MIRA
INFORM REPORT
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Report Date : |
12.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
KURIHARA CORPORATION |
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Registered Office : |
2-7-6 Umemotomachi Nishiku Osaka 550-0004 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
July 1951 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer, Wholesaler and Retailer of Headwear |
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 161.8 MILLION |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
name & address
KURIHARA CORPORATION
REGD NAME: KK Kurihara
MAIN OFFICE: 2-7-6 Umemotomachi
Nishiku Osaka 550-0004 JAPAN
Tel :
06-6444-2361
Fax :
06-0444-0026
URL: http://www.kurihara-corp.com
E-Mail address: admin@kurihara-corp.com
ACTIVITIES
Mfg, wholesale, retail of headwear
BRANCHES
Tokyo, Ibaraki (distribution center)
STORES
Tokyo (press room attached), Osaka, other (Tot 29)
FACTORY(IES)
(subcontracted)
OFFICERS
Yutaka Kurihara, ch
TOHRU KURIHARA, PRES
Tsunetoshi Yoshida, dir
Tadashi Fujimoto, dir
Masayuki Nakahama, dir
Toshihiro Nakajima, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 6,976 M
PAYMENTS REGULAR CAPITAL Yen 48 M
TREND SLOW WORTH Yen 1,470 M
STARTED 1951 EMPLOYES 93
COMMENT
MFR OF
HEADWEAR.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$1,500,000 / LC 30
DAYS TERMS.
MAX CREDIT LIMIT
YEN 161.8 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established originally in 1922 by Hajime Kurihara for making headwear, on his account. Incorporated in 1951, the firm has been succeeded by his descendants. Tohru is the founder’s grandson. Specializes in mfg (subcontracted to subsidi- aries), import, export, wholesale and retail of headwear. Exclusive import agent of Kangol brand headwear. Retail stores are operated by the names of: Kangol, Override & HEADSTAR, spreading 29 stores at major cities of Japan, from Hokkaido down to Kyushu. Handles a wide range of designer brands goods. Imports are mostly handled by general trading houses.
FINANCIAL INFORMATION
The sales volume for Sept/2007 fiscal term amounted to Yen 6,976 million, a 2% down from Yen 7,086 million in the previous term. This is referred to competition among the trade in the midst of lower priced imports from China and other S/E Asian countries. The recurring profit was posted at Yen 42 million and the net profit at Yen 50 million, respectively, compared with Yen 90 million recurring loss and Yen 62 million net profit, respectively, a year ago.
For the current term ending Sept 2008 the recurring profit is projected at Yen 40 million and the net profit at Yen 50 million, respectively, on a slight rise in turnover, to Yen 7,000 million.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 161.8 million, on 30 days normal terms. The proposed amount is considered within the firm’s financial capabilities.
REGISTRATION
Date Registered: Jul 1951
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 384,000
shares
Issued: 96,000
shares
Sum: Yen
48 million
Major shareholders (%)
Hiroshi Kurihara (23), Osaka Small & Medium Business Investment (17), Employees’ S/Holding Assn (13), Tohru Kurihara (12), Executives’ S/Holding Assn (6)
No. of shareholders: 12
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures, imports, exports, wholesales and
retails headwear & accessories (--100%).
Exclusive import agent of Kangol brand headpieces.
Handling brands: Converse, Fila, Levi’s, Reebok, Playboy, Modern Amusement, Nice Claup, Castano, Marie Claire, Kangol, Bailey, Persons, Milsa, other.
Clients
[Chain stores, sports goods stores, wholesalers] Ito-Yokado, Aeon Inc, Adidas Japan, Mitsubishi Corp, Marui, other.
No. of accounts
1,000 (Wholesale Div)
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Sunric, Itochu Corp, Three Stars, Matsuki, Imai Seibo, other.
Payment record
Regular
Location
Business area in Osaka. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
Mizuho Bank (Semba)
MUFG (Osaka-Nishi)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
30/09/2008 |
30/09/2007 |
30/09/2006 |
30/09/2005 |
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Annual
Sales |
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7,000 |
6,976 |
7,086 |
7,658 |
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Recur.
Profit |
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40 |
42 |
-90 |
347 |
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Net
Profit |
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50 |
50 |
62 |
195 |
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Total
Assets |
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3,710 |
3,512 |
3,392 |
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Current
Assets |
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1,953 |
17,770 |
1,785 |
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Current
Liabs |
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1,466 |
1,342 |
1,103 |
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Net
Worth |
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1,470 |
1,426 |
1,408 |
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Capital,
Paid-Up |
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48 |
48 |
48 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
0.34 |
-1.55 |
-7.47 |
-1.43 |
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Current Ratio |
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.. |
133.22 |
1,324.14 |
161.83 |
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N.Worth Ratio |
.. |
39.62 |
40.60 |
41.51 |
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R.Profit/Sales |
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0.57 |
0.60 |
-1.27 |
4.53 |
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N.Profit/Sales |
0.71 |
0.72 |
0.87 |
2.55 |
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Return On Equity |
.. |
3.40 |
4.35 |
13.85 |
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Notes: Forecast (or estimated) for the 30/09/2008 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%)