MIRA INFORM REPORT

 

 

Report Date :

11.06.2012

 

IDENTIFICATION DETAILS

 

Name :

MITSUI BUSSAN INTER-FASHION LTD (MIT)

 

 

Registered Office :

Hulic Aoyama Bldg 4F, 3-6-12 Kitaaoyama Minatoku Tokyo 107-0061

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

July 1992

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, export, wholesale of apparel, textile materials, fashion accessories

 

 

No. of Employees :

40

 

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 :

Regular

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 – 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

Company name and address

 

MITSUI BUSSAN INTER-FASHION LTD (MIT)

REGD NAME:    Mitsui Bussan Inter Fashion KK

MAIN OFFICE:  Hulic Aoyama Bldg 4F, 3-6-12 Kitaaoyama Minatoku Tokyo 107-0061JAPAN

Tel: 03-5467-5471          Fax: 03-5467-7315     

 

URL:                 http://www.mit-ltd.co.jp

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Import, export, wholesale of apparel, textile materials, fashion accessories

 

BRANCHES

 

Nagoya, Osaka

 

OVERSEAS   

 

Hong Kong, China (3) (--subsidiaries)

 

 

OFFICERS

 

SHIN’ICHI KIHARA, PRES          Kaoru Okada, dir

Noriyuki Sato, dir                       Hidekazu Tamiya, dir

Ryuichi Sakurai, dir

           

Yen Amount:    

In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                 A/SALES          Yen 90,822 M

PAYMENTS      REGULAR         CAPITAL           Yen 853 M

TREND UP                    WORTH            Yen 3,638 M

STARTED         1992                 EMPLOYES      40

 

COMMENT

 

TRADING FIRM SPECIALIZING IN APPAREL, WHOLLY OWNED BY MITSUI & CO LTD.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

                       

HIGHLIGHTS

           

            The subject company was established on the basis of a textile division separated from Mitsui & Co Ltd (See REGISTRATION).  This is a trading firm specializing in apparel, textile materials, other.  Also engaged in material development, product planning, production management, obtaining licensees, other.  60% of the products are imported from China and other.  The firm operates 3 mfg factories in China.  Domestic clients include major apparel makers, wholesalers, other, nationwide.

 

 

FINANCIAL INFORMATION

           

            The sales volume for Mar/2011 fiscal term amounted to Yen 90,822 million, a 5% down from Yen 95,146 million in the previous term.  Exports were hurt by the high Yen in Yen terms, decreasing earnings & profits.  The recurring profit was posted at Yen 506 million and the net profit at Yen 284 million, respectively, compared with Yen 785 million recurring profit and Yen 677 million net profit, respectively, a year ago.

 

            For the term that ended Mar 2012 the recurring profit was projected at Yen 520 million and the net profit at Yen 300 million, respectively, on a 5% rise in turnover, to Yen 95,300 million.   Final results are yet to be released. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:  Jul 1992

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         68,240 shares

Issued:                17,060 shares

Sum:                   Yen 853 million

Major shareholders (%): Mitsui & Co Ltd* (100)

 

*.. General trading company vying with Mitsubishi Corp for top position, founded 1947,

Listed Tokyo, Osaka, Nagoya, Sapporo, NASDAQ S/E’s, capital Yen 341,482 million, Sales Yen 10,481,166 million, operating profit Yen 348,384 million, recurring profit Yen 413,211 million, net profit Yen 434,497 million, total assets Yen 9,011,823 million, net worth Yen 2,860,810 million, employees 40,026, pres Masami Iijima

Consolidated Financials are attached (See SUPPLEMENTS)

 

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

 

 

OPERATION

 

Activities: Trading firm for import, export and wholesale of apparel, apparel materials, fashion accessories, offering material development, product planning, production management, licensing agreement, other (--100%)

 

Clients: [Mfrs, wholesalers] Sanyo Shokai, Five Foxes Co, Sanyei International, Onward Kashiyama, Issei Miyake, King Co, other

No. of accounts: 800

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Imports from China, Hong Kong, Vietnam, Myanmar, Bangladesh, Cambodia, other (60%).

40% supplied from domestic textile makers & processors.

 

Payment record: Regular

 

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

 

Bank References:

SMBC (Kojimachi)

Mizuho Bank (Aoyama)

Relations: Satisfactory

 

 

FINANCES

 (In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

95,300

90,822

95,146

113,833

Recur. Profit

　

520

506

785

1,024

Net Profit

　

300

284

677

587

Total Assets

　

　

43,244

42,566

47,485

Current Assets

　

　

41,110

40,185

45,561

Current Liabs

　

　

39,166

38,106

44,083

Net Worth

　

　

3,638

4,030

3,354

Capital, Paid-Up

　

　

853

853

853

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

4.93

-4.54

-16.42

10.33

    Current Ratio

 

..

104.96

105.46

103.35

    N.Worth Ratio

..

8.41

9.47

7.06

    R.Profit/Sales

 

0.55

0.56

0.83

0.90

    N.Profit/Sales

0.31

0.31

0.71

0.52

    Return On Equity

..

7.81

16.80

17.50

 

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

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, MITSUI & CO LTD

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2012

31/03/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

10,481,166

9,942,472

 

  Cost of Sales

9,602,887

9,083,249

 

      GROSS PROFIT

878,279

859,223

 

  Selling & Adm Costs

529,895

542,220

 

      OPERATING PROFIT

348,384

317,003

 

  Non-Operating P/L

64,837

-44,306

 

      RECURRING PROFIT

413,221

272,697

　

      NET PROFIT

434,497

306,659

BALANCE SHEET

 

 

 

 

  Cash

　

1,431,112

1,441,059

 

  Receivables

 

1,616,191

1,463,601

 

  Inventory

 

515,758

467,355

 

  Securities, Marketable

1,087

5,602

 

  Other Current Assets

862,175

940,025

 

      TOTAL CURRENT ASSETS

4,426,323

4,317,642

 

  Property & Equipment

2,265,334

1,930,994

 

  Intangibles

 

110,307

87,525

 

  Investments, Other Fixed Assets

2,209,859

2,261,963

 

      TOTAL ASSETS

9,011,823

8,598,124

 

  Payables

 

1,342,343

1,316,772

 

  Short-Term Bank Loans

307,132

250,062

 

　

 

　

　

 

  Other Current Liabs

974,555

976,115

 

      TOTAL CURRENT LIABS

2,624,030

2,542,949

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

2,898,218

2,818,529

 

  Reserve for Retirement Allw

55,799

37,054

 

  Other Debts

　

572,966

646,268

 

      TOTAL LIABILITIES

6,151,013

6,044,800

 

      MINORITY INTERESTS

 

 

 

Common stock

341,482

341,482

 

Additional paid-in capital

430,491

430,152

 

Retained earnings

2,192,494

1,860,271

 

Evaluation p/l on investments/securities

90,476

96,657

 

Others

 

(187,930)

(168,887)

 

Treasury stock, at cost

(6,203)

(6,341)

 

      TOTAL S/HOLDERS` EQUITY

2,860,810

2,553,334

　

      TOTAL EQUITIES

9,011,823

8,598,124

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2012

31/03/2011

 

Cash Flows from Operating Activities

　

380,984

504,474

 

Cash Flows from Investment Activities

-438,191

-484,021

 

Cash Flows from Financing Activities

57,394

33,820

　

Cash, Bank Deposits at the Term End

　

1,431,112

1,441,059

ANALYTICAL RATIOS            Terms ending:

31/03/2012

31/03/2011

 

 

Net Worth (S/Holders' Equity)

2,860,810

2,553,334

 

 

Current Ratio (%)

168.68

169.79

 

 

Net Worth Ratio (%)

31.75

29.70

 

 

Recurring Profit Ratio (%)

3.94

2.74

 

 

Net Profit Ratio (%)

4.15

3.08

 

 

Return On Equity (%)

15.19

12.01

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.36

UK Pound

1

Rs.85.64

Euro

1

Rs.69.21

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.