MIRA
INFORM REPORT
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Report Date : |
06.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
FLOWER AUCTION JAPAN INC |
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Registered Office : |
Ohta Shijo Kakibu,
2-2-1 Tokai Ohtaku Tokyo 143-0001 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
Sept
1990 |
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Legal Form : |
Limited
Company |
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Line of Business : |
Wholesale,
auction of cut flowers, potted flowers |
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
685.3 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
NAME & ADDRESS
FLOWER AUCTION JAPAN
INC
REGD NAME
KK Flower Auction
Japan
MAIN OFFICE
Ohta Shijo Kakibu,
2-2-1 Tokai Ohtaku Tokyo 143-0001 JAPAN
(Ohta Shijo means Ohta
wholesale market; Kakibu means flower division).
Tel:
03-3799-5525
Fax: 03-3799-5521
URL:http://www.faj.co.jp
E-Mail
address: (thru the URL)
ACTIVITIES
Wholesale,
auction of cut flowers, potted flowers
BRANCHES
Nil
OFFICERS
MASAHIRO
IKEDA, PRES Shiro
Miyamoto, v pres
Toyoji
Suzuki, s/mgn dir Shunzo
Fujisawa, mgn dir
Motomu
Muramatsu, dir Kyu
Nagaoka, dir
Yen Amount
In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 23,880 M
PAYMENTS REGULAR CAPITAL Yen 300 M
TREND STEADY WORTH Yen
1,794 M
STARTED 1990 EMPLOYES 132
COMMENT
IMPORTER
AND WHOLESALER SPECIALIZING IN CUT FLOWERS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT
YEN
685.3 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The
subject company was established originally in 1988 for wholesaling (by auction)
of cut flowers, and was
incorporated in 1990. This is a
wholesaler (by auction) of cut flowers, potted flowers in the Ohta Wholesale
Market. Clients are flower markets,
flower wholesalers, consumer,
other, nationwide. Goods are also
imported.
FINANCIAL INFORMATION
The
sales volume for Mar/2007 fiscal term amounted to Yen 23,880 million, a 4% up
from Yen 22,624 million in the previous term.
Material price hikes contributed.
The recurring profit was posted at Yen 275 million and the net profit at
Yen 165 million, respectively, compared with Yen 242 million recurring profit
and Yen 130 million net profit, respectively, a year ago.
For the
term just ended Mar 2008 the net profit was projected and believed posted at
Yen 165 million, on a 3% rise in turnover, to Yen 24,500 million. The figures are considered not too far from
the ones actually resulted.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 685.3
million, on 30 days normal terms.
REGISTRATION
Date
Registered: Sept 1990
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 24,000 shares
Issued: 6,000 shares
Sum: Yen 300 million
Major shareholders (%)
Nikkan
Shizai (48.9), Shibafubana (15.2), Shiro Miyamoto (8.7), Toyota Suzuki (8.3),
Fusako Miyamoto (7.9)
No. of shareholders
18
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Wholesaler (by
auction) specializing in cut flowers, potted flowers & plants (--100%).
Clients:
Flower
markets, wholesalers, chain stores, consumers, other
No. of accounts:
Unavailable
Domestic
areas of activities: Centered in
greater-Tokyo
Suppliers:
Growers,
farm coops, other
Payment
record: Regular
Location: Business area in Tokyo. Office premises at the caption address are
leased and maintained satisfactorily.
Bank References
MUFG
(Mita)
Mizuho
Bank (Omori)
Relations:
Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual Sales |
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24,500 |
23,880 |
23,071 |
22,624 |
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Recur. Profit |
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280 |
275 |
242 |
186 |
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Net Profit |
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165 |
165 |
130 |
100 |
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Total Assets |
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4,860 |
4,857 |
4,766 |
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Current Assets |
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2,934 |
2,696 |
2,487 |
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Current Liabs |
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2,000 |
1,929 |
1,804 |
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Net Worth |
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1,794 |
1,677 |
1,576 |
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Capital, Paid-Up |
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300 |
300 |
300 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.60 |
3.51 |
1.98 |
0.81 |
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Current Ratio |
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.. |
146.70 |
139.76 |
137.86 |
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N.Worth Ratio |
.. |
36.91 |
34.53 |
33.07 |
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R.Profit/Sales |
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1.14 |
1.15 |
1.05 |
0.82 |
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N.Profit/Sales |
0.67 |
0.69 |
0.56 |
0.44 |
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Return On Equity |
.. |
9.20 |
7.75 |
6.35 |
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Note:
Forecast (or estimated) for the 31/03/2008 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%)