MIRA INFORM REPORT
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Report Date : |
08.08.2011 |
IDENTIFICATION DETAILS
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Name : |
JAPANA CO LTD |
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Registered Office : |
Alpen Marunouchi Tower 5F, 2-9-40 Marunouchi Nakaku Nagoya 460-0002 |
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Country : |
Japan |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
January 2003 |
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Com. Reg. No.: |
(Nagoya-Nakaku) 052558 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of sporting
goods: ski, golf, trekking, outdoor, leisure |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 1,031.3 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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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
JAPANA CO LTD
REGD NAME
KK Japana
MAIN OFFICE
Alpen Marunouchi
Tower 5F, 2-9-40 Marunouchi Nakaku Nagoya 460-0002, JAPAN
Tel:
052-559-0125 Fax: 052-229-9852
URL: www.japana.co.jp
E-mail: info@japana.co.jp
ACTIVITIES
Mfg of
sporting goods: ski, golf, trekking, outdoor, leisure
BRANCHES
Nil
FACTORIES
Kanigun
(Gifu-Pref)
OFFICER(S)
YUKINORI
AIMU, PRES Taizo Mizuno, ch
Kazuo
Murase, dir Yoshitaka
Ishida, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 21,502 M
PAYMENTS REGULAR CAPITAL Yen
50 M
TREND SLOW WORTH Yen
5,962 M
STARTED 2003 EMPLOYES 158
COMMENT
MFR OF
SPORTING GOODS, WHOLLY OWNED BY ALPEN CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS
MAX CREDIT LIMIT: YEN 1,031.3
MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a sporting goods mfg
division separated from Alpen Co Ltd, top-ranked sporting goods retailer,
Nagoya (See REGISTRATION). Specializes in mfg sporting goods: ski, golf,
trekking, outdoor, leisure, other, branded as “JAPANA”. Goods are wholly shipped to the parent and
group firms.
FINANCIAL INFORMATION
Financials are consolidated by the parent, Alpen Co Ltd, and only
partially disclosed in digested forms.
The sales volume for Jun/2010 fiscal term amounted to Yen 21,502
million, a 3% down from Yen 22,090 million in the previous term, as affected by
the global economic downturn, particularly in the first half of the term. The parent closed down 11 stores. The recurring profit was posted at Yen 1,664
million and the net profit at Yen 1,054 million, respectively, compared with
Yen 1,170 million recurring profit and Yen 700 million net profit,
respectively, a year ago. .
For the term that ended Jun 2011 the recurring profit was projected at
Yen 1,680 million and the net profit at Yen 1,070 million, respectively, on a
1% rise in turnover, to Yen 21,700 million.
Golf goods sales fell sharply in the fourth quarter, affected by the
North Japan Earthquake. The parent
reported 0.6% up on sales. Final results
are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 1,031.3 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jan 2003
Regd No.: (Nagoya-Nakaku) 052558
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 4,000
shares
Issued: 1,000 shares
Sum: Yen 50 million
Major shareholders (%):
Alpen Co Ltd* (100)
*.. Top-ranked retailer of sports goods, at the caption address, listed Tokyo
S/E, capital Yen 15,163 million, sales Yen 189,805 million, operating profit
Yen 10,461 million, recurring profit Yen 11,261 million, net profit Yen 4,163
million, total assets Yen 156,984 million, net worth Yen 95,924 million,
employees 2,965, pres Taizo Mizuno
Consolidated
Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as
to the commercial morality of executives.
OPERATION
Activities: Manufactures
sporting goods, branded as “JAPANA”: ski, golf, trekking, outdoor, leisure,
other (100%)
Clients: [Mfrs,
wholesalers] Alpen Co, Kismark Japan, other
No. of accounts: 100
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Itochu Corp, Marubeni Corp, Ichimura Co, Toray Ind, other.
Imports from Korea, Italy, Taiwan, other.
Payment record: Regular
Location: Business area in
Nagoya. Office premises at the caption
address are owned by the parent, Alpen Co Ltd, and maintained satisfactorily.
Bank References:
SMBC
(Nagoya-Sakae)
MUFG
(Nagoya)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
30/06/2011 |
30/06/2010 |
30/06/2009 |
30/06/2008 |
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Annual
Sales |
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21,700 |
21,502 |
22,090 |
22,352 |
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Recur.
Profit |
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1,680 |
1,664 |
1,170 |
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Net
Profit |
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1,070 |
1,064 |
700 |
522 |
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Total
Assets |
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9,653 |
10,282 |
8,417 |
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Current
Assets |
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8,613 |
9,207 |
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Current
Liabs |
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3,156 |
3,023 |
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Net
Worth |
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5,962 |
6,912 |
5,647 |
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Capital,
Paid-Up |
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50 |
50 |
50 |
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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 |
0.92 |
-2.66 |
-1.17 |
-8.37 |
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Current Ratio |
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.. |
272.91 |
304.57 |
.. |
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N.Worth Ratio |
.. |
61.76 |
67.22 |
67.09 |
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R.Profit/Sales |
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7.74 |
7.74 |
5.30 |
.. |
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N.Profit/Sales |
4.93 |
4.95 |
3.17 |
2.34 |
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Return On Equity |
.. |
17.85 |
10.13 |
9.24 |
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Notes:
Forecast (or estimated) figures for the 30/06/2011 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
ALPEN CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
30/06/2011 |
30/06/2010 |
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INCOME STATEMENT |
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Annual Sales |
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189,805 |
188,666 |
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Cost of Sales |
104,630 |
106,435 |
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GROSS PROFIT |
85,174 |
82,231 |
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Selling & Adm Costs |
74,712 |
74,088 |
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OPERATING PROFIT |
10,461 |
8,143 |
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Non-Operating P/L |
800 |
833 |
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RECURRING PROFIT |
11,261 |
8,976 |
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NET PROFIT |
4,163 |
2,728 |
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BALANCE SHEET |
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Cash |
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24,500 |
18,265 |
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Receivables |
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4,489 |
4,095 |
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Inventory |
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41,027 |
43,358 |
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Securities, Marketable |
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Other Current Assets |
6,185 |
5,954 |
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TOTAL CURRENT ASSETS |
76,201 |
71,672 |
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Property & Equipment |
41,606 |
40,223 |
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Intangibles |
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1,459 |
1,442 |
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Investments, Other Fixed Assets |
37,718 |
36,111 |
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TOTAL ASSETS |
156,984 |
149,448 |
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Payables |
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28,548 |
27,107 |
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Short-Term Bank Loans |
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Other Current Liabs |
19,581 |
17,784 |
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TOTAL CURRENT LIABS |
48,129 |
44,891 |
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Debentures |
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Long-Term Bank Loans |
2,000 |
2,600 |
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Reserve for Retirement Allw |
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Other Debts |
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10,930 |
8,961 |
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TOTAL LIABILITIES |
61,059 |
56,452 |
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MINORITY INTERESTS |
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Common
stock |
15,163 |
15,163 |
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Additional
paid-in capital |
21,663 |
21,663 |
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Retained
earnings |
59,251 |
56,302 |
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Evaluation
p/l on investments/securities |
13 |
10 |
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Others |
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(166) |
(143) |
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Treasury
stock, at cost |
0 |
0 |
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TOTAL S/HOLDERS` EQUITY |
95,924 |
92,995 |
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TOTAL EQUITIES |
156,984 |
149,448 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
30/06/2011 |
30/06/2010 |
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Cash
Flows from Operating Activities |
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17,177 |
12,856 |
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Cash
Flows from Investment Activities |
-5,634 |
-4,070 |
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Cash Flows
from Financing Activities |
-4,135 |
-4,010 |
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Cash,
Bank Deposits at the Term End |
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25,756 |
18,384 |
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ANALYTICAL RATIOS Terms ending: |
30/06/2011 |
30/06/2010 |
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Net
Worth (S/Holders' Equity) |
95,924 |
92,995 |
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Current
Ratio (%) |
158.33 |
159.66 |
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Net
Worth Ratio (%) |
61.10 |
62.23 |
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Recurring
Profit Ratio (%) |
5.93 |
4.76 |
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Net
Profit Ratio (%) |
2.19 |
1.45 |
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Return
On Equity (%) |
4.34 |
2.93 |
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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.44.80 |
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UK Pound |
1 |
Rs.72.86 |
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Euro |
1 |
Rs.63.11 |
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 |
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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.