MIRA
INFORM REPORT
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Report Date : |
14.08.2007 |
IDENTIFICATION DETAILS
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Name : |
SHACHIHATA INC |
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Registered Office : |
4-69 Amazukacho Nishiku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Sept 1941 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Manufacturing of seals,
stamps, writing instruments |
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 640.2 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
SHACHIHATA INC
REGD NAME
Shachihata KK
MAIN OFFICE
4-69 Amazukacho
Nishiku
Tel : 052-521-3635
Fax : 052-521-3899
URL : http://www.shachihata.co.jp
E-Mail
address: info@shachihata.co.jp
ACTIVITIES
Mfg of
seals, stamps, writing instruments
BRANCHES
OVERSEAS
FACTORY(IES)
Inazawa
(Aichi)
(Overseas):
OFFICERS
Shinkichiro
Funahashi, ch MASAYOSHI
FUNAHASHI, PRES
Masayoshi Kitamura, dir Hiroo Mizuno, dir
Takeshi
Mizutani, dir Iwao
Hirose, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 21,030 M
PAYMENTS REGULAR CAPITAL Yen 737 M
TREND STEADY WORTH Yen
20,245 M
STARTED 1941 EMPLOYES 1,154
COMMENT
MFR OF SEALS & STAMPS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 640.2 MILLION, 30 DAYS NORMAL TERMS.
Notes: Forecast (or
estimated) for the 31/03/2008 fiscal term.
HIGHLIGHTS
The subject company was established originally in 1925 by a certain Funahashi for making personal seals, on his account. Incorporated in 1941, the firm has been succeeded by his descendants. Specialized mfr, widely know by “Shachihata” brand, of personal seals, inkpads, and other stamping products, writing instruments. “NAMEPEN” brand, a combination of a personal seal and a pen for signing, is a hit product for its handy use and convenience. Mfg is also done by overseas subsidiaries. Clients are stationery stores, convenience stores, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 21,030 million, a 2.5% up from Yen 20,510 million in the previous term. Domestic demand increased with imports risen from overseas subsidiary makers. Overseas sales were slack. The recurring profit was posted at Yen 1,424 million and the net profit at Yen 655 million, respectively, compared with Yen 1,304 million recurring profit and Yen 886 million net profit, respectively, a year ago.
For the current term ending Mar 2008 the recurring profit is projected at Yen 1,425 million and the net profit at Yen 655 million, on a 2.7% rise in turnover, to Yen 21,600 million.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 640.2 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Sept 1941
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 54,520,000 shares
Issued: 14,751,600 shares
Sum: Yen 737 million
Major shareholders (%):
Masayoshi Funahashi (10.3), Akinori Funahashi (7.3)
No. of shareholders: 799
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures, imports, exports and wholesales stamp pads, inkpads, pre-inked rubber stamps, writing instruments, others (--100%).
(Mfg by divisions):
Inkpads, Xstampers: at the
Inazawa Factory;
Stamp pads: at
Shachihata (
Writing instruments:
Shachihata (
(Brands/products):
Shachihata: wide
range of vermilion inkpads, stamp pads, other;
Xstamper:
pre-inked rubber stamps requiring no stamp pads, personal name stamp, other;
Artline:
stationery & writing instruments in colors;
NAMEPEN:
combination of personal seal & a pen for signing;
Wevox: stationery
for personal use
Clients: [Agent dealers, business offices, stationery stores,
convenience stores] Geoff Penny, Shachihata Inc (
No. of
accounts: 2,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Shachihata (Hong Kong),
Shachihata (
Payment
record: Regular
Location: Business area in
Bank References
MUFG
(Nagoya-Ekimae)
SMBC
(Nagoya-Ekimae)
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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21,030 |
20,510 |
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Cost of Sales |
10,317 |
9,541 |
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GROSS PROFIT |
10,713 |
10,969 |
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Selling & Adm Costs |
9,379 |
10,969 |
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OPERATING PROFIT |
1,333 |
1,156 |
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Non-Operating P/L |
91 |
148 |
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RECURRING PROFIT |
1,424 |
1,304 |
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NET PROFIT |
655 |
886 |
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BALANCE SHEET |
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Cash |
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7,644 |
8,293 |
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Receivables |
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6,160 |
5,451 |
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Inventory |
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3,005 |
2,547 |
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Securities, Marketable |
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Other Current Assets |
512 |
474 |
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TOTAL CURRENT ASSETS |
17,321 |
16,765 |
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Property & Equipment |
7,405 |
7,065 |
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Intangibles |
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210 |
165 |
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Investments, Other Fixed Assets |
2,251 |
2,437 |
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TOTAL ASSETS |
27,187 |
26,432 |
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Payables |
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1,449 |
1,212 |
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Short-Term Bank Loans |
1,161 |
1,529 |
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Other Current Liabs |
1,704 |
1,372 |
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TOTAL CURRENT LIABS |
4,314 |
4,113 |
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Debentures |
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Long-Term Bank Loans |
14 |
81 |
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Reserve for Retirement Allw |
2,553 |
2,727 |
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Other Debts |
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61 |
72 |
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TOTAL LIABILITIES |
6,942 |
6,993 |
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MINORITY INTERESTS |
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301 |
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Common
stock |
737 |
737 |
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Additional
paid-in capital |
1,897 |
1,897 |
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Retained
earnings |
16,696 |
16,092 |
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Evaluation
p/l on investments/securities |
347 |
422 |
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Others |
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568 |
82 |
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Treasury
stock, at cost |
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(92) |
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TOTAL S/HOLDERS` EQUITY |
20,245 |
19,138 |
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TOTAL EQUITIES |
27,187 |
26,432 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash
Flows from Operating Activities |
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1,073 |
1,243 |
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Cash Flows
from Investment Activities |
-999 |
-217 |
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Cash
Flows from Financing Activities |
-588 |
-783 |
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Cash,
Bank Deposits at the Term End |
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7,620 |
8,079 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
20,245 |
19,138 |
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Current
Ratio (%) |
401.51 |
407.61 |
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Net
Worth Ratio (%) |
74.47 |
72.40 |
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Recurring
Profit Ratio (%) |
6.77 |
6.36 |
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Net
Profit Ratio (%) |
3.11 |
4.32 |
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Return
On Equity (%) |
3.24 |
4.63 |
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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. |
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%)