MIRA INFORM REPORT

 

 

Report Date :

10.08.2011

 

IDENTIFICATION DETAILS

 

Name :

SPRING COSMO INTERNATIONAL CORPORATION

 

 

Registered Office :

Koshin Bldg 7F, 2-2-22 Kanda-Nishikicho Chiyodaku Tokyo 101-0054

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2010

 

 

Year of Establishment:

June 1993

 

 

Com. Reg. No.:

(Tokyo-Chiyodaku) 131476

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, export, wholesale of paper, paper products

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

Yen 141.9 Million

Status :

Small Company

Payment Behaviour :

Regular

Litigation :

--

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

SPRING COSMO INTERNATIONAL CORPORATION

REGD NAME:    KK Spring Cosmo International

MAIN OFFICE:  Koshin Bldg 7F, 2-2-22 Kanda-Nishikicho Chiyodaku Tokyo 101-0054 JAPAN

                        Tel: 03-5577-6602     Fax: 03-5577-6613

 

URL:                 http://www.springcosmo.com/

E-Mail address: info@springcosmo.com

 

 

ACTIVITIES

 

Import, export, wholesale of paper, paper products

 

BRANCHES   

 

Nil

 

 

OFFICER(S)  

 

FUMITAKA TAKAHASHI, PRES              Yuzuru Isshiki, dir

Eiji Takeshita, dir                                   Masanao Osada, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES                    FAIR                             A/SALES          Yen 7,700 M

PAYMENTS      REGULAR                     CAPITAL           Yen 20 M

TREND             STEADY                       WORTH            Yen 211 M

STARTED                     1993                             EMPLOYES      14

 

 

COMMENT

 

TRADING FIRM SPECIALIZING IN PAPER & PAPER PRODUCTS. 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$1,500,000 / O/A 30 DAYS

 

MAX CREDIT LIMIT: YEN 141.9 MILLION, 30 DAYS NORMAL TERMS

HIGHLIGHTS

           

            The subject company was established by Fumitaka Takahashi in order to make most of his             experience in the subject line of business.  This is a trading firm for import, export and wholesale of    paper & paper products: paper, coated paper, quality paper, board paper, used/recycled paper, pulp, other.  Goods are imported from Korea, Europe, Asia, other, and exported to USA, Taiwan, Oceania, Asia, etc (80%).  Domestic sales account for 20% of total sales.  Domestic clients include printing firms.

 

 

FINANCIAL INFORMATION

 

            Financials are only partially disclosed.

 

The sales volume for Mar/2010 fiscal term amounted to Yen 7,700 million, an 18% up from Yen 6,500 million in the previous term.  Recycled/used paper exports rose into Oceania (about 50%), Taiwan and other S/E Asian countries.  Demand for coated paper also rose.  The net profit was posted at Yen 50 million, up from Yen 40 million a year ago.

 

For the term that ended Mar 2011 the net profit was projected at Yen 55 million, on a 5% rise in turnover, to Yen 8,100 million.  Exports continued robust into Asia.  Final results are yet to be released.

           

            The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 141.9 million, on 30 days normal terms.  The proposed amount is considered well within the firm’s financial capacities.

 

 

REGISTRATION

 

Date Registered:　Jun 1993

Regd No.:         (Tokyo-Chiyodaku) 131476

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         1,600 shares

Issued:                400 shares

Sum:                   Yen 20 million

Major shareholders (%): Fumitaka Takahashi (50), Nakagawa Mfg Co (25), Company’s Treasury Stock (25)

No. of shareholders: 3

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Imports, exports (80%) and wholesales (20%) paper & paper products: coated paper, bond paper, machine glazed paper, printing paper, fiberboard, quality paper, used/recycled paper, pulp, other (--100%).

 

           

Clients: [Printers, wholesalers] Nakagawa Mfg Co, Toyo Printing, Toppan Printing, Shiroki KK,                    Kokusai Pulp & Paper, Seikosha Printing Ltd, other.

Exports to Oceania (50%), other to Taiwan, Asia, USA, other

No. of accounts: 500

Domestic areas of activities: Centered in greater-Tokyo

Suppliers: [Mfrs, wholesalers] Shiroki Co, Japan Paper & Pulp, Oji Trading, Kokusai Pulp & Paper, Gojo Paper Mfg, Marubeni Corp, other.

Imports from Hansul Paper (Korea), other from Europe, Asia, other.

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

Bank References:

MUFG (Omotesando)

SMBC (Aoyama)

Relations: Satisfactory

 

 

FINANCES

 (In Million Yen)

 

Terms Ending:

　

31/03/2011

31/03/2010

31/03/2009

31/03/2008

Annual Sales

　

8,100

7,700

6,500

4,900

Recur. Profit

　

　

　

　

　

Net Profit

　

55

50

40

25

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

211

161

121

Capital, Paid-Up

　

　

20

20

20

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

5.19

18.46

32.65

-3.92

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

..

..

..

    N.Profit/Sales

0.68

0.65

0.62

0.51

 

Notes: Financials are only partially disclosed.

Forecast (or estimated) figures for the 31/03/2011 fiscal term.

 

           

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.17

UK Pound

1

Rs.73.72

Euro

1

Rs.64.26

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.