|
Report Date : |
10.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
JUPITER SHOP CHANNEL CO LTD |
|
|
|
|
Registered Office : |
Kokkan Bldg,
1-14-1 Shinkawa Chuoku Tokyo 154-0033 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
November 1996 |
|
|
|
|
Com. Reg. No.: |
(Tokyo-Chuoku)
065291 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
TV shop channel
operator, mail-order house, catalogue sales (non-store operator) |
|
|
|
|
No. of Employees : |
859 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
JUPITER SHOP CHANNEL CO LTD
Jupiter Shop
Channel KK
Kokkan Bldg,
1-14-1 Shinkawa Chuoku Tokyo 154-0033 JAPAN
Tel:
03-5641-3868 Fax: 03-5641-3797
URL: http://www.shopch.jp
E-Mail address: Not specified
TV shop channel operator, mail-order
house, catalogue sales (non-store operator)
Tokyo, Osaka, Nagoya (--shops)
ATSUSHI SHINOHARA,
PRES Takeyuki Niimori, dir
Keiji Tanaka, dir Daisuke Mikogami, dir
Toshifumi Shibuya, dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 120,879 M
PAYMENTS REGULAR CAPITAL Yen 440 M
TREND STEADY WORTH Yen29,640 M
STARTED 1996 EMPLOYES 859
TV SHOP CHANNEL
OPERATOR, OWNED BY SUMITOMO CORPORATION.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established as a joint venture company by Otto Versand
GmbH & Co, Germany and Sumitomo Corp, Japan’s leading general trading
house, Tokyo, as Otto-Sumisho Inc, for advancing into non-store mail order
& catalog sales business. In Dec
2007, the German partner acquired its whole share in the JV and made it an
independent company, Otto Japan Inc. The
firm then became a wholly owned consolidated subsidiary of Sumitomo
Corporation, and renamed as captioned.
This is a top-ranked TV shop channel operator. Handling items are wide and varies (See OPERATION). Over 27 million households are accessible to
the channel. Operates three retail
shops: Tokyo, Osaka and Nagoya.
The sales amount for Mar/2012 fiscal term amounted to Yen 120,879
million, an 8% up from Yen 111,503 million in the previous term. CATV shoppers increased due to
conveniences. The recurring profit was
posted at Yen 20,837 million and the net profit at Yen 12,073 million,
respectively, compared with Yen 15,722 million recurring profit and Yen 9,167
million net profit, respectively, a year ago.
For the current term ending Mar 2013 the recurring profit is projected
at Yen 21,000 million and the net profit at Yen 12,500 million, respectively,
on a 5% rise in turnover, to Yen 127,000 million. Business is steadily expanding.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered:
Nov 1996
Regd No.:
(Tokyo-Chuoku) 065291
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 140,800 shares
Issued: 35,200 shares
Sum: Yen 440 million
Major shareholders (%): Sumitomo Corp*
(99), Sumisho Information System (1)
No. of shareholders: 2
*.. One of leading general trading houses, Tokyo, founded 1919, listed Tokyo,
Osaka, Nagoya, Fukuoka S/E’s, capital Yen 219,279 million, sales Yen 8,273,043
million, operating profit Yen 219,857 million, recurring profit Yen 341,387
million, net profit Yen 250,669 million, total assets Yen 7,226,769 million net
worth Yen 1,801,188 million, employees 72,087, pres Kuniharu Nakamura
Consolidated Financials are attached. (See SUPPLEMENTS)
Nothing detrimental is knows as to the commercial morality of
executives.
Activities:
Digital
CATV shop channel operator, direct shopping, catalog sales (--100%)
(Handing
Items): jewelry, apparel, fashion, cosmetics, beauty care, diet, fitness, home
interiors, home electric appliances, gourmet, liquor, flower, travel, other
Clients: Consumers
No. of accounts: over 27 million
households
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs,
wholesalers] Sumitomo Corp, JSAT Corp,, Eddie Bauer Japan, Cable TV, Sumisho
Global Logistics, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank
References:
SMBC (Tokyo)
Mizuho Bank
(Shinjuku-Shintoshin)
Relations:
Satisfactory
(In Million
Yen)
|
Terms Ending: |
31/12/2013 (Projected) |
31/12/2012 (Projected) |
31/12/2011 |
31/12/2010 |
|
|
Annual
Sales |
|
127,000 |
120,879 |
111,503 |
109,025 |
|
Recur.
Profit |
|
21,000 |
20,837 |
15,722 |
15,390 |
|
Net
Profit |
|
12,500 |
12,073 |
9,167 |
9,311 |
|
Total
Assets |
|
|
49,512 |
37,404 |
31,423 |
|
Current
Assets |
|
|
37,851 |
26,960 |
22,899 |
|
Current
Liabs |
|
|
18,403 |
13,868 |
15,802 |
|
Net
Worth |
|
|
29,640 |
22,230 |
14,929 |
|
Capital,
Paid-Up |
|
|
440 |
440 |
440 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.06 |
8.41 |
2.27 |
-17.20 |
|
|
Current Ratio |
|
.. |
205.68 |
194.40 |
144.91 |
|
N.Worth Ratio |
.. |
59.86 |
59.43 |
47.51 |
|
|
R.Profit/Sales |
|
16.54 |
17.24 |
14.10 |
14.12 |
|
N.Profit/Sales |
9.84 |
9.99 |
8.22 |
8.54 |
|
|
Return On Equity |
.. |
40.73 |
41.24 |
62.37 |
|
Notes: Forecast (or
estimated) figures for the 31/03/2012 fiscal term.
SUPPLEMENTS:
CONSOLIDATED FINANCIALS OF THE PARENT, SUMITOMO
CORPORATION
|
FINANCES: (Consolidated
in million yen) |
|
|||||
|
|
|
Terms Ending: |
31/03/2012 |
31/03/2011 |
||
|
INCOME STATEMENT |
|
|
||||
|
|
Annual Sales |
|
8,273,043 |
8,349,371 |
||
|
|
Cost of Sales |
7,354,218 |
7,285,387 |
|||
|
|
GROSS PROFIT |
918,825 |
863,994 |
|||
|
|
Selling & Adm Costs |
698,968 |
678,509 |
|||
|
|
OPERATING PROFIT |
219,857 |
183,485 |
|||
|
|
Non-Operating P/L |
130,530 |
9,978 |
|||
|
|
RECURRING PROFIT |
341,387 |
280,463 |
|||
|
|
NET PROFIT |
263,672 |
209,792 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
821,915 |
704,313 |
||
|
|
Receivables |
|
1,514,360 |
1,511,442 |
||
|
|
Inventory |
|
707,105 |
698,810 |
||
|
|
Securities, Marketable |
20,474 |
5,239 |
|||
|
|
Other Current Assets |
426,452 |
569,502 |
|||
|
|
TOTAL CURRENT ASSETS |
3,490,306 |
3,489,306 |
|||
|
|
Property & Equipment |
606,855 |
813,135 |
|||
|
|
Intangibles |
|
331,618 |
348,993 |
||
|
|
Investments, Other Fixed Assets |
2,797,990 |
2,579,068 |
|||
|
|
TOTAL ASSETS |
7,226,769 |
7,230,502 |
|||
|
|
Payables |
|
1,102,326 |
1,026,160 |
||
|
|
Short-Term Bank Loans |
632,267 |
850,435 |
|||
|
|
|
|
|
|
||
|
|
Other Current Liabs |
438,377 |
466,481 |
|||
|
|
TOTAL CURRENT LIABS |
2,172,970 |
2,343,076 |
|||
|
|
Debentures |
|
2,981,548 |
2,916,963 |
||
|
|
Long-Term Bank Loans |
36,785 |
33,998 |
|||
|
|
Reserve for Retirement Allw |
25,635 |
18,811 |
|||
|
|
Other Debts |
|
208,643 |
235,564 |
||
|
|
TOTAL LIABILITIES |
5,425,581 |
5,548,412 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Common
stock |
219,279 |
219,279 |
|||
|
|
Additional
paid-in capital |
282,407 |
288,868 |
|||
|
|
Retained
earnings |
1,251,411 |
1,068,193 |
|||
|
|
Evaluation
p/l on investments/securities |
|
|
|||
|
|
Others |
|
49,125 |
106,803 |
||
|
|
Treasury
stock, at cost |
(1,034) |
(1,053) |
|||
|
|
TOTAL S/HOLDERS` EQUITY |
1,801,188 |
1,682,090 |
|||
|
|
TOTAL EQUITIES |
7,226,769 |
7,230,502 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2012 |
31/03/2011 |
||
|
|
Cash
Flows from Operating Activities |
|
190,417 |
219,502 |
||
|
|
Cash
Flows from Investment Activities |
-35,696 |
-469,378 |
|||
|
|
Cash
Flows from Financing Activities |
-33,273 |
155,879 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
821,915 |
704,313 |
||
|
ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
1,801,188 |
1,682,090 |
||
|
|
|
Current
Ratio (%) |
160.62 |
148.92 |
||
|
|
|
Net
Worth Ratio (%) |
24.92 |
23.26 |
||
|
|
|
Recurring
Profit Ratio (%) |
4.13 |
3.36 |
||
|
|
|
Net
Profit Ratio (%) |
3.19 |
2.51 |
||
|
|
|
Return
On Equity (%) |
14.64 |
12.47 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.15 |
|
UK Pound |
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.68.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
|
Report Date : |
10.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
BEAUTIFUL GEMS BVBA |
|
|
|
|
Registered Office : |
Hoveniersstraat 2 Bus 427 Antwerpen 2018 |
|
|
|
|
Country : |
Belgium |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
24.06.1993 |
|
|
|
|
Legal Form : |
Private Limited Company (BL/LX) |
|
|
|
|
LINE OF BUSINESS : |
WHOLESALE
OF DIAMONDS AND OTHER PRECIOUS STONES |
|
|
|
|
No. of Employees : |
Not Available |
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 : |
No complaints |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Belgium |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
DIAMOND INDUSTRY –
INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of diamonds
but history says that in the remote past, diamonds were mined only in India.
Diamond production in India can be traced back to almost 8th Century
B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
The diamond jewellery industry in India today may be
more than Rs 60000 mil and is rated amongst the fastest growing in the
world. Indi ranks third in the world in domestic diamond consumption.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of themselves
made money from these businesses but their diamond companies have gone sick and
declared insolvency.
-
Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.17 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.68.26 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)