MIRA
INFORM REPORT
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Report Date : |
27.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
HONEST CORPORATION CO LTD |
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Registered Office : |
1-2-55 Satoyoshi Kofu 400-0822 |
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Country : |
Japan |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
Jul 1998 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing (processing) of
jewelry, import of diamonds |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
HONEST CORPORATION CO LTD
REGD NAME
KK Honest Corporation
MAIN OFFICE
1-2-55 Satoyoshi Kofu 400-0822 JAPAN
Tel : 055-221-7272
Fax : 055-721-7273
URL : N/A
ACTIVITIES
Mfg (processing) of jewelry, import of diamonds
BRANCHES
Nil
FACTORY(IES)
At the caption address
OFFICER(S)
MAKOTO NAITOH, PRES
Takao Watanabe, s/mgn dir
Kikumi Naitoh, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 641 M
PAYMENTS REGULAR CAPITAL Yen 30 M
TREND STEADY WORTH Yen 44 M
STARTED 1998 EMPLOYES 7
COMMENT
PROCESSOR OF JEWELS, ALSO IMPORTER OF POLISHED DIAMONDS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
HIGHLIGHTS
The subject company was established by Makoto Naitoh in order to make most of his experience in the subject line of business. This is a processor of jewelry, diamond-studded & -mounted products. Imports diamonds and other gem stones centrally from India, and processes them into products. Diamonds and gem stones are shipped to jewelry processors, too. Products include fingerings, earrings, pendants, necklaces, bracelets, etc and shipped to jewelry stores and wholesalers. The subject disclosed only partial financials as follows.
FINANCIAL INFORMATION
Financials are only partially disclosed.
The sales volume for Jun/2006 fiscal term amounted to Yen 641 million, an almost similar amount in the previous term. Business is seen rather slack with trade competition getting harder. Prices are under pressure from cheaper imports from China and other S/E Asian countries. The profits decreased to Yen 2 million from Yen 3 million a year ago.
For the term just ended Jun 2007 the net profit was projected at and believed posted at Yen 3 million, on a 1% rise in turnover, to Yen 650 million. Some recovery is seen in consumer spending. Also the weaker Yen against foreign currencies would have contributed.
The financial situation is considered maintained FAIR and good
for ORDINARY business engagements.
REGISTRATION
Date Registered: Jul
1998
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 2,400
shares
Issued: 600
shares
Sum: Yen
30 million
Major
shareholders (%): Makoto Naitoh (100)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports polished diamonds and other gem stones and
processes them into jewelry products; fingerings, earrings, bracelets,
necklaces, other (--100%).
Diamonds are imported from India centrally.
Clients: [Jewelry stores, jewelry processors, wholesalers] Yanagisawa & Co, Royal Trading, Sanpo KK, Sanpo, other.
No. of accounts: 100
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Imports from India.
Also supplied from Ijima Precious Metal, and some other
domestic suppliers.
Payment record: Regular
Location: Business area in Kofu City. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
Kofu Shinkin Bank (Minami)
Mizuho Bank (Kofu)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
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30/06/2007 |
30/06/2006 |
30/06/2005 |
30/06/2004 |
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Annual
Sales |
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650 |
641 |
640 |
655 |
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Recur.
Profit |
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.. |
.. |
.. |
.. |
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Net
Profit |
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3 |
2 |
3 |
3 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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44 |
42 |
39 |
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Capital,
Paid-Up |
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30 |
30 |
30 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.40 |
0.16 |
-2.29 |
0.77 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
0.46 |
0.31 |
0.47 |
0.46 |
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Notes: Financials are only partially disclosed.
Forecast (or estimated) figures for the 30/06/2007 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/normal. |
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%)