MIRA
INFORM REPORT
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Report Date : |
28.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SINCERO INC |
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Registered Office : |
Takahashi Hoshoku Bldg 202, 8-11-8 Ueno Taitoku Tokyo 110-0005 |
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Country : |
Japan |
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Financials (as on) : |
31.07.2007 |
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Date of Incorporation : |
August 1991 |
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Legal Form : |
Private Limited Company (Yugen Gaisha) |
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Line of Business : |
Import, Wholesale of Jewelry |
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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Maximum Credit Limit : |
YEN 1 Million |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
name & address
SINCERO INC
REGD NAME: YK Sincero
MAIN OFFICE: Takahashi Hoshoku
Bldg 202, 8-11-8 Ueno Taitoku Tokyo 110-0005 JAPAN
Tel:
03-3836-0922 Fax: 03-3836-0923
URL: N/A
ACTIVITIES
Import, wholesale of jewelry
BRANCHES
Nil
FACTORY(IES)
(subcontracted)
OFFICERS
TOSHIAKI IKEGAMI, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 30 M
PAYMENTS REGULAR CAPITAL Yen 6 M
TREND SLOW WORTH Yen 18 M
STARTED 1991 EMPLOYES 1
COMMENT
IMPORTER AND
WHOLESALER SPECIALIZING IN JEWELRY.
FINANCIAL SITUATION
CONSIDERED RATHER WEAK BUT GOOD FOR CREDIT ENGAGEMENTS: us412,500 / O/A 60 DYS
MAX CREDIT LIMIT
YEN 1 MILLION, 30 DAYS NORMAL TERMS.
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HIGHLIGHTS
The subject company was established by Toshiaki Ikegami in order to make most of his experience in jewelry business. This is a trader specializing in import and wholesale of jewelry. Partially retails them, too. Goods are imported from Thailand, India, other.
FINANCIAL INFORMATION
Financials are only partially disclosed.
The sales volume for Jul/2007 fiscal term amounted to Yen 30 million, a similar amount in the previous term. Profits remained unchanged at a minimum amount post-taxes.
For the current term ending Jul 2007 the net profit is projected at a minimum amount, on a similar turnover, at Yen 30 million. Business is seen slow. Clients networks do not seem to expand. Needs efforts.
The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements. Max credit limit is estimated at Yen 1 million, on 30 days normal terms. The proposed amount for 60 days terms is considered within the firm’s financial capabilities. We, however, recommend secured terms on new trans actions.
REGISTRATION
Date Registered: Aug 1991
Legal Status: Private Limited Company (Yugen Gaisha)
Regd Capital: Yen 6 million
Major shareholders (%)
Toshiaki Ikegami (100)
Nothing detrimental is known as to his commercial morality.
OPERATION
Activities: Imports and wholesales jewelry (100%).
Imports from India, Thailand, other. Partially retails them, too
Clients
Department stores, chain stores, jewelry processors, consumers
No. of accounts
100
Domestic areas of activities
Centered in greater-Tokyo
Suppliers
[Mfrs, wholesalers] Imports from India, Thailand, other.
Also supplied from domestic jewelry processors, traders, etc.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Johoku Shinkin Bank (Ueno)
Asahi Shinkin Bank (H/O)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
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31/07/2008 |
31/07/2007 |
31/07/2006 |
31/07/2005 |
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Annual
Sales |
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32 |
30 |
30 |
30 |
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Recur.
Profit |
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Net
Profit |
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0 |
0 |
0 |
0 |
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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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18 |
18 |
18 |
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Capital,
Paid-Up |
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6 |
6 |
6 |
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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 |
6.67 |
0.00 |
0.00 |
0.00 |
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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 |
0.00 |
0.00 |
0.00 |
0.00 |
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Note: Financials are only partially disclosed.
Forecast (or estimated) for the 31/07/2008 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%)