MIRA
INFORM REPORT
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Report Date : |
14.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
KAHMA CO LTD |
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Registered Office : |
3-411 Hidakacho Kariya City Aichi-Pref 448-0046 |
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Country : |
Japan |
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Date of Incorporation : |
February 1970 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
DIY store operator |
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 2,243.8 MILLION |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
KAHMA CO LTD
REGD NAME: KK Kaama
MAIN OFFICE: 3-411 Hidakacho
Kariya City Aichi-Pref 448-0046 JAPAN
Tel : 0566-25-2511
Fax : 0566-25-0106
URL : http://www.khama.co.jp/
E-Mail : (thru the URL)
ACTIVITIES
DIY store operator
STORES
122 stores centering in Nagoya and vicinity prefectures
OFFICER(S)
Jun’ichiro Kagami, ch YOSHIYUKI
TOYODA, CH
Toshio Hagimoto, mgn dir Shoji
Kimura, dir
Shin’ichi Matsushita, dir Mikio
Akai, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 193,640 M*
PAYMENTS REGULAR CAPITAL Yen 6,001 M
TREND STEADY WORTH Yen 131,453 M*
STARTED 1970 EMPLOYES 957
* Group sales/net worth after the merger
COMMENT
DIY STORE OPERATOR, OWNED BY DCM JAPAN HOLDINGS CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 2,243.8 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established as operator of home
center operator with DIY goods as mainline. In Sept 2006, merged with Homac
Corp, Hokkaido-based home center operator, and formed DCM Japan Holdings Co
Ltd. In Aug 2006, the subject was
de-listed from Tokyo & Nagoya S/E’s. The group consists of 4 core firms:
Kahma Co Ltd, Homac Corp, Daiki Co Ltd (Shikoku-based home center operator),
and DCM Japan Co Ltd (group joint purchaser, commodity developer,
import/overseas business). Operates a total 22 home centered centering in
Nagoya and neighboring prefectures.
FINANCIAL INFORMATION
The subject was merged into DCM Holdings Co Ltd and the last
financials released were of the 31/08/2006 fiscal term as attached.
The group sales volume for the initial fiscal term ending
28/02/2007 term amounted to Yen 193,640 million, with recurring profit posted
at Yen 5,404 million and the net profit at Yen 2,653 million, respectively.
For the current term ending Feb 2007 the recurring profit is
projected at Yen 15,700 million and the net profit at Yen 8,400 million,
respectively, on a 106% rise in turnover, to Yen 399,000 million. Opened 12 new
stores, closing down 6 stores. Opening
of new stores last year will fully contribute.
Store refurbishment accelerating to raise further operating
efficiency. Joint purchasing by the
subsidiary paying off.
The financial situation is considered maintained FAIR and
good for ORDINARY business en- gagements.
Max credit limit is
estimated at Yen 2,243.8 million, on 30 days normal terms. Max credit limit for DCM Japan Holdings is
estimated at Yen 5,753.8 million, 30 days normal terms.
REGISTRATION
Date Registered: Feb 1970
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
120,020 shares
Issued :
120,020 shares
Sum :
Yen 6,001 million
Major shareholders (%): DCM Japan Holdings Co Ltd*(100)
*Holding company controlling Kahma, Homac and Daiki, all
home center operators, with Mitsui & Co as partner. Ranked top in home center industry. Founded Sept 2006, listed Tokyo, Osaka,
Nagoya S/E’s, capital Yen 1,000 million, turnover Yen 193,640 million,
operating profit Yen 5,682 million, recurring profit Yen 5,404 million, net
profit Yen 2,653 million, total assets Yen 254,664 million, net worth Yen
130,528 million, employees 4,522, pres Toshihiro Hisada.
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Operator of a total 22 home centers as a group
with DIY goods as mainline (--100%).
Clients: Consumers
No. of accounts: Unavailable
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Paltac, Yamazen Corp, Kao
Customer Marketing, other.
Payment record
Regular
Location
Business area in Kariya City, Aichi-Pref. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References
Mizuho Corporate Bank (Nagoya)
MUFG (Kasadera)
Relations: Satisfactory
FINANCES: (In Million
Yen)
Kahma Co Ltd until the 31/08/2006 fiscal term.
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Terms Ending: |
31/08/2006 |
31/03/2006 |
31/03/2005 |
31/03/2004 |
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Annual Sales |
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54,408
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122,937
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123,542
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125,796
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Recur. Profit |
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3,023
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6,317
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5,096
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4,436
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Net Profit |
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1,396
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3,510
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2,084
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1,957
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Total Assets |
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89,622
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89,667
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86,581
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Current Assets |
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50,784
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49,963
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46,218
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Current Liabs |
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28,478
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29,198
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Net Worth |
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27,578
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27,387
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Capital, Paid-Up |
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6,001
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6,001
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6,001
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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 |
6.21 |
-0.49
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-1.79
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0.00 |
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Current Ratio |
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.. |
178.33
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171.12
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#DIV/0! |
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N.Worth Ratio |
.. |
30.77
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30.54
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0.00 |
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R.Profit/Sales |
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5.56 |
5.14 |
4.12 |
3.53 |
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N.Profit/Sales |
2.57 |
2.86 |
1.69 |
1.56 |
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Return On Equity |
.. |
12.73
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7.61 |
.. |
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Notes: Financials are for the subject firm until the merger
into DCM Japan Holdings Co Ltd.
SUPPLEMENTS:
CONSOLIDATED FINANCIALS OF THE PARENT, DCM JAPAN HOLDINGS CO
LTD
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FINANCES: (Consolidated in million yen) |
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Terms Ending: |
28/02/2007 |
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INCOME STATEMENT |
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Annual Sales |
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193,640
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Cost of Sales |
133,732
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GROSS PROFIT |
59,908
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Selling & Adm Costs |
54,225
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OPERATING PROFIT |
5,682
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Non-Operating P/L |
-278 |
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RECURRING PROFIT |
5,404
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NET PROFIT |
2,653
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BALANCE SHEET |
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Cash |
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15,334
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Receivables |
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1,909
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Inventory |
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61,428
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Securities, Marketable |
369 |
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Other Current Assets |
6,784
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TOTAL CURRENT ASSETS |
85,824
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Property & Equipment |
99,486
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Intangibles |
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8,789
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Investments, Other Fixed Assets |
60,565
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TOTAL ASSETS |
254,664
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Payables |
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43,135
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Short-Term Bank Loans |
21,150
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Other Current Liabs |
24,504
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TOTAL CURRENT LIABS |
88,789
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Debentures |
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Long-Term Bank Loans |
24,198
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Reserve for Retirement Allw |
1,734
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Other Debts |
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8,460
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TOTAL LIABILITIES |
123,181
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MINORITY INTERESTS |
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Common stock |
10,000
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Additional paid-in capital |
41,603
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Retained earnings |
81,136
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Evaluation p/l on
investments/securities |
4,952
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Others |
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(1,155) |
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Treasury stock, at cost |
(5,053) |
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TOTAL S/HOLDERS` EQUITY |
131,483
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TOTAL EQUITIES |
254,664
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
28/02/2007 |
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Cash Flows from Operating Activities |
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885 |
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Cash Flows from Investment
Activities |
-3,971
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Cash Flows from Financing Activities |
1,036
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Cash, Bank Deposits at the Term End |
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15,177
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ANALYTICAL RATIOS Terms ending: |
28/02/2007 |
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Net Worth (S/Holders' Equity) |
131,483
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Current Ratio (%) |
96.66
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Net Worth Ratio (%) |
51.63
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Recurring Profit Ratio (%) |
2.79 |
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Net Profit Ratio (%) |
1.37 |
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Return On Equity (%) |
2.02 |
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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%)