MIRA
INFORM REPORT
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Report Date : |
24.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
YOHAN INC |
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Registered Office : |
Akasaka Community Bldg 5/6/7F, 1-1-8 Moto-Akasaka Minatoku Tokyo
107-0051 |
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Country : |
Japan |
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Financials (as on) : |
30.11.2006 |
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Date of Incorporation : |
Nov 1953 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Wholesale of western publications |
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 102.8 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
YOHAN INC
(WESTERN PUBLICATIONS DISTRIBUTION AGENCY)
REGD NAME
Nippon Yosho Hambai KK
MAIN OFFICE
Akasaka Community Bldg 5/6/7F, 1-1-8 Moto-Akasaka Minatoku Tokyo
107-0051 JAPAN
Tel : 03-5786-7425
Fax : 03-5786-7414
URL : http://www.yohan.co.jp/
E-Mail address: webinfo@yohan.co.jp
* The given Phone Number is no longer used.
ACTIVITIES
Wholesale of western publications
BRANCHES
Tokyo (logistic center), Sapporo, Sendai, Yokohama, Nagoya, Osaka, Fukuoka, Urasoe; London, New York
OVERSEAS
Stone Bridge Press (USA); Asian Studies Book Service (Netherlands) (--subsidiaries)
STORES
(Subsidiaries) Tokyo (12), Chiba (2), Kanagawa (1), Kobe (1), other (Tot
17)
OFFICER(S)
HIROSHI KAGAWA, PRES & CEO J
Percy Kiyota, v pres & CFO
Shinobu Kusumoto, mgn dir Tetsuya
Kikkawa, dir
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,693 M*
PAYMENTS REGULAR CAPITAL Yen 1,025 M
TREND STEADY WORTH Yen 1,780 M
STARTED 1953 EMPLOYES 22
* Figures
as of Nov/2007 for 3 months due to change in accounting term.
COMMENT
WHOLESALER & DISTRIBUTOR SPECIALIZING IN WESTERN
PUBLICATIONS. FINANCIAL SITUATION
CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 102.8 MILLION, 30 DAYS
NORMAL TERMS.
Notes: The 30/11/2007 term is for irregular 3 months due to change in
accounting term to Oct/Nov from the previous Sept/Aug. The growth rates are adjusted on a 12-months
basis.
Forecast figures for the 30/11/2007 fiscal term.
HIGHLIGHTS
This is an old-established importer and distributor of western books & magazines. Started originally importing them from UK and USA, English-speaking nations, and the sources have now expanded into other areas in Europe and Asia. Categories are wide: literature, art books, business, computers, dictionaries, children’s literatures, picture books. Books are imported through New York and UK branches, also through a subsidiary importer, ICG Muse KK, having branches in UK & USA. Books are also retailed through subsidiary bookstores having a total of 17stores centrally in the greater-Tokyo region. In Sept 2004 the subject took over an ailing bookstore, Aoyama Book Center, to make it a wholly owned subsidiary. The bookstore operates 6 stores in the central Tokyo. In Dec/2006 founded a holding company, Inter Cultural Group Inc, at the caption address, capital Yen 300 million, employees 157, pres Hiroshi Kagawa, concurrently.
FINANCIAL INFORMATION
The sales volume for Nov/2006 for irregular 3 months, due to change in accounting term, amounted to Yen 1,693 million, a 6.7% up on an adjusted 12-month basis from Yen 6,347 million for full 12 months. The operations incurred a deficit to register Yen 1,409 million net loss for the term. Booked a total of Yen 1,578 million extraordinary losses, of which major portion representing fixed assets disposal losses Yen 625 million) and NC’s (Yen 420 million).
For the term ended Nov 2007 the recurring profit was projected
and believed posted at Yen 200 million and the net profit at Yen 110 million,
on a 4.9% rise in turnover, to Yen 7,100 million.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 102.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov
1953
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 392,800
shares
Issued: 98,200
shares
Sum: Yen
1,025 million
Major shareholders (%): Inter Cultural Group
Inc*(100)
* Holding Company, founded by Yohan Inc in Dec 2006, capital Yen 300 million, employees 157, pres Hiroshi Kagawa, concurrently.
The group consists of: Yohan Inc, Yohan Book Service Inc, ICG
Japan Inc, IBC Publishing Inc, Shikosha Inc, Stone Bridge Press Inc (USA), and
Cody’s Books.
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Imports, wholesales distributes western publications (100%), covering full range of books & magazines: Social science, management, economics, paperbacks, literature, art, visual books, picture books, children’s books, magazines, dictionaries, calendars, videos, CD’s, other.
Books and magazines are imported from overseas agents in UK,
USA, Europe, Asia, other.
Clients: [Book distributors, book stores] Tohan Co, Nippon Shuppan Hambai, Osakaya Co, Kurita Shuppan Hambai, other.
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers: [Publishers, wholesalers] Oxford University Press, International Business Communications Assoc, Yohan Press, Kodansha International, other.
Imports from UK, USA, Asia, etc.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
MUFG (Omotesando)
Aozora Bank (H/O)
Relations: Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated in million yen) |
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Terms Ending: |
30/11/2006 |
31/08/2006 |
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INCOME STATEMENT |
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Annual Sales |
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1,693 |
6,347 |
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Cost of Sales |
973 |
3,823 |
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GROSS PROFIT |
720 |
2,524 |
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Selling & Adm Costs |
676 |
2,180 |
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OPERATING PROFIT |
44 |
344 |
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Non-Operating P/L |
13 |
-144 |
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RECURRING PROFIT |
57 |
200 |
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NET PROFIT |
-1,409 |
109 |
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BALANCE SHEET |
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Cash |
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513 |
480 |
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Receivables |
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2,985 |
2,639 |
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Inventory |
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3,303 |
3,736 |
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Securities, Marketable |
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Other Current Assets |
250 |
229 |
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TOTAL CURRENT ASSETS |
7,051 |
7,084 |
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Property & Equipment |
2,107 |
3,432 |
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Intangibles |
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751 |
561 |
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Investments, Other Fixed Assets |
(751) |
(560) |
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TOTAL ASSETS |
9,158 |
10,517 |
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Payables |
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1,503 |
1,468 |
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Short-Term Bank Loans |
2,662 |
2,043 |
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Other Current Liabs |
1,685 |
2,466 |
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TOTAL CURRENT LIABS |
5,850 |
5,977 |
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Debentures |
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424 |
479 |
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Long-Term Bank Loans |
789 |
853 |
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Reserve for Retirement Allw |
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Other Debts |
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315 |
273 |
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TOTAL LIABILITIES |
7,378 |
7,582 |
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MINORITY INTERESTS |
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Common stock |
1,025 |
1,025 |
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Additional paid-in capital |
734 |
734 |
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Retained earnings |
(244) |
1,176 |
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Evaluation p/l on
investments/securities |
265 |
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Others |
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0 |
(1) |
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Treasury stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
1,780 |
2,934 |
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TOTAL EQUITIES |
9,158 |
10,517 |
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ANALYTICAL RATIOS Terms ending: |
30/11/2006 |
31/08/2006 |
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Net Worth (S/Holders' Equity) |
1,780 |
2,934 |
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Current Ratio (%) |
120.53 |
118.52 |
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Net Worth Ratio (%) |
19.44 |
27.90 |
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Recurring Profit Ratio (%) |
3.37 |
3.15 |
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Net Profit Ratio (%) |
-83.23 |
1.72 |
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Return On Equity (%) |
-79.16 |
3.72 |
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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%)