|
Report Date : |
31.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
PLUS CORPORATION |
|
|
|
|
Registered Office : |
4-1-28 Toranomon Minatoku Tokyo 105-0001 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
20.05.2012 |
|
|
|
|
Date of Incorporation : |
April 2001 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Manufacturer of office furniture, stationery, pens/pencils, other. |
|
|
|
|
No. of Employees : |
3,789 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
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 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
PLUS CORPORATION
REGD NAME: Plus
KK
MAIN OFFICE: 4-1-28
Toranomon Minatoku Tokyo 105-0001 JAPAN
Tel: 03-5860-7000
E-Mail address: (thru the URL)
Mfg of office
furniture, stationery, pens/pencils, other
Sapporo, Sendai,
Gunma, Kanagawa, Nagoya, Osaka, Fukuoka, other (Tot 10)
China, Vietnam
Maebashi; China
(2), Vietnam
KOJI IMAIZUMI,
PRES Yoshihisa Imaizumi, ch
Shunsuke Akiyama,
mgn dir Kimio Asano, mgn dir
Jun Okazaki, mgn
dir Eiji Shintaku, mgn dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES GOOD A/SALES Yen 109,727 M
PAYMENTS REGULAR CAPITAL Yen 100 M
TREND UP WORTH Yen 18,997 M
STARTED 2001 EMPLOYES 3,789
MFR OF OFFICE FURNITURE, STATIONERY, OTHER.
FINANCIAL SITUATION CONSIDERED GOOD AND
RESPONSIBLE FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was
established originally in 1948 as Chiyoda Stationery Corp, and in 2001 merged four
sister companies and newly registered as Plus Corporation by Yoshihisa
Imaizumi. Koji is his son. This is a leading mfr of office furniture,
office interior supplies, stationery, pens/pencils, other, with brand name of
“PLUS”. Has a sales subsidiary, ASKUL,
to sell all the goods. Clients include
schools, stationery shops, volume discount stores, other, nationwide.
The sales volume for
Mar/2012 fiscal term amounted to Yen 109,727 million, a 6% up from Yen 103,213
million in the previous term. New
products of office furniture & supplies fared well. The recurring profit was posted at Yen 4,098
million and the net profit at Yen 8,287 million, respectively, compared with
Yen 1,449 million recurring profit and yen 588 million net profit,
respectively, a year ago. The net
profits include extraordinary income of Yen 3,433 million coming from equity
finances.
For the current term
ending May 2013 the recurring profit is projected at Yen 4,200 million and the
net profit at Yen 4,000 million, respectively, on a 3% rise in turnover, to Yen
113,000
million.
The financial
situation is considered GOOD and responsible for ORDINARY business
engagements.
Date Registered: Apr
2001
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 8,000 shares
Issued: 2,000 shares
Sum: Yen 100 million
Major
shareholders (%): I&I (46.6), Plus Giken KK (15.8), Tadahisa Imaizumi (10.3),
Hidehisa Imaizumi (10.3), Sohei Imaizumi (9.2)
No. of shareholders: 39
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
office furniture & office interior supplies, stationery, OA & PC
supplies, stationery, pens/pencils, electro-optical equipment, foodstuffs, books,
other (--100%)
Clients: [Mfrs,
wholesalers] Askul Co, Biznet Corp, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Plus Vietnam Industrial, Plus Logistics, other
Imports from factories in China (2) and
Vietnam
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Mizuho Corporate
Bank (H/O)
SMBC (H/O)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
20/05/2013 |
20/05/2012 |
20/05/2011 |
20/05/2010 |
|
|
Annual
Sales |
|
113,000 |
109,727 |
103,213 |
101,576 |
|
Recur.
Profit |
|
4,200 |
4,098 |
1,449 |
1,869 |
|
Net
Profit |
|
4,000 |
8,287 |
588 |
436 |
|
Total
Assets |
|
|
71,267 |
62,339 |
63,397 |
|
Current
Assets |
|
|
43,631 |
39,129 |
38,504 |
|
Current
Liabs |
|
|
36,543 |
35,151 |
36,162 |
|
Net
Worth |
|
|
18,997 |
10,690 |
10,248 |
|
Capital,
Paid-Up |
|
|
100 |
100 |
100 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
10.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.98 |
6.31 |
1.61 |
-58.83 |
|
|
Current Ratio |
|
.. |
119.40 |
111.32 |
106.48 |
|
N.Worth Ratio |
.. |
26.66 |
17.15 |
16.16 |
|
|
R.Profit/Sales |
|
3.72 |
3.73 |
1.40 |
1.84 |
|
N.Profit/Sales |
3.54 |
7.55 |
0.57 |
0.43 |
|
|
Return On Equity |
.. |
43.62 |
5.50 |
4.25 |
|
Notes: Forecast (or
estimated) figures for the 20/05/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.57 |
|
|
1 |
Rs.84.37 |
|
Euro |
1 |
Rs.72.23 |
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.