MIRA INFORM REPORT

 

 

Report Date :

11.08.2007

 

IDENTIFICATION DETAILS

 

Name :

TAIYO ENTERPRISE INC

 

 

Registered Office :

Koraibashi Kimura Bldg 6F, 2-4-9 Koraibashi Chuoku Osaka 541-0043

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

Aug 1998

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Import, export, wholesale of injection molding machines, water treatment equipment

 

 

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 13.4 millions

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

name

 

TAIYO ENTERPRISE INC

 

 

REGD NAME

 

KK Taiyo Enterprise

 

 

MAIN OFFICE

 

Koraibashi Kimura Bldg 6F, 2-4-9 Koraibashi Chuoku Osaka 541-0043 JAPAN

Tel        : 06-6221-3661 

Fax       : 06-6221-3666

URL      : N/A

 

 

Activities

 

Import, export, wholesale of injection molding machines, water treatment equipment

 

 

BRANCHES

 

Tokyo

 

 

OFFICERS

 

TAKANOBU HARUKI, PRES

Takako Haruki, dir

Hiromi Satoh, dir

           

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 1,845 M

PAYMENTS      REGULAR                     CAPITAL           Yen 10 M

TREND             SLOW                          WORTH            Yen 92 M

STARTED         1998                             EMPLOYES      5

 

 

 

 

 

 

COMMENT

 

TRADING HOUSE SPECIALIZING IN EXPORT OF INJECTION MOLDING MACHINES.  FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY         BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 13.4 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established originally in 1968 as Uomoto Sangyo KK but had been inoperative until 1998 when Takanobu Haruki reorganized the shell company and reactivated business operations.  This is a trading firm specializing in exporting injection molding equipment centrally.  Also handles water treatment equipment, etc.  Exports account for 96% of total sales, mostly through general trading houses.  Exports to China, S/E Asia & Africa, etc.     Partially imports from China, Korea, India, other.

 

 

FINANCIAL INFORMATION

           

The sales volume for Dec/2006 fiscal term amounted to Yen 1,845 million, an 11% down from Yen 2,071 million in the previous term.  Exports were steady, but due to competition exports prices continued under pressure.  Weaker Yen could not compensate the loss in export prices.  The recurring price was posted at Yen 21 million and the net profit at Yen 14 million, respectively, compared with Yen 10 million recurring profit and Yen 8 million net profit, respectively, a year ago.

 

For the current term ending Dec 2007 the recurring profit is projected at Yen 21 million and the net profit at Yen 14 million, respectively, on a 3% rise in turnover, to Yen 1,900 million.

 

The financial situation is considered maintained FAIR and should be good for ORDINARY business engagements.  Max credit limit is estimated at Yen 13.4 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:            Aug 1998

Legal Status:                 Limited Company (Kabushiki Kaisha)

Authorized:                    800 shares

Issued:                          200 shares

Sum:                           Yen 10 million

Major shareholders (%): Takanobu Haruki (100)

           

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

           

Activities: Exports, imports and wholesales injection molding machines (for plastics), water treatment equipment, other industrial machinery, their parts & components (--100%).

           

(Export 96%, import 4%).

 

 

Clients: [Mfrs, wholesalers] Exports to: Malaysia, Singapore, Taiwan, Korea, Kenya, Tanzania, Uganda, Nigeria, Ethiopia, etc, mostly through Marubeni Corp, Sumitomo Corp, and other trading houses. 

 

No. of accounts: Unavailable

 

Domestic areas of activities: Centered in greater-Osaka

 

Suppliers: [Mfrs, wholesalers] Supplied from Yodogawa Steel Works, Yushiro Chemical Ind, Tanisaka Tekkosho, Shiba Sangyo, Sun Mec Co, Flat Products, other.  Imports from India, China, Taiwan, etc.

 

Payment record: Regular

 

Location: Business area in Osaka.  Office premises at the caption address are leased and maintained satisfactorily.

 

 

Bank References

 

Kansai Urban Bank (H/O)

SMBC (Osaka-Chuo)

 

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

 

       Terms Ending:

31/12/2007

31/12/2006

31/12/2005

31/12/2004

Annual Sales

　

1,900

1,845

2,071

2,186

Recur. Profit

　

21

21

10

34

Net Profit

　

14

14

8

23

Total Assets

　

　

945

906

752

Current Assets

　

　

936

897

741

Current Liabs

　

　

644

629

520

Net Worth

　

　

92

77

70

Capital, Paid-Up

　

　

10

10

10

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

       S.Growth Rate

2.98

-10.91

-5.26

116.22

       Current Ratio

 

..

145.34

142.61

142.50

       N.Worth Ratio

..

9.74

8.50

9.31

       R.Profit/Sales

 

1.11

1.14

0.48

1.56

       N.Profit/Sales

0.74

0.76

0.39

1.05

       Return On Equity

..

15.22

10.39

32.86

 

Notes: Forecast (or estimated) for the 31/12/2007 fiscal term.

 

 

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.

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions