MIRA
INFORM REPORT
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Report Date : |
24.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SINCERO INC |
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Registered Office : |
Takahashi Hoshoku Bldg 202, 8-11-8 Ueno Taitoku |
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Country : |
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Financials (as on) : |
31.07.2006 |
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Date of Incorporation : |
Aug 1991 |
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Legal Form : |
Private Limited Company (Yugen
Gaisha) |
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Line of Business : |
Import, wholesale of jewelry |
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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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
SINCERO INC
REGD NAME
YK Sincero
MAIN OFFICE
Takahashi Hoshoku
Bldg 202, 8-11-8 Ueno Taitoku
Tel : 03-3836-0922
Fax : 03-3836-0923
URL : N/A
ACTIVITIES
Import,
wholesale of jewelry
BRANCHES
Nil
FACTORY(IES)
(subcontracted)
OFFICERS
TOSHIAKI
IKEGAMI, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 30 M
PAYMENTS REGULAR CAPITAL Yen 6 M
TREND SLOW WORTH Yen
18 M
STARTED 1991 EMPLOYES 1
COMMENT
IMPORTER AND WHOLESALER SPECIALIZING IN JEWELRY. FINANCIAL SITUATION CONSIDERED RATHER WEAK AND DOUBTFUL FOR CREDIT ENGAGEMENTS: US$50,000 / D/P SIGHT
HIGHLIGHTS
The subject company was established by Toshiaki Ikegami in
order to make most of his experience in jewelry business. This is a trader specializing in import and
wholesale of jewelry. Partially retails
them, too. Goods are imported from
FINANCIAL INFORMATION
Financials are only partially disclosed.
The sales volume for Jul/2006 fiscal term amounted to Yen 30 million, a similar amount in the previous term. Profits remained unchanged at a minimum amount post-taxes.
For the current term ending Jul 2007 the net profit is projected at a minimum amount, on a similar turnover, at Yen 30 million.
The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements. The proposed amount, however, is considered TOO HIGH from the recent financial status. We recommend secured terms on new transactions.
REGISTRATION
Date
Registered: Aug 1991
Legal
Status: Private Limited
Company (Yugen Gaisha)
Regd
Capital: Yen 6 million
Major shareholders (%): Toshiaki Ikegami (100)
Nothing
detrimental is known as to his commercial morality.
OPERATION
Activities:
Imports and wholesales jewelry (100%).
Imports from
Clients:
Department stores, chain stores, jewelry processors, consumers
No. of
accounts: 100
Domestic
areas of activities: Centered in greater-Tokyo
Suppliers: [Mfrs, wholesalers] Imports from
Payment
record: Regular
Location: Business area in
Bank References
Johoku
Shinkin Bank (Ueno)
Asahi
Shinkin Bank (H/O)
Relations:
Satisfactory
FINANCES
(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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30 |
30 |
30 |
30 |
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Recur.
Profit |
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.. |
.. |
.. |
.. |
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Net
Profit |
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0 |
0 |
0 |
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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18 |
18 |
18 |
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Capital,
Paid-Up |
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6 |
6 |
6 |
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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 |
0.00 |
0.00 |
0.00 |
-14.29 |
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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 |
0.00 |
0.00 |
0.00 |
3.33 |
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Note:
Financials are only partially disclosed.
Forecast
(or estimated) for the 31/07/2007 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%)