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Report Date : |
05.09.2012 |
IDENTIFICATION DETAILS
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Name : |
ITOOKA & CO LTD |
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Registered Office : |
Utaka Bldg 602, 1-2-11 Uchihonmachi Chuoku
Osaka 540-0026 |
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Country : |
Japan |
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Financials (as on) : |
30.04.2012 |
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Date of Incorporation : |
August 1926 |
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Com. Reg. No.: |
1200-01-077356 (Osaka-Chuoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, wholesale of women’s clothing, clothing
accessories |
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No. of Employees : |
06 employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 |
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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 |
JAPAN - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a
strong work ethic, mastery of high technology, and a comparatively small defense
allocation (1% of GDP) helped Japan develop a technologically advanced economy.
Two notable characteristics of the post-war economy were the close interlocking
structures of manufacturers, suppliers, and distributors, known as keiretsu,
and the guarantee of lifetime employment for a substantial portion of the urban
labor force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A tiny agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. Usually self-sufficient in rice, Japan imports about 60% of its
food on a caloric basis. Japan maintains one of the world's largest fishing
fleets and accounts for nearly 15% of the global catch. For three decades,
overall real economic growth had been spectacular - a 10% average in the 1960s,
a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed
markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s
that required a protracted period of time for firms to reduce excess debt,
capital, and labor. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2011 stood as the fourth-largest
economy in the world after second-place China, which surpassed Japan in 2001,
and third-place India, which edged out Japan in 2011. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan further into recession. Government stimulus spending helped the economy
recover in late 2009 and 2010, but the economy contracted again in 2011 as the
massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity
supplies remain tight because Japan has temporarily shut down almost all of its
nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled
by the earthquake and resulting tsunami. Estimates of the direct costs of the
damage - rebuilding homes, factories, and infrastructure - range from $235
billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister
Yoshihiko NODA has proposed opening the agricultural and services sectors to
greater foreign competition and boosting exports through membership in the
US-led Trans-Pacific Partnership trade talks and by pursuing free-trade
agreements with the EU and others, but debate continues on restructuring the
economy and reining in Japan's huge government debt, which exceeds 200% of GDP.
Persistent deflation, reliance on exports to drive growth, and an aging and
shrinking population are other major long-term challenges for the economy.
|
Source : CIA |
ITOOKA & CO LTD
Itooka KK
St General
Utaka Bldg 602,
1-2-11 Uchihonmachi Chuoku Osaka 540-0026 JAPAN
Tel: 06-6944-1071 Fax: 06-6944-1074
URL: N/A
E-Mail address: tetsuji@cuore-company.jp
Import,
wholesale of women’s clothing, clothing accessories
Kobe
(subsidiary)
(Subcontracted)
NORIO
ITOOKA, PRES
Shuji
Itooka, rep dir
Nobuko
Itooka, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES R/WEAK A/SALES Yen 73 M
PAYMENTS Slow but Correct CAPITAL Yen 10 M
TREND SLOW WORTH Yen 20 M
STARTED 1926 EMPLOYES 6
TRADING FIRM SPECIALIZING IN WOMEN’S APPAREL.
FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
This is an old established mfr of women’s clothing dating back to 1889 when forefather of the Itookas started making women’s clothing. Incorporated in 1926 the firm switched the operations to a trading firm, with mfg division, for import, export and wholesale of women’s garments and accessories (See OPERATION). Goods are imported from Italy, USA, other. The subsidiary Itooka KK, Kobe, operates an internet shop “Merge”, selling women’s apparel and accessories. Retail operations were transferred to the subsidiary. St General is one of its brand names. Goods are shipped to retail stores, specialty stores, other, centering in greater-Osaka. In Jun 2002 the firm went bankrupt with liabilities at Yen 5,300 million and sought for court protection under the Civil Rehabilitation Law. In Dec 2002 the court approved and the firm restarted operations in Jan 2006, reducing paid-in capital to Yen 10 million from the previous Yen 50 million.
Financials are only partially disclosed as is the case with family-based companies.
The sales volume for Apr/2012 fiscal term amounted to Yen 73 million, a 10% down from Yen 81 million in the previous term. Exports were hurt by the high Yen reducing revenues and profits in Yen terms. High-quality European apparel did not fare well due to high prices. The net profit remained similar at Yen 1 million.
For the current term ending Apr 2013 the net profit is projected at Yen 1 million, on a 3% rise in turnover, to Yen 75 million.
The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements.
Date Registered: Aug 1926
Regd No.: 1200-01-077356 (Osaka-Chuoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
80,000 shares
Issued:
20,000 shares
Sum: Yen 10 million
Major shareholders (%): Tetsuji Itooka and families
(--100)
No. of shareholders: 7
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports and wholesales women’s apparel (40%), shoes, other clothing accessories (--60%); goods are also retailed at online shop “Merge” operated by a subsidiary (--100%)
(Handling Items): top one-piece, outer wear, coats, jackets, pants, bottoms, skirts, necklaces, bracelets, hair accessories, scarves, stool, belts, shoes (synthetic leather make), sandal, pumps, casuals, boots, other.
Clients: Retail stores, specialty stores, chain stores, other
No. of accounts: 100
Domestic areas of activities: Centered in greater-Osaka
Suppliers: [Mfrs, wholesalers] Imports from Italy, USA, other
Domestically supplied from: Kawagoshi-Masa Co (10%), other
Payment record: Slow but Correct
Location: Business area in Osaka. Office premises at the caption address are leased and maintained satisfactorily.
Bank References:
Kansai
Urban Bank (Osaka-Ekimae)
MUFG
(Semba-Chuo)
Relations:
Money deposits & transfers only
(In Million Yen)
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30/04/2013 |
30/04/2012 |
30/04/2011 |
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Annual
Sales |
|
75 |
73 |
81 |
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Recur.
Profit |
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Net
Profit |
|
1 |
1 |
1 |
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Total
Assets |
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N/A |
N/A |
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Net
Worth |
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|
20 |
19 |
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Capital,
Paid-Up |
|
|
10 |
10 |
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Div.P.Share(¥) |
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|
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.74 |
-9.88 |
-71.97 |
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Current Ratio |
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|
.. |
.. |
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N.Worth Ratio |
|
.. |
.. |
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N.Profit/Sales |
1.33 |
1.37 |
1.23 |
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Notes:
Financials are only partially disclosed.
Forecast
(or estimated) figures for the 30/04/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.54 |
|
UK Pound |
1 |
Rs.88.23 |
|
Euro |
1 |
Rs.70.02 |
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 |
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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 |
|
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 |
|
---- |
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.