MIRA
INFORM REPORT
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Report Date : |
21.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MIKADO KYOWA SEED CO LTD |
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Registered Office : |
Teito Shibuya Bldg 3F, 15-13 Nanpeidai Shibuyaku Toyo 150-0036 |
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Country : |
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Financials (as on) : |
31.05.2007 |
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Date of Incorporation : |
May 1963 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Wholesale of agricultural
equipment & materials, seeds & seedlings |
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 104.4 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
MIKADO KYOWA SEED CO LTD
REGD NAME
Mikado Kyowa KK
MAIN OFFICE
Teito Shibuya Bldg
3F, 15-13 Nanpeidai Shibuyaku Toyo 150-0036
Tel : 03-3463-7426
Fax : 03-3464-0513
*..
URL : http://www.mikadokyowa.com
E-Mail
address: kanri@mikadokyowa.com
ACTIVITIES
Wholesale
of agricultural equipment & materials, seeds & seedlings
BRANCHES
FARM
OFFICERS
JUN’ICHI
ISHIKAWA, PRES
Shun’ichi
Matsui, dir
Toshikazu
Yonehara, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 6,600 M
PAYMENTS REGULAR CAPITAL Yen 216 M
TREND STEADY WORTH Yen
1,296 M
STARTED 1963 EMPLOYES 90
COMMENT
WHOLESALER SPECIALIZING IN AGRICULTURAL EQUIPMENT &
SUPPLIES, SEEDS & SEEDLINGS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 104.4 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was born by the merger on 01/Jan/2007 of
Kyowa Seeds Co and Mikado Ikushu Nojyo in order to integrate operations. This is a wholesaler specializing in
agricultural equipment & supplies, seeds & seedlings, etc. Owns a farm for seeds & seedlings in
FINANCIAL INFORMATION
The sales volume for May/2006 fiscal term amounted to Yen 6,600 million, a 10% down from Yen 7,300 million in the previous term. This is referred to the repercussion of decreased demand for vinyl greenhouse equipment which boosted last year. The net profit was posted at Yen 12 million, down from Yen 18 million a year ago.
For the term ended May 2007 the net profit was projected at Yen 15 million, on a 6% rise in turnover, to Yen 7,000 million. Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 104.4 million, on 30 days normal terms.
REGISTRATION
Date
Registered: May 1963
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 1,728,000 shares
Issued: 1,728,000 shares
Sum: Yen
216 million
Major shareholders (%): Vilmorin
& Cie (France) (59), Mitsubishi Chemical MKV (22), Mitsubishi Corp (19)
No. of shareholders: 3
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Wholesales agricultural equipment & supplies (65%), seeds & seedlings, others (--35%).
Goods
are both imported and exported.
Clients:
Distributed through agent dealers nationwide.
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Mitsubishi Corp, Mitsubishi Chemical MKV, other.
Payment
record: Regular
Location: Business area in
Bank References
Resona
Bank (Shibuya)
MUFG
(Shibuya-Meijidori)
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
31/05/2007 |
31/05/2006 |
31/05/2005 |
31/05/2004 |
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Annual
Sales |
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7,000 |
6,600 |
7,300 |
7,000 |
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Recur.
Profit |
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Net
Profit |
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15 |
12 |
18 |
-26 |
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Total
Assets |
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5,070 |
5,566 |
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Current
Assets |
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4,479 |
4,901 |
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Current
Liabs |
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3,512 |
4,119 |
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Net
Worth |
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1,296 |
1,177 |
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Capital,
Paid-Up |
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216 |
216 |
216 |
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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 |
6.06 |
-9.59 |
4.29 |
-6.67 |
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Current Ratio |
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127.53 |
118.99 |
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N.Worth Ratio |
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25.56 |
21.15 |
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R.Profit/Sales |
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.. |
.. |
.. |
.. |
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N.Profit/Sales |
0.21 |
0.18 |
0.25 |
-0.37 |
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Return On Equity |
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0.93 |
1.53 |
.. |
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Note:
Forecast (or estimated) for the 31/05/2007 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%)