MIRA
INFORM REPORT
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Report Date : |
06.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
OS CORPORATION |
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Registered Office : |
Dia Office 4F, 5-18-4 Ueno Taitoku Tokyo 110-0005 |
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Country : |
Japan |
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Financials (as on) : |
31.08.2007 |
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Date of Incorporation : |
September 1999 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Wholesale of Precious Metals, Jewelry |
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 9.7 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
OS CORPORATION
REGD NAME: KK OS Corporation
MAIN OFFICE: Dia Office 4F, 5-18-4 Ueno Taitoku Tokyo
110-0005 JAPAN
Tel:
03-5812-9955 Fax: 03-5812-9956
URL: N/A
ACTIVITIES
Import, wholesale of precious metals, jewelry
BRANCHES
Bangkok (Thailand)
FACTORY(IES)
Thailand (subcontracted)
OFFICER(S)
YASUAKI OSHIDA, PRES
Yuko Oshida, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 474 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND STEADY WORTH Yen 81 M
STARTED 1999 EMPLOYES 7
COMMENT
IMPORTER
AND WHOLESALER SPECIALIZING IN JEWELRY FROM THAILAND. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS BUT DOUBTFUL FOR CREDIT ENGAGEMENTS: US$500,000 / O/A 90
DAYS.
MAX CREDIT LIMIT
YEN 9.7 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by Yasuaki Oshida in order to make most of his experience in the subject line of business. This is a family-based trading company, owned and operated by the Oshida family, specializing in import and wholesale of precious metals, jewelry. Goods are manufactured on its original brands and designs at subcontracted factories in Thailand. Goods include high-quality jewelry and lower-priced silversmith wares & accessories. Started to handle gold jewelry, too. Clients include major chain stores, specialty stores, jewelry processors, etc, nationwide.
FINANCIAL INFORMATION
Financials are disclosed in digested forms from this term. All figures are based on these financials with some of the old figures corrected.
The sales volume for Aug/2007 fiscal term amounted to Yen 474 million, a 2% up from Yen 467 million in the previous term. Gold & gold jewelry increased. The profits, on the other hand, deteriorated due to the hike of material prices. The recurring profit was posted at Yen 1 million and the net profit at Yen 1 million, respectively, compared with Yen 4 million recurring profit and Yen 3 million net profit, respectively, a year ago. Long-term bank loans stood at Yen 130 million at the end of the term, compared with Yen 77 million a year ago. Increased interest bearing eroded recurring profits.
For the current term ending Aug 2008 the recurring profit is projected at Yen 2 million and the net profit at Yen 2 million, respectively, , on a 2% rise in turnover, to Yen 485 million. The hike in gold & jewelry may push sales amount upwards.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. The proposed amount, however, is considered TOO HIGH from the recent financial status. Max credit limit is estimated at Yen 9.7 million, on 30 days normal terms.
REGISTRATION
Date Registered: Sept 1999
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 800 shares
Issued: 200 shares
Sum: Yen 10 million
Major shareholders (%)
Yasuaki Oshida (100)
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports, wholesales and retails jewelry products (clad with precious stones & metals, pearls, etc); articles of goldsmith/silversmith wares, precious metal parts, other jewelry products (--100%).
Goods are originally designed and branded, with mfg subcontracted to Thailand factories. Pearls include both natural and cultures.
(Wholesale 80%; retail 20% -- all about)
Clients
[Jewelry stores, chain stores, fashion goods stores] Nagahori, Marui Co, Sazaby Inc, Onward-Kashiyama, FDC Products, Marui Group Co, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers
[Mfrs] Imports from Beauty Gem, Thailand (subcontracted mfr) (40%), other.
Domestically, supplied from Signity Japan Ltd (wholesaler of man-made precious stones), Nakagawa Kikinzoku Kogyo, other.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Resona Bank (Ueno-Chuo)
SMBC (Ueno)
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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485 |
474 |
467 |
417 |
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Recur.
Profit |
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2 |
1 |
4 |
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Net
Profit |
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2 |
1 |
3 |
5 |
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Total
Assets |
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270 |
225 |
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Current
Assets |
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261 |
217 |
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Current
Liabs |
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56 |
66 |
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Net
Worth |
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81 |
81 |
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Capital,
Paid-Up |
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10 |
10 |
10 |
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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 |
2.32 |
1.50 |
11.99 |
1.71 |
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Current Ratio |
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.. |
466.07 |
328.79 |
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N.Worth Ratio |
.. |
30.00 |
36.00 |
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R.Profit/Sales |
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0.41 |
0.21 |
0.86 |
.. |
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N.Profit/Sales |
0.41 |
0.21 |
0.64 |
1.20 |
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Return On Equity |
.. |
1.23 |
3.70 |
.. |
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Notes: Forecast (or estimated) figures for the 31/08/2008
fiscal term.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.00 |
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UK Pound |
1 |
Rs.8214 |
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Euro |
1 |
Rs.65.09 |
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%)