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Report Date : |
31.08.2014 |
IDENTIFICATION DETAILS
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Name : |
SMILE CORPORATION |
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Registered Office : |
Shiomi SIF Bldg 4F, 2-8-10 Shiomi Kotoku |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
June 1977 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wholesale, import of packaging materials, foods, wine, clothing. |
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No. of Employees |
136 |
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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Maximum Credit Limit : |
Yen 638.9 Million |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
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. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy
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Source
: CIA |
SMILE CORPORATION
REGD NAME: KK
Smile
MAIN OFFICE: Shiomi
SIF Bldg 4F, 2-8-10 Shiomi Kotoku
Tel:
03-6743-7070 Fax: 03-5677-2302
URL: http://www.smilecorp.co.jp/
E-Mail address: fags@smilecorp.co.jp
Wholesale, import
of packaging materials, foods, wine, clothing, others
Osaka, Sapporo
Shanghai
(subsidiary)
IZUMI KAWAGUCHI,
PRES Atsushi Ohno, v pres
Tokuji Izumi, dir Takeshi
Tezuka, dirKengo
Tanaka, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 27,492 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 570 M
TREND UP WORTH Yen 3,463 M
STARTED 1977 EMPLOYES 136
IMPORTER & WHOLESALER SPECIALIZING IN
PACKAGING MATERIALS, WINE & FOODS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 3638.9 MILLION, 30
DAYS NORMAL TERMS
The subject company was established originally as a packaging materials
mfg company and in Apr 1995 merged KK Smile (100% owned by Seiyu Ltd), renamed
as captioned and expanded business operations to import, export, wholesale of
foods, wines, furniture, in addition to food packaging materials. The subject wholesales packaging materials,
including machinery & logistic equipment as a main line. Also, in large part, designs, develops and
manufactures (consigned to subsidiaries) original brand merchandise, in
addition to foods, wines, office furniture, tableware, other items. Acts as sole import agent for Elfa, Sweden,
and imports European-style office furniture.
Goods are also exported. Clients
include supermarkets, chain stores, consumer coops, nationwide, in addition to
Seiyu Ltd and group firms. Strong
business ties with Seiyu Ltd and group firms.
In Sept 2011, the firm became under the ownership of Senko Co Ltd (See REGISTRATION).
The sales volume for Mar/2014 fiscal term amounted to Yen 27,492
million, a 3% up from Yen 26,723 million in the previous term,. The recurring profit was posted at Yen 623
million and the net profit at Yen 376 million, respectively, compared with Yen
787 million recurring profit and Yen 615 million net profit, respectively, a
year ago.
For the current term ending Mar 2015 the recurring profit is projected
at Yen 640 million and the net profit at Yen 385 million, respectively, on a 4%
rise in turnover, to Yen 28,500 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 638.9 million, on 30 days normal terms.
Date Registered:
Jun 1977
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 4.6 million shares
Issued: 3 MILLION shares
Sum: Yen 570.5 million
Major shareholders (%): Senko Co Ltd*
(94.9), Employees’ S/Holding Assn (1.9), Yoshiyuki Yagi (0.8), Izumi Kawaguchi
(0.8), Atsushi Ohno (0.7)
No. of shareholders: 12
*.. Senko Co Ltd, engaged in transportation
of residential materials including those of prefab houses, Osaka, founded 1946,
listed Tokyo S/E, capital Yen 20,521 million, sales Yen 333,881 million, operating
profit Yen 12,122 million, recurring profit Yen 11,305 million, net profit Yen
6,503 million, total assets Yen 243,594 million, net worth Yen 67,820 million,
employees 8,738, pres Yasuhisa Fukuda
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Import, wholesale
of packaging materials (25%): packaging tools, machinery & logistic
equipment, others; designs, plans, develops, manufactures (on consignment to
subsidiaries): original brand goods (51%); foods (15%): fruits &
vegetables, livestock products, fishery products, wines (from France, Spain,
Italy, Germany, UK, USA, etc); clothing for men, women, babies & children,
clothing accessories, underwear, beddings; European-style office furniture
(from Elfa, Sweden), toasters (from Dualit, UK), tableware, cutlery, other
general commodities, others (--9%).
(Breakdowns are all about).
(Import 20%). Exclusive import agent for Elfa, Sweden.
Clients: [Supermarkets,
wholesalers, chain stores] Seiyu Ltd and group firms, Ryohin Kikaku, Askul
Corp, Four Seas, SSV Inc, Ricoh group firms, Canon group firms, Kagoshima-Pref
Economic & Agricultural Coop, Asahi Food Processing, other.
No. of accounts:
300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers]
Prima Meat Packers, Seiyu Ltd, Asahi Food Processing, Morinaga Milk Ind, Japan
Milk Community, Suntory Foods, Itoen Ltd, Crown Package, Sun Echo Engineering,
Mitsui Bussan Packaging, Chuo Chemical Ind, other.
Payment record: No complaints
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Mizuho Bank
(Ikebukuro)
MUFG
(Nish-Ikebukuro)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual
Sales |
|
28,500 |
27,492 |
26,723 |
6,376 |
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Recur.
Profit |
|
640 |
623 |
987 |
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Net
Profit |
|
385 |
376 |
615 |
127 |
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Total
Assets |
|
|
10,682 |
11,557 |
11,311 |
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Current
Assets |
|
|
9,704 |
10,704 |
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Current
Liabs |
|
|
6,745 |
8,041 |
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Net
Worth |
|
|
3,463 |
3,118 |
2,605 |
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Capital,
Paid-Up |
|
|
570 |
570 |
570 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
3.67 |
2.88 |
4.78 |
-6.15 |
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Current Ratio |
|
.. |
143.87 |
133.12 |
.. |
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N.Worth Ratio |
|
.. |
32.42 |
26.98 |
23.03 |
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R.Profit/Sales |
|
2.25 |
2.27 |
3.69 |
.. |
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N.Profit/Sales |
|
1.35 |
1.37 |
2.30 |
1.99 |
|
Return On Equity |
|
.. |
10.86 |
19.72 |
4.88 |
Notes: The 31/03/2012 fiscal term is for irregular
3 months due to the change in accounting term to Apr/Mar from the previous
Jan/Dec. Growth rates are adjusted on a
12-month basis.
Forecast (or
estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.48 |
|
|
1 |
Rs.100.35 |
|
Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIS |
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 |
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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 |
-- |
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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.