MIRA INFORM REPORT
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Report Date : |
19.09.2011 |
IDENTIFICATION DETAILS
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Name : |
PAR72PLAZA CO LTD |
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Registered Office : |
Tankai Bldg 2F, 3-10-5 Taihei Sumidaku
Tokyo 130-0012 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
February 2000 |
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Legal Form : |
Limited Company |
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Line of Business : |
Portal site operator of
golf-related information; golf tour operator |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 15.0 Million |
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Status : |
Moderate |
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Payment
Behaviour : |
Usually Correct |
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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
PAR72PLAZA CO LTD
REGD NAME
KK Par72Plaza
MAIN OFFICE
Tankai Bldg 2F,
3-10-5 Taihei Sumidaku Tokyo 130-0012 JAPAN
Tel:
03-5819-3666 Fax: 03-5819-3667
*.. The given address is Golf Course Reservation Center
URL: www.corp.par72.co.jp
E-mail: webmaster@corp.par72.co.jp
ACTIVITIES
Portal
site operator of golf-related information; golf tour operator
LICENSE
Tokyo Governor Registered Tour Operation No.2-5895; JATA Member
BRANCHES
Nil
OFFICER(S)
TOMOMI
MATSUOKA, PRES Seiichi Saitoh, ch
Michiyo Harada, dir Hisao Nomura, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 850 M
PAYMENTS REGULAR CAPITAL Yen 339 M
TREND SLOW WORTH Yen
10 M
STARTED 2000 EMPLOYES 29
COMMENT
GOLF-RELATED
PORTAL SITE OPERATOR, AFFILIATED TO EXCITE JAPAN CO LTD
FINANCIAL SITUATION CONSIDERED
RATHER WEAK BUT SHOULD BE GOOD FOR CREDIT ENGAGEMENTS: US$100,000 / O/A 30
DAYS.
MAX
CREDIT LIMIT: YEN 15.0 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The
subject company was established as a JV by Itochu Corp & KK Par72CLUB
(owned by Excite Japan Co Ltd) (See REGISTRATION)
in order to advance into portal site operation centering in golf-related information. Operates golf-related portal, providing
information on golf courses, golf tournaments (domestic & international),
golf course bookings, GPS golf Navigator (voice caddie), other. Official sites: Golf PAR72 (provides on cell
phones), Shot Navigator Pocket (GPS mounted distance measuring aid), Shot Navi
Personal (GPS mounted distance aid on cell phones), Golf PAR72 (booking of golf
courses in & out, provides information on golf tournaments), Golf tours,
other. In Nov 2006 tied with LPGA (Japan
Ladies’ Golf Assn) to open its official site “LPGA OFFICIAL”, providing on the
spot information of players.
Advertisement and charged contents are main profit-sources.
FINANCIAL INFORMATION
Financials are only partially disclosed as from the 31/03/2010
fiscal term.
The sales volume for Mar/2011 fiscal term amounted to Yen 767 million, a
10% down from Yen 850 million in the previous term. The net profit was posted at Yen 86 million,
compared with Yen 3 million a year ago.
The firm had been in deficit for two years, 2007 & 2008, from heavy
investment costs on GPS equipment. .
For the current term ending Mar 2012 the net profit is projected at Yen
95 million, on an 11% rise in turnover, to Yen 850 million. Sales of GPS measurement instruments account
for about 70% of total sales. Demand is
growing fast.
The financial situation is considered RATHER WEAK but should be good for
MODERATE business engagements. Max
credit limit is estimated at Yen 15.0 million, on normal 30 days terms. The proposed amount is considered within the
firm’s financial capacities.
REGISTRATION
Date Registered: Feb 2000
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
739,600 shares
Issued:
184,900 shares
Sum: Yen 339.85 million
Major shareholders (%): KK PAR72CLUB* (68.95),
Mitsubishi UFJ Capital (5.61), NIF SMBC Ventures (5.43), Aozora Investment
(4.63), Ace Investment Capital (3.62), Mitsui Sumitomo Marine Capital (2.90),
Resona Capital (1.81), Mizuho Capital (1.45), individuals (5.61)
No. of shareholders: 25
(about)
*
Portal site operator, affiliated to Excite Japan Co Ltd
** Operator of Internet websites on general information under auspices
of Itochu Corp, founded 1997, listed JASDAQ, capital Yen 3,233 million,
turnover Yen 10,219 million, operating profit Yen 211 million, recurring profit
Yen 240 million, net profit Yen 189 million, total assets Yen 6,008 million,
net worth Yen 4,831 million, employees 193, pres Yusuke Kobayashi
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Golf-related
portal site operator, operates golf tours domestically & overseas,
including major tournaments (100%)
(Portal sites): PAR72PLAZA, LPGA
OFFICIAL, SHOT NAVI POCKET, SHOT NAVI PERSONAL, TRAVEL, other
Clients: [Business firms,
individuals] Itochu Corp, Alpen Co, Niki Golf, Accordia Golf, Tokyu Corp, Tokyu
Land Corp, Mori Kanko Trust, NTT DoCoMo, Softbank Mobile, KDDI, Benefit One
Inc, Ewel Inc, JTB Benefit, Tokyo Living Service, JCB Co, UFJ Nicos Co,
Victoria, other
No. of accounts: 300
Domestic areas of
activities: Nationwide
Suppliers: (Mfrs,
wholesalers) Imports from Taiwan, Korea, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
· Mizuho Bank (Asakusa)
· MUFG (Kinshicho)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
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31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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850 |
767 |
850 |
1,032 |
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Recur.
Profit |
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Net
Profit |
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95 |
86 |
3 |
36 |
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Total
Assets |
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N/A |
N/A |
230 |
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Net
Worth |
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10 |
-76 |
-79 |
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Capital,
Paid-Up |
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339 |
339 |
339 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
10.82 |
-9.76 |
-17.64 |
100.78 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
-34.35 |
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N.Profit/Sales |
11.18 |
11.21 |
0.35 |
3.49 |
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Notes:
Financials are only partially disclosed as from the 31/03/2010 fiscal term.
Forecast
(or estimated) figures for the 31/03/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
EXCITE JAPAN CO LTD
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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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10,219 |
11,426 |
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Cost of Sales |
6,322 |
7,398 |
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GROSS PROFIT |
3,897 |
4,027 |
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Selling & Adm Costs |
3,685 |
4,296 |
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OPERATING PROFIT |
211 |
-268 |
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Non-Operating P/L |
29 |
-18 |
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RECURRING PROFIT |
240 |
-286 |
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NET PROFIT |
189 |
54 |
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BALANCE SHEET |
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Cash |
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1,154 |
1,547 |
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Receivables |
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1,806 |
1,999 |
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Inventory |
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1,946 |
1,502 |
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Securities, Marketable |
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Other Current Assets |
382 |
176 |
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TOTAL CURRENT ASSETS |
5,288 |
5,224 |
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Property & Equipment |
43 |
62 |
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Intangibles |
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53 |
114 |
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Investments, Other Fixed Assets |
624 |
638 |
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TOTAL ASSETS |
6,008 |
6,038 |
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Payables |
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525 |
636 |
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Short-Term Bank Loans |
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Other Current Liabs |
618 |
582 |
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TOTAL CURRENT LIABS |
1,143 |
1,218 |
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Debentures |
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Long-Term Bank Loans |
22 |
121 |
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Reserve for Retirement Allw |
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Other Debts |
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12 |
7 |
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TOTAL LIABILITIES |
1,177 |
1,346 |
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MINORITY INTERESTS |
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Common
stock |
3,233 |
3,233 |
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Additional
paid-in capital |
3,654 |
3,653 |
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Retained
earnings |
(2,072) |
(2,261) |
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Evaluation
p/l on investments/securities |
16 |
7 |
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Others |
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4 |
64 |
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Treasury
stock, at cost |
(4) |
(4) |
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TOTAL S/HOLDERS` EQUITY |
4,831 |
4,692 |
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TOTAL EQUITIES |
6,008 |
6,038 |
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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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572 |
-369 |
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Cash
Flows from Investment Activities |
-1,546 |
182 |
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Cash
Flows from Financing Activities |
-115 |
-401 |
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Cash,
Bank Deposits at the Term End |
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1,956 |
3,047 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
4,831 |
4,692 |
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Current
Ratio (%) |
462.64 |
428.90 |
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Net
Worth Ratio (%) |
80.41 |
77.71 |
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Recurring
Profit Ratio (%) |
2.35 |
-2.50 |
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Net Profit
Ratio (%) |
1.85 |
0.47 |
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Return
On Equity (%) |
3.91 |
1.15 |
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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.47.47 |
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UK Pound |
1 |
Rs.74.96 |
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Euro |
1 |
Rs.65.79 |
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.