MIRA
INFORM REPORT
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Report Date : |
12.09.2007 |
IDENTIFICATION DETAILS
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Name : |
ZYPRO INC |
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Registered Office : |
Hinomaru Bldg, 1-1-3 Shimomeguro Meguroku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Apr 1962 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Wholesale of car parts;
operation & leasing of nonresidential buildings |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 29.2 millions |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
name
ZYPRO INC
REGD NAME
Zypro KK
MAIN OFFICE
Hinomaru Bldg,
1-1-3 Shimomeguro Meguroku
Tel : 03-3490-3171
Fax : 03-3490-3185
URL : http://www.zypro.co.jp
(Now under construction)
E-Mail
address: sales@zypro.co.jp
ACTIVITIES
Wholesale
of car parts; operation & leasing of nonresidential buildings
BRANCHES
OFFICERS
SEIICHI
KITA, PRES Mamoru
Kamiya, ch
Fumio
Mizuno, dir Makoto
Sekine, dir
Yoshitaka
Kamiya, dir Masayoshi
Kamiya, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 5,000 M
PAYMENTS REGULAR CAPITAL Yen 300 M
TREND SLOW WORTH Yen
3,000 M*
STARTED 1962 EMPLOYES 169
*.. Only estimated as the firm stopped releasing financials as
from the 31/03/2006 fiscal term after having been delisted from JASDAQ S/E.
COMMENT
WHOLESALER OF CAR PARTS; REAL ESTATE MANAGEMENT. FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 29.2 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by Shoichi Kamiya in order
to make most of his experience in the subject line of business. A trading firm specializing in wholesaling
automotive parts and accessories:
floor mats, rear sunshades, smoke curtains, other car interior & exterior
accessories. Also manages real estate
including its own buildings. Operated 6
subsidiaries but due to competition among the trade particularly in the light
of recycled car parts & accessories, the firm gradually reduced
operations. Used to be listed on the JASDAQ,
but was delisted in 2006. Business is
being gradually reduced to focus on real estate & nonresidential buildings
operations, management & leasing, while car parts business is on a small
scale retained. Major client in the car
business is still Toyota Motor. Sold
most of the facilities, including some of the buildings, and stockholdings to
curtail operations.
FINANCIAL INFORMATION
The firm stopped releasing full financials as from the 31/03/2006 fiscal term after having been delisted from JASDAQ (We have attached full financials as SUPPLEMENT)
The sales volume for Mar/2007 fiscal term amounted to Yen 5,000 million, a drastic 59% down from Yen 12,210 million in the previous term. This is referred to the said curtailment of operations and liquidation of unprofitable businesses, including subsidiaries. The net profit is not disclosed, but is reportedly posted at Yen 50 million. The net worth shown is only estimated.
For the current term ending Mar 2008 the net profit is projected at Yen 50 million, on a similar turnover, at Yen 5,000 million. The firm is reported to concentrate on real estate management & operations.
The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements. Max credit limit is estimated at Yen 29.2 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Apr 1962
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 6,000 shares
Issued: 6,000 shares
Sum: Yen 300 million*
*.. In Mar
2006 reduced from Yen 891 million, when delisted from JASDAQ.
Major shareholders (%): Akio Kamiya (24), Hiroshi Kamiya (15), Maruhachi Shokusan*(10), Yoshitaka Kamiya (8)
*..
Holding company owned by the Kamiya family
No. of shareholders: 20 (about)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Real estate and nonresidential buildings
operations, management & leasing; wholesale of automotive parts &
accessories, such as floor mats, rear sunshades, smoke curtains, other car interior
& exterior parts & accessories (--100%).
Clients: [Automakers]
No. of
accounts: 50
Domestic
areas of activities: Centered in greater-Tokyo
Suppliers:
[Mfrs, wholesalers] Japan Vilene Co, other.
Payment
record: Regular
Location: Business area in
Bank References
MUFG (
SMBC (
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
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31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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5,000 |
5,000 |
12,210 |
18,898 |
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Recur.
Profit |
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Net
Profit |
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50 |
50 |
260 |
-42 |
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Total
Assets |
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N/A |
N/A |
15,849 |
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Net
Worth |
(*) |
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3,000 |
3,180 |
3,720 |
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Capital,
Paid-Up |
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300 |
300 |
891 |
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Div.P.Share(¥) |
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0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
0.00 |
-59.05 |
-35.39 |
1.73 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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23.47 |
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N.Profit/Sales |
1.00 |
1.00 |
2.13 |
-0.22 |
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Note:
Financials are only partially disclosed.
Forecast
(or estimated) for the 31/03/2008 fiscal term.
(*)
Net Worth figures are estimated only.
SUPPLEMENT
Consolidated
financials of subsidiaries: JOZ Co, JOB Co. Doctors Co & Tsukawa Mfg.
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/02/2005 |
31/02/2004 |
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INCOME STATEMENT |
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Annual Sales |
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20,571 |
20,382 |
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Cost of Sales |
16,146 |
15,991 |
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GROSS PROFIT |
4,425 |
4,391 |
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Selling & Adm Costs |
3,973 |
4,083 |
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OPERATING PROFIT |
451 |
307 |
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Non-Operating P/L |
43 |
129 |
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RECURRING PROFIT |
494 |
436 |
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NET PROFIT |
47 |
81 |
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BALANCE SHEET |
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Cash |
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817 |
448 |
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Receivables |
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3,502 |
3,626 |
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Inventory |
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1,855 |
2,127 |
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Securities, Marketable |
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Other Current Assets |
505 |
206 |
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TOTAL CURRENT ASSETS |
6,679 |
6,407 |
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Property & Equipment |
5,890 |
6,434 |
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Intangibles |
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52 |
53 |
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Investments, Other Fixed Assets |
3,314 |
4,549 |
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TOTAL ASSETS |
15,935 |
17,443 |
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Payables |
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4,211 |
4,402 |
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Short-Term Bank Loans |
4,852 |
2,782 |
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Other Current Liabs |
1,036 |
599 |
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TOTAL CURRENT LIABS |
10,099 |
7,783 |
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Debentures |
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Long-Term Bank Loans |
817 |
1,969 |
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Reserve for Retirement Allw |
218 |
500 |
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Other Debts |
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1,110 |
1,080 |
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TOTAL LIABILITIES |
12,244 |
11,332 |
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MINORITY INTERESTS |
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Common
stock |
891 |
891 |
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Additional
paid-in capital |
663 |
663 |
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Retained
earnings |
3,477 |
3,495 |
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Evaluation
p/l on investments/securities |
855 |
1,132 |
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Others |
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1 |
2 |
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Treasury
stock, at cost |
(2,197) |
(73) |
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TOTAL S/HOLDERS` EQUITY |
3,690 |
6,110 |
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TOTAL EQUITIES |
15,935 |
17,443 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/02/2005 |
31/02/2004 |
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Cash
Flows from Operating Activities |
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821 |
511 |
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Cash Flows
from Investment Activities |
983 |
203 |
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Cash
Flows from Financing Activities |
-1,435 |
-759 |
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Cash,
Bank Deposits at the Term End |
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817 |
448 |
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ANALYTICAL RATIOS Terms ending: |
31/02/2005 |
31/02/2004 |
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Net
Worth (S/Holders' Equity) |
3,690 |
6,110 |
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Current
Ratio (%) |
66.14 |
82.32 |
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Net
Worth Ratio (%) |
23.16 |
35.03 |
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Recurring
Profit Ratio (%) |
2.40 |
2.14 |
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Net
Profit Ratio (%) |
0.23 |
0.40 |
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Return
On Equity (%) |
1.27 |
1.33 |
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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%)