MIRA
INFORM REPORT
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Report Date : |
29.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
UCHIHARA CO LTD |
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Registered Office : |
7-2-7 Roppongi Minatoku Tokyo 106-8518 |
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Country : |
Japan |
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Financials (as on) : |
31.07.2007 |
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Date of Incorporation : |
January, 1961 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Wholesale, Retail of Polished
Diamonds, Jewelry Products |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name of the company
UCHIHARA CO LTD
REGD NAME: KK Uchihara
MAIN OFFICE
7-2-7 Roppongi Minatoku Tokyo 106-8518 JAPAN
Tel: 03-3478-0303 Fax:
03-3476-0093
*.. Registered and Osaka Office at: 1-10-4 Namba-Naka
Naniwaku Osaka
** The given address is Kofu Branch Office of a subsidiary, Kunita Co
Ltd, jewelry retailer at the caption address, pres Ichiro Uchihara,
concurrently
URL
E-Mail address
Not specified
ACTIVITIES
Import, wholesale, retail of polished diamonds, jewelry
products
BRANCHES
Osaka, Kishiwada, Izumisano; Milan (Representative Office)
STORES
At the caption address, Osaka (3)
OFFICER(S)
Keisuke Uchihara, ch
ICHIRO UCHIHARA, PRES
Toshikiyo Nakano, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 9,127 M
PAYMENTS REGULAR CAPITAL Yen 90 M
TREND STEADY WORTH Yen 3,970 M
STARTED 1961 EMPLOYES 123
COMMENT
IMPORTER, WHOLESALER & RETAILER SPECIALIZING IN DIAMONDS
& JEWELRY PRODUCTS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
HIGHLIGHTS
The subject company was
established originally in 1920 by Kaname Uchihara, on his account. Keisuke is the 3rd generation
master and Ichiro the 4th.
Specializes in importing and wholesaling polished, loose diamonds and
other gemstones. Also handles
fingerings, pendants, other jewelry.
Imports an average of 100,000 carats of diamonds a year. Import sources are India, Israel, Belgium,
Italy (mainly named jewelry brands), Russia, USA, etc. In Feb 2002, received
the 11th “Highest Importer Prize” from the Indian Government as the
top diamond importer (the first being awarded in 1993).
The firm opened the first
in-shop store in Takashimaya Osaka in 1968 and expanded in-shops into all
Takashimaya Department Store group nationwide (now totaling 9 stores). Has a representative office in Milan, Italy,
opened in 1991. Operates 4 direct-run
stores in Tokyo and Osaka. Manages 4
group firms: Kunita Co, Coriolis Co, Takara Co and Mec International Co Ltd
(acquired in 2006 as a wholly owned subsidiary)..
FINANCIAL INFORMATION
The
sales volume for Jul/2007 fiscal term amounted to Yen 9,127 million, a 19% down
from Yen 11,232 million previous term.
The recurring profit was posted at Yen 127 million and the net profit at
Yen 66 million, respectively, compared with Yen 223 million recurring profit
and Yen 96 million net profit, respectively, a year earlier.
For
the current term ending Jul 2008 the recurring profit is projected at Yen 135
million and the net profit at Yen 70 million, respectively, on a 10% rise in
turnover, to Yen 10,000 million.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 209.1
million, on 30 days normal terms.
REGISTRATION
Date Registered: Jan 1961
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 720,000
shares
Issued: 180,000
shares
Sum: Yen
90 million
Major shareholders (%)
Kunita
Co Ltd*(24.5), Keisuke Uchihara (22.17), Sumi Uchihara (21.67), Takara Co** (15), Ichiro Uchihara (10)
*..
Wholesaler/retailer of jewelry at the caption address, wholly owned by KK
Uchihara, with management & operations fully integrated, founded 1971,
capital Yen 45 million, turnover Yen 10,708 million, net profit Yen 34 million,
employees 69, pres Ichiro Uchihara concurrently.
** Subsidiary retailer of jewelry products
No. of shareholders
6
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities:
Imports, wholesales and retails polished diamonds, other precious stones
(--90%), fingerings, pendants,
earrings, bracelets, necklaces, others (--10%).
Operates 4 direct-run stores.
(Import
60%; wholesale 90%, retail 10%).
(Handling brands):
Casare de Vecchi, Roberta, Argyle, L’Exception SDC, Aletta, Serendity, Siglo, Nogizaka, Akane Teshigahara,
other.
Clients
[Department
stores, jewelry processors, consumers] Takashimaya Department Store (major client), Kunita Co
(subsidiary), Isetan, Mitsukoshi, Hankyu Department Stores, other.
No. of accounts: 200 (Direct clients of wholesale div)
Domestic areas of activities: Nationwide
Suppliers
[Mfrs,
wholesalers] Imports from India centrally, other from Israel, Belgium, Russia, Italy, USA, India, S Africa,
etc. Also supplied from some domestic
suppliers.
Payment record: Regular
Location:
Business area in Tokyo. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References
Resona Bank (Toranomon)
SMBC (Akasaka)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/07/2008 |
31/07/2007 |
31/07/2006 |
31/07/2005 |
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Annual Sales |
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10,000 |
9,127 |
11,232 |
8,964 |
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Recur. Profit |
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135 |
127 |
223 |
208 |
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Net Profit |
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70 |
66 |
96 |
86 |
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Total Assets |
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12,125 |
11,256 |
11,945 |
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Current Assets |
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7,023 |
6,217 |
7,590 |
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Current Liabs |
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2,824 |
2,776 |
3,057 |
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Net Worth |
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3,970 |
3,904 |
3,807 |
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Capital, Paid-Up |
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90 |
90 |
90 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
9.57 |
-18.74 |
25.30 |
-33.31 |
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Current Ratio |
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248.69 |
223.96 |
248.28 |
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N.Worth Ratio |
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32.74 |
34.68 |
31.87 |
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R.Profit/Sales |
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1.35 |
1.39 |
1.99 |
2.32 |
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N.Profit/Sales |
0.70 |
0.72 |
0.85 |
0.96 |
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Return On Equity |
.. |
1.66 |
2.46 |
2.26 |
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Notes: Accounting term changed to Aug/Jul from the
31/07/2006 fiscal term.
Forecast (or estimated) figures for the 31/07/2008 fiscal
term.
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%)