MIRA INFORM REPORT

 

 

Report Date :

24.12.2013

 

IDENTIFICATION DETAILS

 

Name :

MORIRIN CO LTD

 

 

Registered Office :

4-22-10 Honmachi Ichinomiya Aichi-Pref 491-3610

 

 

Country :

Japan

 

 

Financials (as on) :

28.02.2013

 

 

Date of Incorporation :

March, 1918

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Import, export, wholesale of children’s wear, ladies’ wear, yarns, other

 

 

No. of Employees :

440

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

 

 

COMPANY NAME AND ADDRESS

 

MORIRIN CO LTD

REGD NAME: Moririn KK

MAIN OFFICE:  4-22-10 Honmachi Ichinomiya Aichi-Pref 491-3610 JAPAN

                        Tel: 0586-25-2261      Fax: 0586-72-1113

 

URL:                 Error! Hyperlink reference not valid.

E-Mail address: (thru the URL)

 

 

ACTIVITIES     

 

Import, export, wholesale of children’s wear, ladies’ wear, yarns, other

 

 

BRANCHES

 

Tokyo, Osaka, Nagoya, Sapporo Niigata, Fukuyama

 

 

OVERSEAS

 

Shanghai, Indonesia

 

 

FACTORIES

 

(subcontracted)

 

 

OFFICERS       

 

SHINOBU MORI, PRES             Katsuhiko Mori, ch

Koji Kihara, s/mgn dir                 Koji Nomura, mgn dir

Mitsuyoshi Okita, mgn dir           Shunsuke Mori, mgn dir

           

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY       

 

FINANCES        FAIR                 A/SALES          Yen 117,590 M

PAYMENTS      REGULAR         CAPITAL           Yen 1,280 M

TREND             UP                    WORTH            Yen 22,617 M

STARTED         1918                 EMPLOYES      440

 

 

COMMENT       

 

TRADING FIRM SPECIALIZING IN CLOTHING.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 3,791.2 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company is an old-established trading firm specializing in textiles, apparel, accessories.  Has sales office in China and Indonesia.  Local clients/suppliers include major

Textile makes, wholesalers, other.

 

 

FINANCIAL INFORMATION

           

The sales volume for Feb/2013 fiscal term amounted to Yen 117,590 million, a 2% down from Yen 120,676 million in the previous term.  The recurring profit was posted at Yen 3,819 million and the net profit at Yen 2,193 million, respectively, compared with Yen 3,463 million recurring profit and yen 1,911 million net profit, respectively, a year ago.

 

For the current term ending Feb 2014 the recurring profit is projected at Yen 4,000 million and the net profit at Yen 3,300 million, respectively, on a 3% rise in turnover, to Yen 121,100 million. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 2,792.1 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:                      Mar 1918

Legal Status:                           Limited Company (Kabushiki Kaisha)

Authorized:                              7.84 million shares

Issued:                                     19.6 million shares

Sum:                                        Yen 1,280 million

Major shareholders (%):           Tatsumi Shokusa 87.2), Employees’ S/Holding Assn (6.3), Katsuhiko Mori (4.0), Kenkichi Mori (3.7), Shunsuke Mori (2.8)

No. of shareholders:                651

 

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

 

 

OPERATION

           

Activities: Imports, exports and wholesales apparel, clothing accessories, yarns (90%), building materials (10%)

 

Clients: Makers, wholesalers, department stores, super markets, other

No. of accounts: 500

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Toray Ind, Mitsubishi Rayon Textile, Toho Textile, other

 

Payment record: Regular

 

Location: Business area in Ichinomiya, Aichi-Pref.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

MUFG (Aichi)

SMGC (Aichi)

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

       Terms Ending:

28/02/2014

28/02/2013

29/02/2012

28/02/2011

Annual Sales

　

121,100

117,590

120,676

110,800

Recur. Profit

　

4,000

3,849

3,463

1,213

Net Profit

　

2,300

2,193

1,941

1,414

Total Assets

　

　

50,948

51,475

52,451

Current Assets

　

　

34,490

35,253

　

Current Liabs

　

　

22,580

26,246

　

Net Worth

　

　

22,617

20,414

18,120

Capital, Paid-Up

　

　

1,280

1,280

1,280

Div.P.Share(¥)

　

　

0.00

350.00

300.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

2.98

-2.56

8.91

9.28

    Current Ratio

 

..

152.75

134.32

..

    N.Worth Ratio

..

44.39

39.66

34.55

    R.Profit/Sales

 

3.30

3.27

2.87

1.09

    N.Profit/Sales

1.90

1.86

1.61

1.28

    Return On Equity

..

9.70

9.51

7.80

 

Notes: Forecast (or estimated) figures for the 28/02/2014 fiscal term.

 

 

 

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.