MIRA
INFORM REPORT
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Report Date : |
26.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SHIMADA TRADING CO LTD |
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Registered Office : |
N Bldg 2F, 2-26-3 Kitazawa Setagayaku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Apr 1986 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Import, retail of furniture,
interior upholstery |
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 42 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
SHIMADA TRADING CO
LTD
REGD NAME
KK Shimada Trading
MAIN OFFICE
N Bldg 2F, 2-26-3
Kitazawa Setagayaku
Tel : 03-5738-3288
Fax : 03-5738-3280
URL : http://www.noce.co.jp/
E-Mail
address: info@noce.co.jp
ACTIVITIES
Import,
retail of furniture, interior upholstery
STORE(S)
Ohtsuki
(Yamanashi-Pref)
FACTORY(IES)
(subcontracted
both at home & abroad)
OFFICERS
SHUNSUKE
SHIMADA, PRES Junko Shimada,
s/mgn dir
Hiroko
Shimada, mgn dir Kayoko
Shimada, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,300 M
PAYMENTS REGULAR CAPITAL Yen 30 M
TREND STEADY WORTH Yen
291 M
STARTED 1986 EMPLOYES 108
COMMENT
IMPORTER AND RETAILER SPECIALIZING IN FURNITURE. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$250,000 / D/A 30 DAYS.
MAX
CREDIT LIMIT: YEN 42.0 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by Shunsuke Shimada in order
to make most of his experience in the subject line of business. Started originally as an importer and
wholesaler of European-style furniture, subcontracted mfg to factories in
FINANCIAL
INFORMATION
Financials are only partially disclosed.
The sales volume for Mar/2007 fiscal term amounted to Yen 2,300
million, a 5% down from Yen 2,430 million in the previous term. This is partially referred to the withdrawal
from wholesaling operations, and also prices were under pressure due to
competition among the trade. Lower
priced imports are coming in from
For the current term ending Mar 2008 the net profit is projected at Yen 50 million, on a 4% rise in turnover, to Yen 2,400 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 42 million, on 30 days normal terms. The proposed amount on DA 30days terms is considered well within the firm’s financial capabilities.
REGISTRATION
Date
Registered: Apr 1986
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 2,400 shares
Issued: 600 shares
Sum: Yen 30 million
Major shareholders (%): Shunsuke
Shimada (100)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Operates 19 furniture chain stores, named “NOCE”, nationwide, selling sofas, tables, desks, chairs, cabinets, racks, etc, plus interior items (--100%);
Materials:
wood, steel, glass and leather/PVS;
Colors:
natural, black, white and red.
90% of
the goods are imported from
Clients:
Consumers
No. of
accounts: Unavailable
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Imports from
Also
supplied from domestic suppliers (10%).
Payment
record: Regular
Location: Business area in
Bank References
SMBC
(Setagaya)
MUFG
(Setagaya)
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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2,400 |
2,300 |
2,430 |
2,435 |
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Recur.
Profit |
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Net
Profit |
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50 |
48 |
63 |
44 |
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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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291 |
257 |
197 |
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Capital,
Paid-Up |
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30 |
30 |
30 |
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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 |
4.35 |
-5.35 |
-0.21 |
6.80 |
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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 |
2.08 |
2.09 |
2.59 |
1.81 |
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Notes:
Financials are only partially disclosed.
Forecast
(or estimated) figures for 31/03/2008 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%)