MIRA INFORM REPORT

 

 

Report Date :           

31.10.2011

 

IDENTIFICATION DETAILS

 

Name :

RAINBOW TEXTILES INC

 

 

Registered Office :

Higobashi Center Bldg, 1-9-1 Edobori Nishiku Osaka 550-0002

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

September 1999

 

 

Com. Reg. No.:

(Osaka-Nishiku) 391423

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, Export, Wholesale of textile yarns

 

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 60.7 Million

Status :

Satisfactory

Payment Behaviour :

Usually Correct

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

 

RAINBOW TEXTILES INC

 

 

REGD NAME 

 

Rainbow Textiles KK

 

 

MAIN OFFICE

 

Higobashi Center Bldg, 1-9-1 Edobori Nishiku Osaka 550-0002 JAPAN

Tel: 96-6459-3581      Fax: 06-6459-3585

                                               

URL:                 N/A

 

 

ACTIVITIES

 

Import, export, wholesale of textile yarns

 

 

BRANCHES   

 

Nil

 

 

OFFICERS

 

NOBUAKI MAKINO, PRES

Shingo Takemasu, ch

Shuji Asada, dir            

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                             A/SALES          Yen 1,412 M

PAYMENTS      REGULAR                     CAPITAL           Yen 30 M

TREND             SLOW                          WORTH            Yen 441 M

STARTED                     1999                             EMPLOYES      15

 

COMMENT    

 

TRADING FIRM SPECIALIZING IN TEXTILE YARNS.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 60.7 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established by Shingo Takemasu (now ch at the firm), in order to make most of his experience in the subject line of business.  This is a trading firm for import, export and wholesale of textile yarns, such as cotton, wool, synthetic fiber, other.  Goods are exported to USA, other.  Local clients include major general trading houses.

 

 

FINANCIAL INFORMATION

           

The sales volume for Mar/2011 fiscal term amounted to Yen 1,412 million, a 10% down from Yen 1,573 million in the previous term.  High Yen hurt both import/export revenues & profits in Yen terms.  The recurring profit was posted at Yen 49 million and the net profit at Yen 35 million, respectively, compared with Yen 124 million recurring profit and Yen 75 million net profit, respectively, a year ago.

 

For the current term ending Mar 2012 the recurring profit is projected at Yen 50 million and the net profit at Yen 36 million, respectively, on a 3% rise in turnover, to Yen 1,450 million. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 60.7 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  Sept 1999

Regd No.:                     (Osaka-Nishiku) 391423

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         2,400 shares

Issued:              600 shares

Sum:                   Yen 30 million

 

Major shareholders (%): Shingo Takemasu (87), Executives’ S/Holding Assn (13)

 

No. of shareholders: 6

 

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

 

 

OPERATION

           

Activities: Imports, exports and wholesales textile yarns: cotton, wool, synthetic fiber, other (--100%).

 

Clients: [Mfrs, wholesalers] Kurabo Ind, Big John Mfg, Itochu Corp, Marubeni Corp, Kanematsu Textile Corp, Marubeni America, Bobson Corp, other

            No. of accounts: 300

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Central Fabrics, Marubeni Textile Shanghai, Kurabo Ind, Marubeni Textile Asia, Yagi & Co, Tokai Senko KK, Toyobo Co, Kowa Co, other

 

Payment record: Regular

 

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

 

Bank References:

MUFG (Osaka-Chuo)

SMBC (Midosuji)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

1,450

1,412

1,573

2,366

Recur. Profit

　

50

49

124

　

Net Profit

　

36

35

75

60

Total Assets

　

　

719

647

　

Current Assets

　

　

690

618

　

Current Liabs

　

　

277

229

　

Net Worth

　

　

441

417

　

Capital, Paid-Up

　

　

30

30

30

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

2.69

-10.24

-33.52

9.84

    Current Ratio

 

..

249.10

269.87

..

    N.Worth Ratio

..

61.34

64.45

..

    R.Profit/Sales

 

3.45

3.47

7.88

..

    N.Profit/Sales

2.48

2.48

4.77

2.54

    Return On Equity

..

7.94

17.99

..

 

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

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.82

UK Pound

1

Rs.78.57

Euro

1

Rs.69.29

 

 

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.