MIRA
INFORM REPORT
|
Report Date : |
06.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
EIKO ART CO LTD |
|
|
|
|
Registered Office : |
Shimojin Park Bldg 3F, 4-14-8 Taito Taitoku Tokyo
110-0016 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.08.2007 |
|
|
|
|
Date of Incorporation : |
February, 1962 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Import, Wholesale of Diamonds, Jewelry &
Accessories, Watches |
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 20.1 Million |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Regular |
Name
EIKO ART CO LTD
REGD NAME
Eiko Bijutsu KK (Bijutsu means art objects in Japanese)
MAIN OFFICE
Shimojin Park Bldg 3F, 4-14-8 Taito Taitoku Tokyo 110-0016 JAPAN
Tel: 03-3834-3301 Fax:
03-3835-9566
* Osaka Branch: 3-3-1 Bakurocho Chuoku Osaka,
which is the Headquarter. address of the parent, Eiko Watch Co Ltd. The given address is old.
URL: http://www.eikotokei.co.jp/
(Of the parent, Eiko Watch Co Ltd)
ACTIVITIES
Import, wholesale of diamonds, jewelry & accessories, watches
BRANCHES
Osaka (at the parent’s office, Eiko Watch Co Ltd)
FACTORY(IES)
(subcontracted)
OFFICER(S)
TOSHIJI KOTANI, PRES*
Jun’ichiro Kotani, dir
Toshiharu Yoshitake
* Concurrently pres of the parent, Eiko Watch Co Ltd.
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,100 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND SLOW WORTH Yen 82 M
STARTED 1962 EMPLOYES 13
COMMENT
IMPORTER AND WHOLESALER
SPECIALIZING IN DIAMONDS, WATCHES & JEWELRY
PRODUCTS, OWNED BY EIKO WATCH CO LTD.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT
ENGAGEMENTS: US$170,000 / O/A 90DAYS
MAX CREDIT LIMIT
YEN 20.1 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established on the
basis of a trading division separated from Eiko Watch Co Ltd, Osaka (see
REGISTRATION), for importing and wholesaling watches, polished diamonds, other
precious stones, jewelry products and accessories. This firm is virtually a trading division of the parent, Eiko
Watch. Toshiji Kotani is concurrently
pres of the parent. It also handles
high-quality art objects. The parent
company is agent importer of “Sector” brand watches from Italy. The parent’s Tokyo Branch Office is located
at the same address. Goods are supplied
to the parent centrally.
FINANCIAL INFORMATION
Financials are
only partially disclosed.
The sales volume for Aug/2007 fiscal term
amounted to Yen 1,100 million, a similar amount in the term. Consumer spending was slow to recover,
particularly for luxurious goods. The
net profit remained similar at Yen 1 million.
For the current term ending Aug 2008 the net
profit is projected at Yen 1 million, on a 5% rise in turnover, to Yen 1,150
million. Consumer spending is seen
recovering. Hike in material prices
will raise sales amount in Yen terms.
The financial situation is considered
maintained FAIR and should be good for ORDINATY business engagements. Max credit limit is estimated at Yen 20.1
million, on 30 days normal terms. The
proposed amount for 90 days terms is considered well within the firm’s
financial capacities.
REGISTRATION
Date Registered: Feb 1962
Legal
Status: Limited Company (Kabushiki
Kaisha)
Authorized: 80,000 shares
Issued:
20,000 shares
Sum: Yen 10 million
Major shareholders (%)
Eiko Watch Co Ltd*(100)
*.. Importer and wholesaler specializing in
watches, jewelry, art objects, etc, Osaka, founded 1946, capital Yen 30
million, owned by Kotani family & relatives, turnover Yen 30,676 million, recurring profit Yen 575 million, net profit
Yen 160 million, total assets Yen 28,782 million, net worth Yen 5,309 million, employees 546, pres Toshiji
Kotani, concurrently.
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Imports,
wholesales and retails polished diamonds, sapphires, pearls, antimo- nies,tins, other precious stones &
metals, fingerings, earrings, bracelets, necklaces, and other jewelry products,
watches, art objects, others (--100%).
(Import 50%; wholesale 80%; retail 20%).
Clients
[Wholesalers, specialty stores] Eiko Watch
(80%), Shiba Genko (10%), Takada Jewelry & Co, other
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Tokyo Kiho, Pigeon
Jewelry, Oriental Diamond, Yoshida Ko- gyo,
other. Imports from Hong Kong, Thailand, other.
Payment
record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased
and maintained satisfactorily.
Bank References
SMBC (Ueno)
Mizuho Bank (Ueno)
Relations: Satisfactory
FINANCES: (In Million Yen)
|
Terms Ending: |
|
31/08/2008 |
31/08/2007 |
31/08/2006 |
31/08/2005 |
|
Annual
Sales |
|
1,150 |
1,100 |
1,100 |
1,200 |
|
Recur.
Profit |
|
|
|
|
|
|
Net
Profit |
|
1 |
1 |
1 |
5 |
|
Total
Assets |
|
|
N/A |
N/A |
N/A |
|
Net
Worth |
|
|
82 |
81 |
80 |
|
Capital,
Paid-Up |
|
|
10 |
10 |
10 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.55 |
0.00 |
-8.33 |
-7.69 |
|
|
Current Ratio |
|
|
.. |
.. |
.. |
|
N.Worth Ratio |
|
.. |
.. |
.. |
|
|
N.Profit/Sales |
0.09 |
0.09 |
0.09 |
0.42 |
|
Notes: Financials are only partially disclosed.
Forecast (or estimated) figures for the 31/08/2008 fiscal term.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 42.00 |
|
UK Pound |
1 |
Rs. 82.14 |
|
Euro |
1 |
Rs. 65.09 |
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%)