MIRA
INFORM REPORT
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Report Date : |
06.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
ITOKIN CO LTD |
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Registered Office : |
Itokin Bldg, 3-1-1 Sendagaya Shibuyaku Tokyo 151-8510 |
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Country : |
Japan |
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Date of Incorporation : |
Aug 1950 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of clothing, clothing accessories, furniture
and children’s wear |
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 3048 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
ITOKIN CO LTD
REGD NAME
Itokin KK
MAIN OFFICE
Itokin Bldg, 3-1-1 Sendagaya Shibuyaku Tokyo 151-8510 JAPAN
Tel: 03-3478-5211
*.. Registered and Osaka Head Office at: 2-4-25 Kyutaromachi Chuoku
Osaka
URL : http://www.itokin.com
E-Mail address: info@itokin.com
ACTIVITIES
Mfg of clothing, clothing accessories, furniture, children’s
wear
BRANCHES
Osaka, Sapporo, Sendai, Fukuoka, Nagoya, Hiroshima
OVERSEAS
(Subsidiaries): China (10), Paris, New York, Hong Kong, Taipei, Singapore, Bangkok, other (Total 30 including representative offices)
FACTORY(IES)
(Subcontracted to domestic subsidiaries & overseas
factories)
OFFICERS
Kingo Tsujimura, hon ch Koichi
Tsujimura, ch
AKIO TSUJIMURA, PRES Akira
Matsumoto, v pres
Ryoichi Ohira, s/mgn dir Masanori
Satoh, s/mgn dir
Hiroshi Ishibashi, s/mgn dir Masaji
Ishikawa, s/mgn dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 138,295 M
PAYMENTS REGULAR CAPITAL Yen 924 M
TREND SLOW WORTH Yen 41,853 M
STARTED 1950 EMPLOYES 6,159
COMMENT
MFR OF CLOTHING AND FURNITURE. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 3,048 MILLION, 30 DAYS NORMAL
TERMS. .
HIGHLIGHTS
The subject company was established on the basis of a division
separated from Itokin Sohonsha, as Itokin Hambai KK, Osaka. Kingo Tsujimura took the pres office. In Jul 1982, merged Itokin Ace KK and
renamed as captioned. In Nov 1991,
absorbed Tokyo Itokin KK and moved
the Headquarters to Tokyo. This is a
trading house with mfg divisions (mfg is by subsidiaries both at home and
abroad), for import, export and wholesale of clothing & clothing
accessories, furniture, house interior goods, other. Akio Tsujimura is the founder’s son, who took the pres office in
Jan 1998. Operates 7 domestic
subsidiaries and 30 overseas, of which 10 are in China.
FINANCIAL INFORMATION
Financials
are disclosed in digest form.
The
sales volume for Jan/2006 fiscal term amounted to Yen 138,295 million, a 5%
down from Yen 146,079 million in the previous term. With increasing imports from China and other S/E Asian countries,
clothing prices continued under downward pressure. Sales amount did not expand as targeted. The firm reported huge extraordinary losses
for two consecutive terms, resulting in Yen 8,700 million net losses for the
term. The loss amount widened from Yen
2,296 million net loss a year ago.
For the term ended Jan 2007 the operations were projected to
come back to profitability and believed posted Yen 500 million net profit, on a
1.2% rise in turnover, to Yen 140,000 million.
Weaker Yen should have contributed to raise sales amount in Yen
terms.
The financial situation is considered maintained FAIR and good
for ORDINARY business engagements. Max
credit limit is estimated at Yen 3,040 million, on 30 days normal terms.
REGISTRATION
Date Registered: Aug
1950
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 7
million shares (estimated only)
Issued: 1,848,000
shares
Sum: Yen
924 million
Major shareholders (%): Stock Holding Company (20.8), Kingo Tsujimura (5.0), Yuko Tsujimura (3.9), Koichi Tsujimura (3.8), Akio Tsujimura (2.5)
No. of shareholders: 152
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Manufactures, imports, exports and wholesales
ladies’ clothing & accessories (85%), men’s clothing & accessories
(3%), children’s & babies’ wears (4%), furniture, house interior goods
(2%), others (6%).
Clients: [Department stores, specialty stores] Takashimaya, Sogo, Daimaru, Mitsukoshi, Kintetsu Department Store, Seibu Department Store, Tokyu Department Store, Aeon Co, Isetan, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Itochu Corp, Sumikin Bussan Corp, Toray International, Marubeni Corp, Mitsui & Co, Chori Co, Moririn Co, Sankei, other.
Also, imports from Europe, USA, China and other S/E Asian
countries.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
MUFG (Aoyama-Chuo)
Mizuho Bank (Aoyama)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/01/2007 |
31/01/2006 |
31/01/2005 |
31/01/2004 |
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Annual
Sales |
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140,000 |
138,295 |
146,079 |
144,937 |
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Recur.
Profit |
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-4,477 |
-129 |
5,514 |
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Net
Profit |
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500 |
-8,700 |
-2,296 |
567 |
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Total
Assets |
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112,140 |
106,726 |
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Current
Assets |
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49,684 |
43,208 |
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Current
Liabs |
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57,667 |
46,051 |
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Net
Worth |
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41,853 |
50,237 |
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Capital,
Paid-Up |
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924 |
924 |
924 |
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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 |
1.23 |
-5.33 |
0.79 |
5.07 |
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Current Ratio |
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.. |
86.16 |
93.83 |
.. |
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N.Worth Ratio |
.. |
37.32 |
47.07 |
.. |
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R.Profit/Sales |
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.. |
-3.24 |
-0.09 |
3.80 |
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N.Profit/Sales |
0.36 |
-6.29 |
-1.57 |
0.39 |
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Return On Equity |
.. |
-20.79 |
-4.57 |
.. |
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Note: Forecast (or estimated) 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%)