETS |
564 |
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Payables |
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111 |
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Short-Term Bank Loans |
379 |
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Other
Current Liabs |
43 |
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TOTAL CURRENT LIABS |
533 |
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Debentures |
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Long-Term Bank Loans |
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Reserve
for Retirement Allw |
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Other
Debts |
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3 |
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TOTAL LIABILITIES |
536 |
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MINORITY INTERESTS |
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Common stock |
40 |
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Additional paid-in capital |
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Retained earnings |
(11) |
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Evaluation p/l on investments/securities |
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Others |
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(1) |
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Treasury stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
28 |
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TOTAL EQUITIES |
564 |
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ANALYTICAL RATIOS
Terms ending: |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
28 |
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Current Ratio (%) |
101.69 |
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Net Worth Ratio (%) |
4.96 |
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Recurring Profit Ratio (%) |
-3.11 |
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Net Profit Ratio (%) |
-3.42 |
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Return On Equity (%) |
-39.29 |
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Notes: Financials are for irregular 4 months from the inception.
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 |
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 |
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NR |
In view of the lack of information, we have
no basis upon which to recommend credit dealings |
No Rating |
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