MIRA INFORM REPORT
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Report Date : |
21.11.2008 |
IDENTIFICATION DETAILS
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Name : |
3E CORPORATION |
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Registered Office : |
1-3-14 Nihombashi-Horidomecho Chuoku Tokyo
103-0012 |
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Country : |
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Financials (as on) : |
30.09.2008 |
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Date of Incorporation : |
December 1990 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wholesaler, retailer
and Mail-Order Sales of Office Equipment & supplier of tonner ink |
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 147 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
Name
3E
CORPORATION
REGD NAME
KK 3E Corporation
MAIN OFFICE
1-3-14
Nihombashi-Horidomecho Chuoku
Tel:
03-5640-2622 Fax: 03-5640-8915
URL: http://www.3ec.jp/
E-Mail
address: info@3ec.jp
ACTIVITIES
Wholesale of stationery &
office supplies
BRANCHES
OFFICER(S)
AKIRA
KITANAKA, PRES Hirokatsu Mukai,
dir
Kazuyuki
Yuri, dir Hiromichi
Saitoh, dir
Yen Amount:
In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 8,400 M
PAYMENTS REGULAR CAPITAL Yen 137 M
TREND SLOW WORTH Yen
487 M
STARTED 1990 EMPLOYES 18
COMMENT
WHOLESALER
SPECIALIZING IN STATIONERY & OFFICE SUPPLIES.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 147 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by Akira
Kitanaka in order to make most of his experience in the subject line of
business, as KK Ofikkusu and renamed as captioned in Oct 2004. Specializes in wholesaling stationery, office
equipment & supplies. Main items are
toner ink, printing ink, toner cartridges, other. In 1996, started mail-order sales targeting
business firms. In Sept 1998 started
recovery system of disused toner cartridges.
Goods are distributed through its subsidiaries: Offinet.com Inc &
SUP Inc, at the caption address, pres Akira Kitanaka, concurrently. This is a group of SBS Holdings Inc (See REGISTRATION).
FINANCIAL INFORMATION
Financials
are consolidated by SBS Holdings Inc and only partial figures are
disclosed. Consolidated Financials are
as attached (See SUPPLEMENTS)
The
sales volume for Sept/2007 fiscal term amounted to Yen 8,400 million, a 3% down
from Yen 8,700 million in the previous term.
This is referred to wide-spread sales of recycled tonner inks &
cartridges at lower prices. The firm
handles only genuine make of Canon, Epson, Ricoh, other. The net profit was said posted at Yen 5
million, compared with Yen 10 million a year ago. Hike in materials and operations deteriorated
profits.
For the
term just ended Sept 2008 the net profit was projected at Yen 5 million, on a
similar turnover, at Yen 8,400 million.
The business slump triggered by financial crisis created in
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is estimated at Yen 147 million, on 30 days
normal terms.
REGISTRATION
Date Registered:
Dec 1990
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 4,000
shares
Issued: 2,747
shares
Sum: Yen
137.36 million
Major shareholders (%): Akira Kitanaka (100)
Nothing detrimental is known as
to the commercial morality of executives.
* SBS Holdings Inc,
top class delivery service firm with Tokyo area as main business, founded 1987,
listed JASDAQ, capital Yen 3,833 million, sales Yen 147,097 million, operating
profit Yen 6,794 million, recurring profit Yen 7,901 million, net profit Yen
4,054 million, total assets Yen 101,988 million, net worth Yen 18,077 million,
employees 4,358, pres Masahiko Kamata
OPERATION
Activities:
Wholesales, retails and mail-order sales of office equipment & supplies:
tonner ink (of Canon/Epson/Ricoh make), tonner cartridges, office furniture (desk,
chairs, cabinets, folding tables, locker, shoes box, drawing-room sets),
partition, white board/black board, fire-proof safes, copier paper, recycling
of disused tonner cartridges, other (--100%)
Goods are distributed by two
subsidiaries: Offinet.com Inc and SUP Inc, at the caption address, presided by
Akira Kitanaka, concurrently.
Clients: [Wholesalers] Offinet.com Inc &
SUP Inc (--subsidiaries)
No. of
accounts: 2 (for nationwide distribution)
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Canon System
& Support, Osaka Plant, Enecs Co, other
Payment record: Regular
Location: Business area in
Bank References
Resona
Bank (Kanda)
MUFG (
Relations:
Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
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30/09/2008 |
30/09/2007 |
30/09/2006 |
30/09/2005 |
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Annual
Sales |
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8,400 |
8,400 |
8,700 |
8,300 |
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Recur.
Profit |
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Net
Profit |
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5 |
5 |
10 |
10 |
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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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487 |
482 |
472 |
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Capital,
Paid-Up |
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137 |
137 |
137 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
0.00 |
-3.45 |
4.82 |
1.22 |
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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 |
0.06 |
0.06 |
0.11 |
0.12 |
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Notes:
Financials are only partially disclosed.
Forecast
(or estimated) figures for the 30/09/2008 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF SBS HOLDINGS
INC
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/12/2007 |
31/12/2006 |
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INCOME STATEMENT |
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Annual Sales |
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147,097 |
142,643 |
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Cost of Sales |
130,632 |
127,238 |
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GROSS PROFIT |
16,465 |
15,404 |
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Selling & Adm Costs |
9,670 |
9,454 |
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OPERATING PROFIT |
6,794 |
5,949 |
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Non-Operating P/L |
1,107 |
1,962 |
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RECURRING PROFIT |
7,901 |
7,911 |
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NET PROFIT |
4,054 |
4,073 |
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BALANCE SHEET |
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Cash |
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7,283 |
7,987 |
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Receivables |
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17,822 |
16,607 |
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Inventory |
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8,486 |
891 |
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Securities, Marketable |
27 |
27 |
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Other Current Assets |
7,037 |
11,833 |
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TOTAL CURRENT ASSETS |
40,655 |
37,345 |
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Property & Equipment |
55,524 |
50,273 |
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Intangibles |
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611 |
1,096 |
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Investments, Other Fixed Assets |
2,797 |
(9,311) |
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TOTAL ASSETS |
99,587 |
79,403 |
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Payables |
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8,965 |
7,408 |
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Short-Term Bank Loans |
25,993 |
10,820 |
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Other Current Liabs |
12,753 |
8,491 |
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TOTAL CURRENT LIABS |
47,711 |
26,719 |
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Debentures |
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5,165 |
5,295 |
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Long-Term Bank Loans |
13,623 |
15,786 |
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Reserve for Retirement Allw |
4,759 |
4,537 |
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Other Debts |
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12,882 |
13,383 |
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TOTAL LIABILITIES |
84,140 |
65,720 |
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MINORITY INTERESTS |
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1,829 |
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Common
stock |
3,833 |
3,833 |
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Additional
paid-in capital |
5,418 |
4,568 |
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Retained
earnings |
6,065 |
2,088 |
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Evaluation
p/l on investments/securities |
(114) |
1,363 |
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Others |
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332 |
1 |
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Treasury
stock, at cost |
(88) |
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TOTAL S/HOLDERS` EQUITY |
15,446 |
11,853 |
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TOTAL EQUITIES |
99,587 |
79,403 |
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ANALYTICAL RATIOS Terms ending: |
31/12/2007 |
31/12/2006 |
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Net
Worth (S/Holders' Equity) |
15,446 |
11,853 |
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Current
Ratio (%) |
85.21 |
139.77 |
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Net
Worth Ratio (%) |
15.51 |
14.93 |
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Recurring
Profit Ratio (%) |
5.37 |
5.55 |
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Net
Profit Ratio (%) |
2.76 |
2.86 |
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Return
On Equity (%) |
26.25 |
34.36 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.03 |
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1 |
Rs.74.42 |
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Euro |
1 |
Rs.62.71 |
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%)