MIRA
INFORM REPORT
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Report Date : |
02.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
GOHSHO JEWELS CO LTD |
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Registered Office : |
385 Shimizuarai Showacho Nakakomagun Yamanashi-Pref 409-2274 |
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Country : |
Japan |
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Date of Incorporation : |
Oct 1984 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing and wholesale of
jewelry. |
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 105 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
GOHSHO JEWELS CO LTD
REGD NAME
KK Gohsho
MAIN OFFICE
385 Shimizuarai Showacho Nakakomagun Yamanashi-Pref 409-2274 JAPAN
Tel : 055-224-3867
Fax : 055-228-7867
URL :
N/A
ACTIVITIES
Mfg, wholesale of jewelry
BRANCHES
Tokyo, Osaka
FACTORY(IES)
At the caption address
OFFICERS
MITSUO HIGUCHI, PRES & CEO
Katsushi Higuchi, s/mgn dir
Yen Amount : In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 5,500 M
PAYMENTS REGULAR CAPITAL Yen 48 M
TREND STEADY WORTH Yen 1,006 M
STARTED 1984 EMPLOYES 44
COMMENT
MFR
SPECIALIZING IN JEWELRY.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$250,000 / O/A 30
DAYS
MAX CREDIT LIMIT: YEN 105 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established by Mitsuo Higuchi in order
to make most of his experience in the subject line of business. Specializes in mfg jewelry: fingerings,
earrings, pendants, necklaces,
other. Diamonds, gold, pearls, and
other precious stones, including color stones, are imported and processed into
jewelry products. They are also
domestically supplied to jewelry processors, jewelry stores, etc. Top-ranked mfr in jewelry in Yamanashi-Pref.
Branch offices in Tokyo and Osaka cover both eastern Japan and western Japan,
respectively. Also manufactures folding
lantern-type plastic bottles, of which sales are growing.
FINANCIAL INFORMATION
Financial are only partially disclosed.
The sales volume for Jul/2006
fiscal term amounted to Yen 5,500 million, an 11% down from Yen 6,200 million
in the previous term. Hurt by sluggish
consumer spending. Luxury goods were
not in much demand. Moderate priced
goods were more in demand. The net
profit declined to Yen 130 million from Yen 180 million a year ago. We correct the last year’s profit to Yen 180
million from the Yen 200 million as reported.
For the current term ending Jul 2007 the net profit is
projected at Yen 140 million, on a 9% rise in turnover, to Yen 6,000
million. Consumer spending is seen
recovering. Weaker Yen will also
contribute to sales growth in Yen terms.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 105 million, on 30 days normal terms. The proposed amount is considered well
within the firm’s financial capacities.
REGISTRATION
Date Registered : Oct
1984
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
38,640 shares
Issued :
9,660 shares
Sum :
Yen 48.5 million
Major shareholders (%) :
Mitsuo Higuchi (85), Katsushi Higuchi (15)
No. of shareholders :
2
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Manufactures jewelry: fingerings, earrings,
pendants, necklaces, bracelets, other (--100%). Base precious stones are imported.
Clients
Jewelry processors, jewelry stores, other (Details not
disclosed)
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers
Mfrs, wholesalers, other (Details not disclosed). Imports diamonds, pearls, colored stones,
including jewelry products, etc from Belgium, Israel, India, Thailand, Hong
Kong, other.
Payment record: Regular
Location
Business area in Nakakomagun, Yamanashi-Pref. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References
Resona Bank (Kofu)
Kofu Shinkin Bank (Nishi)
Relations: Satisfactory
FINANCIALS
(In Million Yen)
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Terms Ending: |
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31/07/2007 |
31/07/2006 |
31/07/2005 |
31/07/2004 |
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Annual
Sales |
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6,000 |
5,500 |
6,200 |
6,050 |
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Recur.
Profit |
(*) |
.. |
.. |
301 |
361.. |
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Net
Profit |
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140 |
130 |
180 |
207 |
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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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1,006 |
876 |
696 |
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Capital,
Paid-Up |
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48 |
48 |
48 |
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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 |
9.09 |
-11.29 |
2.48 |
-2.10 |
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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 |
2.33 |
2.36 |
2.90 |
3.42 |
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Note: Financials are only partially disclosed.
Forecast (or estimated) for the 31/07/2007 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%)
PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions