MIRA
INFORM REPORT
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Report Date : |
04.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
AS’TY INC |
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Registered Office : |
Shoko Center, 2-15-1 Nishiku Hiroshima 733-0833 |
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Country : |
Japan |
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Financials (as on) : |
28.02.2007 |
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Date of Incorporation : |
September 2006 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Manufacturer, Wholesale, Retail of Apparel |
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 487.8 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
AS’TY INC
REGD NAME: KK As’ty
MAIN OFFICE: Shoko Center, 2-15-1
Nishiku Hiroshima 733-0833 JAPAN
Tel: 082-278-1111 Fax:
082-278-2533
* The given address is its Tokyo Office
E-Mail address: asty-info@asty.co.jp
ACTIVITIES
Import, mfg, wholesale, retail of apparel
BRANCH(ES)
Tokyo, Osaka, Fukuoka
OVERSEAS
China (10), Vietnam
FACTORY(IES)
China (4), Vietnam (1)
OFFICERS
SAISHI KIMURA, PRES
Nobuyuki Hosoda, ch
Ryutaro Sugioka, mgn dir
Satoshi Miyamoto, dir
Nobumasa Yamada, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 11,155 M
PAYMENTS REGULAR CAPITAL Yen 400 M
TREND STEADY WORTH Yen 15,603 M
STARTED 1950 EMPLOYES 240
COMMENT
TRADING
FIRM SPECIALIZING IN APPAREL, WHOLLY OWNED BY F&A AQUA HOLDINGS INC.
FINANCIAL
SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 487.8 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established originally in 1950 in Hiroshima, and in Sept 2006 merged with FDC Products Co Ltd, forming a Holding Company, F&A Aqua Holdings, and became its wholly owned subsidiary. This is a trading firm, with mfg division, for import, export, wholesale & retail of men’s & women’s apparel, fancy goods, others. Engaged in bag production in Vietnam. Has 10 sewing & cutting apparel mfg subsidiaries in China.
Three major
subsidiaries
As'ty Inc (apparel mfg, wholesaling, imports);
FDC Products Co Ltd (process, wholesale of jewelry of “4C” brand);
Age Co Ltd (retail of jewelry & apparel).
FINANCIAL INFORMATION
Financials are consolidated by the parent, F&A Aqua Holdings Inc.
The sales volume for the initial Feb/2007 fiscal term amounted to Yen 11,155 million, posting Yen 310 million recurring profit and Yen 117 million net profit, respectively.
For the term just ended Feb 2008 the recurring profit was projected and believed posted at Yen 310 million and the net profit at Yen 120 million, on a 3% rise in turnover, to Yen 11,500.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 487.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Sept 2006
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 32,000
shares
Issued: 8,000
shares
Sum: Yen
400 million
Major shareholders (%)
F&A Aqua Holdings Inc (100)
* Holding company, born by the merger of As’ty Inc, FDC Products Co Ltd & Age Co Ltd in Sept 2006, listed Tokyo S/E, capital Yen 2,486 million, turnover Yen 54,137 million, operating profit Yen 2,271 million, recurring profit Yen 2,858 million, net profit Yen 394 million, total assets Yen 57,463 million, net worth Yen 39,861 million, employees 1,917, pres Saishi Kimura, concurrently.
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Trading firm for import, export, mfg, wholesale and retail of Men’s & women’s apparel, clothing accessories (--100%)
Clients
[Mfrs, wholesalers] Fuji, Beruna, Onward Kashiyama, Mitsubishi Corp, Nagasakiya, Tenmaya Store, Daiwabo Co, other
No. of accounts
600
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Takihyo, Mitsubishi Corp, Moririn, Mitsui & Co, Gunze, Toyota Tsusho Corp, Step One, Yagi Corp, other.
Imports from subsidiary mfrs in China, Hong Kong and Vietnam.
Payment record
Regular
Location
Business
area in Hiroshima. Office premises at
the caption address are owned and maintained satisfactorily.
Bank References
Hiroshima Bank (Hiroshima-Nishi)
Resona (Osaka)
Relations: Satisfactory
Financials (in million Yen)
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Terms Ending: |
29/02/2008 |
28/02/2007 |
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Annual
Sales |
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11,500 |
11,155 |
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Recur.
Profit |
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310 |
310 |
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Net
Profit |
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120 |
117 |
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Total
Assets |
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23,236 |
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Current
Assets |
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4,968 |
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Current
Liabs |
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5,448 |
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Net
Worth |
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15,603 |
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Capital,
Paid-Up |
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400 |
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Div.P.Share(¥) |
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0.00 |
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<Analytical Data> |
(%) |
(%) |
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S.Growth Rate |
3.09 |
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Current Ratio |
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91.19 |
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N.Worth Ratio |
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67.15 |
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R.Profit/Sales |
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2.70 |
2.78 |
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N.Profit/Sales |
1.04 |
1.05 |
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Return On Equity |
.. |
0.75 |
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Notes: The 28/02/2007 term is the initial accounting term
from the reorganization.
Forecast (or estimated) for the 29/02/2008 fiscal term.
SUPPLEMENTS:
CONSOLIDATED
FINANCIALS OF THE PARENT, F&A AQUA HOLDINGS INC
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
28/02/2007 |
28/02/2006 |
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INCOME STATEMENT |
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Annual Sales |
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54,137 |
47,390 |
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Cost of Sales |
29,387 |
28,282 |
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GROSS PROFIT |
24,750 |
19,108 |
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Selling & Adm Costs |
22,478 |
16,035 |
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OPERATING PROFIT |
2,271 |
3,072 |
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Non-Operating P/L |
587 |
423 |
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RECURRING PROFIT |
2,858 |
3,495 |
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NET PROFIT |
394 |
22 |
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BALANCE SHEET |
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Cash |
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682 |
977 |
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Receivables |
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4,313 |
4,534 |
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Inventory |
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6,977 |
5,975 |
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Securities, Marketable |
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Other Current Assets |
1,174 |
739 |
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TOTAL CURRENT ASSETS |
13,146 |
12,225 |
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Property & Equipment |
12,968 |
13,197 |
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Intangibles |
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10,645 |
741 |
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Investments, Other Fixed Assets |
20,704 |
19,946 |
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TOTAL ASSETS |
57,463 |
46,109 |
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Payables |
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5,166 |
6,204 |
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Short-Term Bank Loans |
4,600 |
2,540 |
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Other Current Liabs |
3,951 |
3,595 |
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TOTAL CURRENT LIABS |
13,717 |
12,339 |
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Debentures |
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360 |
100 |
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Long-Term Bank Loans |
110 |
272 |
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Reserve for Retirement Allw |
667 |
939 |
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Other Debts |
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2,731 |
2,358 |
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TOTAL LIABILITIES |
17,585 |
16,008 |
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MINORITY INTERESTS |
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3,043 |
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Common
stock |
2,486 |
2,486 |
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Additional
paid-in capital |
18,349 |
5,437 |
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Retained
earnings |
19,013 |
19,057 |
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Evaluation
p/l on investments/securities |
1,525 |
1,377 |
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Others |
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(612) |
(625) |
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Treasury
stock, at cost |
(884) |
(674) |
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TOTAL S/HOLDERS` EQUITY |
39,877 |
27,058 |
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TOTAL EQUITIES |
57,463 |
46,109 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
28/02/2007 |
28/02/2006 |
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Cash
Flows from Operating Activities |
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-12,891 |
1,857 |
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Cash
Flows from Investment Activities |
-1,453 |
-2,453 |
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Cash
Flows from Financing Activities |
1,156 |
-351 |
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Cash,
Bank Deposits at the Term End |
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662 |
977 |
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ANALYTICAL RATIOS Terms
ending: |
28/02/2007 |
28/02/2006 |
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Net
Worth (S/Holders' Equity) |
39,877 |
27,058 |
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Current
Ratio (%) |
95.84 |
99.08 |
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Net
Worth Ratio (%) |
69.40 |
58.68 |
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Recurring
Profit Ratio (%) |
5.28 |
7.37 |
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Net Profit
Ratio (%) |
0.73 |
0.05 |
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Return
On Equity (%) |
0.99 |
0.08 |
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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%)