MIRA
INFORM REPORT
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Report Date : |
31.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
BLUE FLAME CO LTD |
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Registered Office : |
Entrex Bldg, 5-8-5 Shinjuku Shinjukuku Tokyo 160-0022 |
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Country : |
Japan |
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Financials (as on) : |
31.08.2007 |
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Date of Incorporation : |
August 2004 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Retail of New and Used Cars |
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 6.6 Million |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
name & address
BLUE FLAME CO LTD
REGD NAME: KK Blue Flame
MAIN OFFICE: Entrex Bldg, 5-8-5
Shinjuku Shinjukuku Tokyo 160-0022 JAPAN
SHOWROOM: 1-4-12 Omori-Honcho Ohtaku Tokyo 143-0011
Tel:
03-5493-2955 Fax: 03-5493-2966
URL: http://www.blueflamesportscars.com/
E-Mail address: takanashi@blueflamesportscars.com
ACTIVITIES
Import, retail of new & used cars
BRANCHES
Nil
FACTORY(IES)
Yokohama; Omori (show-room)
OFFICER(S)
NOBUYUKI TAKANASHI, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 924 M
PAYMENTS REGULAR CAPITAL Yen 30 M
TREND UP WORTH Yen 109 M
STARTED 2004 EMPLOYES 8
COMMENT
IMPORTER AND RETAILER SPECIALIZING IN NEW & USED
CARS.
FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE
GOOD FOR
MODERATE BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 6.6 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established originally in 1995 on the basis of a trading division separated from Entrex Inc (See REGISTRTION). Incorporated in 2004, the firm specializes in import and retails of new & used cars. Cars are imported from USA centrally as sole agent for 3 firms in USA. Handles car parts & component, too. Cars & parts are also retailed online.
FINANCIAL INFORMATION
The sales volume for Dec/2007 fiscal term amounted to Yen 924 million, a 16% up from Yen 798 million in the previous term. New model of sports cars sold well. The recurring profit was posted at Yen 79 million and the net profit at Yen 46 million, respectively, compared with Yen 69 million recurring profit and Yen 31 million net profit, respectively, a year ago.
For the current term ending Aug 2008 the recurring profit is projected at Yen 80 million and the net profit at Yen 48 million, respectively, on a 6% rise in turnover, to Yen 980 million.
The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements. Max credit limit is estimated at Yen 6.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Aug 2004
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 2,400 shares
Issued: 600 shares
Sum: Yen 30 million
Major shareholders (%)
Entrex Inc*(100)
* Importer & wholesaler of home ware, gift items, at the caption address, founded 1986, unlisted, capital Yen 258 million, turnover Yen 4,264 million, operating profit Yen 1,739 million, recurring profit Yen 121 million, net profit Yen 142 million, total assets Yen 3,478 million, net worth Yen 1,054 million, employees 107, pres Ryuzo Tomoi
Full financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports and retails new & used cars, car parts & components (--100%).
Goods are retailed online, too.
Acts as import agent for: Classic Industry, Saleen Corporation DNA; Hennessey Performance.Handles: Saleen, Mustang, Hennessey Performance, Hi-tech Vintage cars, other.
Clients
Consumers, users
No. of accounts
Unavailable
Domestic areas of activities
Centered in greater-Tokyo
Suppliers
[Mfrs, wholesalers] Heart International, Saleen Corporation, Yanase & Co,
Technoil Japan KK, other.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
SMBC (Kanda)
MUFG (Kanda)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/08/2008 |
31/08/2007 |
31/08/2006 |
31/08/2005 |
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Annual
Sales |
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980 |
924 |
798 |
339 |
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Recur.
Profit |
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80 |
79 |
69 |
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Net
Profit |
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48 |
46 |
31 |
3 |
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Total
Assets |
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1,051 |
859 |
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Current
Assets |
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930 |
771 |
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Current
Liabs |
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411 |
346 |
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Net
Worth |
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109 |
63 |
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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 |
6.06 |
15.79 |
135.40 |
13.00 |
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Current Ratio |
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.. |
226.28 |
222.83 |
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N.Worth Ratio |
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10.37 |
7.33 |
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R.Profit/Sales |
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8.16 |
8.55 |
8.65 |
.. |
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N.Profit/Sales |
4.90 |
4.98 |
3.88 |
0.88 |
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Return On Equity |
.. |
42.20 |
49.21 |
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Notes: Forecast (or estimated) figures for the 31/08/2008
fiscal term.
SUPPLEMENTS:
CONSOLIDATED FINANCIALS OF THE PARENT, ENTREX INC
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/08/2007 |
31/08/2006 |
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INCOME STATEMENT |
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Annual Sales |
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4,264 |
3,614 |
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Cost of Sales |
2,524 |
1,974 |
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GROSS PROFIT |
1,739 |
1,640 |
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Selling & Adm Costs |
1,707 |
1,535 |
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OPERATING PROFIT |
32 |
105 |
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Non-Operating P/L |
89 |
452 |
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RECURRING PROFIT |
121 |
557 |
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NET PROFIT |
142 |
316 |
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BALANCE SHEET |
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Cash |
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718 |
681 |
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Receivables |
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412 |
405 |
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Inventory |
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807 |
795 |
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Securities, Marketable |
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Other Current Assets |
205 |
151 |
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TOTAL CURRENT ASSETS |
2,142 |
2,032 |
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Property & Equipment |
734 |
600 |
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Intangibles |
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3 |
6 |
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Investments, Other Fixed Assets |
599 |
465 |
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TOTAL ASSETS |
3,478 |
3,103 |
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Payables |
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151 |
99 |
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Short-Term Bank Loans |
752 |
680 |
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Other Current Liabs |
523 |
689 |
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TOTAL CURRENT LIABS |
1,426 |
1,468 |
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Debentures |
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175 |
199 |
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Long-Term Bank Loans |
707 |
614 |
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Reserve for Retirement Allw |
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Other Debts |
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116 |
95 |
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TOTAL LIABILITIES |
2,424 |
2,376 |
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MINORITY INTERESTS |
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Common
stock |
258 |
168 |
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Additional
paid-in capital |
221 |
118 |
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Retained
earnings |
574 |
439 |
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Evaluation
p/l on investments/securities |
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Others |
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1 |
2 |
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Treasury
stock, at cost |
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(1) |
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TOTAL S/HOLDERS` EQUITY |
1,054 |
726 |
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TOTAL EQUITIES |
3,478 |
3,103 |
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ANALYTICAL RATIOS Terms
ending: |
31/08/2007 |
31/08/2006 |
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Net
Worth (S/Holders' Equity) |
1,054 |
726 |
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Current
Ratio (%) |
150.21 |
138.42 |
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Net
Worth Ratio (%) |
30.30 |
23.40 |
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Recurring
Profit Ratio (%) |
2.84 |
15.41 |
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Net
Profit Ratio (%) |
3.33 |
8.74 |
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Return
On Equity (%) |
13.47 |
43.53 |
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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%)