MIRA INFORM REPORT
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Report Date : |
04.05.2013 |
IDENTIFICATION DETAILS
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Name : |
JAPAN VILENE CO LTD |
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Registered Office : |
5-6-4 Tsukiji Chuoku Tokyo 104-6423 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
June 1960 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of nonwoven cloths for garment interlinings |
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No. of Employees : |
1,532 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
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Source : CIA |
Company name and address
JAPAN VILENE CO LTD
REGD NAME: Nihon
Vilene KK
MAIN OFFICE: 5-6-4
Tsukiji Chuoku Tokyo 104-6423 JAPAN
Tel:
03-7546-1111 Fax: 03-4546-1105 -
URL: http://www.vilene.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Mfr of nonwoven
cloths for garment interlinings
BRANCHES
Osaka, Nagoya
OVERSEAS
Asia (12), N
America/Central America12)
FACTORIES
Shiga, Ibaraki
CHIEF EXEC
TOSHIO YOSHIDA,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 44,004 M
PAYMENTSREGULAR CAPITAL Yen 9,816 M
TREND SLOW WORTH Yen 28,706 M
STARTED 1980 EMPLOYES 1,532
COMMENT
LARGEST MFR OF NONWOVEN FABRICS FOR APPAREL INTERLININGS
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
Unit: In Million Yen
Forecast figures for the 31/03/2013 fiscal term.
HIGHLIGHTS
This is the largest mfr of nonwoven fabrics
for apparel interlinings. JV set up in
1980 by DIC Corp Freudenberg (Germany) and present Toray Industries. Application of nonwoven cloths spreading from
garment interlinings to such areas as airconditioners, medical materials,
automobiles and industrial materials.
The company plans to introduce facilities enabling multi-color printing
at the Shiga Plant and start mfg high-quality automobile ceiling materials
targeted at high-end vehicles. It will
continue to expand sales of plaster base materials in Asia and Europe in
addition to domestic sales. .
FINANCIAL INFORMATION
The sales volume for Mar/2012 fiscal
term amounted to Yen 44,004 million, a 4.3% down from Yen 45,979 million in the
previous term. The environment was
tough as affected by the Great East Japan Earthquake and the flooding in
Thailand, the appreciation of the Yen, and the sovereign-debt crisis in
Europe. In the Industrial Materials Division,
despite the strong sales of battery separators for hybrid vehicles, the overall
sales declined from the previous year, because of the falling sales of other
products. The Automotive Materials
Division also saw a decrease in overall sales, due to the substantial impact of
the earthquake, although sales recovered in the second half. The ratio of overseas sales to net sales fell
to 31.8%, a 3.4% decrease from the previous year. Bi Divisions, Industrial Materials Division
down 3.2% to Yen 25,753 million, Automotive Materials Division down 5.8% to Yen
18,251 million. The recurring profit was
posted at Yen 2,021 million and the net profit at Yen 1,373 million,
respectively, compared with Yen 3,347 million recurring profit and Yen 2,232
million net profit, respectively, a year ago.
‘(Apr/Sept/2012 results): Sales Yen
24,570 million (up 18.7%), operating profit Yen 803 million (up 168.3%),
recurring profit Yen 1,342 million (up 47.2%), net profit Yen 939 million (up
47.3%). (% compared with the corresponding
period a year ago).
For the current term ending Mar 2013
the recurring profit is projected at Yen 2,720 million and the net profit at
Yen 1,800 million, on a 12.0% rise in turnover, to Yen 49,300 million. Automobile floor mats sales will grow,
reflecting the increased production by Japanese automakers. Rising demand in the US will further buoy
sales. Sales of hybrid vehicles battery
separators will increase steadily.
Plaster base materials will expand on the strength of full term US-bound
exports. Operating profits will make a
strong recovery.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
REGISTRATION
Date Registered: Jun 1960
Legal Status: Limited Company (Kabushiki Kaisha
Authorized:
152,713,000 shares
Issued: 60,140,945 shares
Sum: Yen 9,816 million
Major
shareholders (%): Freudenberg Beteiligungs (27.6), Company’s Treasury Stock (17.1),
Toray Ind (12.0), Customers’ Stockholdings (2.3), Japan Trustee Services T
(2.3), Nissei Real Estate (1.6), Employees’ S/Holding Assn (1.5), Master Trust
Bank of Japan T (1.3), Chase London SL Omnibus Acct (1.0), Dai-ichi Life Ins
(0.9); foreign owners (32.1)
No.
of shareholders: 4,697
Listed on the S/Exchange (s) of: Tokyo
Managements: Toshio Yoshida,
pres; Yoshiaki Mizutani, s/mg dir; Masahiro Kimura, mgn dir; Yasufumi
Matsumiya, dir; Masanobu Mizoguchi, dir; Noriyuki Aoki, dir; Yasuji Nakakouji,
dir; Satoshi Kawamura, dir; Atsushi Shimada, dir
Nothing detrimental
is known as to the commercial morality of executives.
Related companies: Vilene Create, Pacific Giken Co, other.
OPERATION
Activities: Manufactures
industrial materials (59%), auto-use nonwoven cloths (41%)
Overseas
Sales Ratio (31.8%):
(Mfg
materials):
Industrial
Materials: industrial, information & auto equipment supplies, photocopier
cleaning rolls, audio equipment packing materials, industrial processing
materials, steel-production rollers, polishing rollers, liquid filters, wiping
cloths, gaskets, heat- & flame-resistant materials, other;
Automotive
Materials: automobile components, headliner materials, interior material,
automobile filters (engine intake air filters), insulator materials, automatic
transmission fluid strainers, automobile accessories, floor mats, other
Clients: [Mfrs,
wholesalers] Vilene Create Co, Toyota Tsusho Corp, Sanki Shoji Co, Sanyo
Electric, Hisamitsu Pharmaceutical Inc, other
No. of accounts:
800
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Toray Ind, DIC, Oyama
Chemical Co, Cumulus Inc, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
SMBC (Kyobashi)
Mizuho Corporate Bank
(Ohtemachi)
Relations:
Satisfactory
FINANCES
(In Million
Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2012 |
31/03/2011 |
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INCOME STATEMENT |
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Annual Sales |
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44,004 |
45,979 |
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Cost of Sales |
35,040 |
35,643 |
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GROSS PROFIT |
8,963 |
10,335 |
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Selling & Adm Costs |
7,981 |
8,102 |
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OPERATING PROFIT |
982 |
2,232 |
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Non-Operating P/L |
1,039 |
1,115 |
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RECURRING PROFIT |
2,021 |
3,347 |
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NET PROFIT |
1,373 |
2,232 |
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BALANCE SHEET |
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Cash |
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6,624 |
8,034 |
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Receivables |
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10,855 |
9,555 |
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Inventory |
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6,404 |
6,136 |
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Securities, Marketable |
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Other Current Assets |
1,357 |
1,550 |
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TOTAL CURRENT ASSETS |
25,240 |
25,275 |
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Property & Equipment |
18,055 |
16,333 |
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Intangibles |
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477 |
289 |
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Investments, Other Fixed Assets |
7,616 |
8,519 |
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TOTAL ASSETS |
51,388 |
50,416 |
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Payables |
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4,336 |
3,290 |
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Short-Term Bank Loans |
5,129 |
4,948 |
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Other Current Liabs |
5,436 |
7,009 |
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TOTAL CURRENT LIABS |
14,901 |
15,247 |
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Debentures |
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Long-Term Bank Loans |
3,766 |
2,943 |
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Reserve for Retirement Allw |
2,500 |
2,369 |
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Other Debts |
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1,514 |
1,529 |
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TOTAL LIABILITIES |
22,681 |
22,088 |
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MINORITY INTERESTS |
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Common
stock |
9,816 |
9,816 |
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Additional
paid-in capital |
7,492 |
7,492 |
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Retained
earnings |
19,755 |
19,078 |
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Evaluation
p/l on investments/securities |
248 |
128 |
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Others |
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(4,516) |
(4,536) |
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Treasury
stock, at cost |
(4,089) |
(3,651) |
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TOTAL S/HOLDERS` EQUITY |
28,706 |
28,327 |
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TOTAL EQUITIES |
51,788 |
50,416 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2012 |
31/03/2011 |
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Cash
Flows from Operating Activities |
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3,763 |
4,617 |
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Cash
Flows from Investment Activities |
-4,182 |
-1,932 |
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Cash Flows
from Financing Activities |
-86 |
-928 |
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Cash,
Bank Deposits at the Term End |
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6,624 |
7,790 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
28,706 |
28,327 |
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Current
Ratio (%) |
169.38 |
165.77 |
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Net
Worth Ratio (%) |
55.43 |
56.19 |
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Recurring
Profit Ratio (%) |
4.59 |
7.28 |
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Net
Profit Ratio (%) |
3.12 |
4.85 |
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Return
On Equity (%) |
4.78 |
7.88 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.95 |
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1 |
Rs.83.80 |
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Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
PDT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.