MIRA
INFORM REPORT
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Report Date : |
02.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
DCM JAPAN CO LTD |
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Registered Office : |
Suzunaka Bldg, 6-16-16 Minami-O’I Shingawaku Tokyo 140-0013 |
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Country : |
Japan |
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Date of Incorporation : |
May 2003 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import and wholesale of DIY goods for group home center
chain operators |
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 119.7 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
DCM JAPAN CO LTD
REGD NAME
DCM Japan KK
MAIN OFFICE
Suzunaka Bldg, 6-16-16 Minami-O’I Shingawaku Tokyo 140-0013 JAPAN
Tel : 03-5764-5221
Fax : 03-5764-5222
URL : http://www.dcmjapan.com/
E-Mail address: info@dcmjapan.com
ACTIVITIES
Import, wholesale of DIY goods for group home center chain
operators (3)
BRANCHES
China
OFFICER(S)
TOSHIHIRO HISADA, PRES Katsuyoshi
Ishiguro, dir
Masatoshi Kitagawa, dir Shizuo
Takagi, dir
Kazuhiko Abe, dir Katsutoshi
Maeda, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 9,900 M
PAYMENTS REGULAR CAPITAL Yen 300 M
TREND STEADY WORTH Yen 374 M
STARTED 2003 EMPLOYES 52
COMMENT
COLLECTIVE
BUYING FIRM OWNED BY DCM JAPAN HOLDINGS CO LTD. FINANCIAL SITUATION IS CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 119.7 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established as a collective purchasing
office jointly by Mitsui & Co, a leading general trading house, Tokyo, and
three DIY home center operators: Homac Corp, Sapporo; Kahma Co Ltd, Aichi-Pref;
and Daiki Co Ltd, Matsuyama. Toshihiro
Hisada is concurrently pres at Khama Co, and the other directors are all from
each of the three partners. The aims of
the firm are, as outlined by the company: to create an “industrial level
collaboration” to generate “maximum synergy”, covering selection of raw
materials, product planning, distribution, etc; to achieve total cost reduction
& price adjustment; to design, develop private and original brands
products; just-in-time logistics, etc.
As such, the firm specializes in import and wholesale of a wide range of
goods handled by home center operators, such as: gardening & pet supplies,
DIY kits & tools, auto accessories, leisure goods, house keeping supplies,
furniture, interior goods, home appliances, clothing, accessories, kerosene, etc. Goods are imported mainly from China and
other S/E Asian countries. Mitsui’s
wide marketing networks worldwide are being effectively utilized. Goods are wholly shipped to the three chain
stores operators. Total stores operated
by the group are 425 from Hokkaido to Shikoku.
In Sept 2006, the parties established a joint-stock company, DCM Japan Holdings Co Ltd, at the caption address to integrate business operations. The subject then became a wholly owned subsidiary of the Holding Company.
FINANCIAL INFORMATION
Financials
are made available in digest.
The
sales amount for Jan/2006 amounted to Yen 9,900 million, a 30% up from Yen
7,644 million in the previous term.
This is thanks to the new opening of chain stores of the group. The net profit decreased to a minimum amount
post-taxes from Yen 6 million net profit a year ago. Rising costs of imports ate into profits.
For the term ended Jan/2007 the net profit was projected and
believed posted at Yen 10 million, on a slight rise in turnover, to Yen 10,000
million. Supply of the goods to group
chain stores will be upgraded to 90% from the current 70%.
Financial situation is considered maintained FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 119.7 million, on 30 days normal terms.
REGISTRATION
Date Registered: May
2003
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 24,000
shares
Issued: 6,000
shares
Sum: Yen
300 million
Major
shareholders (%): DCM Japan Holdings Co Ltd*(100)
*Joint Stock Company, at the caption address established by Homac Corp**, Kahma Co***, and Daiki Co****
*.. Joint Stock Company, founded Sept/2007, at the caption address, listed Tokyo S/E, capital Yen 1,000 million, projected turnover for six months ending Feb/2007 is Yen 193,000 million, operating profit Yen 5,500 million, recurring profit Yen 5,300 million, net profit Yen 2,600 million, pres Katsutoshi Maeda.
The firm reported for 3 months from Sept thru to Nov/2006 as: turnover Yen 99,712 million, operating profit Yen 2,494 million, recurring profit Yen 2,328 million, net profit Yen 1,002 million.
**.. Hokkaido-based leading home center operator, capital Yen 10,981 million, turnover Yen 182,957 million, employees 2,253, operating total 193 stores, pres Kenji Shibata
***..
Major home center operator, based in Kariya City, Aichi-Pref, capital Yen 6,001
million, turnover Yen 122,937 million, employees 1,004, operating total 119
chain stores, pres T Hisada
****.. Home center operator based in Matsuyama, operating mainly in Shikoku Island, capital Yen 7,058 million, turnover Yen 104,437 million, employees 1,072, total 113 stores, with 5 processing yards, pres Ichiro Satoh.
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Collective purchasing firm of products catering to 3 group DIY home center operators: Homac Co, Kahma Co and Daiki Co (--100%).
Total group chain stores are 425.
Goods are imported from China, Indonesia, Vietnam and other
S/E Asian countries.
(Items
handled):
DIY kits & tools, auto accessories, leisure goods, house
keeping supplies, furniture, interior goods, home appliances, kitchen &
bathroom units, electric appliances, woods & timer, cabinets, paints,
working tools, gardening supplies & equipment, pet foods & goods,
clothing, accessories, kerosene, etc.
Clients: [Home center operators] Supplies to 425 chain stores operated by Homac Co, Kahma Co, and Daiki Co.
No. of accounts: 3
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Imports from China,
Indonesia, Vietnam, other S/E Asian countries.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
SMBC (Hamamatsucho)
Mizuho Bank (Shiba)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/01/2007 |
31/01/2006 |
31/01/2005 |
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Annual
Sales |
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10,000 |
9,900 |
7,644 |
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Recur.
Profit |
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Net
Profit |
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10 |
0 |
6 |
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Total
Assets |
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1,823 |
1,588 |
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Current
Assets |
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1,720 |
1,544 |
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Current
Liabs |
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2,448 |
1,214 |
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Net
Worth |
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374 |
374 |
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Capital,
Paid-Up |
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300 |
300 |
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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 |
1.01 |
29.51 |
184.80 |
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Current Ratio |
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.. |
70.26 |
127.18 |
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N.Worth Ratio |
.. |
20.52 |
23.55 |
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R.Profit/Sales |
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.. |
.. |
.. |
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N.Profit/Sales |
0.10 |
0.00 |
0.08 |
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Return On Equity |
.. |
0.00 |
1.60 |
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Financials
are released in digest form as above.
Forecast
(or estimated) figures for the 31/01/2007 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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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)