MIRA
INFORM REPORT
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Report Date : |
20th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
SENSHUKAI
CO LTD |
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Registered Office : |
1-4-32
Doshin Kitaku Osaka 530-0086, Japan |
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Country : |
Japan |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
November
1955 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Mail-order house through catalogs, online, mobile-phones by
membership system, with non-store operation, offering a broad lineup from
clothing, interior goods, everyday items to maternity products and children’s
clothing, with fashion apparel at its core |
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 3,545.7 Million |
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Status : |
Fair |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
SENSHUKAI
CO LTD
REGD NAME
KK
Senshukai
MAIN OFFICE
1-4-32
Doshin Kitaku Osaka 530-0086 JAPAN
Tel : 06-6881-3100
Fax : 06-6881-3054
URL : http://www.senshukai.co.jp/;
http://bellemaison.jp/
E-Mail address :
info@senshukai.co.jp
ACTIVITIES
Mail-order house thru catalogs and online store
BRANCHES
Tokyo (4), Otaru, Gamagori, Fuso, Ogaki, Nara, Utsunomiya
CHIEF EXEC
YASUHIRO YUKIMACHI, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 145,453 M
PAYMENTS REGULAR CAPITAL Yen 30,369 M
TREND STEADY WORTH Yen 52,519 M
STARTED 1955 EMPLOYES 965
COMMENT
MAIL ORDER HOUSE (NON-STORE OPERATOR).
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 3,545.7 MILLION, 30 DAYS NORMAL TERMS..
Forecast (or estimated) figures for 31/12/2006 fiscal term
HIGHLIGHTS
The subject company is a leading mail-order house operating on
non-store basis, with sales thru catalogs as mainline. Rapidly grown on group sales to women
targeting to their late 20s to 30s. employees in public corporations and major
private firms. Has strength in unique
products. Advancing into home shopping
thru TV and mobile phones. Set up new
company with DNA aimed at reinforcing sales via mobile-phones. Operates over 20 sales firms abroad. Advancing into aerobics studio
operations. In 2004, established Belle
Maison Service Center Co Ltd, specializing in large workplace-based purchasing
groups, offering meticulous services and sales campaigns.
FINANCIAL INFORMATION
The sales volume for Dec/2005 fiscal term amounted to Yen 145,453
million, a 1.2% down from Yen 147,159 million in the previous term. While mail-order sales specializing in a
single area such as health foods or cosmetics saw sales grow, companies
offering a full range via catalogs continued to languish. The recurring profit was posted at Yen 3,962
million and the net profit at Yen 1,267 million, respectively, compared with
Yen 3,033 million recurring profit and Yen 1,231 million net profit,
respectively, a year ago. The profit
improvement is thanks to reduction in selling & general expenses achieved
through the effective management of media-related expenditures, including
catalog mailing & printing costs, and product procurement.
Fourth Quarter results ending Sept/2006: sales Yen 107,439 million
(down 0.1%), operating profit Yen 1,431 million (down 63.2%), recurring profit
Yen 1,665 million (down 48.5%), net profit Yen 460 million (down 66.6%). (% compared with the same period the
previous year). Sales dipped due to
sluggish consumer demand for autumn/winter clothes, affected by too hot a
summer weather. Expenses increased by
swelling cost of sales campaign for spring clothes.
For the term just ended Dec 2006 the recurring profit was
projected at Yen 2,900 million and the
net profit at Yen 1,000 million, respectively, on a 1.6% rise in turnover, to
Yen 147,000 million. Sales will rise on
back of increased online orders.
Profits may worsen due to mounting costs
on mobile phone-related development.
The financial situation is considered ^ and good for ^ business
engagements. Max credit limit is estimated at Yen ^ million, on 30 days normal
terms.
REGISTRATION
Date Registered : Nov 1955
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
180 million shares
Issued :
47,620,393 shares
Sum :
Yen 20,359 million
Major shareholders (%)
Nikko Principal Investments (7.1), Brastsheave Co (7.0), Sauzan
Corp (3.7), Japan Trustee Services Bank (3.7), Company’s Treasury Stock (3.6),
Toppan Printing (3.3), Master Trust Bank of Japan T (3.3), Dai Nippon Printing
(3.1), SMBC (2.4), CBNY National Financial Services (2.2); foreign owners (8.9)
No. of shareholders: 3,363
Listed on the S/Exchange (s) of: Tokyo, Osaka
Managements
Yasuhiro Yukimachi, pres; Koichi Horii, s/mgn dir; Kiichi Tagawa,
mgn dir; Michio Tanabe, mgn dir; Sohachi Sawamoto, mgn dir; Kiyoshi Kubata,
dir; Kazuhide Fujita, dir; Kaoru Asada, dir; Tomoko Oishi, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies
Senshukai General Service, Senshu Unyu, Senshu Logistics, Aimer Co
(Tot 8 as of Dec/2005)
OPERATION
Activities: Mail-order house through catalogs, online,
mobile-phones by membership system, with non-store operation, offering a broad
lineup from clothing, interior goods, everyday items to maternity products and
children’s clothing, with fashion apparel at its core (--100%).
(Membership breakdowns)
Members :
6.4 million
Catalogs issued :
18 categories of 104 million units
Membership of contract firms :
110,000 firms of about 630,000 persons
Internet members :
3.9 million members; sales Yen 35.4 million (--all about)
Clients
Consumers, online shoppers, other
No. of accounts
Unavailable
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Itochu Corp, Toppan Printing, Dai Nippon
Printing, Toppan Cosmo, other.
Payment record
Regular
Location
Business area in Osaka.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
SMBC (Osaka-Chuo)
Bank of Tokyo-Mitsubishi UFJ (Tenroku)
Relations: Satisfactory
FINANCES
(Consolidated in million
yen)
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Terms Ending: |
31/12/2005 |
31/12/2004 |
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INCOME STATEMENT |
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Annual Sales |
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145,453 |
147,159 |
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Cost of Sales |
75,173 |
76,115 |
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GROSS PROFIT |
70,279 |
71,043 |
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Selling & Adm Costs |
66,847 |
68,122 |
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OPERATING PROFIT |
3,432 |
2,921 |
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Non-Operating P/L |
530 |
112 |
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RECURRING PROFIT |
3,962 |
3,033 |
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NET PROFIT |
1,267 |
1,231 |
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BALANCE SHEET |
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Cash |
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11,133 |
10,607 |
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Receivables |
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10,046 |
9,999 |
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Inventory |
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15,165 |
13,972 |
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Securities, Marketable |
187 |
1,169 |
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Other Current Assets |
13,001 |
12,897 |
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TOTAL CURRENT
ASSETS |
49,532 |
48,644 |
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Property &
Equipment |
25,605 |
28,236 |
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Intangibles |
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1,475 |
1,163 |
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Investments, Other
Fixed Assets |
16,176 |
9,517 |
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TOTAL ASSETS |
92,788 |
87,560 |
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Payables |
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10,986 |
10,270 |
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Short-Term Bank Loans |
124 |
125 |
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Other Current Liabs |
26,457 |
26,419 |
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TOTAL CURRENT LIABS |
37,567 |
36,814 |
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Debentures |
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Long-Term Bank Loans |
393 |
388 |
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Reserve for Retirement
Allw |
613 |
903 |
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Other Debts |
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1,653 |
2,273 |
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TOTAL LIABILITIES |
40,226 |
40,378 |
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MINORITY INTERESTS |
43 |
47 |
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Common stock |
20,359 |
20,359 |
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Additional paid-in capital |
20,657 |
19,866 |
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Retained earnings |
18,438 |
19,372 |
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Evaluation p/l on investments/securities |
1,719 |
219 |
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Others |
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(7,501) |
(8,946) |
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Treasury stock, at cost |
(1,153) |
(3,735) |
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TOTAL S/HOLDERS`
EQUITY |
52,519 |
47,135 |
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TOTAL EQUITIES |
92,788 |
87,560 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/12/2005 |
31/12/2004 |
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Cash Flows from Operating Activities |
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2,539 |
2,989 |
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Cash Flows from Investment Activities |
-5,086 |
-1,734 |
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Cash Flows from Financing Activities |
2,625 |
-1,514 |
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Cash, Bank Deposits at the Term End |
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11,320 |
11,242 |
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ANALYTICAL RATIOS
Terms ending: |
31/12/2005 |
31/12/2004 |
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Net Worth (S/Holders' Equity) |
52,519 |
47,135 |
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Current Ratio (%) |
131.85 |
132.13 |
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Net Worth Ratio (%) |
56.60 |
53.83 |
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Recurring Profit Ratio (%) |
2.72 |
2.06 |
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Net Profit Ratio (%) |
0.87 |
0.84 |
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Return On Equity (%) |
2.41 |
2.61 |
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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/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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