MIRA
INFORM REPORT
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Report Date : |
06.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
FASHION CORE MIDWEST CO LTD |
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Registered Office : |
3-17-11 Nishiki Nakaku Nagoya 460-0003 |
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Country : |
Japan |
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Date of Incorporation : |
Sept 1982 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Retail of clothing, clothing
accessories |
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 16.8 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
FASHION CORE MIDWEST CO LTD
REGD NAME
KK Fashion Core Midwest
MAIN OFFICE
3-17-11 Nishiki Nakaku Nagoya 460-0003 JAPAN
Tel : 052-953-1222
Fax : 052-953-1221
URL : N/A
ACTIVITIES
Retail of clothing, clothing accessories
STORE(S)
At the caption address, Nagoya (Tot 2)
OFFICERS
MASARU OSAWA, PRES Keiko
Osawa, dir
Tsugio Takemura, dir Takenori
Osawa, dir
Ryoko Osawa, dir Yuriko
Osawa, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 912 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND STEADY WORTH Yen 192 M
STARTED 1982 EMPLOYES 30
COMMENT
RETAILER OF CLOTHING & ACCESSORIES. FINANCIAL SITUATION CONSIDERED FAIR AND
GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 16.8 MILLION, 30 DAYS NORMAL
TERMS. .
HIGHLIGHTS
The subject company was established by Masaru Osawa in order to
make most of his experience in the subject line of business. This is a family-based retailer specializing
in men’s clothing and clothing accessories.
Operates two stores in Nagoya, including the one at the caption
address. Goods are imported from
Europe, other.
FINANCIAL INFORMATION
The firm stopped releasing full financials with the last at 31/08/2003 fiscal term, and only partial figures are made available.
The sales volume for Jul/2006 fiscal term amounted to Yen 912 million, a 13% hike from Yen 807 million in the previous term. 30th anniversary sales campaign contributed to boost sales. The net profit, on the other hand, decreased to Yen 31 million from Yen 46 million a year ago. Rising costs of imports and operations ate into profits.
For the current term ending Jul 2007 the net profit is
projected at Yen 35 million, on a 5% rise in turnover, to Yen 960 million. Weaker Yen could uplift sales in Yen terms.
The financial situation is considered maintained FAIR and good
for ORDINARY business engagements. Max
credit limit is estimated at Yen 16.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Sept
1982
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 80,000
shares
Issued: 20,000
shares
Sum: Yen
10 million
Major shareholders (%): Masaru Osawa (60), Keiko Osawa (40)
No. of shareholders: 2
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports and retails dresses, T-shirts, trousers,
jackets, other for men, shoes, neckties, other clothing accessories (--100%).
Goods are imported from Europe, other.
Clients: Consumers
No. of accounts: Unavailable
Domestic areas of activities: Centered in Nagoya City.
Suppliers: [Mfrs, wholesalers] KK Kokonoe (20%), Orizzonti Co (10%), Sann Freres SA, Joi’x Corporation, Comm des Garcons, Sosu International, other.
Also imports from Marcia de Carvalhi, other from France,
other Europe.
Payment record: Regular
Location: Business area in Nagoya. Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Jyuroku Bank (Nagoya-Ekimae)
Bank of Nagoya (Imaike)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
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31/07/2007 |
31/07/2006 |
31/07/2005 |
31/07/2004 |
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Annual
Sales |
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960 |
912 |
807 |
731 |
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Recur.
Profit |
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.. |
.. |
.. |
.. |
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Net
Profit |
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35 |
31 |
46 |
18 |
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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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192 |
161 |
115 |
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Capital,
Paid-Up |
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10 |
10 |
10 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.26 |
13.01 |
10.40 |
14.40 |
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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 |
3.65 |
3.40 |
5.70 |
2.46 |
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Note: Financials are only partially disclosed.
Forecast (or estimated) for the 31/08/2007 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%)