MIRA INFORM REPORT
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Report Date : |
17.06.2011 |
IDENTIFICATION DETAILS
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Name : |
ZETT CREATE CORPORATION |
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Registered Office : |
1-2-16 Karasugatsuji Tennojiku Osaka
543-0042 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
March 1979 |
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Com. Reg. No.: |
(Osaka-Tennojiku) 023974 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of sporting goods |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
Yen 238.5 Million |
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Status : |
Moderate |
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Payment
Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Japan |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
ZETT CREATE
CORPORATION
REGD NAME
Zett Create KK
MAIN OFFICE
1-2-16
Karasugatsuji Tennojiku Osaka 543-0042 JAPAN
Tel:
06-6779-1172 Fax: 06-6774-0721
*.. The given phone number is that of the parent, Zett Corp
URL: http://www.zett.ne.jp
(of the parent, Zett Corp)
E-Mail address: custinfo@zett.ne.jp
ACTIVITIES
Mfg of
sporting goods
BRANCHES
Nil
FACTORIES
At the
caption address, Fukui
OFFICERS
HIDEO KOBAYASHI,
PRES Hirofumi Yoneda,
mgn dir
Masashi Hasegawa, dir Masaharu Yabugaki, dir
Yasuo Watanabe, dir Tadahiko Narahara,
dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 7,425 M
PAYMENTS REGULAR CAPITAL Yen 960 M
TREND SLOW WORTH Yen
1,480 M
STARTED 1979 EMPLOYES 94
COMMENT
MFR OF SPORTING GOODS, WHOLLY OWNED BY ZETT CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 238.5 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of mfg division
separated from Zett Corporation (See REGISTRATION). This is the mfg division, consolidated subsidiary,
of Zett Corporation and most of the sporting goods, particularly baseball
goods, are manufactured by this company.
Goods are wholly shipped to the parent.
FINANCIAL INFORMATION
Financials are consolidated by the parent and disclosed in digested form
only, until the 31/03/2009 fiscal term.
The 31/03/2010 fiscal term figures are only partially disclosed.
The sales volume for Mar/2010 fiscal term amounted to Yen 7,425 million,
a 3% down from Yen 7,642 million in the previous term. Sales of sports apparel, sporting goods and
outdoor products were facing difficulties.
Consumer spending was sluggish.
The net profit was posted at Yen 18 million, compared with Yen 27 million
net profit a year ago.
For the term that ended Mar 2011 the net profit was projected at Yen 15
million, on a 2% fall in turnover, to Yen 7,300 million. The parent, Zett Corp, reported the sales
declined 2,5%. 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 238.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar 1979
Regd No.: (Osaka-Tennojiku) 023974
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 7.6
million shares
Issued: 1.92 million shares
Sum: Yen 960 million
Major shareholders (%): Zett Corporation* (100)
*.. Leading
wholesaler of sporting goods, Osaka, founded 1950, listed Osaka (second
section), capital Yen 1,005 million, sales Yen 38,285 million, operating loss
Yen 843 million, recurring loss Yen 785 million, net loss Yen 1,207 million,
total assets Yen 19,659 million, net worth Yen 7,774 million, employees 637,
pres Hiroyuki Watanabe
Consolidated Financials are
attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Manufactures sporting goods: baseball goods, baseball uniforms, other sporting goods (--100%). Goods are wholly shipped to the parent, Zett Corp.
Clients:
[Wholesaler] Zett Corp
No. of
accounts: 1
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Mitsubishi Corp, Toyota Tsusho Corp, Marubeni Corp, Mitsui
& Co, Okamoto Seikou Co, Zairo Co, other
Payment
record: Regular
Location:
Business area in Osaka. Office premises
at the caption address are owned by the parent, Zett Corp, and maintained
satisfactorily.
Bank References:
Mizuho Bank (Semba)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2010 |
31/03/2009 |
31/03/2008 |
31/03/2007 |
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Annual
Sales |
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7,425 |
7,642 |
8,007 |
7,558 |
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Recur.
Profit |
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52 |
188 |
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Net
Profit |
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18 |
27 |
115 |
44 |
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Total
Assets |
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3,274 |
3,286 |
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Current
Assets |
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3,108 |
3,146 |
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Current
Liabs |
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1,761 |
1,805 |
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Net
Worth |
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1,480 |
1,462 |
1,433 |
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Capital,
Paid-Up |
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960 |
960 |
960 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
-2.84 |
-4.56 |
5.94 |
-2.79 |
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Current Ratio |
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.. |
176.49 |
174.29 |
.. |
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N.Worth Ratio |
.. |
44.65 |
43.61 |
.. |
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R.Profit/Sales |
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.. |
0.68 |
2.35 |
.. |
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N.Profit/Sales |
0.24 |
0.35 |
1.44 |
0.58 |
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Return On Equity |
.. |
1.85 |
8.03 |
.. |
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Notes:
Financials are only partially disclosed for the 31/03/2010 fiscal term.
Confirmed
figures for the 31/03/2010 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
ZETT CORPORATION.
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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38,245 |
39,228 |
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Cost of Sales |
29,593 |
30,569 |
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GROSS PROFIT |
8,652 |
8,658 |
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Selling & Adm Costs |
9,496 |
9,057 |
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OPERATING PROFIT |
-843 |
-398 |
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Non-Operating P/L |
58 |
76 |
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RECURRING PROFIT |
-785 |
-322 |
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NET PROFIT |
-1,207 |
-460 |
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BALANCE SHEET |
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Cash |
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2,565 |
2,102 |
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Receivables |
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7,931 |
9,467 |
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Inventory |
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3,070 |
2,811 |
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Securities, Marketable |
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Other Current Assets |
409 |
419 |
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TOTAL CURRENT ASSETS |
13,975 |
14,799 |
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Property & Equipment |
4,164 |
4,291 |
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Intangibles |
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54 |
54 |
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Investments, Other Fixed Assets |
1,466 |
1,716 |
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TOTAL ASSETS |
19,659 |
20,860 |
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Payables |
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7,526 |
7,652 |
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Short-Term Bank Loans |
1,207 |
1,117 |
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Other Current Liabs |
1,154 |
894 |
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TOTAL CURRENT LIABS |
9,887 |
9,663 |
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Debentures |
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Long-Term Bank Loans |
363 |
518 |
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Reserve for Retirement Allw |
312 |
322 |
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Other Debts |
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1,323 |
1,211 |
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TOTAL LIABILITIES |
11,885 |
11,714 |
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MINORITY INTERESTS |
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Common
stock |
1,005 |
1,005 |
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Additional
paid-in capital |
2,968 |
2,968 |
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Retained
earnings |
3,698 |
4,985 |
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Evaluation
p/l on investments/securities |
176 |
229 |
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Others |
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(3) |
(1) |
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Treasury
stock, at cost |
(70) |
(41) |
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TOTAL S/HOLDERS` EQUITY |
7,774 |
9,145 |
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TOTAL EQUITIES |
19,659 |
20,860 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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732 |
-669 |
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Cash
Flows from Investment Activities |
-49 |
-71 |
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Cash
Flows from Financing Activities |
-218 |
67 |
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Cash,
Bank Deposits at the Term End |
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2,565 |
2,102 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
7,774 |
9,145 |
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Current
Ratio (%) |
141.35 |
153.15 |
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Net
Worth Ratio (%) |
39.54 |
43.84 |
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Recurring
Profit Ratio (%) |
-2.05 |
-0.82 |
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Net
Profit Ratio (%) |
-3.16 |
-1.17 |
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Return
On Equity (%) |
-15.53 |
-5.03 |
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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.44.90 |
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UK Pound |
1 |
Rs.72.54 |
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Euro |
1 |
Rs.63.39 |
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 |
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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---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.