MIRA
INFORM REPORT
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Report Date : |
17th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
SHIMADA
TRADING CO. LTD. |
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Registered Office : |
N Bldg 2F, 2-26-3 Kitazawa Setagayaku Tokyo
155-0031 JAPAN |
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Country : |
Japan |
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Financials (as on) : |
31/03/2007 |
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Date of Incorporation : |
April
1986 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, retail of furniture, interior upholstery |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 43.8 MILLION |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Company name
SHIMADA
TRADING CO LTD
REGD NAME
KK
Shimada Trading
MAIN OFFICE
N Bldg
2F, 2-26-3 Kitazawa Setagayaku Tokyo 155-0031 JAPAN
Tel : 03-5738-3288
Fax : 03-5738-3280
URL : http://www.noce.co.jp/
E-Mail address :
info@noce.co.jp
ACTIVITIES
Import, retail of furniture, interior upholstery
STORE(S)
Tokyo (7), Yokohama (3), Osaka (2), Nagoya, Sapporo, Sendai,
Nagano,
Kobe,
Fukuoka, other (Tot 19) (-- Store name “NOCE”)
DISTRIBUTION
CENTER: Ohtsuki
(Yamanashi-Pref)
FACTORY(IES)
(subcontracted both at home & abroad)
OFFICERS
SHUNSUKE SHIMADA, PRES Junko
Shimada, s/mgn dir
Yuko Shimada, mgn dir Kayoko
Shimada, dir
Yen Amount: In million
Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,430 M
PAYMENTS REGULAR CAPITAL Yen 30 M
TREND STEADY WORTH Yen 257 M
STARTED 1986 EMPLOYES 128
COMMENT
IMPORTER AND RETAILER SPECIALIZING IN FURNITURE. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR CREDIT ENGAGEMENTS: US$200,000 / DA 30 DAYS.
MAX CREDIT LIMIT: YEN 43.8 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by
Shunsuke Shimada in order to make most of his experience in the subject line of
business. Started originally as an
importer and wholesaler ofEuropean-style furniture, subcontracted mfg to
factories in France, Italy, Germany, and other EU countries, and later withdrew
from the wholesaling operations and switched to retailing of European-style
furniture and interior items. Import sources
have since expanded into S/E Asian countries, as well. Operates a total of 19 stores (“NOCE”)
nationwide from Hokkaido to Kyushu Island. The subject is owned and operated entirely
by the Shimada family. Financials are only partially disclosed.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal
term amounted to Yen 2,430 million, a similar amount in the previous term. The net profit increased to Yen 63 million
from Yen 44 million a year ago.
For the current term ending Mar 2007
the net profit is projected at Yen 60 million, on a 3% rise in turnover, to Yen
2,500 million.
The financial situation is considered
FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 43.8 million, on 30 days
normal terms. The proposed amount on DA
30days terms is considered well within the firm’s financial capabilities.
REGISTRATION
Date Registered : Apr 1986
Legal Status : Limited Company (Kabushiki Kaisha)
Authorized : 2,400 shares
Issued :
600 shares
Sum :
Yen 30 million
Major shareholders (%)
Shunsuke Shimada (100)
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: Operates 19 furniture chain
stores, named “NOCE”, nationwide, selling sofas, tables, desks, chairs,
cabinets, racks, etc, plus interior items (--100%);
Materials: wood, steel, glass and
leather/PVS;
Colors: natural, black, white and red.
(Import 90%).
Clients
Consumers
No. of accounts
Unavailable
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Imports from France,
UK, Poland, Italy, Germany, S/E Asian countries, other (--90%).
Also from domestic suppliers (10%).
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are
leased and maintained satisfactorily.
Bank References
SMBC (Setagaya)
Bank of Tokyo-Mitsubishi UFJ (Setagaya)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms
Ending: |
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31/03/2007 |
31/03/2006 |
31/03/2005 |
31/03/2004 |
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Annual
Sales |
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2,500
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2,430
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2,435
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2,280
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Recur.
Profit |
(*) |
.. |
.. |
64 |
142 |
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Net
Profit |
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60 |
63 |
44 |
80 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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257 |
197 |
153 |
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Capital,
Paid-Up |
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30 |
30 |
30 |
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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 |
2.88 |
-0.21
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6.80 |
14.57
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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 |
2.40 |
2.59 |
1.81 |
3.51 |
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Notes: Financials are not disclosed only except the above partial
figures.
Forecast (or estimated) figures for 31/03/2007 fiscal term.
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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