|
Report Date : |
08.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
UNIQLO CO LTD |
|
|
|
|
Registered Office : |
717-1 Sayama Yamaguchi Yamaguchi-Pref 754-0894 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.08.2012 |
|
|
|
|
Date of Incorporation : |
September 1974 |
|
|
|
|
Com. Reg. No.: |
2500-01-001451 (Yamaguchi-Yamaguchi) |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Retail of apparel, casual wear for men/women/kids/babies |
|
|
|
|
No. of Employees : |
3,485 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit: |
Yen 16,779.1 Million |
|
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 – 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
UNIQLO CO LTD
REGD NAME: KK
Uniqlo
MAIN OFFICE: 717-1
Sayama Yamaguchi Yamaguchi-Pref 754-0894 JAPAN
Tel:
083-988-0333 Fax: 083-988-0341
E-Mail address: (thru the URL)
Retail of apparel,
casual wear for men/women/kids/babies
Tokyo
845 stores
nationwide (824 direct-run, 21 franchisees)
(Uniqlo International
operation) 292 stores in China, Hong Kong, Taiwan, Korea,
Thailand,
Philippines, USA, France, Singapore, Russia, Malaysia, other
TADASHI YANAI,
PRES Takahiro
Wakabayashi, dir
Naoki Oodate, dir Shuichi
Nakashima, dir
Nobuo Domae, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 620,063 M
PAYMENTSREGULAR CAPITAL Yen
1,000 M
TREND UP WORTH Yen 107,310 M
STARTED 1974 EMPLOYES 3,485
CHAIN STORE OPERATOR OF IN-HOUSE BRAND CASUAL WEAR,
OWNED BY FAST RETAILING CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR TO GOOD
AND RESPONSIBLE FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 16,779.1 MILLION, 30 DAYS NORMAL TERMS
The subject company was
established by Tadashi Yanai, originally as Sunlord KK, and in Feb 1998 renamed
as captioned. This is the nation’s
largest apparel retailer with a 5.8% share of the Yen 10.7 trillion Japanese
apparel market, operating 845 stores nationwide. Retails in-house brand casual
clothing, named UNIQLO, such as jackets, shirts & slacks. UNIQLO is a combined word of unique clothing
warehouse. The holding company, Fast
Retailing Co Ltd (See REGISTRATION),
operates 292 stores overseas in China, Taiwan, Thailand, other S/E Asian
countries, USA, France, Russia, other.
In Mar 2012, opened the global largest flag-store, the UNIQLO Ginza
Store, in Ginza, Tokyo. The firm began
aggressively increasing its average store size by closing smaller outlets and
opening more large-format stores. The
focus will be on cultivating new consumers by opening large-format stores in
Tokyo, Osaka, Nagoya and Fukuoka. In
summer 2013 the Group will open a store jointly with Mitsubishi Corp for the
first time in Indonesia, aiming to take in the middle class.
The sales volume for
Aug/2012 fiscal term amounted to Yen 620,063 million, a 3% up from Yen 600,148
million in the previous term. In the
first half, strong sales of HEATTECH functional innerwear and other core winter
items boosted income. However, in the
second half, unseasonably cool weather dampened same-store sales, and large
discounts on summer inventory weighed on profits. By closing down small stores, with scrap
& build, the net increase of stores was 2 stores during the term. The recurring profit was posted at Yen
102,433 million and the net profit at Yen 80,598 million, respectively,
compared with Yen 99,116 million recurring profit and Yen 52,765 million net
profit, respectively, a year ago.
For the current term
ending Aug 2013 the recurring profit is projected at Yen 110,000 million and
the net profit at Yen 86,000 million, respectively, on a 9% rise in turnover,
to Yen 673,000 million. New store
increase is planned at 154, mainly in Asia (113 in the preceding term). Existing store sales will edge up, thanks to
functional products in winter season.
Rise in cotton material price in the preceding term will calm down. Sales of winter items in Asia will be more
favorable than expected. Net profit will
hit an all-time high.
The financial
situation is considered FAIR to GOOD and responsible for ORDINARY business
engagements. Max credit limit is estimated
at Yen 16,779.1 million, on 30 days normal terms.
Date Registered: Sept 1974
Regd No.:
2500-01-001451
(Yamaguchi-Yamaguchi)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 80,000 shares
Issued: 20,000 shares
Sum: Yen 1,000 million
Major
shareholders (%): Fast Retailing Co Ltd* (100)
*. Holding company with specialty retailer
UNIQLO the Group’s mainstay operation, and the world’s 4th-ranked
SPA company (Specialty store retailer of Private label Apparel), founded 1963,
listed Tokyo S/E, capital Yen 10,273 million, sales Yen 928,669 million,
operating profit Yen 126,450 million, recurring profit Yen 125,212 million, net
profit Yen 71,654 million, total assets Yen 595,102 million, net worth Yen 394,892
million, employees 18,854, pres Tadashi Yanai, concurrently.
Sales breakdown by categories: 845 Domestic
UNIQLO stores (67%), 292 Uniqlo International stores (16%), International
brands (16%); overseas sales ratio (23%)
Consolidated
Financials are attached (See SUPPLEMENT)
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Operates chain
stores nationwide (845 stores), retailing casual wear, such as jackets, shirts
& slacks for men/women/kids/babies, other (--100%)
Clients: Consumers
No. of accounts:
Unavailable
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsubishi Corp, Sojitz Corp, Marubeni Corp, Toray International,
Kuraray Ind, other
Payment record: Regular
Location: Business area in
Yamaguchi. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References:
SMBC (H/O)
MUFG (H/O)
Relations:
Satisfactory
(In Million
Yen)
|
Terms Ending: |
31/08/2013 |
31/08/2012 |
31/08/2011 |
31/08/2010 |
|
|
Annual
Sales |
|
673,000 |
620,063 |
600,148 |
607,922 |
|
Recur.
Profit |
|
110,000 |
102,433 |
99,116 |
|
|
Net
Profit |
|
86,000 |
80,598 |
52,765 |
73,797 |
|
Total
Assets |
|
|
251,075 |
235,981 |
239,218 |
|
Current
Assets |
|
|
177,807 |
162,574 |
|
|
Current
Liabs |
|
|
135,944 |
151,740 |
|
|
Net
Worth |
|
|
107,310 |
76,202 |
74,288 |
|
Capital,
Paid-Up |
|
|
1,000 |
1,000 |
1,000 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
8.54 |
3.32 |
-1.28 |
12.96 |
|
|
Current Ratio |
|
.. |
130.79 |
107.14 |
.. |
|
N.Worth Ratio |
.. |
42.74 |
32.29 |
31.05 |
|
|
R.Profit/Sales |
|
16.34 |
16.52 |
16.52 |
.. |
|
N.Profit/Sales |
12.78 |
13.00 |
8.79 |
12.14 |
|
|
Return On Equity |
.. |
75.11 |
69.24 |
99.34 |
|
Notes: Forecast (or
estimated) figures for the 31/08/2013 fiscal term.
Consolidated Financials of the parent, Fast
Retailing Co Ltd
|
FINANCES: (Consolidated
in million yen) |
|
|||||
|
|
|
Terms Ending: |
31/08/2012 |
31/08/2011 |
||
|
INCOME STATEMENT |
|
|
||||
|
|
Annual Sales |
|
928,669 |
820,349 |
||
|
|
Cost of Sales |
453,202 |
394,581 |
|||
|
|
GROSS PROFIT |
475,466 |
425,767 |
|||
|
|
Selling & Adm Costs |
349,016 |
309,401 |
|||
|
|
OPERATING PROFIT |
126,450 |
116,365 |
|||
|
|
Non-Operating P/L |
-1,238 |
53,725 |
|||
|
|
RECURRING PROFIT |
125,212 |
170,090 |
|||
|
|
NET PROFIT |
71,654 |
54,354 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
132,238 |
64,386 |
||
|
|
Receivables |
|
19,920 |
17,796 |
||
|
|
Inventory |
|
98,963 |
92,750 |
||
|
|
Securities, Marketable |
133,788 |
137,729 |
|||
|
|
Other Current Assets |
39,607 |
57,310 |
|||
|
|
TOTAL CURRENT ASSETS |
424,516 |
369,971 |
|||
|
|
Property & Equipment |
69,222 |
58,016 |
|||
|
|
Intangibles |
|
38,216 |
40,751 |
||
|
|
Investments, Other Fixed Assets |
63,148 |
65,039 |
|||
|
|
TOTAL ASSETS |
595,102 |
533,777 |
|||
|
|
Payables |
|
71,142 |
59,395 |
||
|
|
Short-Term Bank Loans |
2,505 |
3,978 |
|||
|
|
|
|
|
|
||
|
|
Other Current Liabs |
99,731 |
119,473 |
|||
|
|
TOTAL CURRENT LIABS |
173,378 |
182,846 |
|||
|
|
Debentures |
|
|
|
||
|
|
Long-Term Bank Loans |
9,129 |
13,688 |
|||
|
|
Reserve for Retirement Allw |
|
|
|||
|
|
Other Debts |
|
17,703 |
17,332 |
||
|
|
TOTAL LIABILITIES |
200,210 |
213,866 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Capital, Paid-Up |
10,273 |
10,273 |
|||
|
|
Surplus |
|
384,619 |
309,638 |
||
|
|
SHAREHOLDERS' EQUITY |
394,892 |
319,911 |
|||
|
|
TOTAL EQUITIES |
595,102 |
533,777 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/08/2012 |
31/08/2011 |
||
|
|
Cash Flows
from Operating Activities |
|
127,643 |
57,158 |
||
|
|
Cash
Flows from Investment Activities |
-35,313 |
-26,643 |
|||
|
|
Cash
Flows from Financing Activities |
-29,056 |
-26,156 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
266,020 |
202,104 |
||
|
ANALYTICAL RATIOS Terms ending: |
31/08/2012 |
31/08/2011 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
394,892 |
319,911 |
||
|
|
|
Current
Ratio (%) |
244.85 |
202.34 |
||
|
|
|
Net
Worth Ratio (%) |
66.36 |
59.93 |
||
|
|
|
Recurring
Profit Ratio (%) |
13.48 |
20.73 |
||
|
|
|
Net
Profit Ratio (%) |
7.72 |
6.63 |
||
|
|
|
Return
On Equity (%) |
18.15 |
16.99 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.74 |
|
|
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
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.