MIRA
INFORM REPORT
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Report Date : |
30.08.2007 |
IDENTIFICATION DETAILS
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Name : |
KARACIE HOME PRODUCTS LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Jan 2005 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturing of Toiletries |
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 137.1 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
KRACIE HOME PRODUCTS LTD
REGD NAME
Kracie Home
Products KK
MAIN OFFICE
Tel: 03-5446-3211
Fax: 03-5446-3230
URL: http://www.kracie.co.jp (Of the parent,
Kracie Holdings Ltd)
E-Mail address :
info@kracie.co.jp
ACTIVITIES
Mfg of
toiletries
BRANCHES
FACTORY(IES)
Aichi
OFFICERS
AKIYOSHI
NAKAJIMA, PRES
Tetsuro
Komori, rep dir
Katsutaro
Aida, dir
Yuji Take
Tatsuya
Hayashi, dir
Yen Amount
In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen
17,000 M
PAYMENTS REGULAR CAPITAL Yen 3,620 M
TREND STEADY WORTH
Yen 5,152 M
STARTED 2003 EMPLOYES 150
COMMENT
MFR OF TOILETRIES, OWNED BY KRACIE HOLDINGS LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 137.1 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established by Kanebo Ltd (now
Kracie Holdings ltd) for branching out into mfg of toiletries (then Kanebo Home
Products Ltd). In Feb 2004, the parent
went under and sought protection
from creditors under Corporate Rehabilitation Law. The total liabilities are reported at Yen
200,000 million, in excess of Yen 170,000 million over the assets. The subject remained as one of he group
firms. In Dec 2005, Advantage Partners
and 3 other funds jointly formed “Trinity Funds” as a new sponsor of the
Group. Unprofitable
operations/businesses were transferred or liquidated then. Cosmetics business was transferred to Kao
Corp later. Rehabilitation was accepted
by the court and in May 2006,
Kanebo Trinity Holdings Ltd was formed as the Kanebo group holding company,
which renamed as Kracie Holdings Ltd in Jul 2007. The subject was renamed as captioned
then.
The group consists of 3 major division firms: Kracie Home
Products Ltd, Kracie Seiyaku Ltd (pharmaceuticals), and Kracie Foods Ltd. Cosmetics business was transferred to Kao
Corp in Dec 2005, and the subject
firm specializes in mfg toiletries & part of cosmetics. Goods are wholly shipped to the subsidiary,
Kracie Home Products Sales Ltd, for distribution.
FINANCIAL INFORMATION
The sales volume for the initial accounting term ending
Dec/2006 fiscal term amounted to Yen 17,000 million. The operations incurred deficit to post Yen
2,077 million net losses for the term, coming from costs/expenses covering
liquidation of unprofitable operations and assets.
For the current term ending Dec 2007 the operations are
expected to come back to profitability but still to remain at a minimum amount
post-taxes, on a 6% rise in turnover, to Yen 18,000 million.
The financial situation is considered maintained FARI and
good for ORDINARY business engagements.
Max credit limit is estimated at Yen 137.1 million, on 30 days normal
terms.
REGISTRATION
Date
Registered: Jan 2005
Legal
Status : Limited Company (Kabushiki
Kaisha)
Authorized : 72,400 shares
Issued : 72,400 shares
Sum : Yen 3,620 million
Major shareholders (%): Kracie
Holdings Ltd*(100)
*.. Holding company of 7 group
firms, founded May 2006 as Kanebo Trinity Holdings Corp, name changed to Kracie
Holdings Ltd in July 2007, capital Yen 9,905 million, functioning as
formulation/implementation of strategies & management control of Kracie
Group Firms, ch Akiyoshi Nakajima, and pres Tetsuro Komori, both concurrently.
Non-Consolidated Financials are
as attached (See Supplements)
The group consists of 3 major
divisions:
(Toiletries & Cosmetics):
Kracie Home Products Ltd, Kracie Home Products Sales Ltd;
(Pharmaceuticals): Kracie
Seiyaku Ltd, Kracie Pharmaceuticals Ltd;
(Foods): Kracie Foods Ltd,
Kracie Foods Sales Ltd.
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures soap, detergents, shampoo, rinses, other hair care, body care, skin care products (--100%).
Products
are wholly distributed by its subsidiary, Kracie Home Products Sales Ltd.
Clients:
[Wholesaler] Shipped wholly to Kracie Home Products Sales Ltd for distribution
nationwide.
No. of
accounts: 2,000 (thru the subsidiary)
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Mitsui & Co, Itochu Corp, Yoshino Kogyosho, other.
Payment
record : Regular
Location: Business area in
Bank References
SMBC
(H/O)
Relations:
Satisfactory
FINANCES: (In Million
Yen)
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Terms Ending: |
31/12/2007 |
31/12/2006 |
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Annual
Sales |
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18,000 |
17,000 |
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Recur.
Profit |
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Net
Profit |
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0 |
-2,077 |
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Total
Assets |
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32,406 |
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Current
Assets |
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10,082 |
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Current
Liabs |
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25,929 |
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Net
Worth |
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5,152 |
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Capital,
Paid-Up |
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3,620 |
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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 |
5.88 |
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Current Ratio |
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.. |
38.88 |
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N.Worth Ratio |
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15.90 |
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R.Profit/Sales |
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.. |
.. |
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N.Profit/Sales |
0.00 |
-12.22 |
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Return On Equity |
.. |
-40.31 |
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Note:
The 31/12/2006 term is the initial accounting term from the inception.
Forecast
(or estimated) for the 31/12/2007 fiscal term.
SUPPLEMENTS
Non-Consolidated
Financials of the parent, Kracie Holdings Ltd.
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Terms Ending: |
31/12/2007 |
31/12/2006 |
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Annual
Sales |
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3,800 |
2,339 |
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Recur.
Profit |
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350 |
259 |
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Net
Profit |
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0 |
-846 |
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Total
Assets |
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51,916 |
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Current
Assets |
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36,523 |
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Current
Liabs |
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2,125 |
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Net
Worth |
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17,443 |
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Capital,
Paid-Up |
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9,905 |
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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 |
8.32 |
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Current Ratio |
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.. |
1,718.73 |
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N.Worth Ratio |
.. |
33.60 |
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R.Profit/Sales |
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9.21 |
11.07 |
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N.Profit/Sales |
0.00 |
-36.17 |
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Return On Equity |
.. |
-4.85 |
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Note: The
31/12/2006 term is the initial accounting term form the inception of the firm.
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%)