MIRA
INFORM REPORT
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Report Date : |
29.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
FELLOW CO LTD |
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Registered Office : |
1-8-7 Shin-Matsudo-Kita Matsudo City Chiba-Pref 270-0032 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
March1972 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of Measuring Instruments, Meters, Other |
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 7.6 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
FELLOW CO LTD
REGD NAME: KK Fellow
MAIN OFFICE: 1-8-7
Shin-Matsudo-Kita Matsudo City Chiba-Pref 270-0032 JAPAN
Tel:
047-341-4211 Fax: 047-341-4825
URL: N/A
ACTIVITIES
Mfg of measuring instruments, meters, other
BRANCHES
Osaka, Shinosaka, Nagasaki
FACTORY(IES)
Sasebo (Nagasaki)
OFFICER(S)
RYOJI KAWANAMI, PRES
Takaetsu Suzuki, ch
Hiroshi Nagata, dir
Yasuichi Nagata, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,307 M
PAYMENTS REGULAR CAPITAL Yen 30 M
TREND STEADY WORTH Yen 110 M
STARTED 1972 EMPLOYES 24
COMMENT
MFR OF MEASURING INSTRUMENTS..
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 7.6 MILLION, 30
DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by Ryoji Kawanami in order to make most of his experience in the subject line of business. This is a specialized mfr of damper measuring instruments based in Matsudo City Chiba-Pref. Has a factory in Sasebo, Nagasaki-City. Clients are major heavy machinery makers, nationwide.
FINANCIAL INFORMATION
The sales volume for Sept/2007 fiscal term amounted to Yen 1,307 million, a 22% up from Yen 1,074 million in the previous term. This is attributed to the hike in materials costs which transferred to clients. The recurring profit was posted at Yen 10 million and the net profit at Yen 6 million, respectively, compared with Yen 8 million recurring profit and Yen 4 million net profit, respectively, a year ago.
For the current term ending Sept 2008 the net profit is projected at Yen 7 million, on a 7% rise in turnover, to Yen 1,400 million. Business is seen steady and growing.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 7.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar 1972
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 240,000 shares
Issued: 60,000 shares
Sum: Yen 30 million
Major shareholders (%)
Ryoji Kawanami (44), Takaetsu Suzuki (18), Hayatoshi Kaku (4), Ryoji Sakata (3)
No. of shareholders: 17
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Mfr of damper measuring instruments, meters, other industrial devices (--100%).
Clients
[Wholesalers, mfrs] Seika Corp (40%), Kawasaki Heavy Ind, Mitsui Shipbuilding &
Engineering Co Ltd, Sumitomo Heavy Ind, IHI, Takuma Co, other.
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Nagata Corp (10%), Nakanishi Kogyo (10%), Mitsui Zosen Chiba Kiko Engineering, VIPCO, Sunrise, UEX, Fellow Kogyo, other.
Payment record
Regular
Location
Business area in Matsudo City, adjacent to Chiba. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
MUFG (Shin-Matsudo)
Bank of Chiba (Shin-Matsudo)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
30/09/2008 |
30/09/2007 |
30/09/2006 |
30/09/2005 |
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Annual
Sales |
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1,400 |
1,307 |
1,074 |
918 |
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Recur.
Profit |
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10 |
8 |
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Net
Profit |
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7 |
6 |
4 |
2 |
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Total
Assets |
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1,332 |
1,103 |
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Current
Assets |
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817 |
695 |
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Current
Liabs |
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597 |
550 |
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Net
Worth |
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110 |
103 |
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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 |
7.12 |
21.69 |
16.99 |
12.78 |
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Current Ratio |
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.. |
136.85 |
126.36 |
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N.Worth Ratio |
.. |
8.26 |
9.34 |
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R.Profit/Sales |
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.. |
0.77 |
0.74 |
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N.Profit/Sales |
0.50 |
0.46 |
0.37 |
0.22 |
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Return On Equity |
.. |
5.45 |
3.88 |
.. |
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Notes: Forecast (or estimated) figures for the 30/09/2008
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%)