MIRA
INFORM REPORT
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Report Date : |
13.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
HERMAN MILLER JAPAN LTD |
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Registered Office : |
Tokyo Design Center 5F, 5-25-19 Higashigotanda Shinagawaku
Tokyo 141-0022 |
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Country : |
Japan |
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Financials (as on) : |
31.05.2007 |
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Date of Incorporation : |
Jul 1988 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, wholesale of office &
home furniture |
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 54.3 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
HERMAN MILLER JAPAN LTD
REGD NAME
Herman Miller Japan KK
MAIN OFFICE
Tokyo Design Center 5F, 5-25-19 Higashigotanda Shinagawaku
Tokyo 141-0022 JAPAN
Tel : 03-3444-7551
Fax : 03-3444-7580
URL : http://www.hermanmiller.com
E-Mail address: info@hermanmiller.com
ACTIVITIES
Import, wholesale of office & home furniture
SHOW ROOM
At the caption address
OFFICERS
STEVEN M COX, PRES
Mayumi Kimura, rep dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,500 M
PAYMENTS REGULAR CAPITAL Yen 100 M
TREND STEADY WORTH Yen 724 M
STARTED 1988 EMPLOYES 35
COMMENT
IMPORTER AND WHOLESALER OF OFFICE FURNITURE, WHOLLY OWNED BY
HERMAN MILLER INC, USA. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR
ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 54.3 MILLION, 30 DAYS NORMAL
TERMS.
HIGHLIGHTS
The subject company was established by Herman Miller Inc, USA,
as its marketing base in Japan. The
subject imports and wholesales chairs, desks to office systems, the products of
the USA parent and its group firms, including furniture for household-use. Goods are imported from the parent and its
group companies worldwide. Clients are
major furniture dealers, furniture stores, other, nationwide.
FINANCIAL INFORMATION
Financials are only partially disclosed.
The sales volume for May/2007 fiscal term amounted to Yen 3,000 million, a 20% up from Yen 2,500 million in the previous term. Corporate business recovered and demand increased. The net profit is not openly disclosed and is believed posted at Yen 20 million, up from Yen 17 million a year ago.
For the current term ending May 2008 the net profit is
projected at Yen 20 million, on a 3% rise in turnover, to Yen 3,100
million. Business is seen steadily
expanding.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 54.3 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jul
1988
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 80,000
shares
Issued: 20,000
shares
Sum: Yen
100 million
Major shareholders (%): Herman
Miller Inc (USA) (100)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports and wholesales office furniture, office
systems, filing & storage, freestanding furniture, executive furniture,
home furniture, others, imported from the parent, Herman Miller Inc, USA and
group firms (--100%).
Clients: [Furniture dealers, furniture stores] Inter Office, Office Net. Smile Inc, Lilycolor, Yamagiwa, Microsoft, Otsuka Kago Ltd, Arco Design, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Imports from the parent, Herman
Miller Inc, USA, and its group firms, Global Concepts Korea, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
MUFG (Gotanda-Ekimae)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
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31/05/2008 |
31/05/2007 |
31/05/2006 |
31/05/2005 |
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Annual
Sales |
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3,100 |
3,000 |
2,500 |
2,400 |
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Recur.
Profit |
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Net
Profit |
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20 |
20 |
17 |
16 |
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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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724 |
704 |
687 |
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Capital,
Paid-Up |
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100 |
100 |
100 |
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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 |
3.33 |
20.00 |
4.17 |
-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 |
0.65 |
0.67 |
0.68 |
0.67 |
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Notes: Financials are only partially disclosed.
Forecast (or estimated) for the 31/05/2008 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. |
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%)