MIRA
INFORM REPORT
|
Report Date : |
07.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
KUMANOYA & CO LTD |
|
|
|
|
Registered Office : |
Hongin Daiichi Bldg, 4-5-12 Nihombashi-Honcho Chuoku Tokyo
103-0023 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Date of Incorporation : |
March 1969 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Wholesale of paints, chemicals, painting works; China
operation |
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 63.4 MILLION |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
COMPANY NAME &
ADDRESS
KUMANOYA & CO LTD
REGD NAME: KK Kumanoya
ADDRESS
MAIN OFFICE:
Hongin Daiichi Bldg, 4-5-12 Nihombashi-Honcho Chuoku Tokyo 103-0023
JAPAN
Tel : 03-3231-5290
Fax : 03-3231-5292
URL : http://www.kumanoya.co.jp/
E-Mail : webmaster@kumanoya.co.jp
ACTIVITIES
Wholesale of paints, chemicals, painting works; China operation
LICENSE
Tokyo Governor No.102974 for paining/machinery installation works
BRANCHES
Hitachi, Kisarazu, Nagoya, Aioi, Kure, Tokyo (warehouses)
OFFICERS
Tateki Abe, ch
TSUTOMU NAKA, PRES
Hiroshi Naka, mgn dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 3,780 M
PAYMENTS REGULAR CAPITAL Yen 20 M
TREND SLOW WORTH Yen 781 M
STARTED 1969 EMPLOYES 43
COMMENT
WHOLESALER SPECIALIZING IN PAINTS & COATINGS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 63.4 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established originally in 1876 as a paint
shop. Incorporated in 1969 the firm has
been succeeded by the present executives.
This is a wholesaler of a wide range of paints & coatings, solvents,
grease, painting tools, industrial chemicals, paint raw materials, other. Executes, on subcontracts, painting &
machinery/equipment installation works (licensed No.102974 (Tokyo
Governor). Three major operation
divisions: Ship & Shipbuilding Div (main Division); PCM & Building
Materials Div; and Electricity, Infrastructure & Overseas Div. Offers extensive distribution system in
China: supply and distribute paints & coatings, surface treatment agents,
solvents, other chemicals of the products of Japanese makers, having 11
locations (Shanghai, Beijing, other) in China.
The services include finding partnership makers, new products, customs
clearance, etc for Japanese clients seeking business in China. The firm is strong in paints for ships &
shipbuilding industries. The supply
(volume-wise) to China for local distribution is said peaked, with exports
& shipments thereto declining.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 3,780 million,
a 2% continuous drop from Yen 3,864 million in the previous term. This is referred to the decline in exports
to China due to overstocking, reported.
Paint prices are seen weakening due to harsh competition among the
trade. The operations continued in the
red to register Yen 19 million recurring loss and Yen 17 million net losses,
respectively, compared with Yen 30 million recurring loss and Yen 46 million
net loss, respectively, a year ago.
For the current term ending Mar 2008 the operations are expected to come
back to profitability projecting Yen 10 million recurring profit and Yen 10
million net profit, respectively, on a 0.5% rise in turnover, to Yen 3,800
million. China operations show some
sign of picking up.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements. Max credit
limit is estimated at Yen 63.4 million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar 1969
Legal Status : Limited Company
(Kabushiki Kaisha)
Authorized : 160,000 shares
Issued : 40,000
shares
Sum : Yen 20
million
Major shareholders (%): Hongin*(37), Tateki Abe (6), Kakuko Naka (5),
Tohru Naka (4), Tsutomu Naka (4).
Holding company and the owner of the building
No. of shareholders: 40
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Wholesales paints & coatings, ship paints, solvents,
surface treatment agents, grease, raw materials for paints, other chemical
agents; executes painting works (License No.102974 (Tokyo Governor); operates
paint distribution networks in China, others (--100%).
China Operations: Distribution
networks at 11 locations (Shanghai, Beijing, Tianjin, Tsingtao, Chongqing,
Chengdu, Xian, Guangzhou, Taiyuan and Changsha;.
Handling items; paints & coating, solvents, surfactants, plating,
other chemical products, all of Japan make:
Products are delivered on demand.
Clients: [Mfrs, shipbuilders, mfrs] JFE Galvanizing & Coating Co
(22.6%), IHI Marine (10%), Nippon Paint
Sales (7%), Hitachi Ltd (2%), other.
No. of accounts: 700
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] BASF Coatings Japan (35%), Nippon Paint
Marine (18%), Nippon Paint Sales (7%),Yokohama Rubber Co (3%), Shinto Paint Co
(2%), other.
Payment record
Regular
Location
Business area in Tokyo. Office
premises at the caption address are owned and maintained satisfactorily.
Bank References
SMBC (Nihombashi)
Mizuho Bank (Nihombashi)
Relations: Satisfactory
FINANCES: (In Million
Yen)
|
Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
|
|
Annual Sales |
|
3,800
|
3,780
|
3,864
|
4,339
|
|
Recur. Profit |
|
10 |
-19 |
-30 |
22 |
|
Net Profit |
|
10 |
-17 |
-46 |
9 |
|
Total Assets |
|
|
3,468
|
3,052
|
3,335
|
|
Current Assets |
|
|
2,285
|
1,825
|
2,344
|
|
Current Liabs |
|
|
2,175
|
1,900
|
2,132
|
|
Net Worth |
|
|
781 |
798 |
850 |
|
Capital, Paid-Up |
|
|
20 |
20 |
20 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
75.00
|
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
0.53 |
-2.17
|
-10.95
|
1.66 |
|
|
Current Ratio |
|
.. |
105.06
|
96.05
|
109.94
|
|
N.Worth Ratio |
.. |
22.52
|
26.15
|
25.49
|
|
|
R.Profit/Sales |
|
0.26 |
-0.50
|
-0.78
|
0.51 |
|
N.Profit/Sales |
0.26 |
-0.45
|
-1.19
|
0.21 |
|
|
Return On Equity |
.. |
-2.18
|
-5.76
|
1.06 |
|
Notes: Forecast (or estimated) for the 31/03/2008 fiscal term.
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%)