MIRA INFORM REPORT

 

 

Report Date :           

08.06.2011

 

IDENTIFICATION DETAILS

 

Name :

SMILE CORPORATION

 

 

Registered Office :

Sanrittsy Mitsui Seimei Bldg, 1-30-13 Narimasu Itabashiku Tokyo 175-0094

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

June 1977

 

 

Com. Reg. No.:

(Tokyo-Itabashiku) 014402

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale, import of packaging materials, foods, wine, clothing

 

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 319.6 Million

Status :

Small Company 

Payment Behaviour :

Regular

Litigation :

Clear

 

 

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

 

 Bottom of Form

 

Company name

 

SMILE CORPORATION

 

 

REGD NAME 

 

KK Smile

 

 

MAIN OFFICE

 

Sanrittsy Mitsui Seimei Bldg, 1-30-13 Narimasu Itabashiku Tokyo 175-0094 JAPAN

Tel: 03-5950-5114     Fax: 03-3987-2818

 

*.. The given address is the old address from where the firm moved the head office to the caption address in Sept 2009.  The given phone number is no longer used.

  

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

E-Mail address:                        fags@smilecorp.co.jp

 

 

ACTIVITIES  

 

Wholesale, import of packaging materials, foods, wine, clothing, others

 

 

BRANCHES

 

Osaka, Sapporo

 

 

OVERSEAS   

 

Shanghai (subsidiary)

 

 

OFFICER(S)  

 

IZUMI KAWAGUCHI,                  PRES   Atsushi Ohno, dir

Shingo Ohta, dir             Junpei Yamada, dir

Akira Iinuma, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 26,424 M

PAYMENTS                  REGULAR         CAPITAL           Yen 570 M

TREND             SLOW              WORTH            Yen 1,828 M

STARTED                     1977                 EMPLOYES      122

 

 

COMMENT

 

IMPORTER & WHOLESALER SPECIALIZING IN PACKAGING MATERIALS, WINE & FOODS.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR BUSINESS ENGAGEMENTS.

 

MAX CREDIT LIMIT: YEN 319.6 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

 

The subject company was established originally as a packaging materials mfg company and in Apr 1995 merged KK Smile (100% owned by Seiyu Ltd), renamed as captioned and expanded business operations to import, export, wholesale of foods, wines, furniture, in addition to food packaging materials.  The subject wholesales packaging materials, including machinery & logistic equipment as a main line.  Also, in large part, designs, develops and manufactures (consigned to subsidiaries) original brand merchandise, in addition to foods, wines, office furniture, tableware, other items.  Acts as sole import agent for Elfa, Sweden, and imports European-style office furniture.  Goods are also exported.  Clients include supermarkets, chain stores, consumer coops, nationwide, in addition to Seiyu Ltd and group firms.  Strong business ties with Seiyu Ltd and group firms.

 

 

FINANCIAL INFORMATION

 

The sales volume for Dec/2010 fiscal term amounted to Yen 26,424 million, a 4% down from Yen 27,382 million in the previous term, as affected by the global economic downturn.  This is also referred to decreased sales at Seiyu Ltd and other chain stores.  Consumer spending was sluggish.  Sales of foods & clothing declined.  The recurring profit was posted at Yen 914 million and the net profit at Yen 536 million, respectively, compared with Yen 852 million recurring profit and Yen 385 million net profit, respectively, a year ago. 

 

For the current term ending Dec 2011 the recurring profit is projected at Yen 950 million and the net profit at Yen 550 million, respectively, on a 6% rise in turnover, to Yen 28,000 million.  Sales revived. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 319.6 million, on normal 30 days terms.

 

REGISTRATION

 

Date Registered:  Jun 1977

Regd No.:          (Tokyo-Itabashiku) 014402

Legal Status:     Limited Company (Kabushiki Kaisha)

Authorized:        4.6 million shares

Issued:               3 MILLION shares

Sum:                  Yen 570.5 million

 

Major shareholders (%): Polaris Private Equity Fund I (50), Company’s Treasury Stock (26), Ryohin Kikaku (3)

 

No. of shareholders: 15

 

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

 

 

OPERATION

 

Activities: Import, wholesale of packaging materials (25%): packaging tools, machinery & logistic equipment, others; designs, plans, develops, manufactures (on consignment to subsidiaries): original brand goods (51%); foods (15%): fruits & vegetables, livestock products, fishery products, wines (from France, Spain, Italy, Germany, UK, USA, etc); clothing for men, women, babies & children, clothing accessories, underwear, beddings; European-style office furniture (from Elfa, Sweden), toasters (from Dualit, UK), tableware, cutlery, other general commodities, others (--9%).  (Breakdowns are all about).

(Import 20%).  Exclusive import agent for Elfa, Sweden.

 

Clients: [Supermarkets, wholesalers, chain stores] Seiyu Ltd and group firms, Ryohin Kikaku, Askul Corp, Four Seas, SSV Inc, Ricoh group firms, Canon group firms, Kagoshima-Pref Economic & Agricultural Coop, Asahi Food Processing, other.

            No. of accounts: 1,000

            Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Prima Meat Packers, Seiyu Ltd, Asahi Food Processing, Morinaga Milk Ind, Japan Milk Community, Suntory Foods, Itoen Ltd, Crown Package, Sun Echo Engineering, Mitsui Bussan Packaging, other. 

Imports from Dualit (UK), Elfa (Sweden), other from France, Germany, Italy, Spain, Chile, USA, etc.

 

Payment record: Regular

 

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

 

Bank References:

·         Mizuho Bank (Ikebukuro)

·         MUFG (Nish-Ikebukuro)

·         Relations: Satisfactory

 

FINANCES

 (In Million Yen)

 

       Terms Ending:

31/12/2011

31/12/2010

31/12/2009

31/12/2008

Annual Sales

　

28,000

26,424

27,382

29,179

Recur. Profit

　

950

914

852

427

Net Profit

　

550

536

385

72

Total Assets

　

　

11,134

9,919

9,799

Current Assets

　

　

10,394

9,226

9,039

Current Liabs

　

　

8,912

8,124

8,350

Net Worth

　

　

1,828

1,347

1,067

Capital, Paid-Up

　

　

570

570

570

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

5.96

-3.50

-6.16

-6.28

    Current Ratio

 

..

116.63

113.56

108.25

    N.Worth Ratio

..

16.42

13.58

10.89

    R.Profit/Sales

 

3.39

3.46

3.11

1.46

    N.Profit/Sales

1.96

2.03

1.41

0.25

    Return On Equity

..

29.32

28.58

6.75

 

Notes: Forecast (or estimated) figures for the 31/12/2011 fiscal term. 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.74

UK Pound

1

Rs.73.25

Euro

1

Rs.65.48

 

 

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.