MIRA
INFORM REPORT
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Report Date : |
24.12.2008 |
IDENTIFICATION DETAILS
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Name : |
HYBRID SERVICE CO LTD |
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Registered Office : |
Kyodo Bldg 5F, 2-2 Kanda-Jimbocho
Chiyodaku |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
October, 1986 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wholesale of Printer
Consumables |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 413.3million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
Name
HYBRID SERVICE CO LTD
REGD NAME
Hybrid Service KK
MAIN OFFICE
Kyodo Bldg 5F, 2-2
Kanda-Jimbocho Chiyodaku Tokyo 101-0051
Tel:
03-3202-6827 Fax: 03-3262-6272
E-Mail
address: info@hbd.co.jp
ACTIVITIES
Wholesale
of printer consumables
BRANCHES
Atsugi,
CHIEF EXEC
TERUMASA
NARUMI, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 23,978 M
PAYMENTS REGULAR CAPITAL Yen 628 M
TREND SLOW WORTH Yen 1,979 M
STARTED 1986 EMPLOYES 99
COMMENT
WHOLESALER SPECIALIZING IN PRINTER CONSUMABLES.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 413.3MILLION, 30 DAYS NORMAL TERMS
Forecast (or estimated)
figures for 31/12/2008 fiscal term
HIGHLIGHTS
The subject company was established by Terumasa Narumi in order to wholesale computer ink ribbons and ink-jet cartridges. In 1989 started the sales of toner cartridges. In 1997 started sales of mail-order office supplies, which were in transferred to others in 2007. In Sept 2002, listed on the JASDAQ. This is a second-ranked supplier of printer consumables. Handles paper for OA equipment, too. Has strength in procurement of low-priced multipurpose products. Major clients are office supply wholesalers.
FINANCIAL INFORMATION
The sales volume for Dec/2007 fiscal term amounted to Yen 23,978 million, a 3.7% down from Yen 24,901 million in the previous term. Toner cartridges were faced with hard competition among the trade over prices. Non-genuine cartridges were marketed. Went into business partnership with FT Communications in Nov 2007 to strengthen sales. By divisions, Toner Cartridge down 9.8% to Yen 15,016 million, affected by bankruptcies/liquidation of clients; MRO down 13.0% due to transfer of catalog sales business in China to others. The recurring profit was posted at Yen 48 million and marked net losses of Yen 96 million, respectively, compared with Yen 476 million recurring profit and Yen 347 million net profit, respectively, a year ago. Wrote off extraordinary losses of: securities transfer loss Yen 42 million, asset impairment losses 116 million, respectively.
(Jan/Sept/2008 results): Sales Yen 15,904 million (down 9.3%), operating loss Yen 3 million (down from Yen 7 million profit), recurring loss Yen 39 million, net loss Yen 133 million (down from Yen 74 million loss). (% compared with the corresponding period a year ago). Business continued in the downturn. Bankruptcies of clients occurred.
For the current term ending Dec 2008 the recurring profit is projected at Yen 42 million and the net loss at Yen 75 million, on a 6.5% fall in turnover, to Yen 22,423 million. Consumer confidence continued downward. Financial crisis remains to affect business negatively.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 413.3 million, on 30 days normal terms.
REGISTRATION
Date Registered: Oct
1986
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized:
220,000 shares
Issued:
57,319 shares
Sum: Yen 628
million
Major shareholders (%): FT Communications (48.4), NGS
Ltd (6.5), Company’s Treasury Stock (4.9), Noriyuki Nagase (3.2), Hirokazu
Michishita (1.6), Jun Morikawa (1.4), Yoshimi Nagase (1.3), Shigefumi Wada (0.8), Shigefumi Wada (2)
(0.3), Hiroshi Yoshida (0.3); foreign owners (0.1)
No. of shareholders: 2,178
Listed on the S/Exchange (s) of: JASDAQ
Managements: Terumasa Narumi, pres; Yukio Tabuchi,
dir; Jun Takeda, dir; Hiroyuki Shinoda, dir; Jun’ya Ikegami, dir; Makoto
Kuroyanagi, dir; Toshiharu Koyama, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: FT Communications, Cosmo Inc, Hybrid International
Trading (Shanghai) Co Ltd, Hybrid (Honking) Ltd, Hybrid Logistics (Shanghai) Co
Ltd, other
OPERATION
Activities: Wholesales toner cartridges (63%),
ink-jet cartridges (23%), mail-order sales (4%), others (10%).
(Items handles): toner cartridges, ink-jet cartridges,
copy/Fax toner, printer ribbon, word processor ribbon, print paper, recording
media (CD-R, DVD-R, etc), office supplies, other.
Clients: [Mfrs, wholesalers] ASKUL Corp, NEC
Fielding, Epson Sales Japan, Konica Minolta Business Solutions, Office Depot
Japan, Kyocera Mita Japan, Otsuka Corp, other.
No. of accounts: 500
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Otsuka Corp, SYC,
Canon Marketing Japan, Sharp Document Service, other.
Payment record: Regular
Location: Business area in
Bank References
SMBC
(Kojimachi)
Resona
Bank (Kudan)
Relations:
Satisfactory
FINANCES: (In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/12/2007 |
31/12/2006 |
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INCOME STATEMENT |
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Annual Sales |
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23,978 |
24,901 |
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Cost of Sales |
22,143 |
22,720 |
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GROSS PROFIT |
1,834 |
2,181 |
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Selling & Adm Costs |
1,724 |
1,694 |
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OPERATING PROFIT |
110 |
487 |
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Non-Operating P/L |
-62 |
-11 |
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RECURRING PROFIT |
48 |
476 |
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NET PROFIT |
-96 |
347 |
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BALANCE SHEET |
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Cash |
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2,516 |
2,314 |
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Receivables |
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3,759 |
4,674 |
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Inventory |
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1,653 |
1,912 |
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Securities, Marketable |
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Other Current Assets |
311 |
207 |
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TOTAL CURRENT ASSETS |
8,239 |
9,107 |
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Property & Equipment |
81 |
86 |
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Intangibles |
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88 |
261 |
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Investments, Other Fixed Assets |
428 |
563 |
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TOTAL ASSETS |
8,836 |
10,017 |
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Payables |
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2,778 |
3,694 |
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Short-Term Bank Loans |
900 |
900 |
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Other Current Liabs |
434 |
332 |
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TOTAL CURRENT LIABS |
4,112 |
4,926 |
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Debentures |
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Long-Term Bank Loans |
2,704 |
2,513 |
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Reserve for Retirement Allw |
26 |
29 |
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Other Debts |
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14 |
290 |
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TOTAL LIABILITIES |
6,856 |
7,758 |
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MINORITY INTERESTS |
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Common
stock |
628 |
627 |
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Additional
paid-in capital |
366 |
365 |
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Retained
earnings |
1,299 |
1,505 |
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Evaluation
p/l on investments/securities |
(9) |
6 |
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Others |
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44 |
105 |
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Treasury
stock, at cost |
(349) |
(349) |
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TOTAL S/HOLDERS` EQUITY |
1,979 |
2,259 |
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TOTAL EQUITIES |
8,836 |
10,017 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/12/2007 |
31/12/2006 |
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Cash
Flows from Operating Activities |
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80 |
1,241 |
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Cash
Flows from Investment Activities |
18 |
-89 |
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Cash
Flows from Financing Activities |
85 |
-637 |
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Cash,
Bank Deposits at the Term End |
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2,406 |
2,221 |
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ANALYTICAL RATIOS Terms ending: |
31/12/2007 |
31/12/2006 |
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Net
Worth (S/Holders' Equity) |
1,979 |
2,259 |
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Current
Ratio (%) |
200.36 |
184.88 |
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Net
Worth Ratio (%) |
22.40 |
22.55 |
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Recurring
Profit Ratio (%) |
0.20 |
1.91 |
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Net
Profit Ratio (%) |
-0.40 |
1.39 |
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Return
On Equity (%) |
-4.85 |
15.36 |
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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.48.99 |
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1 |
Rs.72.49 |
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Euro |
1 |
Rs.68.44 |
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%)