MIRA INFORM REPORT

 

 

Report Date :           

12.03.2011

 

IDENTIFICATION DETAILS

 

Name :

MINDART INC

 

 

Registered Office :

Defense First Bldg 1F, 2-8-9 Ebisu-Minami Shibuyaku Tokyo 150-0022

 

 

Country :

Japan

 

 

Financials (as on) :

31.07.2010

 

 

Date of Incorporation :

April 1987

 

 

Com. Reg. No.:

(Tokyo-Shibuyaku) 055092

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, wholesale of home ware

 

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 19.9 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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

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

 

MINDART INC

 

 

REGD NAME 

 

KK Mind Art

 

 

MAIN OFFICE

 

Defense First Bldg 1F, 2-8-9 Ebisu-Minami Shibuyaku Tokyo 150-0022 JAPAN

Tel: 03-3715-6811     Fax: 03-3715-5811

URL:                 www.mindart.co.jp

E-mail: (thru the URL)   

 

 

ACTIVITIES

 

Import, wholesale of home ware

 

 

BRANCHES

 

Fukuoka

 

 

FACTORIES  

 

Utsunomiya (Distribution Center)

 

 

OFFICER(S)  

 

HIROFUMI YAMADA, PRES                   Masahiro Kozono, v pres

Fumikazu Matsumoto, dir                       Hiroko Yamada, dir

 

Yen Amount:     In million Yen, unless otherwise stated

SUMMARY    

 

FINANCES        FAIR                 A/SALES          Yen 928 M

PAYMENTS      REGULAR         CAPITAL           Yen 16 M

TREND             SLOW              WORTH            Yen 264 M

STARTED         1987                 EMPLOYES      26

 

 

COMMENT    

 

IMPORTER OF HOME WARE. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

 

MAX CREDIT LIMIT: YEN 19.9 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

 

The subject company was established by Hirofumi Yamada originally in 1982 in Fukuoka.  Incorporated in 1987 the firm moved to Tokyo at given address.  This is a trading firm for import and wholesale of home ware: clothing, cookware, dinner ware, storage bags, clothes shoes, other.  Goods are imported from Germany, France, Italy, Netherlands, other.  Domestic clients include department stores, chain stores, other.

 

 

FINANCIAL INFORMATION

 

The sales volume for Jul/2010 fiscal term amounted to Yen 928 million, an 11% down from Yen 1,048 million in the previous term.  Demand declined as affected by the global economic downturn.  Consumer spending was sluggish.  The high Yen reduced earnings & profits in Yen terms.  The operations plunged into the red to register Yen 16 million recurring loss and Yen 31 million net loss, respectively, compared with Yen 56 million recurring profit and Yen 38 million net profit, respectively, a year ago.  Huge foreign exchange losses were incurred, as reported.  .

 

For the current term ending Jul 2011 the recurring profit is projected at Yen 50 million and the net profit at Yen 40 million, respectively, on a 10% rise in turnover, to Yen 1,020 million.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 19.9 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:          Apr 1987

Regd No.:                     (Tokyo-Shibuyaku) 055092

Legal Status:   　         Limited Company (Kabushiki Kaisha)

Authorized:      　         1,280 shares

Issued:             　         320 shares

Sum:                　         Yen 16 million

 

Major shareholders (%): Hirofumi Yamada (70), Masahiro Kozono (20), Fumikazu Matsumoto (5), Hiroko Yamada (5)

 

No. of shareholders: 4

 

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

 

 

OPERATION

 

Activities: Imports and wholesales clothing & home ware: cookware, table ware, storage containers, clothes, shoes, bags, furniture, stationery, glassware, other (--100%).

 

Clients: [Department stores, chain stores, specialty stores] Sazaby Inc, Tokyu Hands, Plaza Style Co, Sogo Seibu Department Stores, Pals Co, Watashi no Heya Living Co, Tokyo Interior Co, other

            No. of accounts: 500

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Reinsenthal Accessories (Germany), Royal Van Kempen & Begeer (Netherlands), Bensimon (France), Seletti (Italy), Duralex (France), Green & Associates (Hong Kong), other.

 

Payment record: Regular

 

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

 

Bank References:

MUFG (Shibuya)

SMBC (Shibuya)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/07/2011

31/07/2010

31/07/2009

31/07/2008

Annual Sales

　

1,020

928

1,048

1,163

Recur. Profit

　

50

-16

56

　

Net Profit

　

40

-31

38

96

Total Assets

　

　

790

810

742

Current Assets

　

　

672

683

　

Current Liabs

　

　

188

122

　

Net Worth

　

　

264

296

260

Capital, Paid-Up

　

　

16

16

16

Div.P.Share(¥)

　

　

0.00

11,000.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

9.91

-11.45

-9.89

0.69

    Current Ratio

 

..

357.45

559.84

..

    N.Worth Ratio

..

33.42

36.54

35.04

    R.Profit/Sales

 

4.90

-1.72

5.34

..

    N.Profit/Sales

3.92

-3.34

3.63

8.25

    Return On Equity

..

-11.74

12.84

36.92

 

Notes: Forecast (or estimated) figures for the 31/07/2011 fiscal term. 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.21

UK Pound

1

Rs.72.55

Euro

1

Rs.62.43

 

 

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

 

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.