MIRA INFORM REPORT

 

 

Report Date :

16.08.2014

 

IDENTIFICATION DETAILS

 

Name :

MIYAMA SHOKAI CO LTD (MIYAMA HOUSE)

 

 

Registered Office :

280-1 Hoyasu Nagano 381-0003

 

 

Country :

Japan

 

 

Financials (as on) :

28.02.2014

 

 

Date of Incorporation :

September 1988

 

 

Com. Reg. No.:

1000-01-003485

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Imports and wholesales prefabricated 2x4 housing kits & members, exterior materials, other (--100%).

 

 

No of Employees :

18

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Slow

Litigation :

Clear

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

D

 

 

JAPAN - ECONOMIC OVERVIEW

 

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2013 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. The new government will continue a longstanding debate on restructuring the economy and reining in Japan's huge government debt, which is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy.

 

Source : CIA

Company name & address

 

MIYAMA SHOKAI CO LTD (MIYAMA HOUSE)

 

 

REGD NAME

 

Miyama House KK Miyama Shokai

 

 

MAIN OFFICE

 

280-1 Hoyasu Nagano 381-0003 JAPAN

Tel: 026-236-9788    

Fax: 026-236-9766

 

*.. Moved to the caption address, which we reported

 

URL:                 http//:www.miyama-house.co.jp

E-mail:             (thru the URL)   

 

ACTIVITIES:     Import, wholesale of prefabricated 2x4 housing kits, exterior materials

BRANCHES:     Nil

 

OFFICER(S):     MASAYOSHI DENDA, PRES

                        Mutsuko Denda, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        WEAK              A/SALES          Yen 463 M

PAYMENTS      SLOW              CAPITAL           Yen 20 M

TREND             UP                    WORTH            Yen (-) 13 M

STARTED         1988                 EMPLOYES      18

 

COMMENT:       IMPORTER OF PREFABRICATED HOUSING KITS. 

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

 

                       

 

HIGHLIGHTS

           

The subject company was established originally in 1966 by father of Masayoshi Denda, on his account, and was incorporated in 1988 by Masayoshi Denda.  This is a family-based trading firm, owned and operated essentially by the Denda family, for import and wholesale of prefabricated 2x4 housing kits & housing members, exterior materials, other.  Executes earth works, too.  Also engaged in real estate management & broking.

 

 

FINANCIAL INFORMATION

 

The sales volume for Feb/2014 fiscal term amounted to Yen 463 million, a 60% steep rise from Yen 290 million in the previous term.  New house buildings rose, together with subcontract house building.  The recurring profit was posted at Yen 7 million, but at Yen 1 million net losses for the term, compared with Yen 1 million recurring loss and Yen 2 million net profit, respectively, a year ago.  .

 

For the current term ending Feb 2015 the recurring profit is projected at Yen 10 million and the net profit at Yen 3 million, respectively, on a 5% rise in turnover, to Yen 485 million. 

 

Financial situation is considered WEAK but should be good for MODERATE business engagements. 

 

 

REGISTRATION

 

Date Registered:                      Sept 1988

Regd No.:                                 1000-01-003485 (Nagano-Hoyasu)

Legal Status:   　                     Limited Company (Kabushiki Kaisha)

Authorized:      　                     1,600 shares

Issued:             　                     400 shares

Sum:                　                     Yen 20 million

Major shareholders (%):           Masayoshi Denda & families (--100)

No. of shareholders:                3

 

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

 

 

OPERATION

 

Activities: Imports and wholesales prefabricated 2x4 housing kits & members, exterior materials, other (--100%).

 

 

Clients: House builders, consumers, business firms, other

            No. of accounts: Unavailable

            Domestic areas of activities: Centered in Nagano-Pref & vicinities

Suppliers: [Mfrs, wholesalers] Tanpei Corporation, Amenix, Miyashita, Sakamoto, Sajiki Co, other.

 

Payment record: Slow

 

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

 

Bank References:

Nagano-Ken Shinkin Bank (Nakagoe)

Nagano Shinkin Bank (Yoshida)

Relations: Satisfactory

 

 

 

FINANCES (In Million Yen)

 

 Terms Ending:

28/02/2015

28/02/2014

28/02/2013

29/02/2012

Annual Sales

　

485

463

290

306

Recur. Profit

　

10

7

1

1

Net Profit

　

3

-1

2

1

Total Assets

　

　

223

285

224

Current Assets

　

　

208

260

198

Current Liabs

　

　

132

135

111

Net Worth

　

　

-13

-11

-14

Capital, Paid-Up

　

　

20

20

20

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

　

(%)

(%)

(%)

(%)

    S.Growth Rate

　

4.75

59.66

-5.23

-17.52

    Current Ratio

　

..

157.58

192.59

178.38

    N.Worth Ratio

　

..

-5.83

-3.86

-6.25

    R.Profit/Sales

　

2.06

1.51

0.34

0.33

    N.Profit/Sales

　

0.62

-0.22

0.69

0.33

 

Notes: Forecast (or estimated) figures for the 28/02/2015 fiscal term. 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.05

UK Pound

1

Rs.101.84

Euro

1

Rs.81.55

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.