MIRA
INFORM REPORT
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Report Date : |
18.08.2007 |
IDENTIFICATION DETAILS
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Name : |
TOS CO LTD |
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Registered Office : |
Tomiya Apparel, 4-1-6 Minamiaoyama Minatoku |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
August 1989 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Wholesale of dress shirts, casual shirts |
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 28.8 MILLION |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
TOS CO LTD
REGD NAME: Tos Shoji KK
ADDRESS
MAIN OFFICE:
C/O Tomiya Apparel, 4-1-6 Minamiaoyama Minatoku
Tel : 03-3479-1520
URL : http://www.tomiya-ap.com (Of the parent, Tomiya Apparel)
E-Mail : info@tomiya-ap.com
ACTIVITIES
Wholesale of dress shirts, casual shirts
BRANCHES
FACTORY(IES)
(manufactured by the parent, Tomiya Apparel)
OFFICERS
TOSHIO FURUKAWA, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,588 M
PAYMENTS REGULAR CAPITAL Yen 100 M
TREND STEADY WORTH Yen 179 M
STARTED 1989 EMPLOYES 18
COMMENT
TRADING FIRM SPECIALIZING IN DRESS & CASUAL SHIRTS, WHOLLY OWNED BY TOMIYA APPAREL CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGE-
MENTS: US$30,000 / O/A 30 DAYS.
MAX CREDIT LIMIT: YEN 28.8 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established on the basis of a trading division separated from Tomiya Apparel Co Ltd, mfr of men’s shirts, at the caption address (See REGISTRATION). This is a trading firm specializing in import, export and wholesale of men’s dress & casual shirts, suit materials, others of the parent’s products. Toshio Furukawa is concurrently mgn dir at the parent. Management and operations are fully integrated with the parent.
FINANCIAL INFORMATION
Financials are consolidated by the parent, Tomiya Apparel, and only partially disclosed.
The sales volume for Dec/2006 fiscal term amounted to Yen 1,588 million, an 8% up from Yen 1,464 million in the previous term. Exports increased. The net profit was doubled to Yen 20 million from Yen 10 million a year ago.
For the current term ending Dec 2007 the net profit is projected to mark time at Yen 20 million, on a 4% rise in turnover, to Yen 1,650 million. Weaker Yen may push sales upward in Yen terms.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 28.8 million, on 30 days normal terms. The proposed amount is considered well within the firm’s financial capabilities.
REGISTRATION
Date Registered : Aug 1989
Legal Status : Limited Company (Kabushiki Kaisha)
Authorized : 8,000 shares
Issued : 2,000 shares
Sum : Yen 100 million
Major shareholders (%) : Tomiya Apparel Co Ltd*(100)
Medium sized mfr of men’s shirts & suit materials, at the caption address, founded 1967, listed Osaka S/E (Second Section), capital Yen 4,258 million, turnover Yen 19,624 million, recurring profit Yen 1,350 million, net profit Yen 243 million, employees 2,469, pres Takashi Minamiguchi (Consolidated Financials are as attached).
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities : Imports, exports and wholesales men’s dress shirts & casual shirts, suit
materials, others, of the parent’s products (--100%).
Clients : [Mfr] Shipped wholly to the parent, Tomiya Apparel Co Ltd.
No. of accounts : 1
Domestic areas of activities : Centered in greater-Tokyo
Suppliers : [Mfrs, wholesalers] Alfred Dunhill Japan, Taiyo Sen’i, Toyobo Co, Seiwa Daiichi
Sangyo, other.
Payment record
Regular
Location
Business area in
Bank References
MUFG (Omotesando)
Mizuho Bank (Aoyama)
Relations: Satisfactory
FINANCES: (In Million
Yen)
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Terms
Ending: |
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31/12/2007 |
31/12/2006 |
31/12/2005 |
31/12/2004 |
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Annual
Sales |
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1,650 |
1,588 |
1,464 |
2,340 |
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Recur.
Profit |
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.. |
.. |
.. |
.. |
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Net Profit |
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20 |
20 |
10 |
-23 |
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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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179 |
159 |
149 |
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Capital,
Paid-Up |
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100 |
100 |
100 |
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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 |
3.90 |
8.47 |
-37.44 |
5.45 |
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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 |
1.21 |
1.26 |
0.68 |
-0.98 |
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Note: Financials are only partially disclosed.
Forecast (or estimated) for the 31/12/2007 fiscal term.
SUPPLEMENT
CONSOLIDATED FINANCIALS OF THE PARENT, TOMIYA APPAREL CO LTD
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FINANCES:
(Consolidated
in million yen) |
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Terms
Ending: |
31/12/2006 |
31/12/2005 |
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INCOME
STATEMENT |
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Annual Sales |
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19,624 |
19,927 |
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Cost of Sales |
14,158 |
14,677 |
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GROSS PROFIT |
5,466 |
5,249 |
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Selling & Adm Costs |
4,319 |
4,404 |
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OPERATING PROFIT |
1,146 |
845 |
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Non-Operating P/L |
204 |
260 |
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RECURRING PROFIT |
1,350 |
1,105 |
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NET PROFIT |
243 |
284 |
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BALANCE
SHEET |
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Cash |
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376 |
484 |
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Receivables |
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5,269 |
5,250 |
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Inventory |
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6,476 |
6,747 |
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Securities, Marketable |
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Other Current Assets |
1,712 |
1,389 |
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TOTAL CURRENT ASSETS |
13,833 |
13,870 |
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Property & Equipment |
6,544 |
6,898 |
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Intangibles |
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182 |
188 |
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Investments, Other Fixed Assets |
2,166 |
2,686 |
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TOTAL ASSETS |
22,725 |
23,642 |
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Payables |
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4,233 |
4,969 |
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Short-Term Bank Loans |
2,900 |
2,000 |
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Other Current Liabs |
2,794 |
2,681 |
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TOTAL CURRENT LIABS |
9,927 |
9,650 |
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Debentures |
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363 |
1,357 |
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Long-Term Bank Loans |
2,255 |
2,700 |
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Reserve for Retirement Allw |
69 |
80 |
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Other Debts |
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14 |
244 |
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TOTAL LIABILITIES |
12,628 |
14,031 |
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MINORITY INTERESTS |
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89 |
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Common
stock |
4,258 |
4,258 |
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Additional
paid-in capital |
3,935 |
3,935 |
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Retained
earnings |
1,577 |
1,373 |
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Evaluation
p/l on investments/securities |
56 |
99 |
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Others |
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412 |
(5) |
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Treasury stock,
at cost |
(142) |
(138) |
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TOTAL S/HOLDERS` EQUITY |
10,096 |
9,522 |
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TOTAL EQUITIES |
22,725 |
23,642 |
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CONSOLIDATED
CASH FLOWS |
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Terms
ending: |
31/12/2006 |
31/12/2005 |
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Cash Flows
from Operating Activities |
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17 |
1,317 |
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Cash Flows
from Investment Activities |
145 |
2,127 |
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Cash Flows
from Financing Activities |
-277 |
-3,610 |
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Cash, Bank
Deposits at the Term End |
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193 |
301 |
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ANALYTICAL
RATIOS Terms ending: |
31/12/2006 |
31/12/2005 |
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Net Worth
(S/Holders' Equity) |
10,096 |
9,522 |
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Current
Ratio (%) |
139.35 |
143.73 |
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Net Worth
Ratio (%) |
44.43 |
40.28 |
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Recurring
Profit Ratio (%) |
6.88 |
5.55 |
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Net Profit
Ratio (%) |
1.24 |
1.43 |
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Return On
Equity (%) |
2.41 |
2.98 |
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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%)