|
Report Date : |
23.03.2013 |
IDENTIFICATION DETAILS
|
Correct Name : |
FAR EAST COMPANY INC |
|
|
|
|
Registered Office : |
Ebisu East Bldg 7F, 1-13-7 Hiroo Shibuyaku
Tokyo 150-0012 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
28.02.2013 |
|
|
|
|
Date of Incorporation : |
June 1985 |
|
|
|
|
Com. Reg. No.: |
0110-01-019858 (Tokyo-Shibuyaku) |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Import, retail of women’s clothing & accessories |
|
|
|
|
No. of Employees : |
250 |
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 : |
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 (31.03.2012) |
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 |
FAR EAST COMPANY INC
(Allureville is a shop name)
KK Far East
Company
Ebisu East Bldg
7F, 1-13-7 Hiroo Shibuyaku Tokyo 150-0012 JAPAN
Tel: 03-5739-3030 Fax: 03-5739-3031
URL: http://www.fareascompany.jp
E-Mail address: (thru the URL)
Import,
retail of women’s clothing & accessories
56
shops centering in greater-Tokyo region
KIHITO
SAWAI, PRES Toshiyuki
Shirakami, ch
Shin
Mito, dir Masami
Iura, dir
Hiroshi
Otake, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 8,300 M
PAYMENTSREGULAR CAPITAL Yen
20 M
TREND SLOW WORTH Yen 2,365 M
STARTED 1985 EMPLOYES 250
RETAILER OF WOMEN’S CLOTHING & ACCESSORIES.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established by Sazaby League (See REGISTRATION) as its store operating
company. This is a retailer of women’s
clothing & accessories, operating 56 stores nationwide. Allureville is a shop name in Nagoya, opened
Mar 2012, the first shop outside Tokyo.
Goods are also wholesaled to department stores.
The sales volume for Feb/2012 fiscal term amounted to Yen 8,300 million,
an almost similar amount in the previous term.
The net profit was posted at Yen 427 million, compared with Yen 333
million a year ago.
For the current term ending Feb 2013 the net profit is projected at Yen
430 million, on a 2% rise in turnover, Yen 8,500 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Jun
1985
Regd No.: 0110-01-019858 (Tokyo-Shibuyaku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
1,600 shares
Issued:
400 shares
Sum: Yen 20 million
Major shareholders (%):
Sazaby League (100)
*.. Operator of stores for women
& children wears, founded 2010 (incorporated), sales Yen 4,275 million, net
profit Yen 31 million, employees 330, pres Masatoku Mori
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports,
wholesales and retails women’s clothing and accessories, operating 56 stores
centrally in greater-Tokyo region (--100%)
Clients: [Mfrs,
wholesalers, consumers] Mitsukoshi Isetan, Takashimaya, Tokyu Department Store,
Sogo & Seibu Co, Daimaru Matsuzakaya, other
No. of accounts: 300
(wholesales div)
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Marubeni Fashion Link, Sazaby League, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption address
are leased and maintained satisfactorily.
Bank References:
MUFG
(Shinjuku-Nishi)
Mizuho
Bank (Aoyama)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
28/02/2013 |
29/02/2012 |
28/02/2011 |
28/02/2010 |
|
|
Annual
Sales |
|
8,500 |
8,300 |
8,332 |
9,408 |
|
Recur.
Profit |
|
|
|
|
273 |
|
Net
Profit |
|
430 |
427 |
333 |
12 |
|
Total
Assets |
|
|
3,555 |
3,112 |
2,777 |
|
Current
Assets |
|
|
2,758 |
2,207 |
1,839 |
|
Current
Liabs |
|
|
945 |
953 |
1,042 |
|
Net
Worth |
|
|
2,365 |
1,937 |
1,603 |
|
Capital,
Paid-Up |
|
|
20 |
20 |
20 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.41 |
-0.38 |
-11.44 |
-7.23 |
|
|
Current Ratio |
|
.. |
291.85 |
231.58 |
176.49 |
|
N.Worth Ratio |
.. |
66.53 |
62.24 |
57.72 |
|
|
R.Profit/Sales |
|
.. |
.. |
.. |
2.90 |
|
N.Profit/Sales |
5.06 |
5.14 |
4.00 |
0.13 |
|
|
Return On Equity |
.. |
18.05 |
17.19 |
0.75 |
|
Notes:
Forecast (or estimated) figures for the 28/02/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
UK Pound |
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
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 |
|
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.