MIRA
INFORM REPORT
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Report Date : |
07.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SASAYA CO LTD |
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Registered Office : |
2-10-13 Minamisemba Chuoku Osaka 542-0081 |
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Country : |
Japan |
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Financials (as on) : |
31.08.2007 |
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Date of Incorporation : |
April 1950 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Wholesale of Jewelry, Watches |
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 111.6 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
SASAYA CO LTD
REGD NAME: KK Sasaya
MAIN OFFICE: 2-10-13 Minamisemba Chuoku Osaka 542-0081
JAPAN
Tel:
06-6252-7341 Fax: 06-6252-8304
* The given
address is its Kobe office.
URL: http://www.sasaya.338.com/
E-Mail address:info@sasays.338.com
ACTIVITIES
Import, wholesale of jewelry, watches
BRANCHES
Shinsaibashi, Kobe, Kyoto, Kochi, Imabari (--in-shops in
Daimaru Dept Store) Kobe (as given), Nishinomiya
OFFICER(S)
AKIRA INOUE, PRES
Shigeki Ohue, v pres
Naoki Ohue, s/mgn dir
Takaharu Shimazu, mgn dir
Yoshio Itabashi, dir
Yen Amount: In million
Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 3,550 M
PAYMENTS REGULAR CAPITAL Yen 24 M
TREND STEADY WORTH Yen 2,510 M
STARTED 1950 EMPLOYES 83
COMMENT
WHOLESALER SPECIALIZING IN JEWELRY AND WATCHES.
FINANCIAL SITUATION CONSIDERED FAIR TO GOOD AND RESPONSIBLE
FOR ORDINARY
BUSINESS ENGAGEMENTS AND GOOD FOR: US$312,500 / O/A 60 DAYS AFTER SHIPMENT
DATE.
MAX CREDIT LIMIT
YEN 111.6 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by Ryotaro Shimazu in order to make most of his experience in the subject line of business. This is a wholesaler, with retailing divisions, closely related with Daimaru Department Stores for selling jewelry and watches. Operates five in-stores in Daimaru Department Stores. Goods are imported thru trading firms. Handles designer brand watches. Clients are exclusively Daimaru Dept Stores.
FINANCIAL INFORMATION
The sales volume for Aug/2007 fiscal term amounted to Yen 3,550 million, a slight down from Yen 3,581 million in the previous term. Affected by sluggish consumer demand for luxuries. The recurring profit was posted at Yen 50 million and the net profit at Yen 14 million, respectively, compared with Yen 48 million recurring profit and Yen 18 million net profit, respectively, a year ago.
For the current term ending Aug 2008 the net profit is projected at Yen 17 million, on a 1.4% rise in turnover, to Yen 3,600 million.
The financial situation is considered FAIR to GOOD and responsible for ORDINARY business engagements. Max credit limit is estimated at Yen 111.6 million, on 30 days normal terms. The proposed amount is considered well within the firm’s financial strength.
REGISTRATION
Date Registered: Apr 1950
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 1.9 million shares
Issued: 480,000 shares
Sum: Yen 24 million
Major shareholders (%)
Bamboo Co Ltd*(44), Company’s S/Holding Assn (31), Masako Nezu (6), Shigeki Ohue (5), Naoki Ohue (4)
No. of shareholders: 15
* Wholesaler of jewelry & watches, owned by Ohue family, at the caption address, founded 1979, capital Yen 10 million, turnover Yen 458 million, employees 8, pres Akira Inoue, concurrently, with Shigeki Ohue as rep dir and Naoki Ohue as dir
Nothing detrimental is known as to ^the commercial morality of executives.
OPERATION
Activities: Imports and wholesales jewelry (75%) and watches (25%).
Goods are all shipped to Daimaru Department Stores where the firm operates five in-shop stores in the greater-Osaka area.
Clients
[Department store] Wholly shipped to Daimaru Department Store, where five in-shop stores are operated.
No. of accounts: 5
Domestic areas of activities: Centered in greater-Osaka
Suppliers
[Mfrs, wholesalers] Bamboo Co (20%), Nihon SiberHegner KK, J Osawa Group Co, Heiwado & Co, other.
Payment record
Regular
Location
Business area in Osaka. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
MUFG (Shinsaibashi)
Mizuho Bank (Namba)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/08/2008 |
31/08/2007 |
31/08/2006 |
31/08/2005 |
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Annual
Sales |
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3,600 |
3,550 |
3,581 |
3,659 |
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Recur.
Profit |
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50 |
48 |
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Net
Profit |
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17 |
14 |
18 |
21 |
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Total
Assets |
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4,903 |
4,657 |
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Current
Assets |
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3,713 |
3,487 |
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Current
Liabs |
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1,570 |
1,351 |
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Net
Worth |
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2,510 |
2,498 |
2,486 |
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Capital,
Paid-Up |
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24 |
24 |
24 |
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Div.P.Share(¥) |
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5.00 |
5.00 |
5.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.41 |
-0.87 |
-2.13 |
2.81 |
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Current Ratio |
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.. |
236.50 |
258.11 |
.. |
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N.Worth Ratio |
.. |
51.19 |
53.64 |
.. |
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R.Profit/Sales |
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.. |
1.41 |
1.34 |
.. |
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N.Profit/Sales |
0.47 |
0.39 |
0.50 |
0.57 |
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Return On Equity |
.. |
0.56 |
0.72 |
0.84 |
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Notes: Forecast (or estimated) figures for the 31/08/2008
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.43.21 |
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UK Pound |
1 |
Rs.85.72 |
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Euro |
1 |
Rs.67.92 |
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%)