MIRA
INFORM REPORT
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Report Date : |
13.10.2007 |
IDENTIFICATION DETAILS
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Name : |
ESUESU SANGYO CO LTD |
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Registered Office : |
1-10-16 Matsuda Higashiku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Apr 1970 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Wholesale of packaging &
wrapping materials |
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 152.4 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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name
ESUESU SANGYO CO
LTD
REGD NAME
Esuesu Sangyo KK
MAIN OFFICE
1-10-16 Matsuda
Higashiku
Tel : 092-621-6531
Fax : 092-611-5770
URL : http://www.ss-sangyo.co.jp
E-Mail
address: info@ss-sangyo.co.jp
ACTIVITIES
Wholesale
of packaging & wrapping materials
BRANCHES
Hakataku
(
WAREHOUSE
Higashiku
(
OFFICERS
Satoru
Saito, ch KOJI
SAITO, PRES
Katsumasa Saito, v pres Masakatsu Takeuchi, mgn dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 3,686 M
PAYMENTS REGULAR CAPITAL Yen 30 M
TREND STEADY WORTH Yen 943 M
STARTED 1970 EMPLOYES 52
COMMENT
WHOLESALER SPECIALIZING IN PACKAGING MATERIALS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 152.4 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established originally in 1963 by Satoru Saito for selling cardboard & other packaging materials, on his account. Incorporated in 1970, the firm has expanded its handling items to food containers, food wrapping materials, plastic film products, pallets, other packaging & wrapping materials. Due to local governments strict regulation on wrapping materials and quality from environmental protection viewpoint, film wrappers and ecological wrapping materials are very much on the increase. Recent development includes cardboards attached with adhesive tapes.
FINANCIAL
INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 3,686
million, a 9% hike from Yen 3,397 million in the previous term. Demand continued rising for disposal bags
strictly on the local government’s regulation and standard for garbage &
other disposable bags (films). Goods are
mostly imported from subcontracted mfrs in
For the current term ending Mar 2008 the recurring profit is projected at Yen 185 million and the net profit at Yen 65 million, respectively, on a 4% rise in turnover, to Yen 3,850 million. Demand for eco-friendly plastic bags & films will continue increasing.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 152.4 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Apr 1970
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 240,000 shares
Issued: 60,000 shares
Sum: Yen 30 million
Major shareholders (%): Satoru Saito (50), Katsumasa Saito (15), Koji Saito (10)
No. of shareholders: 8
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Wholesales a wide range of packaging & wrapping materials (--100%):
(Handling items):
Cardboards, sealing materials, wrapping sheets, vinyl tapes,
ropes, food tray, PET bottles, adhesive tapes, polyethylene bags & films,
containers, pallets, carts, air bags, Styrofoam boards & sheets, vacuum
packs, paper towels, polyethylene gloves, disposable chopsticks, ecological
garbage bags (films), garbage disposal equipment, other.
Goods
are imported from subcontracted mfrs in
Clients: [Food chains, supermarkets, apparel mfrs] Onward
Kashiyama, Nippon Tungsten, Nafco group chains, Best Denki, Shiseido, Mr Max
Corp, Hayashikane Sangyo, Toyo Suisan Kaisha, Otsuka Packaging Ind, Marukyo
Corp, etc
No. of
accounts: 800
Domestic
areas of activities: Centered in Fukuoka-Pref and vicinities
Suppliers: [Mfrs, wholesalers] Nichiban, Fukusuke Kogyo,
Teraoka Seisakusho, Chori Corp, Denki Kagaku Kogyo, Toyo Kagaku, Hinomaru Corp,
Taiyo Shiko, Risu Pack, Tokan Kogyo, other.
Imports
from
Payment
record: Regular
Location: Business area in
Bank References
Nishinippon
Bank (Hakozaki)
Bank
of
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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3,850 |
3,686 |
3,397 |
3,095 |
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Recur.
Profit |
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185 |
181 |
116 |
96 |
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Net
Profit |
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65 |
62 |
64 |
55 |
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Total
Assets |
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1,653 |
1,620 |
1,474 |
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Current
Assets |
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1,154 |
1,070 |
1,054 |
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Current
Liabs |
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707 |
629 |
641 |
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Net
Worth |
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943 |
928 |
830 |
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Capital,
Paid-Up |
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30 |
30 |
30 |
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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 |
4.45 |
8.51 |
9.76 |
15.18 |
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Current Ratio |
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.. |
163.22 |
170.11 |
164.43 |
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N.Worth Ratio |
.. |
57.05 |
57.28 |
56.31 |
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R.Profit/Sales |
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4.81 |
4.91 |
3.41 |
3.10 |
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N.Profit/Sales |
1.69 |
1.68 |
1.88 |
1.78 |
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Return On Equity |
.. |
6.57 |
12.50 |
6.63 |
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Note: Forecast
(or estimated) for the 31/03/2008 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%)