MIRA
INFORM REPORT
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Report Date : |
05.06.2007 |
IDENTIFICATION DETAILS
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Name : |
PINE CREATE CO LTD |
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Registered Office : |
2-2-1 |
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Country : |
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Financials (as on) : |
31.05.2007 |
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Date of Incorporation : |
Sept 1990 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Import, wholesale of
furniture, confectionery |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 10.7 millions |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
PINE CREATE CO LTD
REGD NAME
KK Pine Create
MAIN OFFICE
2-2-1
Tel : 0564-24-0505
Fax : 0564-24-4459
URL : http://www.pinecreate.com
E-Mail
address: info@pinecreate.jp
ACTIVITIES
Import,
wholesale of furniture, confectionery
BRANCHES
OVERSEAS
Hong
Kong,
OFFICERS
TOSHIRO
MATSUI, PRES Hiromi
Matsui, dir
Atsushi
Adachi, dir Chiaki
Inoue, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 717 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND SLOW WORTH Yen
23 M
STARTED 1990 EMPLOYES 30
COMMENT
IMPORTER OF STORE FURNITURE AND CONFECTIONERY. FINANCIAL SITUATION CONSIDERED RATHER WEAK AND DOUBTFUL FOR CREDIT ENGAGEMENTS: US$175,000 / TERMS O/A 15 DAYS
MAX CREDIT LIMIT: YEN 10.7 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by Toshiro Matsui in order
to make most of his experience in the subject line of business. This is a trading house specializing in import
and wholesale of store furniture, confectionery, etc. The first direct imports started in Aug
1996. Store furniture and equipment are
supplied mainly to Karaoke bars, coffee shops, hotels, etc. 70% of the goods are imported. Operates two overseas subsidiaries: Hong Kong
(opened Dec/2005, and
FINANCIAL INFORMATION
Financials are only partially disclosed.
The sales volume for May/2006 fiscal term amounted to Yen 717 million, a 1.5% down from Yen 728 million in the previous term. Furniture sales declined due to some client’s stores shutting down operations. The net profit was posted at Yen 2 million, compared with Yen 1 million a year ago.
For the term just ended May 2007 the net profit was projected and believed posted at Yen 2 million, on a 2% rise in turnover, to Yen 730 million. Weaker Yen should have contributed to sales growth in Yen amount.
The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements. The proposed amount for 15 days terms, however, is considered TOO HIGH from the present financial status. Max credit limit is estimated at Yen 10.7 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Sept 1990
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 800 shares
Issued: 200 shares
Sum: Yen
10 million
Major shareholders (%): Toshiro
Matsui (80%) & families
No. of shareholders: 7
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports and wholesales store furniture, confectionery, others (--100%).
(Business divisions):
Holiday Business Division: sofas, tables, chairs, reclining chairs, PCs & peripherals, cleaning equipment & supplies, confectionery, other, for Karaoke bars, coffee shops, restaurants, hotels, etc;
Import Division: snack foods (crackers, cookies, chocolates, candies); fruits chips (Durian, banana, etc), frozen foods (ice cream, etc), sales promotional items
70% of
the goods are imported.
Clients: [Chain stores, department stores] Daiichi Kosho, Kaji Corporation, Plaza Style, Meidi-Ya, Tokyo Hands, Kokubu, JCC, Nisshoku, Media Create, Xing Inc, Colona Group, Daysho Corp, Seijo Ishii, other.
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Manki Corp, Joto Denshi, Tokai Shoji, Ice Line, SP Toa, AD Apple, Niimi Shoji, other.
Imports
(70%) from
Payment
record: Regular
Location: Business area in
Bank References
Okazaki
Shinkin Bank (Hina)
MUFG (
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
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31/05/2007 |
31/05/2006 |
31/05/2005 |
31/05/2004 |
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Annual
Sales |
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730 |
717 |
728 |
727 |
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Recur.
Profit |
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.. |
.. |
.. |
.. |
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Net
Profit |
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2 |
2 |
1 |
1 |
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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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23 |
21 |
20 |
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Capital,
Paid-Up |
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10 |
10 |
10 |
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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 |
1.81 |
-1.51 |
0.14 |
10.82 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
0.27 |
0.28 |
0.14 |
0.14 |
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Note:
Financials are only partially disclosed.
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%)