MIRA INFORM REPORT

 

 

Report Date :

15.11.2011

 

IDENTIFICATION DETAILS

 

Name :

ASCA CO LTD

 

 

Registered Office :

1-2-10 Shin-Nishi Chigusaku Nagoya 464-0003

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Year of Establishment :

June 1971

 

 

Com. Reg. No.:

(Nagoya-Chigusaku) 003322

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, wholesale of artificial flowers, earthenware, flower arrangement classes

 

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 33.3 Million

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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

 

ASCA CO LTD

REGD NAME:    KK Asca

MAIN OFFICE:  1-2-10 Shin-Nishi Chigusaku Nagoya 464-0003 JAPAN

                        Tel: 052-772-5216     Fax: 052-772-7707

 

URL:                 http//:www.asca-1071.co.jp

E-mail:             info@asca-1071.co.jp    

 

 

ACTIVITIES

 

Import, wholesale of artificial flowers, earthenware, flower arrangement classes

 

BRANCHES   

 

Yatomi (Aichi), Nagano

 

FACTORIES  

 

Nagoya (Studio)

 

 

OFFICER(S)

 

TAKUTO INOUE, PRES             Takaaki Yoshioka, dir

Naomichi Agita, dir                     Takashi Ueda, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES                    FAIR                 A/SALES          Yen 1,800 M

PAYMENTS                  REGULAR         CAPITAL           Yen 13 M

TREND             SLOW              WORTH            Yen 1,839 M

STARTED                     1971                 EMPLOYES      45

 

 

COMMENT    

 

IMPORTER OF ARTIFICIAL FLOWERS. 

FINANCIAL SITUATION CONSIDERED RTHER WEAK BUT SHOULD BE GOOD FOR MODERATE ENGAGEMENTS

 

MAX CREDIT LIMIT: YEN 33.3 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

            The subject company was established by Hiroyasu Yamada on obtaining import agreement with CAFFCO, USA, for importing horticultural equipment & supplies.  This is a trading firm for import and wholesale of artificial flowers centrally, horticultural equipment and supplies.  Goods are essentially supplied and imported from Caffco International, USA.  In Mar 2008 the firm was acquired by King Jim Co Ltd, mfr of filing systems & electronic stationery, Tokyo (See REGISTRATION), and became its wholly owned subsidiary.  Started to operate flower arrangement classes, Web shops operation of “Asca” brand.  Clients are flower shops, chain stores, consumers, other.

 

 

FINANCIAL INFORMATION

 

            Financials are only partially disclosed as from the 31/03/2008 fiscal term.

 

The sales volume for Mar/2011 fiscal term amounted to Yen 1,800 million, a 16% up from Yen 1,550 million (as revised from Yen 1,500 million as last reported) in the previous term.  Artificial flower imports increased.  Newly opened flower arrangement classes fared well.  Web shop sales increased.  The net profit was posted at Yen 35 million, compared with Yen 30 million a year ago.  .

 

For the current term ending Mar 2012 the net profit is projected at Yen 38 million, on a 5% rise in turnover, to Yen 1,900 million.  Business is seen steadily expanding.  Web shop sales are penetrating into consumers for its convenience.

           

            The financial situation is considered maintained FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 33.3 million, on 30 days normal terms. 

 

 

REGISTRATION

 

Date Registered:  Jun 1971

Regd No.:            (Nagoya-Chigusaku) 003322

Legal Status:   　Limited Company (Kabushiki Kaisha)

Authorized:      　104,000 shares

Issued:             　26,000 shares

Sum:                　Yen 13 million

Major shareholders (%): King Jim Co Ltd* (100)

 

*.. Largest mfr of filing systems and electronic stationery, Tokyo, founded 1948, listed Tokyo S/E, capital Yen 1,978 million, sales Yen 29,595 million, operating profit Yen 927 million, recurring profit Yen 825 million, net profit Yen 517 million, total assets Yen 24,088 million, net worth Yen 16,011 million, employees 1,791, pres Akira Miyamoto

Consolidated Financials are attached (See SUPPLEMENTS)

 

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

 

 

OPERATION

 

Activities: Imports and wholesales (partially retails) artificial flowers, Christmas gift items, interior goods, foliage plants, operates flower arrangement classes, other (--100%)

 

Clients: [Flower shops, chain stores] Tokyo Hands, Bunyado Co, Okamoto Zokaten Co (Zoka means Artificial flower), Matsumura Kogei, Oribe Ltd, other

No. of accounts: 300

Domestic areas of activities: Centered in greater-Nagoya

Suppliers: [Mfrs] Imports wholly from Caffco International, USA

 

Payment record: Regular

 

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

 

Bank References:

Resona Bank (Nagoya-Ekimae)

MUFG (Nagoya-Ekimae)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

Terms Ending:

　

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

1,900

1,800

1,550

1,700

Recur. Profit

　

　

　

　

　

Net Profit

　

38

35

30

34

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

1,839

1,814

1,793

Capital, Paid-Up

　

　

13

13

13

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

5.56

16.13

-8.82

-10.05

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

..

..

..

    N.Profit/Sales

2.00

1.94

1.94

2.00

 

Notes: Financials are only partially disclosed as from the 31/03/2008 fiscal term

The figures for the 31/03/2010 fiscal term are revised from Yen 1,500 million as reported last.

Forecast (or estimated) figures for the 31/03/2012 fiscal term. 

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, KING JIM CO LTD

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

29,595

28,433

 

  Cost of Sales

18,744

17,763

 

      GROSS PROFIT

10,851

10,670

 

  Selling & Adm Costs

9,923

9,828

 

      OPERATING PROFIT

927

842

 

  Non-Operating P/L

-102

-79

 

      RECURRING PROFIT

825

763

　

      NET PROFIT

517

416

BALANCE SHEET

 

 

 

 

  Cash

　

3,211

2,834

 

  Receivables

 

4,235

4,109

 

  Inventory

 

6,169

6,246

 

  Securities, Marketable

10

310

 

  Other Current Assets

950

986

 

      TOTAL CURRENT ASSETS

14,575

14,485

 

  Property & Equipment

5,698

6,251

 

  Intangibles

 

460

515

 

  Investments, Other Fixed Assets

3,355

3,725

 

      TOTAL ASSETS

24,088

24,976

 

  Payables

 

2,154

3,065

 

  Short-Term Bank Loans

900

　

 

　

 

　

　

 

  Other Current Liabs

3,128

2,090

 

      TOTAL CURRENT LIABS

6,182

5,155

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

1,360

3,040

 

  Reserve for Retirement Allw

355

340

 

  Other Debts

　

179

159

 

      TOTAL LIABILITIES

8,076

8,694

 

      MINORITY INTERESTS

 

 

 

Common stock

1,978

1,978

 

Additional paid-in capital

2,674

2,675

 

Retained earnings

16,298

16,167

 

Evaluation p/l on investments/securities

(317)

(450)

 

Others

 

(392)

141

 

Treasury stock, at cost

(4,230)

(4,230)

 

      TOTAL S/HOLDERS` EQUITY

16,011

16,281

　

      TOTAL EQUITIES

24,088

24,976

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

840

812

 

Cash Flows from Investment Activities

-183

-390

 

Cash Flows from Financing Activities

-168

-1,029

　

Cash, Bank Deposits at the Term End

　

3,030

2,572

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

16,011

16,281

 

 

Current Ratio (%)

235.77

280.99

 

 

Net Worth Ratio (%)

66.47

65.19

 

 

Recurring Profit Ratio (%)

2.79

2.68

 

 

Net Profit Ratio (%)

1.75

1.46

 

 

Return On Equity (%)

3.23

2.56

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.08

UK Pound

1

Rs.80.36

Euro

1

Rs.68.83

 

 

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.