MIRA INFORM REPORT

 

 

Report Date :           

04.06.2011

 

IDENTIFICATION DETAILS

 

Name :

TAKASHO CO Ltd

 

 

Registered Office :

20-1 Minami-Akasaka Kainan City Wakayama-Pref 642-0017

 

 

Country :

Japan

 

 

Financials (as on) :

20.01.2011

 

 

Date of Incorporation :

August  1980

 

 

Com. Reg. No.:

(Wakayama-Kainan) 005748

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, export of gardening equipment

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

Yen 261.3 Million

Status :

Satisfactory

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

 

 Bottom of Form

TAKASHO CO Ltd

 

 

REGD NAME 

 

KK Takasho

 

 

MAIN OFFICE

 

 20-1 Minami-Akasaka Kainan City Wakayama-Pref 642-0017 JAPAN

Tel: 073-486-2540     Fax: 073-486-2566-

URL:                             http://www.takasho.co.jp

E-Mail address:                        soumubu@takasho.co.jp

 

 

ACTIVITIES

 

Import, export of gardening equipment

 

 

BRANCHES   

 

Tokyo, Fukuoka, Nagoya, Gunma, Saitama, Sendai, Hiroshima, Osaka, other

 

 

OVERSEAS   

 

China

 

FACTORIES  

 

China (subcontracted)

 

 

CHIEF EXEC

 

NOBUO TAKAOKA, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES                    FAIR                 　A/SALES       Yen 13,019 M

PAYMENTS      REGULAR         　CAPITAL        Yen 570 M

TREND             STEADY           　WORTH         Yen 4,334 M

STARTED                     1980                 　EMPLOYES   453

 

 

COMMENT

 

TRADING FIRM SPECIALIZING IN GARDENING EQUIPMENT 

 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 261.3 MILLION, 30 DAYS NORMAL TERMS

 

                        Forecast figures for the 20/01/2012 fiscal term.

 

 

HIGHLIGHTS

 

This is a top-class trader of gardening equipment.  Imports natural bamboo & woods from China subsidiary for domestic processing & sales.  Promoting proposal-based sales thru Aoyama Garden.  Completed a new factory of garden fences this February and started production.  . 

 

 

FINANCIAL INFORMATION

 

The sales volume for Jan/2011 fiscal term amounted to Yen 13,019 million, a 2.1% up from Yen 12,756 million in the previous term.  The recurring profit was posted at Yen 657 million and the net profit at Yen 339 million,　respectively, compared with Yen 584 million recurring profit and Yen 296 million net profit, respectively, a year ago.　. 

           

(Jan/Apr/2011 results): Sales Yen 3554 million (Up 5.2%), operating profit Yen 97 million (down 33.1%), recurring profit Yen 143 million (down 6.7%), net profit Yen 59 million (down 31.4%).  (% compared with the corresponding period a year ago)

 

For the current term ending Jan 2012 the recurring profit is projected at Yen 662 million and the net profit at Yen 348 million, on a 4.8% rise in turnover, to Yen 13,639 million.  Sales of garden fences in Japan will rise to contractors.  Home gardening tools & supplies will also rise. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 261.3 million, on 30 days normal terms.

 

 

REGISTRATION

           

Date Registered:　Aug 1980

Regd No.:         (Wakayama-Kainan) 005748

Legal Status:      Limited Company (Kabushiki Kaisha

Authorized:       26 million shares

Issued:                6,679,814 shares

Sum:                   Yen 570 million

 

Major shareholders (%): Nobuo Takaoka (24.0), Takaoka Kosan (9.7), Employees’ S/Holding Assn 5.2), Kiyo Bank (2.7), Hiroyuki Okamuro (2.3), Company’s Treasury Stock (2.3), MUFG (2.2), Ogura Boeki Co (1.8), Shin-Kobe Electric Machinery (1.8), Masae Takaoka (1.6); foreign owners (0.1)

 

No. of shareholders: 4,928

 

Listed on the S/Exchange (s) of: JASDAQ

 

Managements: Takaoka Nobuo, pres: Noboru Hiramatsu, mgn dir; Junko Takaoka, dir; Hiroshi Samukawa, dir; Hiroyuki Okamuro, dir; Kazunori Miyamoto, dir; Hiroyuki Yamada, dir 

 

Nothing detrimental is known as to the commercial morality of executives

 

Related companies: Wakayama Garden Create, Takasho Digitec, other.

 

 

OPERATION

           

Activities: Imports, manufactures garden fences (41%), gardening materials (45%), lighting equipment (12%), ponds, waterfalls & fountains (1%), others (1%)

Overseas Sales (11.5%): Europe 9.1%, others 2.4%

           

Clients: [Mfrs, wholesalers] Keiyo Co, Yuasa Corp, Konan Shoji, Cainz Corp, Khama Co, Komeri Co, EX Naniwa, other

            No. of accounts: 500

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Wakayama Garden Create, Nara Garden Create, Tokushima Garden Create, Takasho Digitec, Zhejiang Dongyang Lisan Industry, other

 

Payment record: Regular

 

Location: Business area in Kainan City, Wakayama-Pref.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

MUFG (Wakayama)

Kiyo Bank (Kainan-Higashi)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

20/01/2011

20/01/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

13,019

12,756

 

  Cost of Sales

7,374

7,118

 

      GROSS PROFIT

5,644

5,638

 

  Selling & Adm Costs

4,956

5,058

 

      OPERATING PROFIT

687

580

 

  Non-Operating P/L

-30

4

 

      RECURRING PROFIT

657

584

　

      NET PROFIT

339

296

BALANCE SHEET

 

 

 

 

  Cash

　

1,762

1,563

 

  Receivables

 

2,345

2,387

 

  Inventory

 

2,326

2,267

 

  Securities, Marketable

　

　

 

  Other Current Assets

355

252

 

      TOTAL CURRENT ASSETS

6,788

6,469

 

  Property & Equipment

2,600

2,128

 

  Intangibles

 

195

96

 

  Investments, Other Fixed Assets

611

629

 

      TOTAL ASSETS

10,194

9,322

 

  Payables

 

1,654

1,241

 

  Short-Term Bank Loans

1,082

1,200

 

　

 

　

　

 

  Other Current Liabs

1,718

1,605

 

      TOTAL CURRENT LIABS

4,454

4,046

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

1,336

1,015

 

  Reserve for Retirement Allw

5

5

 

  Other Debts

　

65

49

 

      TOTAL LIABILITIES

5,860

5,115

 

      MINORITY INTERESTS

 

 

 

Common stock

570

570

 

Additional paid-in capital

593

593

 

Retained earnings

3,292

3,071

 

Evaluation p/l on investments/securities

3

1

 

Others

 

(30)

6

 

Treasury stock, at cost

(94)

(35)

 

      TOTAL S/HOLDERS` EQUITY

4,334

4,206

　

      TOTAL EQUITIES

10,194

9,322

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

20/01/2011

20/01/2010

 

Cash Flows from Operating Activities

　

647

558

 

Cash Flows from Investment Activities

-691

-112

 

Cash Flows from Financing Activities

267

-273

　

Cash, Bank Deposits at the Term End

　

1,743

1,563

ANALYTICAL RATIOS            Terms ending:

20/01/2011

20/01/2010

 

 

Net Worth (S/Holders' Equity)

4,334

4,206

 

 

Current Ratio (%)

152.40

159.89

 

 

Net Worth Ratio (%)

42.52

45.12

 

 

Recurring Profit Ratio (%)

5.05

4.58

 

 

Net Profit Ratio (%)

2.60

2.32

 

 

Return On Equity (%)

7.82

7.04

 

 

           


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.85

UK Pound

1

Rs.73.29

Euro

1

Rs.64.89

 

 

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.