MIRA
INFORM REPORT
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Report Date : |
18.08.2007 |
IDENTIFICATION DETAILS
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Name : |
MIZUHO FACTORS
LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Apr 1977 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Factoring service, debt collection, collection of overdue accounts, international factoring |
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 10.8 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
MIZUHO FACTORS LTD
REGD NAME
KK Mizuho Factor
MAIN OFFICE
Tel : 03-3286-2200
Fax : 03-3286-2511
URL : http://www.mizuho-factor.co.jp
E-Mail
address: (thru the URL)
ACTIVITIES
Factoring
service, debt collection, collection of overdue accounts, international
factoring
BRANCHES
OFFICERS
TAKASHI
HASHIMOTO, PRES Yasuhachi
Harada, v pres
Makoto
Noguchi, dir Shigemi
Okamoto, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 9,688 M
PAYMENTS REGULAR CAPITAL Yen 1,000 M
TREND STEADY WORTH Yen
11,057 M
STARTED 1977 EMPLOYES 145
COMMENT
FACTORING SERVICE COMPANY, WHOLLY OWNED BY MIZUHO BANK. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 10.8 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established on the basis of a division
separated from Mizuho Bank, leading bank of
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 9,688 million, a 12% up from Yen 8,668 million in the previous term. Export/import factoring services increased on the back of robust import/export businesses. The recurring profit was posted at Yen 2,541 million and the net profit at Yen 1,586 million, respectively, compared with Yen 2,467 million recurring profit and Yen 2,067 million net profit, respectively, a year ago. Rising costs of operations ate into profits.
For the current term ending Mar 2008 the net profit is projected at Yen 1,600 million, on a 3% rise in turnover, to Yen 10,000 million.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 10.8 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Apr 1977
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 3.6 million shares
Issued: 914,000 shares
Sum: Yen 1,000 million
Major shareholders (%): Mizuho
Bank*(100)
*.. Leading bank of Japan, core firm of Mizuho Financial Group Inc, founded 1897, capital Yen 650,000 million, turnover Yen 1,432,814 million, recurring profit Yen 226,758 million, net profit Yen 222,095 million, total assets Yen68,436,545 million, net worth Yen 2,619,722 million, employees 26,015, pres Seiji Sugiyama
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Factoring service company: debts collection, collection of overdue accounts, export & import factoring services, other related services (--100%).
International Factoring: Member of Factors Chain International (FCI), having partnership with factoring companies throughout the world, offering its assumption of credit risk services, financing, and the collection of export receivables to replace L/C’s and export insurance.
Receivables to be factors are fully guaranteed and paid based on the factoring agreement with the firm.
Clients:
Mizuho Bank, E Guarantee, business firms, other
No. of
accounts: Unavailable
Domestic
areas of activities: Nationwide
Suppliers:
Banks, insurance companies, credit firms, other
Payment
record: Regular
Location: Business area in
Bank References
Mizuho
Bank (H/O)
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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10,000 |
9,688 |
8,668 |
7,914 |
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Recur.
Profit |
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2,541 |
2,467 |
2,124 |
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Net
Profit |
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1,600 |
1,586 |
2,067 |
1,178 |
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Total
Assets |
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632,656 |
525,008 |
493,852 |
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Current
Assets |
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631,734 |
524,044 |
490,033 |
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Current
Liabs |
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621,367 |
515,257 |
477,329 |
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Net
Worth |
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11,057 |
9,522 |
8,616 |
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Capital,
Paid-Up |
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1,000 |
1,000 |
1,000 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.22 |
11.77 |
9.53 |
7.76 |
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Current Ratio |
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.. |
101.67 |
101.71 |
102.66 |
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N.Worth Ratio |
.. |
1.75 |
1.81 |
1.74 |
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R.Profit/Sales |
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.. |
26.23 |
28.46 |
26.84 |
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N.Profit/Sales |
16.00 |
16.37 |
23.85 |
14.89 |
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Return On Equity |
.. |
14.34 |
21.71 |
13.67 |
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Note:
Forecast (or estimated) for the 31/03/2008 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%)