MIRA
INFORM REPORT
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Report Date : |
02.08.2007 |
IDENTIFICATION DETAILS
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Name : |
MACHIKAWA CO LTD |
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Registered Office : |
2-22 |
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Country : |
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Financials (as on) : |
31.10.2006 |
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Date of Incorporation : |
Jun 1978 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Import, wholesale of lawn
mowers, agricultural equipment |
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 2.7 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
MACHIKAWA CO LTD
REGD NAME
Machikawa KK
MAIN OFFICE
2-22 Seito
Tel : 076-268-2336
Fax : 076-268-1000
URL : N/A
ACTIVITIES
Import,
wholesale of lawn mowers, agricultural equipment
BRANCHES
Ueda (
OFFICERS
MITSUGU
MURAKAMI, PRES
Yoshitaka
Mizumoto, v pres
Kiyomi
Mizumoto, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 717 M
PAYMENTS REGULAR CAPITAL Yen 30 M
TREND STEADY WORTH Yen
33 M
STARTED 1978 EMPLOYES 22
COMMENT
IMPORTER AND WHOLESALER OF LAWN MOWERS, OTHER AGRICULTURAL EQUIPMENT. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 2.7 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by a certain Machikawa as
Machikawa Shokai KK. In Feb 2006 the firm
was transferred to the present shareholders and executives and renamed as Machikawa
Co Ltd. Mitsugu Murakami took the office
of pres at that time. A trading firm
specializing in importing and wholesaling
lawn mowers, and other agricultural equipment.
Clients include Ministry of Land, Infrastructure & Transport, Japan
Highway Public Corp, golf courses, other, covering nationwide.
FINANCIAL INFORMATION
The sales volume for Oct/2006 fiscal term amounted to Yen 717 million, a 23% up from Yen 581 million in the previous term. Demand increased. Profits decreased to Yen 13 million recurring loss and Yen 19 million net loss for the term, from Yen 6 million recurring profit and Yen 1 million net profit a year ago. Rising costs of imports and revaluation loss of overstocks ate into profits.
For the current term ending Oct 2007 the operations are expected to come back to profitability but still limited to a minimum amount post-taxes, on a 2% rise in turnover, to Yen 730 million.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 2.7 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Jun 1978
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 12,000 shares
Issued: 3,000 shares
Sum: Yen 30 million
Major shareholders (%): Mitsugu Murakami (52), Fuji Seimitsu Co (17), Yoshitaka Mizumoto (10), Shin’ichi
Machikawa (9)
No. of shareholders: 8
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports and wholesales lawn mowers, and other agricultural machinery & equipment (--100%).
Clients: [Public agencies, golf courses] Ministry of Land & Transport, Japan Highway Corp, other.
No. of
accounts: 300
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Kyoeisha, Chubu Kyoritsu Eco, Yamaha Motor Marketing Japan, Hatsuta Kakusanki, other. Goods are also imported.
Payment
record: Regular
Location: Business area in
Bank References
SMBC (
Hokuriku
Bank (Kanazawa-Chuo)
Relations:
Satisfactory.
FINANCES
(In
Million Yen)
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Terms Ending: |
31/10/2007 |
31/10/2006 |
31/10/2005 |
31/10/2004 |
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Annual
Sales |
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730 |
717 |
581 |
619 |
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Recur.
Profit |
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-13 |
6 |
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Net
Profit |
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0 |
-19 |
1 |
1 |
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Total
Assets |
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490 |
488 |
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Current
Assets |
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322 |
316 |
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Current
Liabs |
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166 |
138 |
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Net
Worth |
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33 |
55 |
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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 |
50.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.81 |
23.41 |
-6.14 |
26.58 |
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Current Ratio |
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.. |
193.98 |
228.99 |
.. |
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N.Worth Ratio |
.. |
6.73 |
11.27 |
.. |
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R.Profit/Sales |
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.. |
-1.81 |
1.03 |
.. |
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N.Profit/Sales |
0.00 |
-2.65 |
0.17 |
0.16 |
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Return On Equity |
.. |
-57.58 |
1.82 |
.. |
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Note:
Forecast (or estimated) for the 31/10/2007 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%)