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Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
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Name : |
BRIDGESTONE SPORTS CO LTD |
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Registered Office : |
World Trade Center Bldg, 2-4-1 Hamamatsucho Minatoku Tokyo 105-6127 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
October 1972 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of golf balls, clubs, tennis rackets, other sporting
goods |
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No. of Employees : |
488 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Usually 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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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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.
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Source : CIA |
BRIDGESTONE SPORTS CO LTD
Bridgestone Sports
KK
World Trade Center
Bldg, 2-4-1 Hamamatsucho Minatoku Tokyo 105-6127 JAPAN
Tel:
03-5425-8650
URL: http://www.bs-sports.co.jp
E-Mail address: (thru the URL)
Mfg of
golf balls, clubs, tennis rackets, other sporting goods
Osaka,
Seki, Chichibu, Yokohama
Worldwide
(Tot 35)
Seki,
Chichibu; USA, China, Thailand
SUGIO
FUKUOKA, PRES Kazuo Ibi, v pres
Yoshinori
Egashira, dir Toshihiko
Yajima, dir
Kazuhide
Matsuo, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 29,238 M
PAYMENTS Usually
Correct CAPITAL Yen 3,000 M
TREND SLOW WORTH Yen
24,178 M
STARTED 1972 EMPLOYES 488
MFR OF GOLD BALLS, GOLF CLUBS, TENNIS RACKETS, OTHER, BRIDGESTONE CORP.
FINANCIAL SITUATION CONSIDERED FAIR
AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established on the basis of a division separated
from Bridgestone Corp (See REGISTRATION). The firm manufactures golf balls, golf clubs,
other gold gear, tennis rackets, other sporting goods. Goods are supplied to Bridgestone Sports
Sales Japan KK for distribution nationwide.
The sales volume for Dec/2012 fiscal term amounted to Yen 29,238
million, a 3% down from Yen 30,094 million in the previous term. The firm posted recurring loss of Yen 580
million but the net profit ended at Yen 279 million, aided by the extraordinary
profits of Yen 1,204 million, compared with Yen 746 million recurring loss and
Yen 1,476 million net losses, respectively, a year ago.
For the current term ending Dec 2013 the recurring profit is projected
at Yen 200 million and the net profit at Yen 100 million, respectively, on a 3%
rise in turnover, to Yen 30,200 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Oct 1972
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
24 million shares
Issued:
6 million shares
Sum: Yen 3,000 million
Major shareholders (%): Bridgestone Corp* (100)
*.. One of world’s 3 largest automobile tire mfrs, Tokyo, founded 1931,
listed Tokyo, Osaka, Nagoya, Fukuoka S/E’s, capital Yen 126,354 million, sales
Yen 3,024,355 million, operating profit Yen 191,321 million, recurring profit
Yen 179,317 million, net profit Yen 102,970 million, total assets Yen 2,792,239
million, net worth Yen 1,243,692 million, employees 144,148, pres Shoshi
Arakawa
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
gold balls, gold clubs, golf wear, other golf gears, tennis rackets, tennis
balls, other tennis gears, other sporting goods & gears (--100%)
Clients: [Mfrs,
wholesalers] Bridgestone Sports Sales Japan KK, other
No. of accounts: 1
(direct clients only)
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsubishi Corp Fashion, Mitsubishi Rayon, JSR Trading, other
Payment record: Usually
Correct
Location: Business area in
Tokyo. Office premises at the caption address
are leased and maintained satisfactorily.
Bank References:
SMBC
(Tokyo)
Mizuho
Bank (H/O)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
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Annual
Sales |
|
30,200 |
29,238 |
30,094 |
34,695 |
|
Recur.
Profit |
|
200 |
-580 |
-746 |
1,663 |
|
Net
Profit |
|
100 |
279 |
-1,476 |
1,075 |
|
Total
Assets |
|
|
33,442 |
34,152 |
39,559 |
|
Current
Assets |
|
|
20,322 |
21,261 |
26,291 |
|
Current
Liabs |
|
|
7,447 |
8,054 |
11,304 |
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Net
Worth |
|
|
24,178 |
24,009 |
25,772 |
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Capital,
Paid-Up |
|
|
3,000 |
3,000 |
3,000 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
89.60 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.29 |
-2.84 |
-13.26 |
-0.92 |
|
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Current Ratio |
|
.. |
272.89 |
263.98 |
232.58 |
|
N.Worth Ratio |
.. |
72.30 |
70.30 |
65.15 |
|
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R.Profit/Sales |
|
0.66 |
-1.98 |
-2.48 |
4.79 |
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N.Profit/Sales |
0.33 |
0.95 |
-4.90 |
3.10 |
|
|
Return On Equity |
.. |
1.15 |
-6.15 |
4.17 |
|
Notes:
Forecast (or estimated) figures for the 31/12/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.33 |
|
UK Pound |
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.69.82 |
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 |
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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 |
---- |
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.