MIRA
INFORM REPORT
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Report Date : |
24.10.2011 |
IDENTIFICATION DETAILS
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Name : |
DOSHISHA CORPORATION CO LTD |
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Registered Office : |
1-5-5 Higashi-Shinsaibashi Chuoku Osaka 542-8525 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Year of Establishment : |
January 1977 |
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Com. Reg. No.: |
(Osaka-Chuoku) 039129 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trading firm specializing in jewelry, cosmetics, consumer electronics, apparel |
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 4,513.6 Million |
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Status : |
Satisfactory |
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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 – 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
DOSHISHA CORPORATION CO Ltd
REGD NAME: KK
Doshisha
MAIN OFFICE: 1-5-5
Higashi-Shinsaibashi Chuoku Osaka 542-8525 JAPAN
Tel: 06-6121-5888 -
URL: http://www.Doshisha.co.jp
E-Mail address: info@doshisha.co.j;
ACTIVITIES
Trading firm
specializing in jewelry, cosmetics, consumer electronics, apparel
BRANCHES
Tokyo
OVERSEAS
Hong Kong,
Shanghai
CHIEF EXEC
MASAHARU NOMURA,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 93,494 M
PAYMENTS REGULAR CAPITAL Yen 4,993 M
TREND STEADY WORTH Yen 40,916 M
STARTED 1977 EMPLOYES 2,047
COMMENT
TRADING FIRM SPECIALIZING IN CONSUME ELECTRONICS, JEWELRY,
APPAREL, WATCH, OTHER
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 4,513.6 MILLION, 30 DAYS NORMAL TERMS
Forecast figures for the 31/03/2012 fiscal term
HIGHLIGHTS
The subject is a medium-scale wholesaler,
handling some 9,000 items, including consumer electronics, jewelry, watches
& apparel. Known fort handling PB
products developed jointly with domestic & overseas makers. The company set up a company in Hong Kong in
July 2011 aimed at product procurement and domestic product sales throughout
China and Asia. It is seeking a mfr on
consignment in South East Asia in a bid to reduce prime costs.
FINANCIAL INFORMATION
The sales volume for Mar2011 fiscal term
amounted to Yen 93,494 million, a 7.9% up from Yen 86,629 million in the
previous term. Exports were hurt by the
high Yen. By divisions, development-type
of business model up 2.3% to Yen 49,281 million; wholesale-type of business
model up 3.3% to Yen 41,991 million. The
recurring profit was posted at Yen 7,614 million and the net profit at Yen
4,395 million, respectively, compared with Yen 7,593 million recurring profit
and Yen 4,293 million net profit, respectively, a year ago.
(Apr/Jun/2011 results): sales Yen
24,893 million (up 29.4%), operating profit Yen 2,445 million (up 77.3%),
recurring profit Yen 2,458 million (up 79.8%), net profit Yen 1,439 million (up
78.7). (% compared with the correspond
period a year ago.
For the current term ending Mar 2012
the recurring profit is projected at Yen 8,200 million and the net profit at
Yen 4,800 million, on a 4.8% rise in turnover, to Yen 98,000 million. LED lighting and digital
terrestrial-compatible small & midsize flat screen TVs will be brisk. Foods, including beer, private brand sundry
items and gift products will expand.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Max credit limit is estimated at Yen 4,513.6 million, on 30 days normal
terms.
REGISTRATION
Date
Registered: Jan 1977
Regd
No.: (Osaka-Chuoku) 039129
Legal Status: Limited Company (Kabushiki Kaisha
Authorized:
39,300,000 million shares
Issued: 18,687,818 shares
Sum: Yen 4,991 million
Major
shareholders (%): Masaharu Nomura (27.3), Nomura Kosan Ltd (8.9), Japan Trustee Services
T (6.5), BBH for Fidelity Low ;rice Stock (3.2), Master Trust Bank of Japan T
(3.1), Company’s Treasury Stock (2.8), SMBC (2.4), Sumitomo Trust & Banking
(2.2), Mizuho Bank (1.7), Takao Fukatsu (1.3); foreign owners (14.0)
No. of shareholders: 7,919
Listed on the S/Exchange (s) of: Tokyo, Osaka
Managements: Masaharu Nomura,
pres; Toneri Kimbara, dir; Masayuki Nomura, dir; Kazuhiro Niki, dir; Toshihiro
Fujimoto, dir; Koreyasu Sano, dir
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Development-type
business model (53%), Wholesale-type business model (45%), others (2%)
Clients: [Mfrs,
wholesalers, consumers] Don Quijote Co, Aeon Corp, Shimamura, Nagasakiya, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Pearls of Nippon,
Orion Electric, Itochu Corp, other
Payment record: Regular
Location: Business area in
Osaka. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
SMBC (Namba)
Mizuho Bank (Namba)
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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93,494 |
86,629 |
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Cost of Sales |
70,364 |
64,395 |
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GROSS PROFIT |
23,129 |
22,233 |
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Selling & Adm Costs |
15,431 |
14,532 |
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OPERATING PROFIT |
7,698 |
7,701 |
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Non-Operating P/L |
-84 |
-108 |
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RECURRING PROFIT |
7,614 |
7,593 |
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NET PROFIT |
4,395 |
4,293 |
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BALANCE SHEET |
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Cash |
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14,855 |
16,659 |
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Receivables |
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13,369 |
12,405 |
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Inventory |
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7,627 |
5,964 |
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Securities, Marketable |
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Other Current Assets |
1,381 |
1,505 |
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TOTAL CURRENT ASSETS |
37,232 |
36,533 |
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Property & Equipment |
13,665 |
9,385 |
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Intangibles |
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143 |
143 |
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Investments, Other Fixed Assets |
2,114 |
2,031 |
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TOTAL ASSETS |
53,154 |
48,092 |
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Payables |
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2,965 |
3,431 |
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Short-Term Bank Loans |
68 |
62 |
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Other Current Liabs |
3,994 |
4,005 |
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TOTAL CURRENT LIABS |
7,027 |
7,498 |
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Debentures |
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2,500 |
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Long-Term Bank Loans |
2,277 |
2,125 |
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Reserve for Retirement Allw |
139 |
139 |
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Other Debts |
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295 |
226 |
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TOTAL LIABILITIES |
12,238 |
9,988 |
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MINORITY INTERESTS |
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Common
stock |
4,993 |
4,993 |
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Additional
paid-in capital |
5,994 |
5,994 |
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Retained
earnings |
30,715 |
27,599 |
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Evaluation
p/l on investments/securities |
(56) |
21 |
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Others |
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285 |
9,652 |
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Treasury
stock, at cost |
(1,015) |
(10,155) |
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TOTAL S/HOLDERS` EQUITY |
40,916 |
38,104 |
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TOTAL EQUITIES |
53,154 |
48,092 |
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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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1,655 |
5,721 |
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Cash Flows
from Investment Activities |
-4,925 |
-564 |
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Cash
Flows from Financing Activities |
1,492 |
-898 |
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Cash,
Bank Deposits at the Term End |
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14,855 |
16,639 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
40,916 |
38,104 |
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Current
Ratio (%) |
529.84 |
487.24 |
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Net
Worth Ratio (%) |
76.98 |
79.23 |
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Recurring
Profit Ratio (%) |
8.14 |
8.76 |
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Net
Profit Ratio (%) |
4.70 |
4.96 |
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Return
On Equity (%) |
10.74 |
11.27 |
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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.50.06 |
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1 |
Rs.79.15 |
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Euro |
1 |
Rs.69.03 |
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.