MIRA
INFORM REPORT
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Report Date : |
04.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
TOKYO KIHO CO LTD |
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Registered Office : |
Aurum Bldg 4F, 1-26-2 Higashiueno Taitoku Tokyo 110-0015 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
January 1960 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Wholesale of Jewelry, Precious Metals |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
TOKYO KIHO CO LTD
REGD NAME: Tokyo Kiho KK
MAIN OFFICE: Aurum Bldg 4F, 1-26-2
Higashiueno Taitoku Tokyo 110-0015 JAPAN
Tel:
03-3834-6261 Fax: 03-3831-2987
URL: http://www.tokyokiho.com/
E-Mail address:info@tokyokiho.com
ACTIVITIES
Import, wholesale of jewelry, precious metals
BRANCHES
Osaka
CHIEF EXEC
CHIAKI NAKAGAWA, PRES & CEO
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 8,534 M
PAYMENTS REGULAR CAPITAL Yen 636 M
TREND SLOW WORTH Yen 3,724 M
STARTED 1960 EMPLOYES 133
COMMENT
WHOLESALER SPECIALIZING IN JEWELRY.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
Forecast
(or estimated) figures for 31/03/2009 fiscal term
HIGHLIGHTS
The subject company was established by Kisaburo Masaki, now ch, as a wholesaler of jewelry and accessories, owned & managed by the Masaki family. This is a comprehensive wholesaler of jewelry and precious stones & metals. Strength in handling a wide range of items including ingots, diamonds and colored stones. Particularly strong in diamond jewelry. Goods are also imported from Europe, USA, S/E Asian countries. Goods are retailed through a subsidiary jewelry store, JMC KK, too. Two overseas JV’s in Singapore and Hong Kong were closed by Apr 2004 as a round of restructuring. Imports are now handled directly or through specialized traders. Holds large-scale sales promotion campaigns regularly nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2008 fiscal term amounted to Yen 8,534 million, a 20.5% decline from Yen 10,738 million in the previous term. This is referred to sluggish consumer spending for luxurious goods. Price hikes in materials costs also hurt. The recurring profit was posted at Yen 50 million and the net profit at Yen 26 million, respectively, compared with Yen 101 million recurring profit and Yen 90 million net profit, respectively, a year ago.
For the current term ending Mar 2009 the recurring profit is projected at Yen 100 million and the net profit at Yen 70 million, on a 1.2% rise in turnover, to Yen 8,634 million. Brand items will continue steady growth, while the firm is narrowing items to highly-profitable ones to improve profits.
The financial situation is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
Date Registered: Jan 1960
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 13,110,000 shares
Issued: 4,478,636 shares
Sum: Yen 636 million
Major shareholders (%)
Kisaburo Masaki (17.3), Customers’ S/Holding Assn (9.3),
Employees’ S/Holding Assn (5.3), Sagami Co (3.4), Fujie Masaki (3.1), Midori Masaki (3.1), Chiaki Nakagawa (2.6), Kawayama Corp (2.2), Tsukaki Co (2.2), Nagahori Co (2.2)
No. of shareholders: 268
Listed on the S/Exchange (s) of
JASDAQ
Managements
Kisaburo Masaki, ch; Chiaki Nakagawa, pres; Yasuhiko Masaki, mgn dir; Hideki Ishizuka, dir; Hiroaki Miyakoshi, dir; Midori Masaki, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies
No consolidated subsidiaries
OPERATION
Activities: Wholesales jewelry & precious metals;
diamonds, pearls, sapphire, ruby, emerald, fingerings, necklaces, bracelets,
pierced earrings, other jewelry accessories.
(Sales
breakdown by items): designer brands jewelry (24.7%);
diamond jewelry (32.5%); fashion jewelry & accessories (12.3%); colored
stone jewelry (12.4%); pearl jewelry (9.9%); import jewelry (2.0%); Royal
Hour-glass, others (--6.2%).
Designer brands: Sayoko, Lucciola, Asplandi, Kohoryu, other
(--all Japanese designers).
Clients
[Jewelry stores, department stores, chain stores, mail order
houses] Sagami Co, Mitsukoshi, Gem
Select, Brother Sales, Makino Tokeiten, JMC (subsidiary), Nissen (mail order
house), Tokyo Masuiwaya, other.
No. of accounts
2,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, jewelry processors, wholesalers] Kinki Hoshoku,
Urakei Pearl, Mizuno Handy Harman, Meijido, NNK, Kondo Jewelry, Taiho
Kikinzoku, other.
Payment record
Regular
Location
Business area in Tokyo.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
SMBC (Ueno)
MUFG (Ueno)
Relations: Satisfactory
Finances
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2008 |
31/03/2007 |
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INCOME STATEMENT |
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Annual Sales |
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8,534 |
10,738 |
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Cost of Sales |
6,517 |
8,203 |
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GROSS PROFIT |
2,017 |
2,534 |
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Selling & Adm Costs |
1,954 |
2,441 |
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OPERATING PROFIT |
62 |
93 |
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Non-Operating P/L |
-12 |
8 |
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RECURRING PROFIT |
50 |
101 |
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NET PROFIT |
26 |
90 |
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BALANCE SHEET |
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Cash |
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396 |
917 |
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Receivables |
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2,469 |
3,012 |
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Inventory |
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4,351 |
4,795 |
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Securities, Marketable |
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Other Current Assets |
330 |
173 |
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TOTAL CURRENT ASSETS |
7,546 |
8,897 |
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Property & Equipment |
418 |
351 |
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Intangibles |
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32 |
42 |
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Investments, Other Fixed Assets |
2,088 |
660 |
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TOTAL ASSETS |
10,084 |
9,950 |
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Payables |
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360 |
517 |
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Short-Term Bank Loans |
3,887 |
4,778 |
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Other Current Liabs |
240 |
272 |
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TOTAL CURRENT LIABS |
4,487 |
5,567 |
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Debentures |
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Long-Term Bank Loans |
1,508 |
198 |
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Reserve for Retirement Allw |
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Other Debts |
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364 |
401 |
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TOTAL LIABILITIES |
6,359 |
6,166 |
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MINORITY INTERESTS |
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Common
stock |
636 |
636 |
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Additional
paid-in capital |
504 |
504 |
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Retained
earnings |
2,617 |
2,635 |
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Evaluation
p/l on investments/securities |
(6) |
9 |
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Others |
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0 |
0 |
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Treasury
stock, at cost |
(27) |
(1) |
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TOTAL S/HOLDERS` EQUITY |
3,724 |
3,783 |
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TOTAL EQUITIES |
10,084 |
9,950 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2008 |
31/03/2007 |
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Cash
Flows from Operating Activities |
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791 |
493 |
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Cash
Flows from Investment Activities |
-1,682 |
-30 |
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Cash
Flows from Financing Activities |
352 |
-231 |
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Cash,
Bank Deposits at the Term End |
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304 |
842 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
3,724 |
3,783 |
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Current
Ratio (%) |
168.17 |
159.82 |
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Net Worth
Ratio (%) |
36.93 |
38.02 |
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Recurring
Profit Ratio (%) |
0.59 |
0.94 |
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Net
Profit Ratio (%) |
0.30 |
0.84 |
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Return
On Equity (%) |
0.70 |
2.38 |
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FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.40 |
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UK Pound |
1 |
Rs.83.57 |
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Euro |
1 |
Rs.66.02 |
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%)