MIRA
INFORM REPORT
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Report Date : |
22.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
MANAS TRADING INC |
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Registered Office : |
Kamimeguro Okura Bldg 4/5F, 1-26-9 Kamimeguro Meguroku
Tokyo 153-0051 |
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Country : |
Japan |
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Financials (as on) : |
28.02.2007 |
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Date of Incorporation : |
Nov 1984 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Wholesale, import of curtains, interior fabrics |
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 16.9 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
MANAS TRADING INC
*.. The given name “Manas-Tex” is brand name.
REGD NAME
Manas Trading KK
MAIN OFFICE
Kamimeguro Okura Bldg 4/5F, 1-26-9 Kamimeguro Meguroku Tokyo 153-0051
JAPAN
Tel : 03-3792-7411
Fax : 03-3729-7481
URL : http://www.manas.co.jp
E-Mail address: info@manas.co.jp
*.. Moved to the caption address in Aug 2007 from the former
at: Evergreen Bldg 2F, 3-3-2 Nakameguro Meguroku Tokyo, as given.
ACTIVITIES
Wholesale, import of curtains, interior fabrics
BRANCHES
Tokyo, Osaka, Nagoya, Hiroshima, Fukuoka (--show rooms)
STORE(S)
Tokyo (2), Osaka (--in-shops)
OFFICERS
SHIN’ICHI SAITOH, PRES Atsuhiko
Tsutsui, dir
Yoshiko Kokido, dir Katsumi
Takayama, dir
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,834 M
PAYMENTS REGULAR CAPITAL Yen 121 M
TREND STEADY WORTH Yen 144 M
STARTED 1984 EMPLOYES 76
COMMENT
IMPORTER AND WHOLESALER SPECIALIZING IN CURTAINS & OTHER UPHOLSTERY FABRICS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$75,000 / O/A 30 DAYS
MAX CREDIT LIMIT: YEN 16.9 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established originally at Sarugakucho,
Shibuyaku and moved the Headquarters to the caption address in 2007. This is a trading house for import and
wholesale of curtains, curtain cloths, other upholstery fabrics. Goods are also retailed at 3 in-shops in department stores. Has 5 show rooms with collection of famous
brand upholstery fabrics & products (see OPERATION). Goods are imported mostly through general
trading houses.
FINANCIAL INFORMATION
The sales volume for Feb/2007 fiscal term amounted to Yen 1,834
million, a 17% up from Yen 1,572 million in the previous term. Rising demand from new condominiums
contributed as the housing market revived.
Weaker Yen also assisted to uplift sales in Yen terms. The recurring profit was posted at Yen 25
million and the net profit at Yen 10 million, respectively, compared with Yen
29 million recurring profit and Yen 3 million net profit a year ago.
For the current term ending Feb 2007 the recurring profit is
projected at Yen 30 million and the net profit at Yen 11 million, respectively,
on a 6% rise in turnover, to Yen 1,950 million.
The financial situation is considered maintained FAIR and good
for ORDINARY business engagements. Max
credit limit is estimated at Yen 16.9 million, on 30 days normal terms. The proposed amount is considered within the
firm’s financial capabilities.
REGISTRATION
Date Registered: Nov
1984
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 9,680
shares
Issued: 2,425 shares
Sum: Yen
121.29 million
Major shareholders (%): Shin’ichi Saitoh (16.5), Mitsui & Co (16.3), Deco Sasaki (12.7), Tokio Oda (8.9),
Takatoshi
Tao (8.0)
No. of shareholders: 31
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Imports and wholesales (partially retails at
in-shops in department stores) curtains, curtain cloths, rugs & carpets,
other upholstery fabrics (--100%).
Show room &
collection of upholstery: Manas-Tex, Sahco, Sahco- ULF Moritz, Sa hco –
Lori Weitzner, Jim Thompson, Elitis, Osborne & Little, Nina Campbell,
Lorca, Sanderson, William Morris, Backhausen, Anna French, Chase Erwin, John
Boyd Textiles Ltd, other.
Clients: [Department stores, chain stores, wholesalers] Hankyu Department Stores, Isetan, Manas & Morris, Sumitomo Forestry Co, Mitsui Designtech, Yamagiwa Corp, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsui & Co, Itochu Corp, Ionia Ltd, JFE Shoji Matech, Silent Gliss Corp, other.
Imports from: Hesslein & Co AG, Jim Thompson Europe GmbH
(--Germany), Lori Weitzner Design Inc (USA), Thai Silk Co Ltd (Thailand),
Osborne & Little, Abaris Holdings Ltd (trade name Sandersen), Morris &
Co, John Boyd Textiles Ltd (--UK), other.
Payment record: Regular
Location: Business area Tokyo.
Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
MUFG (Meguro)
SMBC (Jiyugaoka)
Relations: Satisfactory.
FINANCES
(In Million Yen)
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Terms Ending: |
29/02/2008 |
28/02/2007 |
28/02/2006 |
28/02/2005 |
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Annual
Sales |
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1,950 |
1,834 |
1,572 |
1,399 |
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Recur.
Profit |
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30 |
25 |
29 |
29 |
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Net
Profit |
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11 |
10 |
3 |
1 |
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Total
Assets |
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970 |
869 |
889 |
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Current
Assets |
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758 |
663 |
572 |
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Current
Liabs |
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343 |
250 |
375 |
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Net
Worth |
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144 |
134 |
131 |
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Capital,
Paid-Up |
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121 |
121 |
121 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
6.32 |
16.67 |
12.37 |
18.46 |
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Current Ratio |
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220.99 |
265.20 |
152.53 |
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N.Worth Ratio |
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14.85 |
15.42 |
14.74 |
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R.Profit/Sales |
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1.54 |
1.36 |
1.84 |
2.07 |
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N.Profit/Sales |
0.56 |
0.55 |
0.19 |
0.07 |
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Return On Equity |
.. |
6.94 |
2.24 |
0.76 |
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Note: Forecast (or estimated) for the 29/02/2008 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%)