MIRA INFORM REPORT
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Report Date : |
14.01.2012 |
IDENTIFICATION DETAILS
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Name : |
SUMITEX INTERNATIONAL CO LTD |
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Registered Office : |
Sumitomo Shoji Jimbocho Bldg 3F, 3-24 Kanda-Nishikicho Chiyodaku Tokyo
101-0054 |
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Country : |
JAPAN |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
March 1987 |
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Com. Reg. No.: |
108602
(Tokyo-Chiyodaku) |
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Legal Form : |
Limited
Company (Kabushiki Kaisha) |
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Line of Business : |
Import,
export, wholesale of textiles |
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No. of Employees : |
302 |
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 386.7 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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
SUMITEX
INTERNATIONAL CO LTD
REGD NAME: KK
Sumitex International
MAIN OFFICE: Sumitomo
Shoji Jimbocho Bldg 3F, 3-24 Kanda-Nishikicho Chiyodaku Tokyo 101-0054 JAPAN
Tel:
03-3518-8461 Fax: 03-3518-8477
*..
The given address is its Osaka Branch Office
E-Mail
address: webmaster@stx.co.jp
ACTIVITIES
Import,
export, wholesale of textiles
BRANCHES
Osaka
OVERSEAS
Summit Garment Saigon (SGS)
(Vietnam); Sumitex Fashion Shanghai (SFS);
Sumitex Fashion Dalian Co Ltd
(SFD) (--subsidiary mfrs)
OFFICER(S)
SHINICHI
TANAKA, PRES
Hidemasa Hiraiwa, dir
Naoki
Hisano, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 46,100 M
PAYMENTS REGULAR CAPITAL Yen 830 M
TREND SLOW WORTH Yen
2,386 M
STARTED 1987 EMPLOYES 302
COMMENT
TRADING
FIRM SPECIALIZING IN TEXTILES, WHOLLY OWNED BY SUMITOMO CORP.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS
MAX
CREDIT LIMIT: YEN 386.7 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject
company was established on the basis of a textile division separated from
Sumitomo Corporation (See REGISTRATION),
as Tokyo Sumisho Textile Co Ltd. In
Apr 2007 acquired a sister company, Sumitex Co Ltd and renamed as
captioned. The acquisition was conducted
to streamline (restructure) group redundant operations. The firm originally started in Osaka and
moved the headquarters to Tokyo in Apr 2007.
This is a trading firm, with mfg division, for import, export and
wholesale of textile-related products, such as clothing, fabrics, home soft
furnishings, other. Operates 3 overseas
mfg factories: Vietnam & China (2), where OEM production is also
conducted. Domestic clients include
department stores, chain stores, garment mfrs, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen
46,100 million, a 5% down from Yen 48,464 million in the previous term. Exports were hurt by the strong Yen, reducing
earnings & profits in Yen terms, although textile market recovered. Imported more products from overseas
makers. The recurring profit was posted
at Yen 454 million, while the bottom line resulted in Yen 402 million net
losses for the term. This compares with
Yen 279 million recurring loss and Yen 219 million net losses, respectively, a
year ago
For the current term ending Mar 2012 the recurring profit is
projected at Yen 500 million and the net profit at Yen 300 million,
respectively, on a 2% rise in turnover, to Yen 47,000 million.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 386.7 million, on 30 days normal terms.
REGISTRATION
Date Registered : Mar 1987
Regd No. : (Tokyo-Chiyodaku) 108602
Legal Status : Limited Company (Kabushiki Kaisha)
Authorized : 66,400 shares
Issued :
16,600 shares
Sum :
Yen 830 million
Major shareholders (%): Sumitomo Corp*(100)
* One of leading general traders, Tokyo, founded 1919, listed
Tokyo, Osaka, Nagoya, Fukuoka S/E’s, capital Yen 219,279 million, sales Yen
8,350,352 million, operating profit Yen 199,636 million, recurring profit Yen
293,563 million, net profit Yen 202,732 million, total assets Yen 7,230,502
million, net worth Yen 1,682,090 million, employees 74,251, pres Susumu Kato
Consolidated
Financials are as attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports, exports and wholesales textiles:
textile materials (original yarns, cotton cloth, knitted textiles), clothing
for men & women, home soft furnishings, clothing products (bedclothes,
interior soft furnishings), character goods, sundry goods, including OEM
production by 3 overseas subsidiary factories, others (--100%).
Clients: [Chain stores, apparel mfrs] Can Do
chains, Nishimatsuya chains, Renown, Tomiya Apparel, Aoyama Shoji, Bay Cruise,
Oriental Land, Itokin Corp, Sanyo Shokai Ltd, other.
No. of
accounts: 1,000 – 2,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Sumitomo Corp,
Nisshinbo, Toyobo, Lovely Queen, Kondo Cotton Spinning, other.
Goods are also imported from
China, Vietnam, other.
Payment record:
Regular
Location:
Business area in Tokyo. Office premises
at the caption address are owned by the owner, Sumitomo Corp, and maintained
satisfactorily.
Bank References:
SMBC
(Tokyo)
MUFG
(Semba-Chuo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
|
47,000 |
46,100 |
48,464 |
65,000 |
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Recur.
Profit |
|
500 |
454 |
-279 |
669 |
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Net
Profit |
|
300 |
-402 |
-219 |
-47 |
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Total
Assets |
|
|
21,231 |
19,134 |
28,255 |
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Current
Assets |
|
|
20,373 |
17,827 |
26,867 |
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Current
Liabs |
|
|
18,405 |
15,859 |
24,680 |
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Net
Worth |
|
|
2,386 |
2,839 |
3,371 |
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Capital,
Paid-Up |
|
|
830 |
830 |
830 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.95 |
-4.88 |
-25.44 |
-16.67 |
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Current Ratio |
|
.. |
110.69 |
112.41 |
108.86 |
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N.Worth Ratio |
.. |
11.24 |
14.84 |
11.93 |
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R.Profit/Sales |
|
1.06 |
0.98 |
-0.58 |
1.03 |
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N.Profit/Sales |
0.64 |
-0.87 |
-0.45 |
-0.07 |
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Return On Equity |
.. |
-16.85 |
-7.71 |
-1.39 |
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Notes:
Forecast (or estimated) figures for the 31/03/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
SUMITOMO CORPORATION
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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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8,350,352 |
7,757,382 |
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Cost of Sales |
7,486,358 |
6,982,252 |
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GROSS PROFIT |
863,994 |
775,090 |
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Selling & Adm Costs |
678,509 |
649,721 |
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OPERATING PROFIT |
183,485 |
125,369 |
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Non-Operating P/L |
96,978 |
76,799 |
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RECURRING PROFIT |
280,463 |
221,968 |
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NET PROFIT |
209,792 |
169,366 |
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BALANCE SHEET |
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Cash |
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704,313 |
814,288 |
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Receivables |
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1,511,442 |
1,512,678 |
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Inventory |
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670,220 |
698,810 |
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Securities, Marketable |
5,259 |
5,239 |
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Other Current Assets |
598,072 |
504,210 |
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TOTAL CURRENT ASSETS |
3,489,306 |
3,535,225 |
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Property & Equipment |
813,435 |
838,272 |
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Intangibles |
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348,993 |
361,679 |
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Investments, Other Fixed Assets |
2,578,768 |
2,371,868 |
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TOTAL ASSETS |
7,230,502 |
7,107,044 |
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Payables |
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1,026,160 |
1,045,833 |
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Short-Term Bank Loans |
850,435 |
945,821 |
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Other Current Liabs |
466,481 |
480,873 |
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TOTAL CURRENT LIABS |
2,343,076 |
2,472,527 |
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Debentures |
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2,916,963 |
2,665,786 |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
18,811 |
20,062 |
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Other Debts |
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269,562 |
311,447 |
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TOTAL LIABILITIES |
5,548,412 |
5,469,822 |
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MINORITY INTERESTS |
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Common
stock |
219,279 |
219,279 |
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Additional
paid-in capital |
288,868 |
289,117 |
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Retained
earnings |
1,068,193 |
916,013 |
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Evaluation
p/l on investments/securities |
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Others |
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106,803 |
213,896 |
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Treasury
stock, at cost |
(1,053) |
(1,083) |
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TOTAL S/HOLDERS` EQUITY |
1,682,090 |
1,637,222 |
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TOTAL EQUITIES |
7,230,502 |
7,107,044 |
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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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219,502 |
503,829 |
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Cash
Flows from Investment Activities |
-469,378 |
-51,566 |
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Cash
Flows from Financing Activities |
155,879 |
-151,302 |
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Cash,
Bank Deposits at the Term End |
|
704,313 |
814,288 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
1,682,090 |
1,637,222 |
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Current
Ratio (%) |
148.92 |
142.98 |
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Net
Worth Ratio (%) |
23.26 |
23.04 |
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Recurring
Profit Ratio (%) |
3.36 |
2.86 |
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Net
Profit Ratio (%) |
2.51 |
2.18 |
||
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Return
On Equity (%) |
12.47 |
10.34 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.43 |
|
UK Pound |
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.66.17 |
RATING EXPLANATIONS
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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 |
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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 |
|
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 |
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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.