MIRA INFORM REPORT

 

 

 

 

Report Date :           

28.11.2011

 

IDENTIFICATION DETAILS

 

Name :

MATSUYA CO Ltd

 

 

Registered Office :

3-6-1 Ginza Chuoku Tokyo 104-8130

 

 

Country :

Japan

 

 

Financials (as on) :

28.02.2011

 

 

Date of Incorporation :

March 1919

 

 

Com. Reg. No.:

(Tokyo-Chuoku) 034945

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Department Store Operator

 

 

No. of Employees :

950 Persons

 

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 925.9 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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

MATSUYA CO Ltd

 

 

REGD NAME

 

Matsuya KK (Known as Matsuya Department Store)

 

 

MAIN OFFICE

 

3-6-1 Ginza Chuoku Tokyo 104-8130 JAPAN

Tel: 03-3567-1211     -

 

URL:                             http://www.matsuya.com

E-Mail address:            (thru the URL)

 

 

ACTIVITIES

 

Department store operator

 

 

STORES

 

At the caption address, Asakusa

 

 

CHIEF EXEC

 

MASAKI AKITA, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES                    FAIR                 　A/SALES       Yen 78,091 M

PAYMENTS                  REGULAR         　CAPITAL        Yen 7,132 M

TREND             SLOW              　WORTH         Yen 9,046 M

STARTED                     1919                 　EMPLOYES   950

COMMENT

 

DEPARTMENT STORE OPERATOR 

 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 925.9 MILLION, 30 DAYS NORMAL TERMS

 

 

            Forecast figures for the 29/02/2012 fiscal term.

 

 

HIGHLIGHTS

 

This is an old-established medium-size department store operator dating back to 1869 when started as kimono store.  Operates two stores in Ginza and Asakusa in Tokyo, but downsizing Asakusa store.  Strengthening financial base with restructuring including subsidiary liquidation.  New general goods-related sales area will be opened on the second floor of Ginza store.  Drastic refurbishment of the popular design sundries sales area on the seventh floor is planned for the first time in a quarter of a century.

 

 

FINANCIAL INFORMATION

 

The sales volume for Feb/2011 fiscal term amounted to Yen 78,091 million, a 4.2% down from Yen 81,499 million in the previous term.  Consumer spending was sluggish.  The number of consumers decreased due to the downsized floor space of Asakusa store.  Prices declined due to competition among the trade.  By Divisions; Department Store down 4.3% to Yen 65,682 million; Restaurants down 1.2% to Yen 7,608 million, due to decreased corporate dinner parties; Building management & advertizing down 15.4% to Yen 2,782 million; Wholesale of Imported Products  up 9.1% to Yen 1,979 million, as opened three stores during the term.  The recurring profit was posted at Yen 1,458 million and the net profit at Yen 1,318 million, respectively, compared with Yen 331 million recurring loss and Yen 6,335 million net losses, respectively, a year ago.

 

(Mar/Aug/2011 results): Sales Yen 33,227 million (down 13.6%), operating profit Yen 23 million (down 96.8%), recurring profit Yen 47 million (down 93.4%), net profit Yen 3,558 million (up 577.7%).  (% compared with the corresponding period a year ago.)

 

For the current term ending Feb 2012 the recurring profit is projected at Yen 700 million and the net profit at Yen 4,200 million, on a 9.1% fall in turnover, to Yen 71,000 million.  Due to completion of the refurbishment work by the neighboring Mitsukoshi department store, the flagship Ginza store will suffer from downsized number of customers.  Recovery in the number of foreign tourists will slow.  The Ginza store showed deficit in the first half.  Consumer spending will bottom out in the second half, and lower heating & lighting expenses and refurbishment will start showing results.  Gain on sale of fixed assets will surface.   Sales at department sores in Japan dropped 0.5% on the year in Oct 2011; Sales in the Tokyo-Metrop were also lower in Oct, declining 1.9% on the year, as reported.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 925.9 million, on 30 days normal terms.

 

 

REGISTRATION

           

Date Registered:　Mar 1919

Regd No.:         (Tokyo-Chuoku) 034945

Legal Status:      Limited Company (Kabushiki Kaisha

Authorized:       177 million shares

Issued:                53,289,640 shares

Sum:                   Yen 7,132 million

 

Major shareholders (%): Customers’ S/Holding Assn (5.5), Onward Holdings (5.2), Mizuho Bank (4.6), MUFG (4.6), Tobu Railway (4.5), SFP Value Realization Master (4.0), Tokio Marine & Nichido Fire Ins (3.8), Taisei Corp (3.5), Matsuoka Jisho (3.5), Tobu Tochi Tatemono (3.1); foreign owners (8.7)

 

No. of shareholders: 5,935

Listed on the S/Exchange (s) of: Tokyo

 

Managements: Masanori Akita, pres; Seigo Kawana, rep dir; Eiji Honma, mgn dir; Ichiro Ueno, dir; Takehiko Furuya, dir

 

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

 

Related companies: A Table Matsuya Co, CBK Co, other.

 

 

OPERATION

           

Activities: Department store operator, operating two stores: Ginza & Asakusa (--Tokyo) (--100%).

 

(Sales Breakdown by items): Department stores (84%), restaurants (10%), comprehensive building management and advertising (4%), wholesale of imported products (2%).

 

Clients: Consumers

No. of accounts: Unavailable

Domestic areas of activities: Centered in the greater-Tokyo

 

Suppliers: [Mfrs, wholesalers] LVJ Group, Sanyo Shokai, Onward Kashiyama Co, other

 

Payment record: Regular

 

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

 

Bank References:

·         MUFG (Kyobashi)

·         Mizuho Bank (Ginza-Chuo)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

28/02/2011

28/02/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

78,091

81,499

 

  Cost of Sales

57,133

59,910

 

      GROSS PROFIT

20,958

21,589

 

  Selling & Adm Costs

19,455

21,780

 

      OPERATING PROFIT

1,502

-191

 

  Non-Operating P/L

-44

-140

 

      RECURRING PROFIT

1,458

-331

　

      NET PROFIT

1,318

-6,335

BALANCE SHEET

 

 

 

 

  Cash

　

2,510

2,555

 

  Receivables

 

4,718

5,307

 

  Inventory

 

2,968

3,402

 

  Securities, Marketable

　

　

 

  Other Current Assets

1,004

1,063

 

      TOTAL CURRENT ASSETS

11,200

12,327

 

  Property & Equipment

27,346

28,245

 

  Intangibles

 

634

692

 

  Investments, Other Fixed Assets

7,334

8,420

 

      TOTAL ASSETS

46,514

49,684

 

  Payables

 

6,124

6,855

 

  Short-Term Bank Loans

16,654

16,795

 

　

 

　

　

 

  Other Current Liabs

6,039

9,680

 

      TOTAL CURRENT LIABS

28,817

33,330

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

5,889

5,402

 

  Reserve for Retirement Allw

216

210

 

  Other Debts

　

2,546

2,897

 

      TOTAL LIABILITIES

37,468

41,839

 

      MINORITY INTERESTS

 

 

 

Common stock

7,132

7,132

 

Additional paid-in capital

5,639

5,639

 

Retained earnings

(3,881)

(5,200)

 

Evaluation p/l on investments/securities

387

406

 

Others

 

186

284

 

Treasury stock, at cost

(417)

(417)

 

      TOTAL S/HOLDERS` EQUITY

9,046

7,844

　

      TOTAL EQUITIES

46,514

46,684

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

28/02/2011

28/02/2010

 

Cash Flows from Operating Activities

　

-489

1,850

 

Cash Flows from Investment Activities

115

-1,023

 

Cash Flows from Financing Activities

327

-912

　

Cash, Bank Deposits at the Term End

　

2,510

2,555

ANALYTICAL RATIOS            Terms ending:

28/02/2011

28/02/2010

 

 

Net Worth (S/Holders' Equity)

9,046

7,844

 

 

Current Ratio (%)

38.87

36.98

 

 

Net Worth Ratio (%)

19.45

16.80

 

 

Recurring Profit Ratio (%)

1.87

-0.41

 

 

Net Profit Ratio (%)

1.69

-7.77

 

 

Return On Equity (%)

14.57

-80.76

 

           


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.17

UK Pound

1

Rs.80.64

Euro

1

Rs.69.43

 

 

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.