MIRA INFORM REPORT

 

 

Report Date :

05.03.2011

 

IDENTIFICATION DETAILS

 

Name :

KIYOKAWA CO LTD

 

 

Registered Office :

4-10-6 Tanimachi Chuoku Osaka 540-0012

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

December  1958

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of clothing & clothing accessories

 

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 196.1 Million

Status :

Satisfactory

Payment Behaviour :

Regular

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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Name and address

 

KIYOKAWA CO LTD

REGD NAME:    Kiyokawa KK

MAIN OFFICE:  4-10-6 Tanimachi Chuoku Osaka 540-0012 JAPAN

                                    Tel: 06-6942-3018     Fax: 06-6944-9586

 

URL:                 http//:www.kiyokawa-kk.co.jp

E-mail:             kiyokawa-nobuo@kiyokawa-kk.co.jp       

 

 

ACTIVITIES  

 

Mfg of clothing & clothing accessories

 

BRANCHES   

 

Tokyo, Gifu

 

FACTORIES

 

Shanghai, Hong Kong, Taiwan

 

 

OFFICER(S)  

 

YOSUKE KIYOKAWA, PRES    

Yochi Kiyokawa, s/mgn dir

Nobuo Kiyokawa, mgn dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES                    FAIR                 A/SALES          Yen 5,955 M

PAYMENTS      REGULAR         CAPITAL           Yen 90 M

TREND             SLOW              WORTH            Yen 2,456 M

STARTED                     1958                 EMPLOYES      113

 

COMMENT

 

MFR OF CLOTHING & CLOTHIN ACCESSORIES. 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

 

MAX CREDIT LIMIT: YEN 196.1 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established by Yoichiro Kiyakawa for mfg garment accessories.  Yosuke is his son.  This is a family-based firm, with mfg division, for import and export of clothing and clothing accessories.  Has mfg companies in China, Hong Kong and Taiwan.  Goods are imported there from.  Domestic clients include specialty stores, trading firms, other.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2010 fiscal term amounted to Yen 5,955 million, an 8% down from Yen 6,438 million in the previous term, as affected by the global economic downturn.  Consumer spending was sluggish particularly for clothing.  High Yen hurt earnings in Yen terms.  The recurring profit was posted at Yen 86 million and the net profit at Yen 29 million, respectively, compared with Yen 31 million recurring profit and 31 million net profit, respectively, a year ago.  .

 

For the current term ending Mar 2011 the recurring profit is projected at Yen 90 million and the net profit at Yen 30 million, respectively, on a 2% rise in turnover, to Yen 6,100 million. 

           

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 196.1 million, on 30 days normal terms. 

 

 

REGISTRATION

 

Date Registered:  Dec 1958

Legal Status:   　Limited Company (Kabushiki Kaisha)

Authorized:      　720,000 shares

Issued:             　180,000 shares

Sum:                　Yen 90 million

Major shareholders (%): Takigawa Holding Co (22), Yosuke Takigawa (14), other

No. of shareholders: 43

 

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

 

 

OPERATION

 

Activities: Manufactures clothing and clothing accessories (--100%)

Clients: [Mfrs, wholesalers] Fast Retailing Co, Mitsubishi Corp, Marubeni Corp, Itochu Corp, Minoya Co, other

 

No. of accounts: 500

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Itochu Corp, Tamurakoma Co, YKK, Chori Ltd, Morito Co, other

Payment record: Regular

 

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

 

Bank References:

Mizuho Bank (Abenobashi)

Ogaki Kyoritsu Bank (Osaka)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2011

31/03/2010

31/03/2009

31/03/2008

Annual Sales

　

6,100

5,955

6,438

6,442

Recur. Profit

　

90

86

31

　

Net Profit

　

30

29

22

53

Total Assets

　

　

5,209

5,560

5,658

Current Assets

　

　

3,066

3,290

　

Current Liabs

　

　

2,259

2,409

　

Net Worth

　

　

2,456

2,431

2,419

Capital, Paid-Up

　

　

90

90

90

Div.P.Share(¥)

　

　

　

　

　

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

2.43

-7.50

-0.06

-5.22

    Current Ratio

 

..

135.72

136.57

..

    N.Worth Ratio

..

47.15

43.72

42.75

    R.Profit/Sales

 

1.48

1.44

0.48

..

    N.Profit/Sales

0.49

0.49

0.34

0.82

    Return On Equity

..

1.18

0.90

2.19

 

Notes: Forecast (or estimated) figures for the 31/03/2011 fiscal term. 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.99

UK Pound

1

Rs.73.24

Euro

1

Rs.62.80

 

 

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.