MIRA
INFORM REPORT
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Report Date : |
22.08.2007 |
IDENTIFICATION DETAILS
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Name : |
KOIZUMI LIGHTING TECHNOLOGY CORP |
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Registered Office : |
3-3-7 Bingomachi Chuoku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Apr 2006 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Wholesale of lighting fixtures |
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 127 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
KOIZUMI LIGHTING TECHNOLOGY CORP
REGD NAME
Koizumi Shomei KK
MAIN OFFICE
3-3-7 Bingomachi
Chuoku
Tel : 06-6266-7801
Fax : 06-6266-7845
URL : http://www.koizumi-lt.co.jp
E-Mail address: info@koizumi-lt.co.jp
*.. The given
address is its Higashi-Osaka Branch Office
ACTIVITIES
Wholesale of
lighting fixtures
BRANCHES
Nationwide (41)
FACTORY(IES)
(Subsidiary/group
firms)
OFFICERS
TERUYUKI UMEDA,
PRES Kunio Abe, dir
Keizo Harada, dir Masanori
Tanigaki, dir
Fumio Kawase, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 34,183 M
PAYMENTS REGULAR CAPITAL Yen 300 M
TREND STEADY WORTH Yen
868 M
STARTED 2006 EMPLOYES 448
COMMENT
WHOLESALER SPECIALIZING IN LIGHTING FIXTURES, WHOLLY OWNED BY KOIZUMI SANGYO CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 127 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established on the basis of lighting
fixture division spun off from Koizumi Sangyo Corp, mfr of lighting fixtures
& furniture, at the caption address (See REGISTRATION). At the same time,
spun off furniture division as Koizumi Furniture Corp. Koizumi Sangyo Corp became their Holding
Company of 11 business corporations under.
Teruyuki Umeda is concurrently s/mgn dir at the parent. The subject firm is the core of Koizumi group
firms. Specializes in planning,
development and distribution of lighting fixtures, with mfg handled by group
and subsidiary factories.
FINANCIAL INFORMATION
The sales volume for initial fiscal term ending Mar/2007amounted to Yen 568 million; recurring profit posted at Yen 1,059 million and net profit at Yen 568 million, respectively. The firm yielded profits from the first year of operations.
For the current term ending Mar 2008 the recurring profit is projected at Yen 1,100 million and the net profit at Yen 580 million, respectively, on a 5% rise in turnover, to Yen 36,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 127.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr 2006
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 24,000 shares
Issued: 6,000 shares
Sum: Yen 300 million
Major shareholders
(%): Koizumi Sangyo Corp*(100)
*.. Holding company of 11 group firms, in the line of mfg, wholesaling of lighting fixtures & furniture, at the caption address, founded 1943, unlisted, capital Yen 1,575 million, turnover Yen 51,949 million, recurring profit Yen 1,205 million, net profit Yen 238 million, total assets Yen 29,555 million, net worth Yen 8,656 million, employees 697, pres Fumio Kawase
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Plans, develops, manufactures (subsidiaries) and distribute lighting fixtures (--100%).
Lighting fixtures for: residential fixtures, shop lighting fixtures (hotels, restaurants, other facilities), landscape lighting fixtures (parks, public facilities, streetscapes), other.
Clients: [Wholesaler] Goods are wholly shipped to Koizumi Seiki Corp (group firm) for nation-wide distribution.
No. of accounts:
2,000 (thru the group firms)
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Koizumi Lighting Device, Koizumi Lighting, Nakano Electric Ind, Ohmori Seisakusho, Fuji Denko, Kokubu Electric Corp, Hikari Denki Seisakusho, other.
Payment record:
Regular
Location: Business area in
Bank References
Mizuho Bank
(Semba)
SMBC (Bingomachi)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
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Annual
Sales |
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36,000 |
34,183 |
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Recur.
Profit |
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1,100 |
1,059 |
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Net
Profit |
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580 |
568 |
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Total
Assets |
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13,428 |
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Current
Assets |
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12,276 |
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Current
Liabs |
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10,919 |
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Net
Worth |
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868 |
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Capital,
Paid-Up |
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300 |
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Div.P.Share(¥) |
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0.00 |
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<Analytical Data> |
(%) |
(%) |
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S.Growth Rate |
5.32 |
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Current Ratio |
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112.43 |
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N.Worth Ratio |
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6.46 |
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R.Profit/Sales |
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3.06 |
3.10 |
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N.Profit/Sales |
1.61 |
1.66 |
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Return On Equity |
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65.44 |
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Note: The
31/03/2007 fiscal term is the initial accounting term from the inception.
Forecast (or estimated)
for the 31/03/2008 fiscal term.
SUPPLEMNTS:
CONSOLIDATED
FINANCIALS OF THE PARENT, KOIZUMI SANGYO CORP
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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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51,949 |
50,226 |
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Cost of Sales |
37,105 |
35,530 |
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GROSS PROFIT |
14,843 |
14,695 |
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Selling & Adm Costs |
14,116 |
13,383 |
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OPERATING PROFIT |
727 |
1,312 |
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Non-Operating P/L |
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RECURRING PROFIT |
1,205 |
1,621 |
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NET PROFIT |
238 |
911 |
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BALANCE SHEET |
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Cash |
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1,421 |
1,590 |
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Receivables |
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10,506 |
10,173 |
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Inventory |
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3,269 |
2,974 |
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Securities, Marketable |
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Other Current Assets |
1,011 |
536 |
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TOTAL CURRENT ASSETS |
16,207 |
15,273 |
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Property & Equipment |
7,746 |
7,801 |
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Intangibles |
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456 |
516 |
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Investments, Other Fixed Assets |
5,146 |
4,846 |
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TOTAL ASSETS |
29,555 |
28,436 |
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Payables |
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9,027 |
9,396 |
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Short-Term Bank Loans |
1,000 |
1,000 |
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Other Current Liabs |
5,369 |
5,291 |
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TOTAL CURRENT LIABS |
15,396 |
15,687 |
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Debentures |
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Long-Term Bank Loans |
2,719 |
1,645 |
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Reserve for Retirement Allw |
2,428 |
2,254 |
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Other Debts |
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356 |
307 |
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TOTAL LIABILITIES |
20,899 |
19,893 |
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MINORITY INTERESTS |
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Common
stock |
1,575 |
1,575 |
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Additional
paid-in capital |
0 |
0 |
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Retained
earnings |
7,141 |
7,045 |
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Evaluation
p/l on investments/securities |
133 |
181 |
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Others |
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67 |
1 |
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Treasury
stock, at cost |
(260) |
(260) |
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TOTAL S/HOLDERS` EQUITY |
8,656 |
8,542 |
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TOTAL EQUITIES |
29,555 |
28,436 |
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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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-81 |
326 |
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Cash
Flows from Investment Activities |
-376 |
-415 |
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Cash
Flows from Financing Activities |
289 |
-805 |
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Cash,
Bank Deposits at the Term End |
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1,401 |
1,570 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
8,656 |
8,542 |
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Current
Ratio (%) |
105.27 |
97.36 |
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Net
Worth Ratio (%) |
29.29 |
30.04 |
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Recurring
Profit Ratio (%) |
2.32 |
3.23 |
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Net
Profit Ratio (%) |
0.46 |
1.81 |
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Return
On Equity (%) |
2.75 |
10.66 |
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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%)