MIRA
INFORM REPORT
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Report Date : |
17.08.2007 |
IDENTIFICATION DETAILS
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Name : |
SAKAE TIRE CO LTD |
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Registered Office : |
5-801 Hojin Minatoku |
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Country : |
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Date of Incorporation : |
April 1967 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Wholesale, retail of automotive tires |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
YEN 4.9 MILLION |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
SAKAE TIRE CO LTD
REGD NAME: Sakae Tire KK
ADDRESS
MAIN OFFICE
5-801 Hojin Minatoku
Tel : 052-383-0214
Fax : 052-383-3900
URL : N/A
ACTIVITIES
Wholesale, retail of automotive tires
STORE(S)
At the caption address
OFFICERS
KOJI YAMADA, PRES
Shinji Yamada, dir
Terumi Yamada, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 305 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND SLOW WORTH Yen 58 M
STARTED 1967 EMPLOYES 15
COMMENT
WHOLESALER AND RETAILER SPECIALIZING IN AUTOMOTIVE TIRES. FINANCIAL
SITUATION CONSIDERED RATHER WEAK BUT GOOD FOR CREDIT ENGAGEMENTS: US$90,000 /
O/A 60 DAYS.
MAX CREDIT LIMIT: YEN 4.9 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established originally in 1951 by
father of Koji Yamada in order to make most of his experience in the subject
line of business. Incorporated in 1967,
the firm has been succeeded by his descendants.
Koji Yamada took the pres office in Oct 1995. Specializes in wholesaling
and retailing tires, wheels and other associated goods for motorcycles and
motorcars. Also acts as agent dealer for
Topy Enterprises Ltd, wholesaler of automotive parts, others,
FINANCIAL INFORMATION
Financials are only partially disclosed in rounded-off
numbers.
The sales volume for Aug/2006 fiscal term amounted to Yen 305
million, a 2% up from Yen 300 million in the previous term. Prices still remain under pressure by sale of
recycled & second hand tires, added to lower priced imports. The net profit, on the other hand, decreased
to Yen 1 million, due to rising costs of materials and operations. This compares with Yen 3 million net profit a
year ago.
For the current term ending Aug 2007 the net profit is
projected at Yen 1 million, on a 3% rise in turnover, to Yen 315 million. Demand may have increased from the major
client, Mitsubishi Motors.
The financial situation is considered RATHER WEAK but should
be good for MODERATE business engagements.
Max credit limit is estimated at Yen 4.9 million, on 30 days normal
terms. The proposed amount is considered
within the firm’s financial capabilities.
REGISTRATION
Date Registered: Apr
1967
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 80,000
shares
Issued: 20,000
shares
Sum: Yen
10 million
Major shareholders (%): Koji Yamada (80) and families (--20)
No. of shareholders: 7
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Wholesales and retails automotive tires, wheels,
and associated goods (--100%). Agent
dealer for Topy Enterprises Ltd and offers tire/wheel fixing, maintenance,
repairing services, too.
Clients: [Automakers, car owners] Mitsubishi Motors, Aichi
Nissan Motor, Mitsubishi Fuso Truck & Bus, other.
No. of accounts: 500
Domestic areas of activities: Centered in
Suppliers: [Mfrs, wholesalers] Toyo Tire Chubu Hambai,
Bridgestone Tire Chubu Hambai, Bridgestone Nagoya Hambai, Tokai Dunlop Hambai,
Topy Enterprises Ltd, other.
Payment record
Regular
Location
Business area in
Bank References
MUFG (Atsuta)
Bank of
Relations: Satisfactory
FINANCES: (In Million
Yen)
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Terms Ending: |
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31/08/2007 |
31/08/2006 |
31/08/2005 |
31/08/2004 |
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Annual Sales |
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315 |
305 |
300 |
310 |
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Recur. Profit |
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.. |
.. |
.. |
.. |
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Net Profit |
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1 |
1 |
3 |
3 |
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Total Assets |
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N/A |
N/A |
N/A |
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Net Worth |
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58 |
55 |
52 |
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Capital, Paid-Up |
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10 |
10 |
10 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.28 |
1.67 |
-3.23
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-1.59
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
0.32 |
0.33 |
1.00 |
0.97 |
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Notes: Financials are not disclosed only except the above
partial figures.
Forecast (or estimated) figures for 31/08/2007 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. |
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%)