MIRA
INFORM REPORT
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Report Date : |
07.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SEVEN SIGNATURES CORPORATION |
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Registered Office : |
5F, 3-3-11 Kitaaoyama Minatoku Tokyo 107-0061 |
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Country : |
Japan |
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Date of Incorporation : |
July 2003 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Sale, Management, Operation of Hotel Condominiums |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
name & address
SEVEN SIGNATURES
CORPORATION
REGD NAME: KK Seven Signatures
MAIN OFFICE: 5F, 3-3-11 Kitaaoyama Minatoku Tokyo 107-0061
JAPAN
Tel:
03-5210-0030
URL: http://www.bals.co.jp (Of the parent, Bals
Corp)
E-Mail address:info@bals.co.jp
ACTIVITIES
Sale, management, operation of hotel condominiums
BRANCHES
Nil
OFFICERS
Fumio Takashima, ch (Pres of Bals Corp)
YOICHIRO NAKANO, PRES (Pres of Lexington Corp)
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES UNDETD A/SALES Yen 100 M*
PAYMENTS REGULAR CAPITAL Yen 15 M
TREND UNDETD WORTH Yen 15 M
STARTED 2003 EMPLOYES 10
*..
Estimated only.
COMMENT
MANAGEMENT,
SALE AND OPERATION OF HOTEL CONDOMINIUMS, JOINTLY OWNED BY BALS CORP AND
LEXINGTON CORP. FINANCIAL SITUATION NOT DETERMINED DUE TO THE LACK OF
FINANCIALS BUT SHOULD BE GOOD FOR ORDINARY GBUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
UNABLE TO BE ASSESSED WITHOUT PROVEN BUSINESS. ALL CREDITS TO BE FULLY GUARANTEED BY BALS CORP. .
HIGHLIGHTS
The subject company was established jointly by Bals Corp and Lexington Corp (See REGISTRATION for both companies) in order to advance into management, sale, operation of hotel condominiums. Operations started in Sept 2006, when the firm obtained sole distributorship right in partnership with S&P Destination Proprieties for hotel condominiums of Trump International Hotel and Tower Waikiki Beach Hotel to be completed in the first half 2009. The operations include sale, leasing, management, owning of these condominiums in Japan. For this purpose, the firm opened a showroom at the caption address and moved the headquarters thereto. The firm aims, in addition to sale of overseas hotel condominiums, to own hotels & condominiums in Japan & overseas to canvass sale, leasing and management of these hotels.
The roles of the two partners:
Bals Corp: As retailer of household interior furniture and goods, offers Asian interior design concept to purchasers of these condominiums, introducing own brand interior furniture & goods.
Lexington Corp: As investment advisor, offers advice to owners/purchasers of these condominiums on investment and operation thereof.
FINANCIAL INFORMATION
Bals Corp invested some Yen 4,000 million for the purchase (for sales campaign) of condominiums, opening of showroom & office, operating funds of the project. Funds are arranged by bank loans and own monies.
Sales targets for the initial term ending Jan 2008 are projected at Yen 100 million, with Yen 300 million expenditures and operating expenses. All these figures have been released from Bals Corp.
Both the financial situation and business trends are not determined due to the recent inception but should be good for ORDINARY business engagement. On the back of the owner, Bals Corp, the financial situation is considered FAIR but needs to see proven business records in order to assess credit limits. In the meantime, all credits are recommended fully guaranteed by Bals Corp. Max credit limit of Bals Corp: Yen 388.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jul 2003
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 1,200 shares
Issued: 300 shares
Sum: Yen 15 million
Major shareholders (%
Bals Corp* & Lexington Corp**(--100)
No. of shareholders: 2
*.. Bals Corp, operator of interior goods stores (2 overseas & 94 domestic), founded 1990, listed Tokyo S/E’s, capital Yen 1,664 million, turnover Yen 24,852 million, employees 383, pres Fumio Takashima.
** Investment advisor, founded 2003 by MBO of assets consulting division at Comers Securities Co, capital Yen 100 million, employees 7, pres Yoichiro Nakano.
Nothing detrimental is known as to the commercial morality of executives.
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
SMBC (Roppongi)
Mizuho Bank (Aoyama)
Relations: Satisfactory
Financials
Not available
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.12 |
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UK Pound |
1 |
Rs.85.08 |
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Euro |
1 |
Rs.67.41 |
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%)