MIRA INFORM REPORT

 

 

Report Date :

18.01.2007

 

IDENTIFICATION DETAILS

 

Name :

BOND & CO LTD

 

 

Registered Office :

1-1-4 Shimagamicho Hyogoku Kobe 652-0833

 

 

Country :

Japan

 

 

Date of Incorporation :

Aug 1995

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Import, export and wholesale of liquor, cigarettes, foods, cosmetics, toiletries

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 46.8 millions

 

 

Status :

Fair

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

name

 

BOND & CO LTD

 

 

REGD NAME

 

KK Bond Shokai

 

 

MAIN OFFICE

 

1-1-4 Shimagamicho Hyogoku Kobe 652-0833 JAPAN

Tel : 078-671-6001

Fax : 078-651-6514

URL : http://www.bondco.co.jp

E-Mail address: info@bondco.co.jp

 

 

ACTIVITIES

 

Import, export, wholesale of liquor, cigarettes, foods, cosmetics, toiletries

 

 

BRANCHES

 

Tokyo, Yokohama, Osaka, Moji, Onomichi

 

 

OVERSEAS

 

Sydney (Australia)

 

 

OFFICERS

 

Takeo Tsubakihara, ch

SEIJI TSUBAKIHARA, PRES

Masaru Nozaki, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 3,851 M

PAYMENTS      REGULAR                     CAPITAL           Yen 49 M

TREND             STEADY                       WORTH            Yen 321 M

STARTED         1995                             EMPLOYES      49

 

 

COMMENT

 

TRADING HOUSE SPECIALIZING IN LIQUORS & OTHER CONSUMER GOODS.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS:  US$54,000 / O/A 60 DAYS.

                       

MAX CREDIT LIMIT: YEN 46.8 MILLION, 30 DAYS NORMAL TERMS.  .

 

 

HIGHLIGHTS

           

This an old-established trading firm dating back to 1912, when Seijiro Tsubakihara founded a partnership firm in Yokohama for supplying liquor & cigarettes to foreign vessels calling Yokohama Port.  Incorporated in 1995 the firm has been succeeded by his descendants.     Takeo is the founder’s son and Seiji his grandson.  Specializes in import, export and wholesale       of wines, beer, sake, whiskies, other liquors as the mainstay items.  Also handles foodstuffs,            cigarettes, cigars, cameras, watches, toiletries, cosmetics, other consumer goods.  The firm has branches in major port cities nationwide and supplies duty-free foods & liquor to ocean-going   vessels and airlines at all ports & airports of Japan.  The company name came from the bonded             house.  Goods are imported from USA, Europe, etc.  Major clients include shipping firms and airlines, domestic & foreign.

 

 

FINANCIAL INFORMATION

           

The sales volume for Dec/2005 fiscal term amounted to Yen 3,851 million, an 8% up from Yen 3,580 million in the previous term.  Supply to ocean-going ships boosted with ships calling frequently from China and to China at main ports of Japan.  Hike in goods prices also contributed to increase sales amount.  The operations came back to profitability to register Yen 14 million recurring profit and Yen 14 million net profit, respectively, compared with Yen 65 million recurring loss and Yen 61 million net loss, respectively, a year ago.  The last term’s deficit is referred to the write-offs of extraordinary losses coming from inventory reassessment losses.  The losses are gone for the term.

 

For the term just ended Dec 2006 the net profit was projected and estimated posting at Yen 18 million, on a 4% rise in turnover, to Yen 4,000 million. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 46.8 million, on 30 days normal terms.  The proposed amount for 60 days terms is considered well within the firm’s financial capacities. 

 

 

 

REGISTRATION

 

Date Registered:            Aug 1995

Legal Status:                 Limited Company (Kabushiki Kaisha)

Authorized:                    1,494 shares

Issued:                          996 shares

Sum:                            Yen 49.8 million

Major shareholders (%): Seiji Tsubakihara (41.3), Hiroshi Tsubakihara (17.0), Koichi Tsubakihara (15.8), Tomoyo Tsubakihara (7.2), Chieko Tsubakihara (7.0)

No. of shareholders:  8

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Imports, exports, wholesales and retails wines (25%), cigarettes, cigars (--10%), Scotch whiskies, brandy, Japanese sake, other liquor (--40%), canned/bottled foods, chocolates, sweets, other foodstuffs (--15%), cameras, watches, cosmetics, toiletries, other consumer goods (--10%).

 

Supplies bonded stores (liquor, tobacco, foodstuffs) to ocean-going vessels and international airlines at major sea ports and airports nationwide. 

 

Import: 35%; wholesale 85%, retail 15%

 

Clients: [Wholesalers, department stores, airport shops, airlines, ship operators] Mitsui-OSK Lines, Mitsukoshi, Daimaru, Kansai Int’l Airport Terminal, Meidi-Ya, Kobe Sempaku Shokuhin, Japan Airport Terminal, Lufthansa, ANA Trading Duty Free Shop, Hankyu Department Stores, Alitalia, Air France, other.  

 

No. of accounts: 500

 

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Jardine Wine & Spirits, Remy Japan, Asahi Breweries, Hakutsuru Sake Brewing, Sapporo Breweries, Japan Tobacco, Brown & Williamson Japan, Maxim Japan, Nestle Japan, Suntory, Philip Morris, MHD Diageo Moet Hennessy, Pernod Ricard Japan, other.

 

Payment record: Regular

 

Location: Business area in Kobe.  Office premises at the caption address are owned and maintained satisfactorily.

 

 

Bank References

 

SMBC (Hyogo)

Bank of Tokyo-Mitsubishi UFJ (Kobe)

 

Relations: Satisfactory.

 

 

FINANCES

 

(In Million Yen)

 

       Terms Ending:

31/12/2006

31/12/2005

31/12/2004

31/12/2003

Annual Sales

　

4,000

3,851

3,580

3,436

Recur. Profit

　

15

14

-65

6

Net Profit

　

18

17

-61

2

Total Assets

　

　

1,611

1,511

1,523

Current Assets

　

　

1,396

1,305

1,324

Current Liabs

　

　

898

886

786

Net Worth

　

　

321

304

366

Capital, Paid-Up

　

　

49

49

49

<Analytical Data>

(%)

(%)

(%)

(%)

       S.Growth Rate

3.87

7.57

4.19

8.60

       Current Ratio

 

..

155.46

147.29

168.45

       N.Worth Ratio

..

19.93

20.12

24.03

       R.Profit/Sales

 

0.38

0.36

-1.82

0.17

       N.Profit/Sales

0.45

0.44

-1.70

0.06

       Return On Equity

..

5.30

-20.07

0.55

 

Note: Forecast (or estimated) for the 31/12/2006 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/normal.

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions