MIRA
INFORM REPORT
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Report Date : |
17.10.2007 |
IDENTIFICATION DETAILS
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Name : |
SCHOONER CO
LTD |
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Registered Office : |
Davinci
Onarimon Bldg 7F, 6-1-11 Shimbashi Minatoku |
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Country : |
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Financials (as on) : |
31.08.2007 |
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Date of Incorporation : |
Sept
1978 |
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Legal Form : |
Limited
Company (Kabushiki Kaisha) |
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Line of Business : |
Import,
wholesale of (sweet) shrimps, crabs, mackerel, other marine products |
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 120.8 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
SCHOONER
CO LTD
REGD NAME
Schooner
KK
MAIN OFFICE
Davinci
Onarimon Bldg 7F, 6-1-11 Shimbashi Minatoku
Tel : 03-5470-0631
Fax : 03-5470-9640
URL : http://www.schooner.co.jp/
E-mail
address: info@schooner.co.jp
*..
Registered at: 9-6-28 Akasaka Minatoku
ACTIVITIES
Import,
wholesale of (sweet) shrimps, crabs, mackerel, other marine products
BRANCH(ES)
Aalborg
(
OFFICER(S)
NOBUYUKI
HIGUCHI, PRES
Nobutaka
Higuchi, dir
Atsuko
Higuchi, dir
Yen
Amount: In million Yen, otherwise
stated.
SUMMARY
FINANCES FAIR A/SALES Yen 6,580 M
PAYAMENTS REGULAR CAPITAL Yen 300 M
TREND STEADY WORTH
Yen 554 M
STARTED 1978 EMPLOYS 37
COMMENT
IMPORTER AND WHOLESALER SPECIALIZING IN
SHRIMPS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT
ENGAGEMENTS: US$65,000.00
MAX CREDIT
LIMIT: YEN 120.8 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject
company was established by Nobuyuki Higuchi, a graduate of Tokyo University of
Fisheries, in order to make most of his experience in the subject line of
business. This is a trading house
specializing in import and wholesale of (sweet) shrimps centrally, crabs,
shellfish, mackerels, other marine products.
Goods are imported frozen or chilled.
The sweet shrimps are marketed as “Schooner” brand. Imports from Greenland (sweet shrimps),
FINANCIAL INFORMATION
The subject
firm does not disclose full financials, except the following partial figures.
The sales
volume for Aug/2006 fiscal term amounted to Yen 6,580 million, an 8% down from
Yen 7,119 million in the previous term.
This is referred to the transfer of part of wholesaling division to the
subsidiary, Yosei Co Ltd. Total volume
handled remained steady. As a result,
the net profit decreased to Yen 7 million from Yen 17 million a year ago. Costs of imports and operations rose to eat
into profits, too.
For the term
ended Aug 2007 the net profit is estimated posted at Yen 15 million, on a 5%
rise in turnover, to Yen 6,900 million.
Demand for shrimps reportedly continued rising, particularly from sushi
restaurants. Weaker Yen should have
contributed to the sales growth in Yen terms.
The financial
situation is considered maintained FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 120.8 million, on 30 days normal terms. The proposed amount is considered well within
the firm’s financial capacities.
REGISTRATION
Date
Registered: Sept 1978
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 2.4 shares
Issued: 600,000 shares
Sum: Yen 300 million
Major
shareholders (%): Nobuyuki Higuchi (90) & families (--10)
No.
of shareholders: 3
*..Yosei Co
Ltd, wholesaler of fishery products, at the caption address, wholly owned by
the Higuchi family, founded 1978, capital Yen 10 million, turnover Yen 7,400
million, net profit Yen 20 million, employees 30, pres Nobuyuki Higuchi
concurrently, with all other executives serving concurrently.
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities:
Imports and wholesales frozen / chilled (sweet) shrimps, branded as “Schooner”
(70%), crabs, mackerels, blue mussels, other marine products (--30%).
Shrimps come
mostly from Greenland & Argentine.
Also imports from
Goods are
marketed through the subsidiary, Yosei Co Ltd, down to fishery markets, chain
stores, sushi restaurants, other, nationwide.
Clients:
[Wholesaler] Wholesaled through Yosei Co Ltd (subsidiary), down to Osaka
Uoichiba (Fish markets), Aeon Co (chain store operator), Daito Gyorui, Tsukiji
Uoichiba, Katokichi Co (Food processor), other.
No.
of account:. 1,000 (through Yosei Co Ltd.
Domestic
areas of activities: Nationwide
Suppliers:
[Fisheries, wholesalers] Imports from Polar Seafood, Clear Water Seafood,
Greenland centrally,
Payment
record: Regular
Location:
Business area in
Bank Reference
MUFG
(Shimbashi)
Mizuho
(Shimbashi)
Relations:
Satisfactory
FINANCES
(In
million yen)
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Terms Ending: |
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31/08/2007 |
31/08/2006 |
31/08/2005 |
31/08/2004 |
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Annual
Sales |
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6,900 |
6,580 |
7,119 |
7,018 |
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Recur.
Profit |
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Net
Profit |
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15 |
7 |
17 |
13 |
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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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554 |
547 |
530 |
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Capital,
Paid-Up |
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300 |
300 |
300 |
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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 |
4.86 |
-7.57 |
1.44 |
4.28 |
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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 |
0.21 |
0.11 |
0.24 |
0.19 |
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Notes: Financial statement not disclosed only except the above partial approx
figures.
Forecast
(or estimated) figures for 31/08/2007 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. |
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%)