MIRA
INFORM REPORT
|
Report Date : |
18.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
MENSAN CORPORATION |
|
|
|
|
Registered Office : |
Nisshokan Bldg 504, 1-10 Nihombashi-Kabutocho Chuoku |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.08.2007 |
|
|
|
|
Date of Incorporation : |
Oct 1972 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki
Kaisha) |
|
|
|
|
Line of Business : |
Import, wholesale of skis,
snowboards |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
Yen 2.2 millions |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Regular |
name
MENSAN CORPORATION
REGD NAME
KK Mensan
MAIN OFFICE
Nisshokan Bldg 504,
1-10 Nihombashi-Kabutocho Chuoku Tokyo 103-0026
Tel : 03-3664-6280
Fax : 03-5643-6380
URL : N/A
ACTIVITIES
Import,
wholesale of skis, snowboards
BRANCHES
Nil
OFFICERS
SHUN
IWASA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 180 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND SLOW WORTH Yen
15 M
STARTED 1972 EMPLOYES 1
COMMENT
IMPORTER AND WHOLESALER SPECIALIZING IN SKIS & SNOWBOARDS. FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD NBE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 2.2 MILLION, 30 DAYS, RECOMMENDING SECURED TERMS ON NEW TRANSACTIONS.
HIGHLIGHTS
The subject company was established by father of Shun Iwasa in order
to make most of his experience in the subject line of business. Shun Iwasa assumed the pres office in Aug
1981. Owned and operated by the Iwasa
family, the firm specializes in importing and wholesaling skis and
snow-boards. Goods are imported from
FINANCIAL
INFORMATION
The firm does not disclose full financials only except the following partial figures.
The sales volume for Aug/2006 fiscal term amounted to Yen
180 million, a 5% down from Yen 190 million in the previous term. This business is seen struggling for sales
after the peak year of 2004 when the firm turned out Yen 250 million
sales. However, due to bankruptcies of
some clients the firm had registered losses for the last two consecutive
terms. For this term the profitability
is reported recovered but still limited to a minimum amount post-taxes.
For the term ended Aug 2007 the net profit is believed posted at Yen 1 million, on a 6% rise in turnover, to Yen 190 million. Weaker Yen is thought to have contributed to the growth.
The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements. Max credit limit is estimated at Yen 2.2 million, on 30 days terms, we recommending fully secured terms on new transactions.
REGISTRATION
Date
Registered: Oct 1972
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 80,000 shares
Issued: 20,000 shares
Sum: Yen
10 million
Major shareholders (%): Shun
Iwasa (25)
No. of shareholders: 8
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports and wholesales skis, snowboards, their making materials and accessories (--100%).
Goods
are imported centrally from
Clients:
Ski and snowboard mfrs, wholesalers, sports shops, other
No. of
accounts: 300
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs] Iso Sports,
Payment
record: Regular
Location: Business area in
Bank References
Mizuho
Bank (Kabutocho)
SMBC
(Nihombashi-Higashi)
Relations:
Satisfactory
FINANCES
(In
Million Yen)
|
Terms Ending: |
|
31/08/2007 |
31/08/2006 |
31/08/2005 |
31/08/2004 |
|
|
Annual
Sales |
|
190 |
180 |
190 |
250 |
|
|
Recur.
Profit |
|
|
|
|
|
|
|
Net
Profit |
|
1 |
0 |
-47 |
-21 |
|
|
Total
Assets |
|
|
N/A |
N/A |
N/A |
|
|
Net
Worth |
|
|
15 |
15 |
62 |
|
|
Capital,
Paid-Up |
|
|
10 |
10 |
10 |
|
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
||
|
S.Growth Rate |
5.56 |
-5.26 |
-24.00 |
38.89 |
||
|
Current Ratio |
|
|
.. |
.. |
.. |
|
|
N.Worth Ratio |
|
.. |
.. |
.. |
||
|
N.Profit/Sales |
0.53 |
0.00 |
-24.74 |
-8.40 |
||
Note:
Financials are only partially disclosed.
Forecast
(or estimated) for the 31/08/2007 fiscal term.
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)