MIRA INFORM REPORT
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Report Date : |
12.05.2011 |
IDENTIFICATION DETAILS
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Name : |
KAWASHIMA SELKON TEXTILE CO Ltd |
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Registered Office : |
265 Shizuichi-Ichiharacho Sakyoku Kyoto
601-1123 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
May 1938 |
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Com. Reg. No.: |
(Kyoto-Sakyoku) 000056 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of kimonos,
car/train/airplane interiors |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 709.0 million |
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Status : |
Moderate |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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
KAWASHIMA SELKON TEXTILE CO Ltd
REGD NAME
Kawashima Orimono
KK
MAIN OFFICE
265 Shizuichi-Ichiharacho
Sakyoku Kyoto 601-1123 JAPAN
Tel:
075-741-411 Fax: 075-741-4309
*.. The given address is its Tokyo Headquarters-(International Division)
URL: http://www.kawashimaselkon.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Mfr of
kimonos, car/train/airplane interiors
BRANCHES
Tokyo,
Osaka, Nagoya, Fukuoka, Sapporo, Sendai, Yokohama, other (Tot 24)
FACTORIES
At the
caption address
CHIEF EXEC
MASAO
NAKANISHI, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 40,841 M
PAYMENTS REGULAR CAPITAL Yen 6,913 M
TREND SLOW WORTH Yen 8,218 M
STARTED 1938 EMPLOYES 1,063
COMMENT
MFR OF KIMONO, VEHICLES INTERIOR GOODS
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 709.0 MILLION, 30 DAYS NORMAL TERMS
Forecast figures for the 31/03/2012
fiscal term.
HIGHLIGHTS
This is a long-established “Nishijin” (brand-name of kimono textiles)
fabrics mfr founded as kimono store in1843 in Edo period. Excels in high-quality products, such as
traditional Japanese “obi” and art fabrics.
Top-ranked maker of “obi”. Merged
with Selkon Co, mfr of interiors for automobiles, trains and air planes, and
advanced into this area. The company
plans to reinforce sales of own-brand environment-friendly curtains. The kimono sales subsidiary will pull out
from unprofitable stores, including in department stores. In July 2010, transferred part of interior
products for vehicles, such as autos, trains and airplanes, to a subsidiary
equity-method firm, TB Kawashima KK, jointly founded with Toyota Tsusho Corp
and Toyota Boshoku Corp.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 40,841
million, a 27.5% down from Yen 56,336 million in the previous term. This is largely referred to the said transfer
of vehicle interior operations to another firm and excluded from the
consolidated sales. The operations
continued in the red to register Yen 149 million recurring loss and Yen 1,372
million net losses, respectively, compared with Yen 1,307 million recurring
loss and Yen 1,454 million net losses, respectively, a year ago. .
For the current term ending Mar 2012 the recurring profit is projected
at Yen 100 million and the net profit at Yen 100 million, on a 16.0% fall in
turnover, to Yen 34,300 million. Drop
curtains will fare well. New interior
products launched in Oct 2010 will fully contribute. Operating profits should rise. Equity-method profit & loss will
improve.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 709.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: May 1938
Regd No.: (Kyoto-Sakyoku) 000056
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 176,167,000 shares
Issued: 93,903,222 shares
Sum: Yen 9,381 million
Major shareholders
(%):
Company’s Kyoeikai Assn (6.1), SMBC (4.1), Daiwa Sec Capital Markets (4.0),
Hayashi Telemp (3.1), Employees’ S/Holding Assn (3.0), Teijin Fibers (2.4),
Toray Ind (2.4), Toyota Motor (1.9), Bank of Kyoto (1.8), Sumitomo Life Ins
(1.7); foreign owners (0.9)
No. of
shareholders: 7,244
Listed on the
S/Exchange (s) of: Tokyo
Managements: Masao Nakanishi,
pres; Takaaki Ishida, s/mgn dir; Shinzo Okuno, dir; Hitoshi Mori, dir; Akira Mitsuoka,
dir; Tadamasa Kondo, dir; Yasuharu Hirata, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Kawashima Selkon
Sewing, Kashia Selkon Butsuryu, other.
OPERATION
Activities: Manufactures:
kimono & artistic fabrics (6%), interior fabrics (curtains, carpets,
drapers, walling, other) (60%), interiors for automobiles, trains and airplanes
(32%), others (1%).
Clients: [Mfrs,
wholesalers] Honda Motor, Leo Palace 21, Johnson Controls Automotive Systems,
Takashimaya, Daimaru Matsuzakaya Department Store, Sogo Seibu Department Store,
Moriden Co, Hayashi Telempu Co, Seiwa Corp, other
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Chori Co, NI
Teijin Shoji, Tachikawa Co, Kawashima Textile Shanghai, Bridgestone Corp,
Kawashima Selkon Sewing Co, Toso Co, Nichibei Co, Tajima Inc, Yamamoto Sangyo
Co, other
Payment record:
Regular
Location:
Business area in Kyoto. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
SMBC
(Kyoto)
MUFG
(Kyoto-Chuo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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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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40,841 |
56,336 |
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Cost of Sales |
29,847 |
44,479 |
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GROSS PROFIT |
10,994 |
11,856 |
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Selling & Adm Costs |
10,560 |
12,857 |
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OPERATING PROFIT |
433 |
-1,000 |
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Non-Operating P/L |
-284 |
-307 |
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RECURRING PROFIT |
-149 |
-1,307 |
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NET PROFIT |
-1,372 |
-1,454 |
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BALANCE SHEET |
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Cash |
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969 |
2,389 |
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Receivables |
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7,131 |
11,960 |
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Inventory |
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4,129 |
6,223 |
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Securities, Marketable |
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Other Current Assets |
875 |
1,653 |
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TOTAL CURRENT ASSETS |
13,104 |
22,225 |
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Property & Equipment |
10,832 |
15,195 |
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Intangibles |
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1,139 |
1,424 |
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Investments, Other Fixed Assets |
3,754 |
3,193 |
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TOTAL ASSETS |
28,829 |
42,037 |
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Payables |
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7,435 |
13,422 |
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Short-Term Bank Loans |
4,585 |
8,377 |
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Other Current Liabs |
6,763 |
4,758 |
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TOTAL CURRENT LIABS |
18,783 |
26,557 |
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Debentures |
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400 |
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Long-Term Bank Loans |
22 |
1,671 |
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Reserve for Retirement Allw |
1,553 |
2,144 |
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Other Debts |
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252 |
4,088 |
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TOTAL LIABILITIES |
20,610 |
34,860 |
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MINORITY INTERESTS |
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Common
stock |
9,381 |
8,277 |
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Additional
paid-in capital |
3,329 |
2,254 |
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Retained
earnings |
(6,707) |
(5,094) |
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Evaluation
p/l on investments/securities |
109 |
110 |
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Others |
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2,107 |
1,676 |
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Treasury
stock, at cost |
(1) |
(47) |
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TOTAL S/HOLDERS` EQUITY |
8,218 |
7,176 |
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TOTAL EQUITIES |
28,828 |
42,036 |
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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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575 |
-1,225 |
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Cash
Flows from Investment Activities |
155 |
631 |
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Cash Flows
from Financing Activities |
-2,072 |
781 |
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Cash,
Bank Deposits at the Term End |
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969 |
2,302 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
8,218 |
7,176 |
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Current
Ratio (%) |
69.77 |
83.69 |
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Net
Worth Ratio (%) |
28.51 |
17.07 |
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Recurring
Profit Ratio (%) |
-0.36 |
-2.32 |
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Net
Profit Ratio (%) |
-3.36 |
-2.58 |
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Return
On Equity (%) |
-16.70 |
-20.26 |
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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.44.69 |
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UK Pound |
1 |
Rs.73.12 |
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Euro |
1 |
Rs.64.39 |
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.