MIRA
INFORM REPORT
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Report Date : |
22.06.2007 |
IDENTIFICATION DETAILS
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Name : |
NAITO SHOJI CO LTD |
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Registered Office : |
2-23-2 Higashinihombashi Chuoku |
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Country : |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
Dec 1948 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Wholesale of ladies’ garments,
hand-knitting yarns & tools |
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 72 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
NAITO SHOJI CO LTD
REGD NAME
KK Naito Shoji
MAIN OFFICE
2-23-2
Higashinihombashi Chuoku
Tel : 03-3866-6291
Fax : 03-3866-6646
URL : http://www.naitoshoji.co.jp/
E-Mail
address: info@naitoshoji.co.jp
ACTIVITIES
Wholesale
of ladies’ garments, hand-knitting yarns & tools
BRANCHES
Yokoyamacho
(
OFFICER(S)
TADASHIGE
NAITO, PRES Masaru
Katsuya, s/mg dir
Munehyo Naito, mgn dir Makoto Naito, dir
Wataru Tsuchihashi, dir Hirohide Naito, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 5,959 M
PAYMENTS REGULAR CAPITAL Yen 132 M
TREND SLOW WORTH Yen
1,004 M
STARTED 1948 EMPLOYES 83
COMMENT
WHOLESALER SPECIALIZING IN LADIES’ GARMENTS AND HAND-KNITTING YARNS & TOOLS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$125,000 / O/A/ 30 DAYS.
MAX CREDIT LIMIT: YEN 72.0 MILLION, 30 DAYS
HIGHLIGHTS
The subject company was established originally in 1931 by
Chiyosaburo Naito (passed away 1987) for selling sewing yarns, on his account,
and was incorporated in 1948. Present
executives are the founder’s descendants.
Owned & operated by the Naito family. This is a specialized trader for wholesaling
ladies garments, handicraft materials & tools, hand-knitting yarns,
other. Imports hand-knitting yarns from
FINANCIAL INFORMATION
The sales volume for Jun/2006 fiscal term amounted to Yen 5,959 million, a 2% down from Yen 6,074 million in the previous term, affected by the slumping consumer spending. The recurring profit was posted at Yen 96 million and the net profit at Yen 101 million, respectively, compared with Yen 91 million recurring profit and Yen 49 million net profit, respectively, a year ago. The profits reportedly included extraordinary income from the disposal of assets.
For the current term ending Jun 2007 the net profit is projected at Yen 50 million, on a 2% rise in turnover, to Yen 6,100 million. Weaker Yen against foreign currencies will help uplift sales amount in Yen terms.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 72.0 million, on 30 days normal terms. The proposed amount is considered well within the firm’s financial capabilities.
REGISTRATION
Date
Registered: Dec 1948
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 1 million shares
Issued: 264,000 shares
Sum: Yen
132 million
Major
shareholders (%): Tadashige Naito & families/relatives (Major portion)
No. of
shareholders: 62
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Wholesales ladies’ garments (jackets, dresses, blouses, pants & skirts, other), handicraft materials & tools, hand-knitting yarns & accessories, such as beads, other (--100%).
Clients: [Department stores, chain stores] Seibu Department Store, Seiyu Ltd, Daimaru, Daiei, Okadaya, other.
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Hamanaka, Olympus Thread Mfg, KK
Tsukamoto, Fujix Co, other. Imports from
Payment
record: Regular
Location: Business area in
Bank References
Resona
Bank (Asakusabashi)
SMBC
(Asakusabashi)
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
30/06/2007 |
30/06/2006 |
30/06/2005 |
30/06/2004 |
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Annual
Sales |
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6,100 |
5,959 |
6,074 |
6,773 |
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Recur.
Profit |
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96 |
91 |
80 |
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Net
Profit |
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50 |
101 |
49 |
75 |
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Total
Assets |
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4,432 |
4,456 |
4,640 |
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Current
Assets |
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2,916 |
2,839 |
3,119 |
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Current
Liabs |
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2,402 |
2,364 |
2,400 |
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Net
Worth |
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1,004 |
904 |
854 |
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Capital,
Paid-Up |
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132 |
132 |
132 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.37 |
-1.89 |
-10.32 |
-8.76 |
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Current Ratio |
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.. |
121.40 |
120.09 |
129.96 |
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N.Worth Ratio |
.. |
22.65 |
20.29 |
18.41 |
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R.Profit/Sales |
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.. |
1.61 |
1.50 |
1.18 |
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N.Profit/Sales |
0.82 |
1.69 |
0.81 |
1.11 |
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Return On Equity |
.. |
10.06 |
5.42 |
8.78 |
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Notes:
Forecast (or estimated) figures for the 30/06/2007 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%)