|
Report Date : |
29.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
NITORI TAIWAN CO., LTD. |
|
|
|
|
Registered Office : |
6F., No.98, Sec. 2, Wenhua Rd., Banqiao Dist., New Taipei City 22041 |
|
|
|
|
Country : |
Taiwan |
|
|
|
|
Financials (as on) : |
20.02.2013 |
|
|
|
|
Date of Incorporation : |
06.12.2006 |
|
|
|
|
Com. Reg. No.: |
28454066 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Trading of household items and etc. |
|
|
|
|
No. of Employees : |
About 290 Employees |
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 : |
No Complaints |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
TAIWAN - ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing
government guidance of investment and foreign trade. Exports, led by
electronics, machinery, and petrochemicals have provided the primary impetus
for economic development. This heavy dependence on exports exposes the economy
to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.8%, due
primarily to a 13.1% year-on-year decline in exports. In 2010 GDP grew 10.7%,
as exports returned to the level of previous years, and in 2011, grew 4.1%. In
2012, however, growth fell to 1.3%, because of softening global demand.
Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are
major long-term challenges. Free trade agreements have proliferated in East
Asia over the past several years, but except for the landmark Economic Cooperation
Framework Agreement (ECFA) signed with China in June 2010, so far Taiwan has
been excluded from this greater economic integration in part because of its
diplomatic status. Negotiations continue on such follow-on components of ECFA
regarding trade in goods and services. The MA administration has said that the
ECFA will serve as a stepping stone toward trade pacts with other key trade
partners, which Taiwan subsequently launched with Singapore and New Zealand.
Taiwan's Total Fertility rate of just over one child per woman is among the
lowest in the world, raising the prospect of future labor shortages, falling
domestic demand, and declining tax revenues. Taiwan's population is aging
quickly, with the number of people over 65 accounting for 11.2% of the island's
total population as of 2012. The island runs a large trade surplus largely
because of its surplus with China, and its foreign reserves are the world's
fifth largest, behind China, Japan, Saudi Arabia, and Russia. In 2006 China
overtook the US to become Taiwan's second-largest source of imports after
Japan. China is also the island's number one destination for foreign direct
investment. Three financial memorandums of understanding, covering banking,
securities, and insurance, took effect in mid-January 2010, opening the island
to greater investments from the mainland's financial firms and institutional
investors, and providing new opportunities for Taiwan financial firms to
operate in China. In August 2012, Taiwan Central Bank signed a memorandum of
understanding on cross-Strait currency settlement with its Chinese counterpart.
The MOU allows for the direct settlement of Chinese RMB and the New Taiwan
dollar across the Strait, which could help develop Taiwan into a local RMB hub.
Closer economic links with the mainland bring greater opportunities for the
Taiwan economy, but also poses new challenges as the island becomes more
economically dependent on China while political differences remain unresolved.
Source
: CIA
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
6F., No.98, Sec. 2, Wenhua Rd., Banqiao
Dist., New Taipei City 22041, Taiwan (R.O.C.) |
|
Supplied Address: |
2F No. 480 Sec 1, Jhonghua Rd., Jhongli
Citytaoyuan County 32068 |
|
Telephone Number: |
+886-3-461-0973 |
|
Fax Number: |
Notes: The exact name is as above. The supplied address is the former address
and correct address is as we supplied.
|
Credit Opinion: |
Subject was incorporated on 2006-12-6 with registered
number 28454066 as Joint Stock Company in Taiwan.
Change of Address
|
Former Address |
2F., No.480, Sec. 1, Jhonghua Rd., Jhongli
City, Taoyuan County 32068, Taiwan (R.O.C.) |
|
Current Address |
6F., No.98, Sec. 2, Wenhua Rd., Banqiao Dist.,
New Taipei City 22041, Taiwan (R.O.C.) |
|
Name |
Subscription Shares |
|
Nitori Holdings Co Ltd. |
94,000,000 |
The information above
is that of subject’s major shareholders.
Parent Companies
|
Name |
Nitori Holdings
Co Ltd. |
|
Address |
6-20, Kamiya
3-chome, Kita-ku, Tokyo, Japan |
|
Telephone Number |
+81- 6741-1235 |
|
Listed at Stock
Exchange: |
Yes; (Stock
Symbol:9843) |
Subsidiary Companies
|
1 |
|
|
Name |
Nitori Taiwan
Co., Ltd. Taipei Branch |
|
Registered
Address |
B1, No.100,
Dunhua Bei Road, Song Shan District, Taipei County, Taiwan |
|
Legal Form |
Joint Stock
Company |
|
Registration Number |
28991066 |
|
Date of
Registration |
2010-2-4 |
|
2 |
|
|
Name |
Nitori Taiwan
Co., Ltd. Zhongli Branch |
|
Registered
Address |
No.480, Sec. 1,
Zhonghua Rd., Zhongli City, Taoyuan County 32068, Taiwan (R.O.C.) |
|
Legal Form |
Joint Stock
Company |
|
Registration
Number |
24307992 |
|
Date of
Registration |
2008-11-18 |
|
3 |
|
|
Name |
Nitori Taiwan
Co., Ltd. Tainan Branch |
|
Registered
Address |
No.685, Sec. 2,
Zhonghua W. Rd., West Central District, Tainan City 700, Taiwan (R.O.C.) |
|
Legal Form |
Joint Stock
Company |
|
Telephone Number |
+886-6-358-8998 |
|
Fax Number |
+886-6-358-9819 |
|
Registration
Number |
29064381 |
|
Date of
Registration |
2008-10-7 |
Core
Management
|
1 |
|
|
Name |
Xiongyi Fengqing |
|
Position |
|
|
2 |
|
|
Name |
Junzhi Baijing |
|
Position |
Director |
|
3 |
|
|
Name |
Zhengyan Jia |
|
Position |
Director |
|
4 |
|
|
Name |
Longnan Jiubao |
|
Position |
Supervisor |
|
Total Employees |
About 290 Employees |
Offices
& Factories
|
|
Headquarters |
|
Add |
6F., No.98, Sec. 2, Wenhua Rd., Banqiao Dist., New Taipei City 22041,
Taiwan (R.O.C.) |
Production
Information
l
The subject is a trader of household items and etc without any production activities.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
ZZ99999 |
Besides licensed business, all other business
items those are not banned or restricted. |
l
It is introduced that subject purchase products
both in domestic and overseas markets.
l The subject is
mainly engaged in sales of household
items and etc.
l
It is introduced that
subject’s major products include furniture, furnishings, household goods and
etc.
l
It is introduced that
subject’s selling territory is mainly in domestic market.
l
It is introduced that
subject’s major customers are direct customers and etc.
l
It is introduced that
subject has about 14 stores in Taipei, New Taipei, Taoyuan, Hsinchu, Taichung, Tainan and Kaohsiung, Taiwan.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Household items and etc. |
COD,CBD and etc |
100% |
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
Household items and etc. |
CBD and etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Household items and etc. |
COD,CBD and etc |
100% |
Export
The subject has little export.
Subject has no obligations to disclose its financial statements to the
third party according to the relevant policy in Taiwan and the only source from
which we can obtain the information is the subject itself.
Subject’s relevant staff Ms. Xu declined to disclose its financials
citing the grounds of company’s confidentiality; from other source we can not
obtain the relevant information, either.
We found the consolidated financial information of subject’s parent
company (Nitori Holdings Co Ltd.) from
public files for reference.
Unit:USD /000
|
Date |
2012-2-20 |
2013-2-20 |
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and deposits |
235,749 |
188,002 |
|
Notes and accounts receivable-trade |
110,325 |
109,372 |
|
Merchandise and finished goods |
302,713 |
308,358 |
|
Work in process |
2,060 |
2,541 |
|
Raw materials and supplies |
15,739 |
17,186 |
|
Deferred tax assets |
51,275 |
28,330 |
|
Other |
135,272 |
120,805 |
|
Allowance for doubtful accounts |
-88 |
-32 |
|
Total current assets |
853,071 |
774,573 |
|
Noncurrent assets |
|
|
|
Property, plant and equipment |
|
|
|
Buildings and structures |
1,405,251 |
1,352,583 |
|
Accumulated depreciation |
-516,367 |
-508,187 |
|
Buildings and structures, net |
888,871 |
844,396 |
|
Machinery, equipment and vehicles |
62,882 |
60,685 |
|
Accumulated depreciation |
-30,863 |
-30,337 |
|
Machinery, equipment and vehicles, net |
32,006 |
30,337 |
|
Tools, furniture and fixtures |
96,671 |
94,887 |
|
Accumulated depreciation |
-58,586 |
-60,098 |
|
Tools, furniture and fixtures, net |
38,086 |
34,789 |
|
Land |
821,153 |
754,686 |
|
Lease assets |
47,004 |
42,432 |
|
Accumulated depreciation |
-4,949 |
-6,768 |
|
Lease assets, net |
42,055 |
35,664 |
|
Construction in progress |
24,118 |
13,055 |
|
Total property, plant and equipment |
1,846,313 |
1,712,959 |
|
Intangible assets |
|
|
|
Leasehold right |
58,900 |
53,352 |
|
Other |
23,301 |
18,499 |
|
Total intangible assets |
82,201 |
71,851 |
|
Investments and other assets |
|
|
|
Investment securities |
10,363 |
10,792 |
|
Long-term loans receivable |
4,183 |
7,291 |
|
Guarantee deposits |
245,698 |
196,712 |
|
Lease deposits |
185,894 |
160,589 |
|
Deferred tax assets |
44,417 |
25,502 |
|
Other |
83,922 |
74,637 |
|
Allowance for doubtful accounts |
-339 |
-246 |
|
Total investments and other assets |
574,174 |
475,299 |
|
Total noncurrent assets |
2,502,701 |
2,260,120 |
|
Total assets |
3,355,772 |
3,034,693 |
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Notes and accounts payable-trade |
146,841 |
138,012 |
|
Short-term loans payable |
325,625 |
68,531 |
|
Lease obligations |
3,266 |
2,626 |
|
Income taxes payable |
193,116 |
141,418 |
|
Provision for bonuses |
24,394 |
22,257 |
|
Provision for point card certificates |
16,644 |
18,691 |
|
Provision for discount to shareholders |
716 |
929 |
|
Accounts payable-other |
112,699 |
98,281 |
|
Deferred tax liabilities |
0 |
0 |
|
Asset retirement obligations |
389 |
256 |
|
Other |
136,327 |
99,178 |
|
Total current liabilities |
960,093 |
590,243 |
|
Noncurrent liabilities |
|
|
|
Long-term loans payable |
51,664 |
76,377 |
|
Lease obligations |
39,279 |
32,995 |
|
Deferred tax liabilities |
13 |
11 |
|
Provision for retirement benefits |
21,894 |
19,898 |
|
Provision for directors' retirement benefits |
2,990 |
2,530 |
|
Asset retirement obligations |
19,583 |
18,894 |
|
Other |
62,643 |
54,547 |
|
Total noncurrent liabilities |
198,091 |
205,284 |
|
Total liabilities |
1,158,196 |
795,527 |
|
Net assets |
|
|
|
Shareholders' equity |
|
|
|
Capital stock |
167,944 |
142,720 |
|
Capital surplus |
169,652 |
144,673 |
|
Retained earnings |
2,107,323 |
2,123,281 |
|
Treasury stock |
-209,308 |
-177,092 |
|
Total shareholders' equity |
2,235,624 |
2,233,582 |
|
Accumulated other comprehensive income |
|
|
|
Valuation difference on available-for-sale
securities |
2,073 |
3,053 |
|
Deferred gains or losses on hedges |
-1,646 |
20,015 |
|
Foreign currency translation adjustment |
-43,776 |
-24,338 |
|
Total accumulated other comprehensive income |
-43,336 |
-1,249 |
|
Subscription rights to shares |
5,288 |
6,437 |
|
Minority interests |
- |
384 |
|
Total net assets |
2,197,576 |
2,239,155 |
|
Total liabilities and net assets |
3,355,772 |
3,034,693 |
Unit:
USD/000
|
2011-2-21~2012-2-20 |
2012-2-21~2013-2-20 |
|
|
Net sales |
4,157,970 |
3,723,196 |
|
Cost of sales |
1,847,469 |
1,667,079 |
|
Gross profit |
2,310,489 |
2,056,106 |
|
Selling, general and administrative expenses |
1,582,552 |
1,399,082 |
|
Operating income |
727,936 |
657,024 |
|
Non-operating income |
|
|
|
Interest income |
4,911 |
3,768 |
|
Dividends income |
201 |
171 |
|
Foreign exchange gains |
5,339 |
- |
|
Vending Machine Income |
2,877 |
2,455 |
|
Gain on Sales of Valueable |
1,193 |
1,783 |
|
Interest on refund |
515 |
1,270 |
|
Other |
3,178 |
2,167 |
|
Total non-operating income |
18,251 |
11,646 |
|
Non-operating expenses |
|
|
|
Interest expenses |
3,140 |
2,018 |
|
Foreign exchange losses |
- |
2,583 |
|
Other |
38 |
149 |
|
Total non-operating expenses |
3,178 |
4,761 |
|
Ordinary income |
743,010 |
663,909 |
|
Extraordinary income |
|
|
|
Gain on sales of noncurrent assets |
38 |
9,554 |
|
Gain on bad debts recovered |
729 |
- |
|
Gain on abolishment of retirement benefit plan |
1,306 |
- |
|
Other |
38 |
299 |
|
Total extraordinary income |
2,135 |
9,853 |
|
Extraordinary loss |
|
|
|
Loss on sales and retirement of noncurrent assets |
1,306 |
1,014 |
|
Penalty for the scrap & build of outlets |
5,828 |
1,836 |
|
Loss on valuation of investment securities |
703 |
- |
|
Impairment loss |
- |
587 |
|
Loss on disaster |
17,988 |
- |
|
Loss on adjustment for changes of accounting standard
for asset retirement obligations |
8,793 |
- |
|
Loss on cancellation of lease contracts |
38 |
427 |
|
Other |
1,156 |
192 |
|
Total extraordinary losses |
35,825 |
4,078 |
|
Income before income taxes and minority interests |
709,320 |
669,684 |
|
Income taxes-current |
289,486 |
273,538 |
|
Income taxes-deferred |
-1,570 |
13,482 |
|
Total income taxes |
287,904 |
287,020 |
|
Income before minority interests |
421,404 |
382,654 |
|
Minority interests in income |
- |
384 |
|
Net income |
421,404 |
382,269 |
|
Date |
2011-2-21~2012-2-20 |
2012-2-21~2013-2-20 |
|
Net cash provided by (used in) operating
activities |
|
|
|
Income before income taxes and minority interests |
709,320 |
669,684 |
|
Depreciation and amortization |
113,214 |
98,047 |
|
Impairment loss |
- |
587 |
|
Amortization of goodwill |
1,432 |
- |
|
Loss on adjustment for changes of accounting
standard for asset retirement obligations |
8,793 |
- |
|
Increase (decrease) in allowance for doubtful
accounts |
0 |
-75 |
|
Increase (decrease) in provision for bonuses |
2,161 |
1,366 |
|
Increase (decrease) in provision for retirement
benefits |
-11,167 |
1,302 |
|
Increase (decrease) in provision for point card
certificates |
-7,047 |
4,537 |
|
Interest and dividends income |
-5,112 |
-3,950 |
|
Interest expenses |
3,140 |
2,018 |
|
Loss (gain) on sales and retirement of property,
plant and equipment |
1,256 |
-8,529 |
|
Payment of penalty expense |
5,828 |
1,836 |
|
Loss (gain) on valuation of investment securities |
703 |
- |
|
Decrease (increase) in notes and accounts
receivable-trade |
12,009 |
-4,740 |
|
Decrease (increase) in inventories |
-14,960 |
-54,878 |
|
Increase (decrease) in notes and accounts
payable-trade |
-11,581 |
9,351 |
|
Increase (decrease) in accrued consumption taxes |
13,579 |
-24,797 |
|
Other, net |
-11,154 |
8,006 |
|
Subtotal |
810,438 |
699,797 |
|
Interest and dividends income received |
4,836 |
4,900 |
|
Interest expenses paid |
-3,153 |
-1,964 |
|
Payment of penalty |
-402 |
-363 |
|
Income taxes paid |
-260,507 |
-296,712 |
|
Income taxes refund |
327 |
42,581 |
|
Net cash provided by (used in) operating
activities |
551,539 |
448,217 |
|
Net cash provided by (used in) investing
activities |
|
|
|
Payments into time deposits |
-9,584 |
-10,162 |
|
Proceeds from withdrawal of time deposits |
32,584 |
6,255 |
|
Purchase of property, plant and equipment |
-276,058 |
-250,395 |
|
Proceeds from sales of property, plant and
equipment |
88 |
30,967 |
|
Purchase of intangible assets |
-6,482 |
-6,394 |
|
Payments for guarantee deposits |
-19,734 |
-4,334 |
|
Proceeds from collection of guarantee deposits |
2,688 |
1,206 |
|
Payments for lease deposits |
-9,195 |
-5,786 |
|
Collection of lease deposits |
992 |
3,864 |
|
Proceeds from guarantee deposits received |
7,600 |
2,178 |
|
Proceeds from deposits received |
3,505 |
4,302 |
|
Purchase of long-term prepaid expenses |
-13,327 |
-2,327 |
|
Proceeds from purchase of investments in subsidiaries
resulting in change in scope of consolidation |
352 |
- |
|
Payments of loans receivable |
-1,369 |
-3,896 |
|
Collection of loans receivable |
- |
352 |
|
Other payments |
-38 |
-171 |
|
Other proceeds |
- |
149 |
|
Net cash provided by (used in) investing
activities |
-287,966 |
-234,170 |
|
Net cash provided by (used in) financing
activities |
|
|
|
Net increase (decrease) in short-term loans
payable |
-104,861 |
-229,526 |
|
Proceeds from long-term loans payable |
38,940 |
117,688 |
|
Repayment of long-term loans payable |
-78,571 |
-63,866 |
|
Repayments of lease obligations |
-2,676 |
-2,946 |
|
Purchase of treasury stock |
-1 |
-10,888 |
|
Cash dividends paid |
-55,018 |
-49,819 |
|
Proceeds from exercise of stock option |
- |
4,014 |
|
Net cash provided by (used in) financing
activities |
-202,223 |
-235,344 |
|
Effect of exchange rate change on cash and cash
equivalents |
-5,301 |
4,281 |
|
Net increase (decrease) in cash and cash equivalents |
56,023 |
-17,015 |
|
Cash and cash equivalents at beginning of period |
168,346 |
231,252 |
|
Decrease in cash and cash equivalents resulting
from exclusion of subsidiaries from consolidation |
-1,068 |
- |
|
Cash and cash equivalents at end of period |
231,252 |
179,505 |
|
Name |
Bank Of Taiwan |
Mortgage
No chattel mortgage record of subject has been found within the recent 3
months.
Lawsuit
Up to date of reporting,
no existing or latent litigation of the subject has been found.
|
Name |
Ms. Xu |
|
Department |
Sales Department |
|
E-mail |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.67 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.