MIRA
INFORM REPORT
|
Report Date : |
07.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
UCHIDA YOKO CO LTD |
|
|
|
|
Registered Office : |
2-4-7 Shinkawa Chuoku Tokyo 104-8282 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.07.2006 |
|
|
|
|
Date of Incorporation : |
May 1941 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Import, export, wholesale of office
equipment, office furniture |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
Yen 3540.6 millions |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
-- |
name
UCHIDA YOKO CO LTD
REGD NAME
KK Uchida Yoko
MAIN OFFICE
2-4-7 Shinkawa Chuoku Tokyo 104-8282 JAPAN
Tel: 03-5634-6350
Fax: 03-5634-6856
*.. The given address is its marketing division
E-Mail address: overseas@uchida.co.jp
ACTIVITIES
Import, export, wholesale of office equipment, office
furniture
BRANCHES
Osaka, Nagoya, Sapporo, Sendai, Aomori, Kanazawa, Nagano, Chiba, Saitama, Yokohama, Shizuoka, Kobe, Kyoto, Matsuyama, Kitakyushu, other (Tot 28)
OVERSEAS
(Subsidiaries): Uchida of America Corp (writing instruments); Uchida
Yoko Singapore Pte Ltd (office furniture); Uchida Yoko Malaysia Sdn Bhd (office
furniture); Uchida MK Sdn Bhd (office furniture factory)
CHIEF EXEC
SHIN’ICHI MUKAI, PRES
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 150,330 M
PAYMENTS REGULAR CAPITAL Yen 5,000 M
TREND STEADY WORTH Yen 40,700 M
STARTED 1941 EMPLOYES 3,521
COMMENT
TRADING HOUSE SPECIALIZING IN OFFICE FURNITURE &
EQUIPMENT. FINANCIAL SITUATION
COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 3,540.6 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/07/2007 fiscal term
HIGHLIGHTS
The subject company is major trading house specializing in office equipment & office furniture. Also markets office computers, branded “PFU”, manufactured by PFU Electronics, JV with Fujitsu Ltd & Matsushita Electric Inc. Goods are marketed through sales agencies nationwide. Highly competitive in products for school educational materials.
FINANCIAL INFORMATION
The sales volume for Jul/2006 fiscal term amounted to Yen
150,330 million, a 0.7% up from Yen 149,250 million in the previous term. Educational equipment was down 9.5% to Yen 33,195
million, continuously hurt by fall in the number of students because of the
declining birthrates.
Information-related was up by 9% to Yen 48,127 million. The recurring profit was posted at Yen 4,050
million and the net profit at Yen 1,675 million, respectively, compared with
Yen 4,154 million recurring profit and Yen 1,648 million net profit,
respectively, a year ago. Posted Yen
1,180 million extraordinary income from assets disposal.
For the term just ended Jul 2007 the recurring profit was projected
at Yen 4,100 million and the net profit at Yen 2,400 million, on a 1.1% rise in
turnover, to Yen 152,000 million. PC
systems to schools increased, while educational materials suffered buying
holdback by schools in anticipation of official curriculum guidelines. Information equipment sales to schools are
lower than expected.
(Mid term results ending Jan/2007): sales Yen 65,945 million
(down 3.2%), operating loss Yen 662 million, recurring loss Yen 251 million,
net loss Yen 448 million. (% compared
with the same period last term).
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 3,540.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: May
1941
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 180
million shares
Issued: 53,779,858
shares
Sum: Yen
5,000 million
Major shareholders (%): Master Trust Bank of Japan T (8.8), Japan Trustee Services Bank T (7.1), Morgan Stanley International (5.3), Tokio Marine & Nichido Fire Ins (4.6), Sumitomo Trust Bank (3.8), Dai-ichi Life Ins (2.9), Resona Bank (2.5), TCSB (Mizuho Bank) (2.5), State Street Bank & Trust (2.5), Melon Bank Melon Omnibus US Pension Fund (1.8); foreign owners (18.1)
No. of shareholders: 3,663
Listed on the S/Exchange (s) of: Tokyo, Osaka
Managements: Shin’ichi Mukai, pres & CEO; Yoshihiro Fujii, mgn dir; Teruo Hata, mgn dir; Kotaro Take, mgn dir; Noboru Okubo, mgn dir; Takeshi Aoyama, dir; Yoshiharu Gotoh, dir; Takashi Kashiwabara, dir
Nothing detrimental is known as to the commercial morality
of executives.
Related companies
Uchida Esco, Santech, Uchida Emucom, other (Tot 27 as of
Jan/06)
OPERATION
Activities: Imports, exports and wholesales office furniture
& equipment: Office-related (41%), educational equipment, others (25%),
information-related (32%), others
(3%).
(Major products for export): office furniture, writing instruments, after printing equipment, office equipment & supplies, educational equipment, electrical fuses, others;
(Major products for
import): office furniture & its parts & materials, office
stationery & equipment, after printing equipment, educational equipment,
hobbies & craft items & materials, other
Clients: [Schools, business firms, wholesalers] Fujitsu Ltd,
Uchida Esco, Kanagawa Uchida System, Tokyo Uchida System, Osaka Uchida System,
Japan Electronic Computer, Educational Computer Systems, other
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Fujitsu Ltd, Inaba Seisakusho,
Uchida Esco, Uchida Techno, Soft Bank BB, Orient Logi Inc, Okuba Mokkosho,
Quali Co, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Sumitomo Trust Bank (Tokyo-Chuo)
Resona Bank (Tokyo-Chuo)
Relations: Satisfactory
FINANCES
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
||||
|
|
|
Terms Ending: |
31/07/2006 |
31/07/2005 |
|
|
INCOME STATEMENT |
|
|
|||
|
|
Annual Sales |
|
150,330 |
149,250 |
|
|
|
Cost of Sales |
112,211 |
111,544 |
||
|
|
GROSS PROFIT |
38,119 |
37,705 |
||
|
|
Selling & Adm Costs |
34,881 |
34,253 |
||
|
|
OPERATING PROFIT |
3,237 |
3,451 |
||
|
|
Non-Operating P/L |
813 |
703 |
||
|
|
RECURRING PROFIT |
4,050 |
4,154 |
||
|
|
NET PROFIT |
1,675 |
1,648 |
||
|
BALANCE SHEET |
|
|
|
||
|
|
Cash |
|
15,650 |
14,211 |
|
|
|
Receivables |
|
27,602 |
31,885 |
|
|
|
Inventory |
|
8,109 |
7,919 |
|
|
|
Securities, Marketable |
|
|
||
|
|
Other Current Assets |
2,774 |
2,206 |
||
|
|
TOTAL CURRENT ASSETS |
54,135 |
56,221 |
||
|
|
Property & Equipment |
24,398 |
25,018 |
||
|
|
Intangibles |
|
2,653 |
2,624 |
|
|
|
Investments, Other Fixed Assets |
26,304 |
25,597 |
||
|
|
TOTAL ASSETS |
107,490 |
109,460 |
||
|
|
Payables |
|
30,544 |
28,902 |
|
|
|
Short-Term Bank Loans |
8,515 |
13,387 |
||
|
|
|
|
|
|
|
|
|
Other Current Liabs |
10,455 |
9,225 |
||
|
|
TOTAL CURRENT LIABS |
49,514 |
51,514 |
||
|
|
Debentures |
|
|
|
|
|
|
Long-Term Bank Loans |
6,209 |
8,580 |
||
|
|
Reserve for Retirement Allw |
7,604 |
8,365 |
||
|
|
Other Debts |
|
3,462 |
2,890 |
|
|
|
TOTAL LIABILITIES |
66,789 |
71,349 |
||
|
|
MINORITY INTERESTS |
3,123 |
|
||
|
|
Common
stock |
5,000 |
5,000 |
||
|
|
Additional
paid-in capital |
3,229 |
3,222 |
||
|
|
Retained
earnings |
26,479 |
25,196 |
||
|
|
Evaluation
p/l on investments/securities |
3,283 |
1,902 |
||
|
|
Others |
|
2,781 |
(290) |
|
|
|
Treasury
stock, at cost |
(72) |
(42) |
||
|
|
TOTAL S/HOLDERS` EQUITY |
40,700 |
34,988 |
||
|
|
TOTAL EQUITIES |
107,490 |
109,460 |
||
|
CONSOLIDATED CASH FLOWS |
|
|
|||
|
|
|
Terms ending: |
31/07/2006 |
31/07/2005 |
|
|
|
Cash
Flows from Operating Activities |
|
9,853 |
4,915 |
|
|
|
Cash
Flows from Investment Activities |
-1,871 |
-1,727 |
||
|
|
Cash Flows
from Financing Activities |
-7,664 |
-5,257 |
||
|
|
Cash,
Bank Deposits at the Term End |
|
13,191 |
12,441 |
|
|
ANALYTICAL RATIOS Terms
ending: |
31/07/2006 |
31/07/2005 |
|||
|
|
|
Net
Worth (S/Holders' Equity) |
40,700 |
34,988 |
|
|
|
|
Current
Ratio (%) |
109.33 |
109.14 |
|
|
|
|
Net
Worth Ratio (%) |
37.86 |
31.96 |
|
|
|
|
Recurring
Profit Ratio (%) |
2.69 |
2.78 |
|
|
|
|
Net
Profit Ratio (%) |
1.11 |
1.10 |
|
|
|
|
Return
On Equity (%) |
4.12 |
4.71 |
|
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)