MIRA
INFORM REPORT
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Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
TINKERBELL INC |
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Registered Office : |
Azabu Kaisei Bldg 6F, 1-9-10 Azabudai Tokyo 106-0041 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
June 1975 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer, Retail of Children’s Wear |
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 86.9 million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
TINKERBELL INC
REGD NAME: KK Tinkerbell
MAIN OFFICE: Azabu Kaisei Bldg 6F, 1-9-10 Azabudai Tokyo
106-0041 JAPAN
Tel:
03-6893-0111 Fax: 03-6893-0034
* Bldg name
changed from Iikura Mind Bldg, as given
URL: http://www.tinkerbell.ne.jp/
E-Mail address:
info@tinkerbell.ne.jp
ACTIVITIES
Mfg, retail of children’s wear
BRANCHES
58 shops nationwide
FACTORY(IES)
China, Korea, other (--subcontracted)
OFFICER(S)
HIROYA KUTSUSAWA,
PRES Masamichi Yasumura, dir
Ryo Kazusaki, dir
Keita Saitoh, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 3,257 M
PAYMENTS REGULAR CAPITAL Yen
100 M
TREND SLOW WORTH Yen 1,461 M
STARTED 1975 EMPLOYES 147
COMMENT
MFR SPECIALIZING IN CHILDREN’S WEAR, WHOLLY OWNED BY TOMY CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 86.9 MILLION,
30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject
company was established on the basis of a children’s wear & goods division
separated from Tomy Co Ltd, leading toy mfrs, Tokyo (See REGISTRATION). Specializes
in mg (on consignment) children’s wear & goods. Goods are manufactured at subcontract mfrs in China, Korea,
other. Clients are major department
stores. Operates 58 retail stores nationwide.
FINANCIAL INFORMATION
The sales volume
for Mar/2008 fiscal term amounted to Yen 3,257 million, a 7% down from Yen
3,501 million in the previous term.
Hike in materials and operation costs hurt the sales. Operations plunged into the red to post Yen
203 million recurring loss and Yen 402 million net losses, respectively,
compared with Yen 26 million recurring loss and Yen 124 million net profits,
respectively, a year ago..
For the current term
ending Mar 2009 the operations are expected to come back to profitability but
still limited to a minimum amount post-taxes, on a 5% fall in turnover, to Yen
3,100. Business is stagnant under the
recent financial crisis world over, with consumer spending downturned and
sluggish. The parent, Tomy Co Ltd,
revised its forecast down by 7% from the earlier estimates.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max
credit limit is estimated at Yen 86.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jun 1975
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 92,000
shares
Issued: 23,118
shares
Sum: Yen 100
million
Major shareholders (%)
Tomy Co Ltd*(100)
* One of leading toy
makers, Tokyo, founded 1953, listed Tokyo S/E, capital Yen 3,459 million, sales
Yen 192,423 million, operating profit Yen 8,097 million, recurring profit Yen
5,498 million, net profit Yen 5,748 million, total assets Yen 98,251 million,
net worth Yen 33,458 million, employees 2,599, pres Kantaro Tomiyama
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Manufactures,
wholesales & retails children’s wear & goods (--100%).
(Brands handled): Tinkerbell, Grafia, Disney Fairies, Foto, Maio,
Tintin®, other.
Operates 58 retail stores nationwide.
Clients
[Department stores, chain stores, consumers]
Sogo, Isetan, Takashimaya, Tokyu Department Store, Tobu Department Store,
other.
No. of accounts: 500 (Wholesales Div only)
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Maruko, Power, Nagoya
Spinning, Kanemori Sen’I, other.
Imports from China, Korea, other
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are
leased and maintained satisfactorily.
Bank References
SMBC (Tokyo-Chuo)
MUFG (Omotesando)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2009 |
31/03/2008 |
31/03/2007 |
31/01/2006 |
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Annual
Sales |
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3,100 |
3,257 |
3,501 |
723 |
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Recur.
Profit |
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-203 |
-26 |
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Net
Profit |
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0 |
-402 |
124 |
50 |
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Total
Assets |
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3,040 |
3,283 |
4,066 |
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Current
Assets |
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1,976 |
2,239 |
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Current
Liabs |
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828 |
822 |
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Net
Worth |
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1,461 |
1,699 |
1,617 |
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Capital,
Paid-Up |
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100 |
100 |
100 |
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Div.P.Share(Ą) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
-4.82 |
-6.97 |
21.05 |
-33.22 |
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Current Ratio |
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238.65 |
272.38 |
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N.Worth Ratio |
.. |
48.06 |
51.75 |
39.77 |
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R.Profit/Sales |
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.. |
-6.23 |
-0.74 |
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N.Profit/Sales |
0.00 |
-12.34 |
3.54 |
6.92 |
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Return On Equity |
.. |
-27.52 |
7.30 |
3.09 |
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Notes: The
31/03/2006 fiscal term is for irregular three months due to change in accounting
term to Apr/Mar from Feb/Jan. Growth
rates are adjusted on a 12-month basis.
Forecast (or estimated) figures for the 31/03/2009 fiscal term.
SUPPLEMNTS
CONSOLIDATED
FINANCIALS OF THE PARENT, TOMY CO LTD
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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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181,884 |
192,423 |
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Cost of Sales |
134,373 |
138,500 |
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GROSS PROFIT |
47,511 |
53,923 |
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Selling & Adm Costs |
42,779 |
47,825 |
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OPERATING PROFIT |
4,732 |
6,098 |
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Non-Operating P/L |
-246 |
-600 |
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RECURRING PROFIT |
4,486 |
5,498 |
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NET PROFIT |
5,748 |
1,772 |
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BALANCE SHEET |
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Cash |
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24,323 |
22,214 |
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Receivables |
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22,727 |
20,427 |
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Inventory |
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11,948 |
12,842 |
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Securities, Marketable |
64 |
274 |
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Other Current Assets |
6,994 |
7,741 |
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TOTAL CURRENT ASSETS |
66,056 |
63,498 |
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Property & Equipment |
16,477 |
21,198 |
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Intangibles |
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2,302 |
1,378 |
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Investments, Other Fixed Assets |
10,503 |
12,177 |
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TOTAL ASSETS |
95,338 |
98,251 |
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Payables |
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8,916 |
11,107 |
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Short-Term Bank Loans |
17,105 |
9,704 |
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Other Current Liabs |
12,859 |
22,539 |
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TOTAL CURRENT LIABS |
38,880 |
43,350 |
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Debentures |
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16,201 |
8,853 |
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Long-Term Bank Loans |
2,835 |
4,660 |
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Reserve for Retirement Allw |
1,855 |
1,927 |
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Other Debts |
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2,436 |
3,641 |
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TOTAL LIABILITIES |
62,207 |
62,431 |
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MINORITY INTERESTS |
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Common
stock |
3,459 |
3,459 |
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Additional
paid-in capital |
7,251 |
7,252 |
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Retained
earnings |
21,267 |
26,319 |
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Evaluation
p/l on investments/securities |
864 |
(216) |
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Others |
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395 |
(889) |
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Treasury
stock, at cost |
(106) |
(105) |
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TOTAL S/HOLDERS` EQUITY |
33,130 |
35,820 |
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TOTAL EQUITIES |
95,338 |
98,251 |
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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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13,174 |
3,274 |
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Cash
Flows from Investment Activities |
-2,592 |
-4,765 |
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Cash
Flows from Financing Activities |
-12,034 |
124 |
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Cash,
Bank Deposits at the Term End |
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21,896 |
23,965 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
33,130 |
35,820 |
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Current
Ratio (%) |
169.90 |
146.48 |
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Net
Worth Ratio (%) |
34.75 |
36.46 |
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Recurring
Profit Ratio (%) |
2.47 |
2.86 |
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Net
Profit Ratio (%) |
3.16 |
0.92 |
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Return
On Equity (%) |
17.35 |
4.95 |
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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.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%)