MIRA INFORM REPORT

 

 

Report Date :           

14.10.2011

 

IDENTIFICATION DETAILS

 

Name :

AS-ME ESTELLE CO LTD

 

 

Registered Office :

Kamiyacho Central Place 5F, 4-3-13 Toranomon Minatoku Tokyo 105-0001

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

March 1959

 

 

Com. Reg. No.:

(Tokyo-Minatoku) 094724

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer, retail, wholesale of jewelry

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

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

 

AS-ME ESTELLE CO LTD

 

 

REGD NAME

 

As-me Estelle KK

 

 

MAIN OFFICE

 

Kamiyacho Central Place 5F, 4-3-13 Toranomon Minatoku Tokyo 105-0001, JAPAN

Tel: 03-5777-5120     Fax: 03-5777-5122-

 

URL:                             http://www.as-estelle.co.jp

E-Mail address:                        info@as-estelle.co.jp

 

 

ACTIVITIES

 

Mfg, retail, wholesale of jewelry

 

 

BRANCHES   

 

Osaka, Nagoya, Kofu

 

 

STORES  

 

274 retail stores nationwide

 

 

FACTORIES

 

Vietnam, China, Hong Kong

 

 

CHIEF EXEC

 

MASASHI MARUYAMA, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                 　A/SALES       Yen 27,067 M

PAYMENTS      REGULAR         　CAPITAL        Yen 1,571 M

TREND             SLOW              　WORTH         Yen 9,523 M

STARTED         1959                 　EMPLOYES   2,102

 

 

COMMENT    

 

MFR & RETAILER OF JEWELRY 

 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

 

                        Notes: Forecast (or estimated) figures for the 31/03/2012 fiscal term.

 

 

HIGHLIGHTS

 

This is a major mfr and seller of jewelry, established by Hayashi Maruyama, now ch at the firm, in order to make most of his experience in the subject line of business.  Masashi is his son.  It offers full range of production processes, from designing to production to final sales.  Tops in the retail operations of jewelry.  In 1989, merged subsidiaries to name Estelle Co Ltd.  And in Oct 2009, merged its consolidated subsidiary, As-Me Co Ltd, in order to integrate retail operations, and renamed as captioned.  Operates 374 retail outlets nationwide.  Engaged in production in Vietnam, China, Hong Kong, other.  In Jan 2011 merged a wholly-owned subsidiary.  In the wholesale business, clients include major supermarkets, chain stores, other, nationwide.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2011 fiscal term amounted to Yen 27,067 million, a 2% down from Yen 29,732 million in the previous term.  The Great North Japan Earthquake that occurred on 10/03/2011 affected the sales.  Mfg/production was hindered and volumes below the previous level.  Opened 7 new stores, closing down 14.  By divisions, Retail Division down 6% to Yen 15,384 million; Eyeglasses Div up 250% to Yen 1,636 million.  The recurring profit was posted at Yen 1,340 million and the net profit at Yen 647 million, respectively, compared with Yen 915 million recurring profit and Yen 388 million net profit, respectively, a year ago.

 

(Apr/Jun/2011 results): Sales Yen 6,134 million (down 0.8%), operating profit Yen 227 million (up 93.5%), recurring profit Yen 211 million (up 35.7%), net profit Yen 23 million (previously Yen 58 million loss).  (% compared with the corresponding period a year ago).

 

For the current term ending Mar 2012 the recurring profit is projected at Yen 1,867 million and the net profit at Yen 1,001 million, on a 1.5% rise in turnover, to Yen 27,463 million.  The number of new store opening and existing store closing will be almost the same.  New products are designed for sale, tied up with ladies’ magazine and its models. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements.

 

 

REGISTRATION

           

Date Registered:　Mar 1959

Regd No.:         (Tokyo-Minatoku) 094724

Legal Status:      Limited Company (Kabushiki Kaisha

Authorized:       45 million shares

Issued:                11,459,223 shares

Sum:                   Yen 1,571 million

 

 

Major shareholders (%): Hayashi Maruyama (23.1), Masashi Maruyama (4.8), Kuwayama Corp (4.0), Yasutaka Kojima (2.8), Noriko Maruyama (2.7), Company’s Treasury Stock (2.6), Employees’ S/Holding Assn (2.4), HSBC Private Bank (Swiss) Geneva (2.3), Customers’ S/Holding Assn (2.2), Satoko Kojima (2.0); foreign owners (3.5)

 

No. of shareholders: 2,018

 

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

 

Managements: Masashi Maruyama, pres; Hayashi Maruyama, ch; Shiro Sano, mgn dir; Isao Ono, mgn dir; Tohru Koyasu, dir; Masanao Watanabe, dir; Akira Takatsuka, dir; Takashi Morimoto, dir; Rie Saitoh, dir

 

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

 

Related companies: Taniguchi Jewelry, Saigon Pearls Ltd, Estelle Vietnam, other

 

           

OPERATION

           

Activities: Manufactures, retails, wholesales, imports, exports jewelry (94%), eyeglasses, other (6%):

 

Retail (98%), operating 37480 retail outlets nationwide;

 

Wholesale (2%).

 

(Mfg/handling items): rings, necklaces, pierces, bracelets, accessories, glasses, earrings, other

           

Clients: [Consumers, supermarkets, wholesalers, jewelry stores] Aeon Corp, Ito-Yokado, Orient Corp, Mitsui Sumitomo VISA, Nicos, Aeon Credit Service, other

            No. of accounts: 500 (wholesale div only)

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Estelle Vietnam, Harajuku Designing, Olympic Gold, Kuwayama Co, Somar Co, S Jewel, Ahendra Brothers, Saigon Pearls Ltd, other.

 

Payment record: Regular

 

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

 

Bank References:

·         Mizuho Bank (Kanda)

·         Shoko Chukin Bank (Kanda)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

27,067

27,630

 

  Cost of Sales

10,386

10,778

 

      GROSS PROFIT

16,681

16,852

 

  Selling & Adm Costs

15,377

15,931

 

      OPERATING PROFIT

1,303

921

 

  Non-Operating P/L

37

-6

 

      RECURRING PROFIT

1,340

915

　

      NET PROFIT

647

388

BALANCE SHEET

 

 

 

 

  Cash

　

4,174

3,759

 

  Receivables

 

1,808

2,282

 

  Inventory

 

12,281

13,201

 

  Securities, Marketable

　

　

 

  Other Current Assets

899

771

 

      TOTAL CURRENT ASSETS

19,162

20,013

 

  Property & Equipment

2,361

2,669

 

  Intangibles

 

402

363

 

  Investments, Other Fixed Assets

8,216

8,903

 

      TOTAL ASSETS

30,141

31,948

 

  Payables

 

3,232

1,905

 

  Short-Term Bank Loans

1,642

3,324

 

　

 

　

　

 

  Other Current Liabs

6,052

8,401

 

      TOTAL CURRENT LIABS

10,926

13,630

 

  Debentures

 

580

1,448

 

  Long-Term Bank Loans

6,169

4,706

 

  Reserve for Retirement Allw

1,282

1,193

 

  Other Debts

　

1,660

2,017

 

      TOTAL LIABILITIES

20,617

22,994

 

      MINORITY INTERESTS

 

 

 

Common stock

1,571

1,571

 

Additional paid-in capital

3,384

3,403

 

Retained earnings

4,503

3,939

 

Evaluation p/l on investments/securities

316

251

 

Others

 

(105)

(69)

 

Treasury stock, at cost

(146)

(142)

 

      TOTAL S/HOLDERS` EQUITY

9,523

8,953

　

      TOTAL EQUITIES

30,141

31,948

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

2,304

2,294

 

Cash Flows from Investment Activities

170

52

 

Cash Flows from Financing Activities

-2,057

-2,671

　

Cash, Bank Deposits at the Term End

　

3,874

3,459

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

9,523

8,953

 

 

Current Ratio (%)

175.38

146.83

 

 

Net Worth Ratio (%)

31.59

28.02

 

 

Recurring Profit Ratio (%)

4.95

3.31

 

 

Net Profit Ratio (%)

2.39

1.40

 

 

Return On Equity (%)

6.79

4.33

 

 

           


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.02

UK Pound

1

Rs.77.13

Euro

1

Rs.67.56

 

 

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.