MIRA
INFORM REPORT
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Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SEKIGUCHI CO LTD |
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Registered Office : |
5-2-11 Nishi-Shinkoiwa Katsushikaku Tokyo 124-0025 |
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Country : |
Japan |
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Financials (as on) : |
29.02.2008 |
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Date of Incorporation : |
April 2002 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Dolls, Stuffed Animals, Music Box |
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 55.0 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
SEKIGUCHI CO LTD
REGD NAME: KK Sekiguchi
MAIN OFFICE: 5-2-11 Nishi-Shinkoiwa Katsushikaku Tokyo
124-0025 JAPAN
Tel:
03-3692-3111 Fax: 03-3696-2915
URL: http://www.sekiguchi.co.jp/
E-Mail address: service@sekiguchi,co.jp
ACTIVITIES
Mfg of dolls, stuffed animals, music box
BRANCHES
Nil
FACTORY(IES)
China, Vietnam, Indonesia, other (--subcontracted)
OFFICER(S)
Koichi Sekiguchi, ch
TOSHITAKA YOSHINO, PRES
Yen
Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,611 M
PAYMENTS REGULAR CAPITAL Yen
39 M
TREND SLOW WORTH Yen 502 M
STARTED 2002 EMPLOYES 132
COMMENT
MFR SPECIALIZING IN TOYS & STUFFED ANIMALS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 55.0 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The
subject company was established originally in 1917 by father of Koichi
Sekiguchi as Sekiguchi Celluloid Kakosho, on his account, for mfg celluloid
toys. Incorporated in 2002, the firm
has been succeeded by his descendants. Specializes
in mfg stuffed animals, dolls, music box, other. Mfg is all subcontracted to factories in China, Vietnam,
Indonesia, other. Major brand name is
“Monchichi”. Clients include major toy
wholesalers, mfrs, other.
FINANCIAL INFORMATION
The sales
volume for Feb/2008 fiscal term amounted to Yen 1,611 million, a 0.7% up from
Yen 1,600 million in the previous term.
The operations, however, plunged into the red to post Yen 48 million net
losses for the term. This is referred
to hike in material costs and appreciation of Yen against foreign currencies,
the firm says. This compares with Yen
12 million net profit a year ago.
For
the current term ending Feb 2009 the operations are projected to come back to
profitability but still limited to a minimum amount post-taxes, on a 0.7% fall
in turnover, to Yen 1,600. Sales will
be affected by the recent financial crisis with consumer spending steeply down
& sluggish.
The
financial situation is considered maintained FAIR and good for ORDINARY
business engagements. Max credit limit is estimated at Yen 55.0
million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr
2002
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 3,000
shares
Issued: 780
shares
Sum: Yen
39 million
Major shareholders (%)
Toshitaka Yoshino (55), Koichi
Sekiguchi (25), Yoshitaka Yoshino (10), Takayo Yoshino (10)
No. of
shareholders: 4
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities:
Manufactures dolls, stuffed animals, music box, other (--100%).
Goods are subcontracted mfg to factories in China, Vietnam,
Indonesia, other
Clients
[Wholesalers, chain stores, specialty stores] Etoile-Kaito, Toys”R”US
Japan, Kawada Co, Marimo Craft Co, Terauchi Co, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers
[Mfrs] Mfg is subcontracted to
factories in China, Vietnam, Indonesia, other
Payment
record: Regular
Location: Business
area in Tokyo. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References
SMBC (Katsushika)
Higashi Nippon Bank (Shinkoiwa)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
28/02/2009 |
29/02/2008 |
28/02/2007 |
28/02/2006 |
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Annual
Sales |
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1,600 |
1,611 |
1,600 |
2,308 |
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Recur.
Profit |
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34 |
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Net
Profit |
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0 |
-48 |
12 |
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Total
Assets |
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852 |
860 |
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Current
Assets |
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782 |
739 |
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Current
Liabs |
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40 |
39 |
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Net
Worth |
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502 |
551 |
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Capital,
Paid-Up |
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39 |
39 |
39 |
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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 |
-0.68 |
0.69 |
-30.68 |
-3.83 |
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Current Ratio |
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.. |
1,955.00 |
1,894.87 |
.. |
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N.Worth Ratio |
.. |
58.92 |
64.07 |
.. |
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R.Profit/Sales |
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.. |
2.11 |
.. |
.. |
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N.Profit/Sales |
0.00 |
-2.98 |
0.75 |
0.00 |
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Return On Equity |
.. |
-9.56 |
2.18 |
.. |
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Notes: Forecast (or estimated) figures for the 28/02/2009
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.47.94 |
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UK Pound |
1 |
Rs.72.07 |
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Euro |
1 |
Rs.64.70 |
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%)