MIRA INFORM REPORT

 

 

Report Date :

01.09.2007

 

IDENTIFICATION DETAILS

 

Name :

SPRING COSMO INTERNATIONAL CORP

 

 

Registered Office :

Pearl Bldg Minami-Aoyama, 2-5-9 Minamiaoyama Minatoku Tokyo 107-0092

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

Jun 1993

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Import, wholesale of paper, paper products

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 75.7 millions

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

name

 

SPRING COSMO INTERNATIONAL CORP

 

 

REGD NAME

 

KK Spring Cosmo International

 

 

MAIN OFFICE

 

Pearl Bldg Minami-Aoyama, 2-5-9 Minamiaoyama Minatoku Tokyo 107-0092 JAPAN

Tel        : 03-5410-5321

Fax       : 03-5410-5322

URL      : http://www.springcosmo.com

E-mail   : info@springcosmo.com

 

 

ACTIVITIES

 

Import, wholesale of paper, paper products

 

 

BRANCHES

 

Nil

 

 

OFFICERS

 

FUMITAKA TAKAHASHI, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 5,100 M

PAYMENTS      REGULAR                     CAPITAL           Yen 20 M

TREND             STEADY                       WORTH            Yen 137 M

STARTED         1993                             EMPLOYES      7

 

 

COMMENT

 

TRADING HOUSE FOR IMPORT AND WHOLESALE OF PAPER & PAPER PRODUCTS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 75.7 MILLION, 30 DAYS NORMAL TERMS.

 

 

HIGHLIGHTS

 

The subject company was established by Fumitaka Takahashi in order to make most of his experience in the subject line of business.  This is a trading house for import, export and wholesale of printing paper, linerboard, wood-free paper, other paper materials & products.  Goods are more exported than imported.  Export destinations are Taiwan, China, S/E Asian countries, USA, etc.  Imports are from Europe, China and other S/E Asian countries.  Domestic clients include major printing houses.

 

 

FINANCIAL INFORMATION

           

The firm does not disclose full financials only except the following partial figures.

 

The sales volume for Mar/2007 fiscal term is believed amounted to Yen 5,100 million, a 4% up from Yen 4,900 million in the previous term.  We say believed, because these figures are provided from outside sources, which the firm declined to confirm.  Rising demand for high quality printing paper & specialty paper continued.  Weaker Yen also assisted to raise sales in Yen terms.  The net profit was posted at Yen 15 million, unchanged from the previous year.

 

For the current term ending Mar 2008 the net profit is projected at Yen 16 million, on a 2% rise in turnover, to Yen 5,200 million.  High quality paper will grow including photographic paper.

 

The financial situation is considered maintained FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 75.7 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:            Jun 1993

Legal Status:                 Limited Company (Kabushiki Kaisha)

Authorized:                    1,600 shares

Issued:                          400 shares

Sum:                            Yen 20 million

Major shareholders (%): Fumio Takahashi (50), Nakagawa Seisakusho (25), Ian Fun (25)

No. of shareholders:       3

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

           

Activities: Imports, exports and wholesales printing paper, coated paper, wood-free paper, fiberboard, rolled paper, other paper products (--100%).

           

(Export 40%, import 30%).

 

Clients: [Paper dealers, paper mills, printing houses] KK Shiroki (20%), Toppan Printing (10%), Tosho Printing, Hattori Paper & Board, San-Mic Shoji, Nakagawa Seisakusho, other. 

 

Also exports to Oceania (20%), Taiwan, China, other S/E Asian countries, USA, other.

 

No. of accounts: 1,000

 

Domestic areas of activities: Nationwide

 

Suppliers: [Paper mills, wholesalers] Hattori Paper & Board, San-Mic Shoji, KK Shiroki, Tosho Printing, Jujo Trading, other. 

 

Imports from Europe, S/E Asian countries, etc.

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

 

Bank References

 

MUFG (Omotesando)

SMBC (Aoyama)

 

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

Terms Ending:

　

31/03/2008

31/03/2007

31/03/2006

31/03/2005

Annual Sales

　

5,200

5,100

4,900

3,200

Recur. Profit

　

　

　

　

　

Net Profit

　

16

15

15

10

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

137

122

107

Capital, Paid-Up

　

　

20

20

20

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

       S.Growth Rate

1.96

4.08

53.13

1.59

       Current Ratio

 

 

..

..

..

       N.Worth Ratio

 

..

..

..

       N.Profit/Sales

0.31

0.29

0.31

0.31

 

Notes: Financials are not disclosed only except the above partial figures.

Forecast (or estimated) figures for 31/03/2008 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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions