MIRA
INFORM REPORT
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Report Date : |
26.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
MITSUBA TRADING CO LTD |
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Registered Office : |
Nohara Bldg 7F, 4-1 Yotsuya Shinjukuku Tokyo 160-0004 |
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Country : |
Japan |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
July 1965 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Wholesale of Pharmaceuticals, Jewelry, Chemicals |
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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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
MITSUBA TRADING CO LTD
REGD NAME: Mitsuba Boeki KK
MAIN OFFICE: Nohara Bldg 7F, 4-1
Yotsuya Shinjukuku Tokyo 160-0004 JAPAN
Tel:
03-3353-2301 Fax: 03-3353-2639
E-Mail address: pharma@mitsuba-t.com (Pharmaceutical
Div)
jewel@mitsuba-t.com (Jewelry Div)
chem.@mitsuba-t.com (Chemicals Div)
ACTIVITIES
Import, wholesale of pharmaceuticals, jewelry, chemicals
BRANCHES
Yokohama
OVERSEAS
Mexico City (Mexico)
FACTORY(IES)
At the caption address (Laboratory)
OFFICERS
SHIN’ICHIRO NAKAMURA, PRES
Seiji Eto, v pres
Atsushi Yamada, dir
Tetsuro Nagata, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 3,306 M
PAYMENTS REGULAR CAPITAL Yen 45 M
TREND STEADY WORTH Yen 531 M
STARTED 1965 EMPLOYES 31
COMMENT
TRADING
FIRM SPECIALIZING IN PHARMACEUTICALS, JEWELRY AND CHEMICALS.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
HIGHLIGHTS
The subject company was established in order to reactivate a shell company founded in 1945, YK Mitsuba Shoji. This is a trading firm for import and wholesale of pharmaceuticals, jewelry and chemicals, with the three core divisions (see OPERATION for details). Also has mfg division with laboratory attached. Products are imported from Germany, Mexico, China, USA, Korea, Taiwan, Singapore, other. Clients are major pharmaceutical mfrs, cosmetics mfrs, food processors, health food processors, others, nationwide.
FINANCIAL INFORMATION
Financials are only partially disclosed.
The sales volume for Jun/2007 fiscal term amounted to Yen 3,306 million, a 4% down from Yen 3,459 million in the previous term. Sales were sluggish particularly in jewelry. The net profit declined sharply to Yen 76 million from Yen 188 million a year ago.
For the current term ending Jun 2008 the net profit is projected at Yen 80 million, on a 3% rise in turnover, to Yen 3,400 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 59.4 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jul 1965
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 96,000
shares
Issued: 90,940
shares
Sum: Yen
45.47 million
Major shareholders (%)
Shin’ichiro Nakamura (55), Yukio
Morita (10), Seiji Eto (7)
No. of shareholders: 8
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Trading house with three core divisions (sales breakdowns all about):
Pharmaceuticals Div (32%): suppository-based “Witepsol” (Germany) as treatment of quadriceps contracture – an adverse reaction to injections of antipyretic in infants; sasol products, hormone materials, in vitro diagnostic reagents, general medical bulk drugs, others;
Chemicals Div (33%): 70% of the goods are of Mexican natural plants; aloe vera pow -der, aloe vera gel, agave extract, candilla wax, quillaja extract, seabuckthorn (fruit juice powder, seed oil, fruit oil, teas; from China), jojoba, yucca materials & products;
Jewel Div & others (--35%): the history of the division goes back to the 1970’ when the firm imported opals from Mexico. In 1978, imported diamonds from Mumbai for the first time, the diamonds have become the major products handled. Import sources today are: India, Israel, Thailand, other.
Pharmaceutical Laboratory: mfg (subcontracted) of bulk “Human Menopausal Gonad-otorophin”, which is contained in urine of menopausal female. Materials are imported and supplied from China & Taiwan.
Clients
[Pharmaceutical mfrs, food processors, cosmetics mfrs] Hitachi Chemical,
Ajinomoto Pharma, Nihon Pharmaceutical, JCR Pharmaceuticals, Kao Corp, Kanebo Ltd, Sato Pharmaceutical, Taisho Pharmaceutical, Yama Co, Fujikawa & Co, other.
No. of accounts
800
Domestic areas of activities
Nationwide
Suppliers
Pharmaceutical Div: SASOL GmbH, Dynamit Nobel GmbH (--Germany); Nanjing KF & WB Bio Resources Ltd, China Wujin City Huangli No.2 Biochemical Factory, Starzoom (Hong Kong) Ltd, Shanghai Fudan-Zhangjiang Bio-Pharmaceutical, Kafula Ltd (Hong Kong), Anapure Bioscientific Co, other (--China);
Peptisyntha Inc (USA); Yun Baek Mull San Co, Samil Pharma Co, Mack Corp, SE-An Corp, other (--Korea);
Good Biotech Corp, Taiwan Chlorella Mfr Co (--Taiwan);
Chemicals Div: Mexi Aloe Lab SA, Ceras Naturales Mexicanas, UPCHN Plan Piloto Chicleo (--Mexico); Desert King International (USA); SASOL Germany GmbH (Ger-many), Taiwan Chlorella Mfr Co (Taiwan);
Jewel Div: PC Jain & Co, Blue Star, Asian Star Co Ltd, other.
Payment record
Regular
Location
Business
area Tokyo. Office premises at the
caption address are leased and maintained satisfactorily.
Bank References
MUFG (Yotsuya)
Resona Bank (Toranomon)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
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30/06/2008 |
30/06/2007 |
30/06/2006 |
30/06/2005 |
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Annual
Sales |
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3,400 |
3,306 |
3,459 |
3,101 |
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Recur.
Profit |
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361 |
191 |
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Net
Profit |
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80 |
76 |
188 |
101 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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531 |
477 |
289 |
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Capital,
Paid-Up |
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45 |
45 |
45 |
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Div.P.Share(¥) |
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250.00 |
300.00 |
150.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.84 |
-4.42 |
11.54 |
2.04 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
2.35 |
2.30 |
5.44 |
3.26 |
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Financials are only partially disclosed.
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%)