MIRA
INFORM REPORT
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Report Date : |
09.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SHIMAMURA MUSIC CO LTD |
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Registered Office : |
6-37-3 Hirai Edogawaku |
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Country : |
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Financials (as on) : |
28.02.2007 |
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Date of Incorporation : |
Mar 1969 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Operator of musical instruments stores; operator of music
schools, salons and studios |
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 420 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
SHIMAMURA MUSIC CO LTD
REGD NAME
Shimamura Gakki KK
(Gakki is musical instruments)
MAIN OFFICE
6-37-3 Hirai
Edogawaku
Tel : 03-3613-4111
Fax : 03-3613-4117
*.. The given
address is one of its retail stores in
URL : http://www.shimamura.co.jp
E-Mail
address: inquiry@shimamura.co.jp
ACTIVITIES
Operator of musical instruments stores; operator of music schools, salons and studios (Teachers/instructors 861)
STORES
89
stores nationwide in major cities
OFFICERS
MOTOTSUGU
SHIMAMURA, PRES
Satoko Shimamura, dir
Keiichi
Oshima, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 23,000 M
PAYMENTS REGULAR CAPITAL Yen 265 M
TREND STEADY WORTH Yen
1,099 M
STARTED 1969 EMPLOYES 454
COMMENT
MUSICAL INSTRUMENTS STORE OPERATOR. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 420 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by father of Mototsugu Shimamura in order to make most of his experience in the subject line of business. Operates a chain of 89 stores nationwide in major cities, retailing musical instruments and accessories. Handles a full range of instruments. Also operates music schools, salons, studios, other. Teachers and instructors number to 861. Goods are also imported and exported.
FINANCIAL INFORMATION
Financials are only partially disclosed.
The sales volume for Feb/2007 fiscal term amounted to Yen 23,000 million, a 9% up from Yen 21,068 million in the previous term. New stores opening continued, contributing to sales growth. The net profit was posted at Yen 210 million, compared with Yen 204 million a year ago.
For the current term ending Feb 2008 the net profit is projected at Yen 215 million, on a 4% rise in turnover, to Yen 24,000 million. New store opening is planned.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 420 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Mar 1969
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 2.12 million shares
Issued: 531,740 shares
Sum: Yen 265.87 million
Major shareholders (%): Shimamura Sogyo*(25), Mototsugu Shimamura (13), Mayuko Sugano (12), Mitsue
Shimamura (12), Shogo Itoh (8)
*.. Holding company owned by the
Shimamura family.
No. of shareholders: 22
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Operates 89 stores of musical instruments nationwide in major cities; operates music schools, music salons, musical events, music studios, other related (100%).
Handling items: electric guitars, bass guitars, DJ equipments, drums, brass, strings, pianos, organs, audio visual equipment, artist T-shirts, hats, accessories, other.
Clients:
Consumers, schools, government offices, other
No. of
accounts: Unavailable
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Yamaha Corp, Casio Computer Co, Roland Corp, Fernandes Co, Korg Inc, Hotline Music, other.
Payment
record: Regular
Location: Business area in
Bank References
SMBC
(Kameido)
MUFG
(Kameido)
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
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28/02/2008 |
28/02/2007 |
28/02/2006 |
28/02/2005 |
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Annual
Sales |
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24,000 |
23,000 |
21,068 |
19,219 |
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Recur.
Profit |
(*) |
.. |
.. |
.. |
284 |
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Net
Profit |
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215 |
210 |
204 |
148 |
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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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1,099 |
889 |
685 |
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Capital,
Paid-Up |
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265 |
265 |
265 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.35 |
9.17 |
9.62 |
78.43 |
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Current Ratio |
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.. |
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.. |
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N.Worth Ratio |
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.. |
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.. |
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N.Profit/Sales |
0.90 |
0.91 |
0.97 |
0.77 |
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Note:
Financials are only partially disclosed.
Forecast
(or estimated) for the 28/02/2008 fiscal term.
(*)
Pretax profits disclosed from the Taxation Office.
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%)