MIRA INFORM REPORT

 

 

Report Date :

27.03.2008

 

 

IDENTIFICATION DETAILS

 

Name :

HIGASHI GUNMA CO LTD

 

 

Registered Office :

1-1116-19 Tomoecho Kiryu City Gunma-Pref 376-0021

 

 

Country :

Japan

 

 

Financials (as on) :

28.02.2007

 

 

Date of Incorporation :

March 1962

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Wholesale of men’s shoes; operates driving school, pinball shops, bowling alley

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

YEN 58.1 MILLION

 

 

Status :

Small Company

 

 

Payment Behaviour :

Regular

 

 

 

 

NAME & ADDRESS

 

HIGASHI GUNMA CO LTD

REGD NAME:   KK Higashi Gunma

MAIN OFFICE:  1-1116-19 Tomoecho Kiryu City Gunma-Pref 376-0021 JAPAN

                        Tel: 0277-44-7546

 

URL:                 http://www.N/A

 

 

ACTIVITIES

 

Wholesale of men’s shoes; operates driving school, pinball shops, bowling alley

 

 

BRANCHES

 

Tokyo, Sapporo, Kiryu, Numata

 

 

OFFICER(S)

 

YOSHIHARU SASAKI, PRES                

Takao Sasaki, s/mgn dir

Nobuhiko Sasaki, mgn dir                                  

Shozaburo Tobita, dir

Takeshi Kanai, dir

 

 

Yen Amount

 

In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 1,780 M

PAYMENTS      REGULAR                     CAPITAL           Yen 78 M

TREND             STEADY                       WORTH            Yen 1,121 M

STARTED         1962                             EMPLOYES      95

 

 

COMMENT

 

WHOLESALER OF MEN’S SHOES; OPERATOR OF DRIVING SCHOOL, PINBALL                                               SHOPS, BOWLING ALLEY. 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

MAX CREDIT LIMIT

 

YEN 58.1 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established by Yoshiharu Sasaki in order to make most of his experience in the subject line of business.  Owned & operated by the Sasaki family, the firm specializes in wholesaling men’s shoes, also operating driving school, pinball shops, bowling alley and real estate broking.  Shoes are also imported from Italy, China, other.  Clients include department stores, chain            stores, mail-order houses, other.

           

 

FINANCIAL INFORMATION

 

The sales volume for Feb/2007 fiscal term amounted to Yen 1,780 million, a 1.1% up from Yen 1,760 million in the previous term.  The net profit was posted at Yen 11 million, compared with Yen 10 million a year ago.

 

For the term just ended Feb 2008 the net profit was projected at Yen 11 million, on a 1.1% rise in turnover, to Yen 1,800 million.

           

The financial situation is considered FAIR and good for ORDINARY business engagements.            Max credit limit is estimated at Yen 58.1 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered: Mar 1962

Legal Status:     Limited Company (Kabushiki Kaisha)

Authorized:        624,000 shares

Issued:              156,000 shares

Sum:                Yen 78 million

           

 

Major shareholders (%)

 

Yoshiharu Sasaki (63), Takao Sasaki (24), Nobuhiko Sasaki (12)

No. of shareholders: 3

           

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

 

 

OPERATION

 

Activities: Imports and wholesales men’s shoes; also operates driving school, pinball shops, bowling alley & real estate broking (--100%).

 

Shoes are imported from Italy, China, other.

 

           

 

 

Clients

 

[Department stores, chain stores, mail-order houses] Takashimaya, Aeon Corp,

Chiyoda Shoes, Cecile Corp, other.

 

 

No. of accounts

 

 300

           

 

Domestic areas of activities

 

Centered in greater-Tokyo

 

           

Suppliers

 

 [Mfrs, wholesalers] Shin-Nihon Shoes, Sanyo Co, other.

Imports from Genoa, China, other.

 

 

Payment record

 

Regular

 

 

Location

 

Business area in Kiryu City, Gunma-Pref.  Office premises at the caption address are owned and maintained satisfactorily.

 

 

Bank References

 

SMBC (Maebashi)

Kiryu Shinkin Bank (H/O)

Relations: Satisfactory

 

 

FINANCES: (In Million Yen)

 

       Terms Ending:

28/02/2007

28/02/2006

28/02/2005

28/02/2004

Annual Sales

　

1,780

1,760

1,790

1,789

Recur. Profit

　

　

38

80

　

Net Profit

　

11

10

63

60

Total Assets

　

　

2,864

1,983

　

Current Assets

　

　

1,815

1,951

　

Current Liabs

　

　

1,052

868

　

Net Worth

　

　

1,121

1,113

　

Capital, Paid-Up

　

78

78

78

78

Div.P.Share(¥)

　

　

　

　

　

<Analytical Data>

(%)

(%)

(%)

(%)

       S.Growth Rate

1.14

-1.68

0.06

1.07

       Current Ratio

 

..

172.53

224.77

..

       N.Worth Ratio

..

39.14

56.13

..

       R.Profit/Sales

 

..

2.16

4.47

..

       N.Profit/Sales

0.62

0.57

3.52

3.35

      Return On Equity

..

0.89

5.66

..

 

Notes: For the 28/02/2007 fiscal term, detailed financials are not disclosed.

           

 

 

 

 

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