MIRA
INFORM REPORT
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Report Date : |
06.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
NEW STANDARD CO LTD |
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Registered Office : |
1-6-25 Asami Matsuyama Ehime-Pref 791-2912 |
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Country : |
Japan |
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Financials (as on) : |
30.04.2008 |
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Date of Incorporation : |
November 1996 |
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Legal Form : |
Limited
Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Wholesale of Vegetables
and Fruits, Seafood, Cut Flowers |
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 45.6 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
NEW STANDARD CO LTD
REGD NAME: KK New Standard
MAIN OFFICE: 1-6-25 Asami Matsuyama Ehime-Pref 791-2912 JAPAN
Tel:
089-911-2912 Fax: 089-911-2922
URL: http://www.newstandard-lins.com/
E-Mail address: info@newstandard-lins.com
ACTIVITIES
Import, wholesale of vegetables
& fruits, seafood, cut flowers
BRANCHES
Xiamen, Shanghai, Yunnan
(--China), Melbourne (Australia), San Francisco (USA)
FACTORY(IES)
(subcontracted)
OFFICER(S)
DAVID LIN, PRES (Chinese resident)
Ting Yin, dir
Shigeaki Tamai, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,650 M
PAYMENTS REGULAR CAPITAL Yen 0 M
TREND SLOW WORTH Yen 30 M
STARTED 1996 EMPLOYES 9
COMMENT
IMPORTER & WHOLESALER SPECIALIZING
IN VEGETABLES & FRUITS, SEAFOOD AND CUT FLOWERS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN
45.6 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was
established by David Lin, a resident Chinese businessman, in order to make most
of his experience in the subject line of business. This is a trading firm specializing in fresh vegetables &
fruits, seafoods and cut flowers. Goods
are imported by a subsidiary, Lin’s International Corp, at the caption address,
owned & managed by David Lin, concurrently. It is virtually an import division of the subject firm. Import sources are: China centrally, Korea,
USA, Turkey, Norway, Canada, Netherlands, Australia, Vietnam, other. Recently started importing mango from
Mexico. Has five purchasing offices
overseas: 3 in China, USA and Australia.
Goods are shipped to regional Central Wholesale Markets (vegetable &
fish markets) nationwide.
(Poisoning case of Chinese-made
foods):
In January 2008, insecticide
poisoning of Chinese-made frozen vegetable dumpling (gyoza) was detected. The case prompted consumers to avert
Chinese-made vegetables & processed foods.
These goods were cleared away from supermarket & other foods
shelves. Almost half of the Japanese
firms that import food ingredients and food items from China for sale in Japan,
under their brand names, sought switching procurement sources to other than
China, sources reports. Government data
show that imports of Chinese vegetables shrank 49% in May, the sharpest decline
since the tainted gyoza dumpling cases were first reported in Jan 2008. Traders apparently shifted to domestically
grown vegetables as concerns about food safety mounted among consumers. According to statistics by the Ministry of
Agriculture, Forestry & Fisheries, the last week of May saw an especially
steep drop in imports, by about 70% from a year earlier. The statistics show: onions fell 48%,
scallions 33% and carrots 80%. May
imports of Chinese cabbages plummeted 93% from a year ago. In the last week of May, imports of onions
& garlic fell around 80%, with the total amount of vegetable shipments
declining by about half from the previous week. (Cited from the Nikkei)
FINANCIAL INFORMATION
The firm stopped releasing full
financials as from the 30/04/2004 fiscal term and only partial figures are
disclosed.
The sales volume for Apr/2008
fiscal term amounted to Yen 2,650 million, a 2% down from Yen 2,700 million in
the previous term. This is referred to
the said pesticide found in gyoza dumpling imported from China, which resulted
in about 40% decline in imports of vegetables from China in months of Feb/Mar
2008. Fishery imports were steady and
increased. Price hike in tuna &
mackerels apparently compensated the loss of vegetable sales decline. The net profit was posted at Yen 2 million,
a similar amount in the last term.
For the current term ending Apr
2009 the net profit is projected at Yen 2 million, on a 2% fall in turnover, to
Yen 2,600 million. Pesticide poisoning
cases still persists with imports of Chinese vegetables shrank 40% to 25,778
tons in May 2008, sharpest decline since the tainted gyoza dumpling cases were
firstly reported in Jan 2008, government data shows. Concerns about food safety for Chinese foods are mounting among
consumers.
The financial situation is
considered maintained FAIR and good for ORDINARY business engagements. Max
credit limit is estimated at Yen 45.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov 1996
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 800 shares
Issued: 200 shares
Sum: Yen
10 million
Major shareholders (%):
David Lin (100%)
Nothing detrimental is known as to
the commercial morality of executives.
OPERATION
Activities: Imports and wholesales
vegetables & fruits, fish, and cut flowers (--100%).
Vegetables & Fruits: Pine
mushroom (matsutake), shiitake, bamboo shoots, fresh & frozen truffles,
fresh broccoli, onions, beans, tomatoes, garlic, oranges, American cherries,
grapefruits, pineapples, mango, other;
Fish & Shellfish: alive crabs,
living sea eels, fresh monkfish & liver, alive & fresh fluke, prawns,
shrimps, living & frozen spinner crabs, fresh sea urchins, mackerel, fresh
salmon, fresh tuna, shellfishes, other;
Cut Flowers: carnation,
chrysanthemums, other.
Clients
[Central wholesale markets, wholesalers] Daisui Co, Uoichi (Uoichi
means Fish Market) Co Ltd (Osaka), Tokyo Kanda Seika Shijo (Shijo means Market)
Co, Okayama Chuo Uoichi, Toyo Shokusan, other
No. of accounts: 300
Domestic areas of activities:
Centered in Osaka & Tokyo
Suppliers
[Trading firm] Imports solely through its subsidiary trader, Lin’s
International Corp from: China centrally, Korea, USA, Canada, Norway, Turkey,
Mexico, Australia, Vietnam, Guam, Netherland, New Zealand, other.
Payment record: Regular
Location: Business
area in Matsuyama, Ehime-Pref. Office
premises at the caption address are owned and maintained satisfactorily.
Bank References
Ehime Bank (H/O)
Mizuho Bank (Matsuyama)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
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30/04/2009 |
30/04/2008 |
30/04/2007 |
30/04/2006 |
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Annual Sales |
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2,600 |
2,650 |
2,700 |
2,800 |
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Recur. Profit |
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Net Profit |
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2 |
2 |
2 |
3 |
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Total Assets |
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N/A |
N/A |
N/A |
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Net Worth |
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30 |
28 |
26 |
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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 |
-1.89 |
-1.85 |
-3.57 |
4.87 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
0.08 |
0.08 |
0.07 |
0.11 |
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Notes: Financials are only
partially disclosed.
The firm stopped releasing full
financials as from the 30/04/2004 fiscal term.
Forecast (or estimated) figures
for the 30/04/2009 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.49.69 |
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UK Pound |
1 |
Rs.72.96 |
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Euro |
1 |
Rs.63.46 |
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%)