MIRA
INFORM REPORT
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Report Date : |
24.11.2011 |
IDENTIFICATION DETAILS
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Name : |
DAIDOH INTERNATIONAL LTD |
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Registered Office : |
Daido Bldg 3F, 3-1-16 Sotokanda Chiyodaku Tokyo 101-0021 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Year of Establishment : |
April 2010 |
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Com. Reg. No.: |
(Tokyo-Chiyodaku) 131869 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of knit wear, jersey wear, piece of fancywork |
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No. of Employees : |
80 |
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 118.1 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 and address
DAIDOH INTERNATIONAL LTD
REGD NAME: KK
Daidoh International
MAIN OFFICE: Daido
Bldg 3F, 3-1-16 Sotokanda Chiyodaku Tokyo 101-0021 JAPAN
Tel: 03-3257-7131 Fax: 03-3257-7166
URL: http://www.daidoh-int.com
E-Mail address: info@daidoh-int.com
ACTIVITIES
Mfg of knit wear,
jersey wear, piece of fancywork
STORES
Ginza (Tokyo),
Nagoya
OVERSEAS
China (4)
FACTORIES
China (4)
OFFICERS
TSUTOMU MURAO,
PRES
Eiji Nakamura, dir
Kunihiro Konno,
dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 5,917 M
PAYMENTS REGULAR CAPITAL Yen 100 M
TREND UNDETD WORTH Yen
1,218 M
STARTED 2010 EMPLOYES 80
COMMENT
MFR OF KNITWEAR, OWNED BY DAIDO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 118.1 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established
on the basis of a textile mfg division separated from Daidoh Ltd, wool spinner
at the caption address (See REGISTRATION). This is a specialized mfr of knit wear,
jersey wear, piece of fancywork, textiles, fabrics, other. Operates 4 factories in China, and goods are
imported. Goods are partially retailed
at own stores. Clients include textile
makers, apparel wholesalers, other, nationwide.
FINANCIAL INFORMATION
The sales volume for the initial
Mar/2011 fiscal term amounted to Yen 5,917 million. The operations incurred a deficit to post Yen
733 million net losses for the term.
Initial costs of organization were posted as extraordinary losses.
For the current term ending Mar 2012
the net profit is projected at Yen 100 million, on a 3% rise in turnover, to Yen
6,100 million. Business is on the right
track in the second business year.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Max credit limit is estimated at Yen 118.1 million, on 30 days normal
terms.
REGISTRATION
Date Registered: Apr
2010
Regd No.:
(Tokyo-Chiyodaku) 131869
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 8,000 shares
Issued: 2,000 shares
Sum: Yen 100 million
Major shareholders (%): Daidoh Ltd* (100)
*.. Medium-sized integrated wool spinner, at
the caption address, founded 1949, listed Tokyo, Nagoya S/E’s, capital Yen
6,891 million, sales Yen 26,668 million, operating profit Yen 727 million,
recurring profit Yen 461 million, net profit Yen 420 million, total assets Yen
51,534 million, net worth Yen 24,485 million, employees 1,921, pres Masayuki
Taguchi
Consolidated
financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: Manufactures
knit wear, jersey wear, piece of fancywork, textile fabrics, other (--100%)
Operates 4 sewing factories in China, and
goods are imported.
Clients: [Mfrs,
wholesalers] Onward Kashiyama, Mitsui & Co, NI Teijin Shoji Co, Daidoh Ltd,
Sanyo Shokai Ltd, Brooks Brothers Japan, other
No. of accounts:
300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Goods are imported from China, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned by the parent, Daidoh Ltd, and maintained satisfactorily.
Bank References:
Mizuho Corporate
Bank (Uchisaiwaicho)
Relations:
Satisfactory
FINANCES
(In Million
Yen)
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Terms Ending: |
31/03/2012 |
31/03/2011 |
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Annual
Sales |
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6,100 |
5,917 |
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Recur.
Profit |
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Net
Profit |
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100 |
-733 |
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Total
Assets |
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3,671 |
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Current
Assets |
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2,697 |
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Current
Liabs |
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2,337 |
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Net
Worth |
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1,218 |
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Capital,
Paid-Up |
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100 |
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Div.P.Share(¥) |
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0.00 |
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<Analytical Data> |
(%) |
(%) |
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S.Growth Rate |
3.09 |
- -
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Current Ratio |
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.. |
115.40 |
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N.Worth Ratio |
.. |
33.18 |
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R.Profit/Sales |
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.. |
.. |
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N.Profit/Sales |
1.64 |
-12.39 |
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Return On Equity |
.. |
-60.18 |
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Notes: The
31/03/2011 fiscal term is the initial accounting term from the inception.
Forecast (or
estimated) figures for the 31/03/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT, DAIDOH LTD
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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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26,668 |
26,304 |
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Cost of Sales |
12,865 |
12,840 |
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GROSS PROFIT |
13,802 |
13,463 |
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Selling & Adm Costs |
13,075 |
12,957 |
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OPERATING PROFIT |
727 |
505 |
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Non-Operating P/L |
-266 |
58 |
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RECURRING PROFIT |
461 |
563 |
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NET PROFIT |
420 |
29 |
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BALANCE SHEET |
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Cash |
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5,540 |
6,481 |
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Receivables |
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3,141 |
2,891 |
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Inventory |
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4,724 |
4,318 |
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Securities, Marketable |
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5,017 |
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Other Current Assets |
1,823 |
1,204 |
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TOTAL CURRENT ASSETS |
15,228 |
19,911 |
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Property & Equipment |
14,078 |
15,674 |
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Intangibles |
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771 |
372 |
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Investments, Other Fixed Assets |
21,457 |
21,656 |
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TOTAL ASSETS |
51,534 |
57,613 |
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Payables |
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2,089 |
1,758 |
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Short-Term Bank Loans |
2,830 |
9,820 |
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Other Current Liabs |
5,605 |
5,080 |
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TOTAL CURRENT LIABS |
10,524 |
16,658 |
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Debentures |
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Long-Term Bank Loans |
7,000 |
4,000 |
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Reserve for Retirement Allw |
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Other Debts |
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9,525 |
10,671 |
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TOTAL LIABILITIES |
27,049 |
31,329 |
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MINORITY INTERESTS |
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Capital, Paid-Up |
6,891 |
6,891 |
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Surplus |
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17,594 |
19,393 |
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SHAREHOLDERS' EQUITY |
24,485 |
26,284 |
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TOTAL EQUITIES |
51,534 |
57,613 |
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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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494 |
3,770 |
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Cash
Flows from Investment Activities |
3,735 |
-1,717 |
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Cash
Flows from Financing Activities |
-5,198 |
1,817 |
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Cash,
Bank Deposits at the Term End |
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5,540 |
6,481 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
24,485 |
26,284 |
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Current
Ratio(%) |
144.70 |
119.53 |
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Net
Worth Ratio (%) |
47.51 |
45.62 |
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Recurring
Profit Ratio (%) |
1.73 |
2.14 |
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Net
Profit Ratio (%) |
1.57 |
0.11 |
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Return
On Equity (%) |
1.72 |
0.11 |
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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.52.10 |
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1 |
Rs.81.30 |
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Euro |
1 |
Rs.70.07 |
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.