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Report Date : |
26.08.2013 |
IDENTIFICATION DETAILS
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Name : |
SPRING COSMO INTERNATIONAL CORPORATION |
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Registered Office : |
Koshin Bldg 7F, 2-2-22 Kanda-Nishikicho Chiyodaku Tokyo 101-0054 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
Jun 1993 |
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Com. Reg. No.: |
(Tokyo-Chiyodaku) 131476 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of paper, paper products |
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No. of Employees : |
11 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 small agricultural sector is highly subsidized and protected, with
crop yields among the highest in the world. While self-sufficient in rice
production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the
economy has fallen into recession three times since 2008. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan 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 and the ensuing tsunami in March disrupted
manufacturing. The economy has largely recovered in the two years since the
disaster, but reconstruction in the Tohoku region has been uneven.
Newly-elected Prime Minister Shinzo ABE has declared the economy his
government's top priority; he has pledged to reconsider his predecessor's plan
to permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus and regulatory reform and has said he
will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 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 2012. The new government will continue a longstanding debate 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
SPRING COSMO INTERNATIONAL CORPORATION
REGD NAME: KK
Spring Cosmo International
MAIN OFFICE: Koshin
Bldg 7F, 2-2-22 Kanda-Nishikicho Chiyodaku Tokyo 101-0054 JAPAN
Tel:
03-5577-6602
Fax: 03-5577-6613
URL: http://www.springcosmo.com/
E-Mail address: info@springcosmo.com
Import, export,
wholesale of paper, paper products
Nil
NAK Cosmo Pty Ltd
(Australia) (subsidiary)
FUMITAKA
TAKAHASHI, PRES Yuzuru
Isshiki, dir
Eiji Takeshita,
dir Masanao
Osada, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 3,900 M
PAYMENTS SLOW BUT CORRECT CAPITAL Yen 20 M
TREND SLOW WORTH Yen 284 M
STARTED 1993 EMPLOYES 11
TRADING FIRM
SPECIALIZING IN PAPER & PAPER PRODUCTS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESSS ENGAEMENTS
The subject company was established
by Fumitaka Takahashi in order to make most of his experience in the subject
line of business. This is a trading firm
for import, export and wholesale of paper & paper products: paper, coated
paper, quality paper, board paper, used/recycled paper, pulp, other. Goods are imported from Korea, Europe, Asia,
other, and exported to USA, Taiwan, Oceania, Asia, etc (80%). Domestic sales account for 20% of total
sales. Domestic clients include printing
firms.
Financials are only
partially disclosed.
The sales volume for Mar/2013 fiscal term
amounted to Yen 3,900 million, a 7% down from Yen 4,200 million in the previous
term. Sales declined due to supply
shortage from major paper mfrs as their factories damaged by the Great East
Japan Earthquake that occurred in Mar 2011.
Also high Yen hurt import/export sales, reducing earnings & profits
in Yen terms. The net profit was posted
at Yen 18 million, compared with Yen 30 million a year ago.
For the current
term ending Mar 2014 the net profit is projected at Yen 25 million, on a 5%
rise in turnover, to Yen 4,100 million.
Weaker Yen may increase earnings in Yen terms.
The financial situation
is considered FAIR and good for ORDINARY business engagements.
Date Registered: Jun 1993
Regd No.:
(Tokyo-Chiyodaku) 131476
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 1,600 shares
Issued: 400 shares
Sum: Yen 20 million
Major
shareholders (%): Fumitaka Takahashi (50), Nakagawa Mfg Co (25), Company’s Treasury Stock
(25)
No.
of shareholders: 3
Nothing
detrimental is known as to the commercial morality of executives.
Activities:
Imports,
exports (80%) and wholesales (20%) paper & paper products: coated paper,
bond paper, machine glazed paper, printing paper, fiberboard, quality paper,
used/recycled paper, pulp, other (--100%).
Clients: [Printers, wholesalers] Nakagawa Mfg Co,
Toyo Printing, Toppan Printing, Shiroki KK, Kokusai Pulp & Paper, Seikosha
Printing Ltd, other.
Exports to Oceania (50%), other to Taiwan,
Vietnam, other Asia, USA, other
No. of accounts:
500
Domestic areas of
activities: Centered in greater-Tokyo
Suppliers: [Mfrs,
wholesalers] Shiroki Co, Japan Paper & Pulp, Oji Trading, Kokusai Pulp
& Paper, Gojo Paper Mfg, Marubeni Corp, other.
Imports from Hansul Paper (Korea), other
from Europe, Asia, other.
Payment record: Slow but correct
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG (Omotesando)
SMBC (Aoyama)
Relations:
Satisfactory
(In Million
Yen)
|
Terms Ending: |
|
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
Annual
Sales |
|
4,100 |
3,900 |
4,200 |
5,500 |
|
Recur.
Profit |
|
.. |
.. |
.. |
.. |
|
Net
Profit |
|
25 |
18 |
30 |
25 |
|
Total
Assets |
|
|
N/A |
N/A |
N/A |
|
Net
Worth |
|
|
284 |
266 |
236 |
|
Capital,
Paid-Up |
|
|
20 |
20 |
20 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.13 |
-7.14 |
-23.64 |
-28.57 |
|
|
Current Ratio |
|
|
.. |
.. |
.. |
|
N.Worth Ratio |
|
.. |
.. |
.. |
|
|
N.Profit/Sales |
0.61 |
0.46 |
0.71 |
0.45 |
|
Notes: Financials
are only partially disclosed.
Forecast (or
estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.69 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.86.30 |
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.