MIRA INFORM REPORT

 

 

Report Date :

10.08.2007

 

IDENTIFICATION DETAILS

 

Name :

MISHIMA CO LTD

 

 

Registered Office :

1-18-25 Umekacho Nagataku Kobe 653-0021

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

Apr 2002

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Wholesale of paints & coatings; painting works

 

 

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 12.9 millions

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

name

 

MISHIMA CO LTD

 

 

REGD NAME

 

KK Mishima

 

 

MAIN OFFICE

 

1-18-25 Umekacho Nagataku Kobe 653-0021 JAPAN

Tel        : 078-652-3851

Fax       : 078-652-3805

URL      : http://www.mishima-kb.co.jp

E-Mail address: info@mishima-kb.co.jp

 

 

ACTIVITIES

 

Wholesale of paints & coatings; painting works

 

 

BRANCHES

 

Hyogoku Kobe (Warehouse)

 

 

OFFICERS

 

TADAHIKO YAMADA, PRES

Eitaro Nishimura, dir

Hiroko Takezaki, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 702 M

PAYMENTS      REGULAR                     CAPITAL           Yen 20 M

TREND             STEADY                       WORTH            Yen 31 M

STARTED         2002                             EMPLOYES      8

 

 

 

 

 

COMMENT

 

WHOLESALER OF PAINTS & COATINGS; PAINTING WORKS, AFFILIATED TO DAI NIPPON TORYO CO LTD. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 12.9 MILLION, 30 DAYS NORMAL TERMS. 

 

 

HIGHLIGHTS

           

The subject company was established on the basis of a division separated from Dai Nippon Toryo Co Ltd, paint mfr, Osaka (See REGISTRATION).  Specializes in wholesaling paints & coatings, painting tools, other.  Also executes painting works as subcontractor under Dai Nippon Toryo. Clients include heavy machinery mfrs, electric machinery mfrs, steel structure mfrs, other, centering in       Hyogo-Pref.

 

 

FINANCIAL INFORMATION

           

The sales volume for Mar/2006 fiscal term amounted to Yen 702 million, a similar amount in the previous term.  The net profit was posted at Yen 5 million, down from Yen 6 million a year ago.  Rising costs of materials and operations ate into profits.

 

For the term ended Mar 2007 the net profit was projected and believed posted at Yen 6 million, on a 5% rise in turnover, to Yen 740 million.  Painting works rose from heavy machinery mfrs, added to the rise in materials and work costs.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 12.9 million, on 30 days normal terms. 

 

 

REGISTRATION

 

Date Registered:            Apr 2002

Legal Status:                 Limited Company (Kabushiki Kaisha)

Authorized:                    1,600 shares

Issued:                          400 shares

Sum:                           Yen 20 million

Major shareholders (%): Dai Nippon Toryo Co Ltd*(45), Hiroko Takezaki (5)

No. of shareholders:       7

*.. Third largest paint mfr, Osaka, founded 1929, listed Tokyo, Osaka S/E’s, capital Yen 8,827 million, turnover Yen 77,600 million, recurring profit Yen 2,204 million, net profit Yen 1,366 million, total assets Yen 72,689 million, net worth Yen 19,919 million, employees 1,921, pres Fumitaka Yamashita; Consolidated financials are as attached.

           

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

 

 

OPERATION

 

Activities: Wholesales paints & coatings, solvents, painting tools & equipment; executes painting works (exterior/interior works), home remodeling works, other related works as subcontractor under Dai Nippon Toryo Co Ltd (--100%).

 

Clients: [Heavy machinery mfrs, other mfrs] Shin Caterpillar Mitsubishi Co (50%), Mitsubishi Electric Corp (30%), Mitsubishi Heavy Ind, other. 

 

No. of accounts: 300

 

Domestic areas of activities: Centered in Hyogo-Pref and vicinities.

 

Suppliers: [Paint mfrs, wholesalers] Dai Nippon Toryo Co (80%), Maru-T Ohtsuka Corp (Painting tools mfr) (5%), Kyowa Kako, other.

 

Payment record: Regular

 

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

 

 

Bank References

 

MUFG (Hyogo)

SMBC (Hyogo)

 

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

 

Terms Ending:

　

31/03/2007

31/03/2006

31/03/2005

31/03/2004

Annual Sales

　

740

702

700

720

Recur. Profit

　

..

..

..

..

Net Profit

　

6

5

6

7

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

31

26

20

Capital, Paid-Up

　

　

20

20

20

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

       S.Growth Rate

5.41

0.29

-2.78

41.18

       Current Ratio

 

 

..

..

..

       N.Worth Ratio

 

..

..

..

       N.Profit/Sales

0.81

0.71

0.86

0.97

 

Note: Financials are only partially disclosed.

Forecast (or estimated) for the 31/03/2007 fiscal term.

 

 

ATTACHMENTS

 

CONSOLIDATED FINANCIALS OF DAI NIPPON TORYO CO LTD.

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2007

31/03/2006

INCOME STATEMENT

 

 

 

  Annual Sales

　

77,600

72,914

 

  Cost of Sales

56,397

52,539

 

      GROSS PROFIT

21,202

20,374

 

  Selling & Adm Costs

18,665

18,827

 

      OPERATING PROFIT

2,537

1,547

 

  Non-Operating P/L

-333

-224

 

      RECURRING PROFIT

2,204

1,323

　

      NET PROFIT

1,366

505

BALANCE SHEET

 

 

 

 

  Cash

　

3,175

4,285

 

  Receivables

 

19,641

17,548

 

  Inventory

 

11,462

9,801

 

  Securities, Marketable

　

10

 

  Other Current Assets

2,943

2,007

 

      TOTAL CURRENT ASSETS

37,221

33,651

 

  Property & Equipment

24,139

25,031

 

  Intangibles

 

286

283

 

  Investments, Other Fixed Assets

11,043

11,963

 

      TOTAL ASSETS

72,689

70,928

 

  Payables

 

23,097

18,748

 

  Short-Term Bank Loans

9,041

12,282

 

　

 

　

　

 

  Other Current Liabs

6,581

6,473

 

      TOTAL CURRENT LIABS

38,719

37,503

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

5,524

5,318

 

  Reserve for Retirement Allw

5,122

5,660

 

  Other Debts

　

1,939

1,936

 

      TOTAL LIABILITIES

51,304

50,417

 

      MINORITY INTERESTS

 

1,405

 

Common stock

8,827

8,827

 

Additional paid-in capital

2,443

2,443

 

Retained earnings

5,435

4,446

 

Evaluation p/l on investments/securities

1,790

2,089

 

Others

 

2,896

1,307

 

Treasury stock, at cost

(7)

(7)

 

      TOTAL S/HOLDERS` EQUITY

21,384

19,105

　

      TOTAL EQUITIES

72,689

70,928

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2007

31/03/2006

 

Cash Flows from Operating Activities

　

2,407

2,273

 

Cash Flows from Investment Activities

-113

4,354

 

Cash Flows from Financing Activities

-3,426

-5,967

　

Cash, Bank Deposits at the Term End

　

3,119

4,200

ANALYTICAL RATIOS            Terms ending:

31/03/2007

31/03/2006

 

 

Net Worth (S/Holders' Equity)

21,384

19,105

 

 

Current Ratio (%)

96.13

89.73

 

 

Net Worth Ratio (%)

29.42

26.94

 

 

Recurring Profit Ratio (%)

2.84

1.81

 

 

Net Profit Ratio (%)

1.76

0.69

 

 

Return On Equity (%)

6.39

2.64

 

 

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