MIRA
INFORM REPORT
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Report Date : |
06.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SMBC FINANCE
SERVICE CO LTD |
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Registered Office : |
Sumitomo Fudosan Mita Twin Bldg West Wing 7F, 3-5-27 Mita
Minatoku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Dec 1972 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Factoring, debt collection,
credit guarantee, financing business |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 458.2 millions |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name
SMBC FINANCE
SERVICE CO LTD
REGD NAME
SMBC Finance
Service KK
MAIN OFFICE
Sumitomo Fudosan Mita Twin Bldg West Wing 7F, 3-5-27 Mita
Minatoku
Tel : 03-5444-1500
Fax : 03-5444-1551
URL : http://www.smbc-fs.co.jp
E-Mail
address: info@smbc-fs.co.jp
ACTIVITIES
Factoring,
debt collection, credit guarantee, financing business
LICENSE
FSA
(8) #00191 (Under Money Lending Control Law)
BRANCHES
OFFICERS
KENGO
MIYAUCHI, PRES Tamotsu
Wakahara, rep dir
Shichiro
Takano, s/mgn dir Kenko
Nakai, s/mgn dir
Minoru
Tanaka, s/mgn dir Shinpei
Nishijima, mgn dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 33,015 M
PAYMENTS REGULAR CAPITAL Yen 71,705 M
TREND STEADY WORTH Yen
103,421 M
STARTED 1962 EMPLOYES 346
COMMENT
FACTORING SERVICING COMPANY, OWNED BY SMBC. FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 458.2 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established on the basis of a factoring division separated from Sumitomo Mitsui Banking Corporation (SMBC) (See REGISTRATION). This is a factoring servicing company, loan/debt collections, credit guarantee service, payment/purchase fee collection services, buying L/C’s and guarantee payment, funding & loaning services. Clients are major business firms.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 33,015 million, a 1% up from Yen 32,899 million in the previous term. International transactions remained steady. The net profit was posted at Yen 21,025 million, up from Yen 8,678 million a year ago. Extraordinary profits of Yen 5,133 million is reported.
For the current term ending Mar 2008 the net profit is projected at Yen 9,000 million, on a 5% rise in turnover, to Yen 34,500 million. International business will grow.
The financial situation is considered FAIR to GOOD and good for PROPER business engagements. Max credit limit is estimated at Yen 458.2 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Dec 1972
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 568,000 shares
Issued: 143,410 shares
Sum: Yen 71.7 million
Major shareholders (%): Sumitomo
Mitsui Banking Corp*(100)
*.. Leading Bank of Japan, founded 1996, capital Yen 664,986 million, turnover Yen 2,750,274 million, recurring profit Yen 862,062 million, net profit Yen 563,584 million, total assets Yen104,418,397 million, net worth Yen 3,598,294 million, employees 32,918, pres Masayuki Oku
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Factoring servicing company, licensed FSA #00191; offering such services as factoring, credit guarantee, revolving guarantee, debt/receivables collection, loans secured by account receivables, payment guarantee, L/C’s buying & payment, funding & loaning, other related services (--100%)
Clients:
Business firms, other
No. of
accounts: 2,000
Domestic
areas of activities: Nationwide
Suppliers:
[Banks, Trust Banks] SMBC, Mitsui Trust Bank, Mitsui Sumitomo Life Ins, other.
Payment
record: Regular
Location: Business area in
Bank References
SMBC (
Sumitomo
Trust Bank (
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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33,015 |
32,699 |
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Cost of Sales |
19,297 |
22,134 |
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GROSS PROFIT |
13,718 |
10,565 |
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Selling & Adm Costs |
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OPERATING PROFIT |
13,717 |
10,564 |
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Non-Operating P/L |
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RECURRING PROFIT |
13,717 |
10,564 |
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NET PROFIT |
21,025 |
8,678 |
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BALANCE SHEET |
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Cash |
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Receivables |
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Inventory |
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Securities, Marketable |
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Other Current Assets |
322,509 |
532,070 |
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TOTAL CURRENT ASSETS |
322,509 |
532,070 |
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Property & Equipment |
40,433 |
46,253 |
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Intangibles |
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1,263 |
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Investments, Other Fixed Assets |
0 |
(1,263) |
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TOTAL ASSETS |
362,942 |
578,323 |
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Payables |
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Short-Term Bank Loans |
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Other Current Liabs |
257,269 |
493,027 |
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TOTAL CURRENT LIABS |
257,269 |
493,027 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
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Other Debts |
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2,251 |
3,013 |
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TOTAL LIABILITIES |
259,520 |
496,040 |
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MINORITY INTERESTS |
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Common
stock |
71,705 |
71,705 |
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Additional
paid-in capital |
1,450 |
1,450 |
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Retained
earnings |
28,175 |
7,150 |
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Evaluation
p/l on investments/securities |
1,977 |
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Others |
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114 |
1,978 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
103,421 |
82,283 |
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TOTAL EQUITIES |
362,942 |
578,323 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
103,421 |
82,283 |
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Current
Ratio (%) |
125.36 |
107.92 |
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Net
Worth Ratio (%) |
28.50 |
14.23 |
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Recurring
Profit Ratio (%) |
41.55 |
32.31 |
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Net Profit
Ratio (%) |
63.68 |
26.54 |
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Return
On Equity (%) |
20.33 |
10.55 |
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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%)