MIRA INFORM REPORT
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Report Date : |
25.01.2012 |
IDENTIFICATION DETAILS
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Name : |
COSTCO WHOLESALE JAPAN LTD |
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Registered Office : |
3-1-4 Ikegami Shincho Kawasakiku
Kanagawa-Pref 210-0832 |
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Country : |
Japan |
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Financials (as on) : |
31.08.2011 |
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Date of Incorporation : |
April 1998 |
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Com. Reg. No.: |
(Yokohama-Kawasaki) 079681 |
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Legal Form : |
Limited Company |
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Line of Business : |
Membership warehouse store operator |
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No. of Employees
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4600 |
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 507.0 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 30th, 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
COSTCO WHOLESALE JAPAN LTD
REGD NAME
Costco Wholesale
Japan KK
MAIN OFFICE
3-1-4 Ikegami
Shincho Kawasakiku Kanagawa-Pref 210-0832 JAPAN
Tel: 044-281-2600
E-Mail address: info@costco.co.jp
ACTIVITIES
Membership
warehouse store operator
STORE(S)
Hayama
(Fukuoka), Makuhari (Chiba), Tamasakai (Tokyo), Amagasaki (Hyogo), Kanazawa
Seaside (Yokohama),
other
(Tot 11)
OFFICER(S)
KEN
TERIA, PRES (Only phonetically spelled)
James
B Murphy, rep dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 28,000 M
PAYMENTS No
Complaints CAPITAL Yen 7,505 M
TREND SLOW WORTH Yen
8,995 M
STARTED 1998 EMPLOYES 4,600
COMMENT
MEMBERSHIP WAREHOUSE STORE OPERATOR, WHOLLY OWNED BY COSTCO WHOLESALE CORP, USA.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
.
MAX CREDIT LIMIT: YEN 507.0 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by Costco Wholesale Corp, USA, in order to advance into Japan for operating its membership warehouse stores. In 1999, opened the first store in Hisayama (Fukuoka), followed by Chiba (Dec/2000), Tokyo (Sept/2002), Hyogo (Apr/2003) and Kanazawa stores (Oct/2004). The stores employ two membership systems: Business (Corporate) & Gold Star (Individuals). Business members account for about 30% of the total, while turnover from Business members stands about 70% of total sales. The firm stocks 5,000 items, selling in bulk at low prices. Handling items are: fresh & frozen foods, processed foods, jewelry & watches, house-ware, apparel, gardening tools, sporting goods, other. Two new stores are slated to open in Kobe & Tama in Feb 1012.
FINANCIAL INFORMATION
The financials are consolidated by the US parent, Costco
Wholesale Corp, and only partially disclosed.
The sales volume for Aug/2011 fiscal term is estimated amounted to Yen 28,000 million, a similar amount in the previous term. The net profit was posted at Yen 230 million, compared with Yen 250 million a year ago. The figures have not been precisely confirmed by the firm, and collected from outside source.
For the current term ending Aug 2012 the net profit is projected at Yen 240 million, on a 4% rise in turnover, to Yen 29,000 million. Two new stores slated to open in Feb 2012 1ill contribute to sales growth.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 509.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr 1998
Regd No.: (Yokohama-Kawasaki) 079681
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
150.1 million shares
Issued:
150.1 million shares
Sum: Yen 7,505 million
Major shareholders (%):
Costco Wholesale Corp, USA (100)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Membership warehouse store operator, with 5 stores operating, wholesaling & retailing of the following goods (--100%)
(Product categories – typical & not confined to these items):
Personal: jewelry & watches; apparel (quality brands/Kirkland Signature apparel of dresses, sweaters, jeans, jackets, socks & accessories; health & beauty: shampoo, soap, toothbrushes, shaving products, lotions, foundation, vitamins, remedies, diapers, brand-name perfumes, other; office supplies (desks & office furniture, paper, pads, stationery, file cabinets, tables, other wide range of office accessories); seasonal/toys (toys, seasonal/holiday items); books & media (imported books & magazines, DVD’s, videos, music CD’s, PC software);
Outdoor/Home: lawn & garden (live plants, fertilizers, gardening tools & supplies, patio furniture, barbecues); hardware /storage (power & hand tools, ladders, compressors, pressure washers); sporting goods (snowboards, golf clubs, bicycles, camping equipment, fitness equipment); auto (oils, chemicals, auto cleaners, car batteries, other automotive accessories);
Processed foods: frozen foods (fresh frozen chicken, vegetables & seafood); snacks & candy (name-brand candy bars, candies, chewing gums, mints, chips, nuts, jerky, rice crackers); dry groceries (soy sauce, teas, olive oils, coffee, cranberry products, other imported items); liquor (wine, spirits, sake, beer);
Fresh foods: fresh meat (beef, port, chicken, other); fresh fish (including sushi & sashimi trays); fresh produce (fresh fruits & vegetables – washed, cut and assorted); fresh bakery (breads, pies, muffins, cookies, pastries,
croissants, custom-order cakes); fresh Deli (cheeses, ham, sausages, seaweed, kimchi, sushi, sashimi, salads);
Services: optical (eyeglasses, frames & lenses, sunglasses); 1 hour photo shop; tire center (brand-name vehicle tires, including balancing & installation services); Food Court (quick snacks); delivery services (offers delivery services from freezers, cooler items to sofas, refrigerators and up to pallet quantities).
About 40% of the goods are imported from the parent and its group firms in USA, other.
Clients: Individual consumers, business firms, other
No. of accounts: Unavailable
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Kao Corp (4%), San Rio Corp (4%), Proctor & Gamble Far East Inc (3%), other.
Also, imports from Costco Wholesale Corp, USA and its group firms.
Payment record: No
Complaints
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References:
· MUFG (Shibuya)
· SMBC (Kumamoto)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms
Ending: |
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30/08/2012 |
30/08/2011 |
30/08/2010 |
30/08/2009 |
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Annual
Sales |
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29,000 |
28,000 |
28,000 |
26,700 |
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Recur.
Profit |
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Net
Profit |
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240 |
230 |
250 |
150 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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8,995 |
8,765 |
8,590 |
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Capital,
Paid-Up |
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7,505 |
7,505 |
7,505 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.57 |
0.00 |
4.87 |
-10.10 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
0.83 |
0.82 |
0.89 |
0.56 |
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Notes:
Financials are only partially disclosed.
Forecast
(or estimated) figures for the 31/08/2012 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.97 |
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UK Pound |
1 |
Rs.77.74 |
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Euro |
1 |
Rs.65.09 |
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 |
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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.