MIRA
INFORM REPORT
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Report Date : |
27th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
KURIHARA CORPORATION |
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Registered Office : |
2-7-6 Umemotomachi Nishiku Osaka 550-0004, Japan |
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Country : |
Japan |
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Financials (as on) : |
30.09.2007
(Estimated) |
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Date of Incorporation : |
July
1951 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufactures, imports, exports, wholesales and retails headwear
& accessories |
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 131.1 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
KURIHARA CORPORATION
REGD NAME
KK Kurihara
MAIN OFFICE
2-7-6 Umemotomachi Nishiku Osaka 550-0004 JAPAN
Tel :
06-6444-2361
Fax : 06-0444-0026
*.. The given address is its Tokyo Branch at: Tokyo Nissan Shibuya
Bldg 6F, 2-16-10 Higashi Shibuyaku Tokyo
150-0011;
Tel : 03-3499-3408;
Fax : 03-3499-3331
URL : http://www.kurihara-corp.com
E-Mail address :
admin@kurihara-corp.com
ACTIVITIES
Mfg, wholesale, retail of headwear
BRANCHES
Tokyo, Ibaraki (distribution center)
STORES
Tokyo (press room attached), Osaka, other (Tot 29)
FACTORY(IES)
(subcontracted)
OFFICERS
Hiroshi Kurihara, ch TOHRU
KURIHARA, PRES
Tsunetoshi Yoshida, dir Tadashi
Fujimoto, dir
Masayuki Nakahama, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 7,086 M
PAYMENTS REGULAR CAPITAL Yen 48 M
TREND SLOW WORTH Yen 1,426 M
STARTED 1951 EMPLOYES 63
COMMENT
MFR OF HEADWEAR. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR
CREDIT ENGAGEMENTS: US$1,250,000 / LC PAYMENT TERMS.
MAX CREDIT LIMIT: YEN 131.1 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established originally in 1922 by father
of Hiroshi Kurihara for making headwear, on his account. Incorporated in 1951, the firm has been
succeeded by his descendants. Tohru is
the founder’s grandson. Specializes in mfg (subcontracted to subsidiaries),
import, export, wholesale and retail of headwear. Exclusive import agent of
Kangol brand headwear. Retail stores
are operated by the names of: Kangol, Override & HEADSTAR, spreading 29
stores at major cities of Japan.
Handles a wide range of designer brands goods. Imports are mostly
handled by general trading houses.
FINANCIAL INFORMATION
The sales volume for Sept/2006 fiscal term amounted to Yen 7,086
million, a 7% down from Yen 7,658 million in the previous term. This is referred to competition among the
trade in the midst of lower priced imports from China and other S/E Asian
countries. The net profit was posted at
Yen 62 million, down sharply from Yen 195 million the previous year.
For the current term ending Sept 2007 the net profit is projected
at Yen 180 million, on a 2% rise in turnover, to Yen 7,200 million. Weaker Yen will assist to raise sales amount
in Yen terms.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 131.1 million, on 30 days normal terms. The proposed amount on strictly LC terms is
considered within the firm’s financial capabilities.
REGISTRATION
Date Registered : Jul 1951
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
384,000 shares
Issued :
96,000 shares
Sum :
Yen 48 million
Major shareholders (%)
Hiroshi Kurihara (23), Osaka Small & Medium Business Investment
(17), Employees’ S/Holding Assn (13), Tohru Kurihara (12), Executives’
S/Holding Assn (6)
No. of shareholders: 12
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Manufactures, imports, exports, wholesales and retails
headwear & accessories (--100%).
Exclusive import agent of Kangol brand headpieces.
Handling brands: Converse, Fila,
Levi’s, Reebok, Playboy, Modern Amusement, Nice Claup, Castano, Marie Claire,
Kangol, Bailey, Persons, Milsa, other.
Clients
[Chain stores, sports goods stores, wholesalers] Ito-Yokado, Aeon
Inc, Adidas Japan, Mitsubishi Corp, Marui, other.
No. of accounts
1,000 (Wholesale Div)
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Sunric, Itochu Corp, Three Stars, Matsuki,
Imai Seibo, other.
Payment record
Regular
Location
Business area in Osaka.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Mizuho Bank (Semba)
Bank of Tokyo-Mitsubishi UFJ (Osaka-Nishi)
Relations: Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
30/09/2007 |
30/09/2006 |
30/09/2005 |
30/09/2004 |
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Annual
Sales |
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7,200
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7,086
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7,658
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7,769
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Recur.
Profit |
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-90 |
347 |
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Net Profit |
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180 |
62 |
195 |
349 |
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Total
Assets |
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3,512
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3,392
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Current
Assets |
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1,770
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1,785
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Current
Liabs |
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1,342
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1,103
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Net
Worth |
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1,426
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1,408
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Capital,
Paid-Up |
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48 |
48 |
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<Analytical
Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.61 |
-7.47
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-1.43
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11.75
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Current Ratio |
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131.89
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161.83
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N.Worth Ratio |
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40.60
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41.51
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R.Profit/Sales |
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-1.27
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4.53 |
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N.Profit/Sales |
2.50 |
0.87 |
2.55 |
4.49 |
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Return On Equity |
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4.35 |
13.85
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.. |
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Note: Forecast (or estimated) for the 30/09/2007 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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