MIRA INFORM REPORT

 

 

Report Date :

24.08.2007

 

IDENTIFICATION DETAILS

 

Name :

AMANA IMAGES CO LTD

 

 

Registered Office :

Harbor One Bldg 5F, 2-5-5 Higashishinagawa Shinagawaku Tokyo 140-0002

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

Oct 1984

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Commercial photographer

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

Yen 3.3 millions

 

 

Status :

Moderate

 

 

Payment Behaviour :

Regular

 

 

Litigation :

--

 

 

name

 

AMANA IMAGES CO LTD

 

 

REGD NAME

 

KK Amana Images

 

 

MAIN OFFICE

 

Harbor One Bldg 5F, 2-5-5 Higashishinagawa Shinagawaku Tokyo 140-0002 JAPAN

Tel        : 03-3470-4335

Fax       : 03-3740-4335

URL      : http://www.amanoimages.com

E-Mail address: Ichigaya@amanaimages.com

 

 

ACTIVITIES

 

Commercial photographer

 

 

BRANCHES

 

Nil

 

 

OFFICERS

 

HIRONOBU SHINDO, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 171 M

PAYMENTS      REGULAR                     CAPITAL           Yen 10 M

TREND             SLOW                          WORTH            Yen 54 M

STARTED         1984                             EMPLOYES      97

 

 

COMMENT

 

COMMERCIAL PHOTOGRAPHER, WHOLLY OWNED BY AMANA CORP. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 3.3 MILLION, 30 DAYS NORMAL TERMS. 

 

 

HIGHLIGHTS

           

The subject company was established on the basis of a commercial photographing division separated from Amana Corp, consigned production of photographs for Ads, at the caption address.  This is a commercial photographer.  Hironobu Shindo is concurrently pres at the parent.  In 2006, separated Osaka & Nagoya offices as independent entity.             Clients are Ad companies, travel agencies, other, nationwide.

 

 

FINANCIAL INFORMATION

           

Financials are only partially disclosed.

 

The sales volume for Dec/2006 for irregular two months, due to change of accounting term, amounted to Yen 171 million, an 87% rise as adjusted on 12-month basis, from Yen 939 million in the previous term.  The operations came back to profitability to register Yen 8 million net profit, compared with Yen 130 million net losses a previous term.

 

For the current term ending Dec 2007 the net profit is projected at Yen 15 million, on a 7% rise in turnover, to Yen 1,100 million.  Demand continues.

 

The financial situation is considered maintained FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 3.3 million, on 30 days normal terms. 

 

 

REGISTRATION

 

Date Registered:            Oct 1984

Legal Status:                 Limited Company (Kabushiki Kaisha)

Authorized:                    800 shares

Issued:                          200 shares

Sum:                            Yen 10 million

Major shareholders (%): Amana Corp*(100)

*.. Engaged in consigned production of photographs used in advertisements & pamphlets, founded 1979, listed JASDAQ, capital Yen 1,097 million, turnover Yen 13,046 million, recurring profit Yen 260 million, net profit Yen 27 million, total assets Yen 11,723 million, net worth Yen 5,441 million, employees 681, pres Hironobu Shindo, concurrently.

Consolidated Financials are as attached (See SUPPLEMENTS)

           

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

 

 

OPERATION

 

Activities: Commercial photographer (100%)

 

Clients: [Ad agencies, publishers, travel agencies] Hakuhodo, Beacon Communications, other. 

 

No. of accounts: 500

 

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Camera men, Getty Images Japan, UBS Japan, Magnum Photo, other.

 

Payment record: Regular

 

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

 

 

Bank References

 

Mizuho Bank (Azabu)

SMBC (Shimbashi)

 

Relations: Satisfactory.

 

 

FINANCES

 

(In Million Yen)

 

Terms Ending:

　

31/12/2007

31/12/2006

31/10/2006

31/10/2005

Annual Sales

　

1,100

171

939

984

Recur. Profit

　

　

　

　

　

Net Profit

　

15

8

-130

10

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

54

62

192

Capital, Paid-Up

　

　

10

10

10

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

       S.Growth Rate

7.21

87.00

-4.57

-5.38

       Current Ratio

 

 

..

..

..

       N.Worth Ratio

 

..

..

..

       N.Profit/Sales

1.36

4.68

-13.84

1.02

 

Note: Financials are only partially disclosed.

Forecast (or estimated) for the 31/12/2007 fiscal term.

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTS:

 

Consolidated Financials of the parent, Amana Corp.

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/12/2006

31/12/2005

INCOME STATEMENT

 

 

 

  Annual Sales

　

13,046

9,450

 

  Cost of Sales

7,333

5,045

 

      GROSS PROFIT

5,712

4,405

 

  Selling & Adm Costs

5,406

3,808

 

      OPERATING PROFIT

306

596

 

  Non-Operating P/L

-46

-33

 

      RECURRING PROFIT

260

563

　

      NET PROFIT

2,955

27

BALANCE SHEET

 

 

 

 

  Cash

　

1,628

4,132

 

  Receivables

 

4,001

3,062

 

  Inventory

 

145

95

 

  Securities, Marketable

　

　

 

  Other Current Assets

292

301

 

      TOTAL CURRENT ASSETS

6,066

7,590

 

  Property & Equipment

1,739

1,506

 

  Intangibles

 

3,091

1,312

 

  Investments, Other Fixed Assets

827

589

 

      TOTAL ASSETS

11,723

10,997

 

  Payables

 

1,240

1,037

 

  Short-Term Bank Loans

410

192

 

　

 

　

　

 

  Other Current Liabs

1,896

3,195

 

      TOTAL CURRENT LIABS

3,546

4,424

 

  Debentures

 

120

240

 

  Long-Term Bank Loans

2,422

625

 

  Reserve for Retirement Allw

0

53

 

  Other Debts

　

32

13

 

      TOTAL LIABILITIES

6,120

5,355

 

      MINORITY INTERESTS

 

100

 

Common stock

1,097

1,096

 

Additional paid-in capital

1,334

1,334

 

Retained earnings

3,029

3,131

 

Evaluation p/l on investments/securities

(1)

　

 

Others

 

　

1

 

Treasury stock, at cost

(20)

(20)

 

      TOTAL S/HOLDERS` EQUITY

5,603

5,542

　

      TOTAL EQUITIES

11,723

10,997

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/12/2006

31/12/2005

 

Cash Flows from Operating Activities

　

-1,675

264

 

Cash Flows from Investment Activities

-714

1,176

 

Cash Flows from Financing Activities

1,885

-762

　

Cash, Bank Deposits at the Term End

　

1,628

2,131

ANALYTICAL RATIOS            Terms ending:

31/12/2006

31/12/2005

 

 

Net Worth (S/Holders' Equity)

5,603

5,542

 

 

Current Ratio (%)

171.07

171.56

 

 

Net Worth Ratio (%)

47.79

50.40

 

 

Recurring Profit Ratio (%)

1.99

5.96

 

 

Net Profit Ratio (%)

22.65

0.29

 

 

Return On Equity (%)

52.74

0.49

 

 

 

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%)

 

 

 

 

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