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Report Date : |
05.04.2014 |
IDENTIFICATION DETAILS
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Name : |
KAWASHIMA SELKON TECTILES CO LTD |
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Registered Office : |
265 Shizuichi-Ichiharacho Sakyoku Kyoto 601-1123 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
May, 1938 |
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Com. Reg. No.: |
1300-01-000056 (Kyoto-Sgyoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Mfr of kimono, interior fabrics |
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No. of Employees : |
860 |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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.
|
Source
: CIA |
KAWASHIMA
SELKON TECTILES CO LTD
KK Kawashima Orimono Selkon
265 Shizuichi-Ichiharacho Sakyoku Kyoto
601-1123 JAPAN
Tel: 075-741-4111 Fax: 075-741-4308
* The is its Tokyo Headquarters –
(International Division)
URL: Error!
Hyperlink reference not valid.
E-Mail
address: info@kawashimaselkon.co.jp
Mfr of kimono, interior fabrics
Tokyo, Shiga, Osaka, Sapporo, Nagoya,
Morioka, Maebashi, Tsukuba, Chiba, Saitama, Kobe, Okayama, Hiroshima,
Takamatsu, other (Tot 24)
Kawashima Textiles USA, Shanghai
At the caption address, Shiga
MASAO NAKANISHI, PRES Hiroshi Okawa, s/mgn dir
Yasuharu Hirata, dir Shinzo Okuno, dir
Hitoshi Mori, dir Akira Mitsuoka, dir
Yen Amount: In
million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 32,024 M
PAYMENTS NO
COMPLAINTS CAPITAL Yen 9,381 M
TREND SLOW WORTH Yen 10,236 M
STARTED 1938 EMPLOYES 860
MFR OF KIMONO & INTERIOR FABRICS.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR CREDIT ENGAGEMENTS: US$250,000 / DA TERMS.
This is a long-established “Nishijin” kimono
fabrics mfr, founded as kimono store in Kyoto in 1843 in Edo period. Excels in high-quality products, such as
traditional Japanese “obi” and art
fabrics, top-ranked in “obi” mfg. Also
leading maker of carpets, curtains & other interiors. In Aug 2011 the firm became a wholly owned
subsidiary of LIXIL Group Corp (See REGISTRATION). Expanding into automobile seats.
The sales volume for Mar/2013 fiscal term
amounted to Yen 32,024 million, a 4% DOWN FROM Yen 33,215 million in the
previous term. The recurring profit was
posted at Yen 1,283 million and the net profit at Yen 222 million,
respectively, compared with Yen 554 million recurring profit and Yen 249
million net losses, respectively, a year ago.
For the term just ended Mar 2014 the
recurring profit is projected at Yen 1,350 million and the net profit at Yen
250 million, respectively, on a 3% rise in turnover, to Yen 33,000 million..
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Date
Registered: May 1938
Regd
No.: 1300-01-000056
(Kyoto-Sgyoku)
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized: 176,167,000 shares
Issued: 141,877,506
shares
Sum:
Yen
9,381,670,000
Major
shareholders (%): LIXIL Group Corp* (100)
*..Largest mfr of housing facilities & comprehensive
maker of building materials, Tokyo, founded 1949, listed Tokyo S/E, capital Yen
68,121 million, sales Yen 1,436,395 million, operating profit Yen 50,485
million, recurring profit Yen 53,063 million, net worth Yen 571,525 million,
employees 47,000, pres Yoshiaki Fujimori
Nothing detrimental is known as to the
commercial morality of executives.
Activities: Manufactures
kimono & artistic fabrics (6%), interior fabrics (68%), interiors for
automobiles, train & airplanes (25%), others (2%) (Breakdown all about)
Overseas Sales Ratio (10.1%)
Clients: [Mfrs,
wholesalers] Nafco Corp, Mitsukoshi Isetan, Daimaru Matsuzakaya, Sogo Seibu,
Takashimaya, Scroll Corp, Kingrun Co, Moriyoshi Inc, other,
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Tachikawa Corp, Chori Co, NI Teijin Shoji, Mitsui & Co, Mitsui
& Co, Selkon Technos, Kawashima Selkon Sewing, other.
Payment
record: No Complaints
Location: Business area in
Kyoto. Office premises at the caption
address are owned and maintained satisfactorily.
Bank
References:
SMBC (Kyoto)
Bank of Kyoto (H/O)
Relations: Satisfactory
(In
Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
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Annual
Sales |
33,000 |
32,024 |
33,215 |
36,690 |
|
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Recur.
Profit |
1,350 |
1,283 |
554 |
-10 |
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Net
Profit |
250 |
222 |
249 |
-480 |
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Total
Assets |
25,077 |
27,819 |
28,998 |
||
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Current
Assets |
11,936 |
11,519 |
12,380 |
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Current
Liabs |
10,963 |
13,602 |
15,512 |
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Net
Worth |
10,236 |
10,017 |
8,685 |
||
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Capital,
Paid-Up |
9,381 |
9,381 |
9,381 |
||
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Div.P.Share(¥) |
0.00 |
0.00 |
0.00 |
||
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth
Rate |
3.05 |
-3.59 |
-9.47 |
-21.10 |
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Current
Ratio |
.. |
108.88 |
84.69 |
79.81 |
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N.Worth
Ratio |
.. |
40.82 |
36.01 |
29.95 |
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R.Profit/Sales |
4.09 |
4.01 |
1.67 |
-0.03 |
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N.Profit/Sales |
0.76 |
0.69 |
0.75 |
-1.31 |
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Return
On Equity |
.. |
2.17 |
2.49 |
.. |
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Notes: Forecast (or estimated) figures for
the 31/03/2014 fiscal term
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Report Prepared by
: |
NIT |
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.