|
Report Date : |
25.02.2014 |
IDENTIFICATION DETAILS
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Name : |
CAITAC CORPORATION |
|
|
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Registered Office : |
3-12 Showacho Kitaku Okayama 700-0032 |
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|
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Country : |
Japan |
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Financials (as on) : |
28.02.2013 |
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Date of Incorporation : |
October, 1948 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Subject is engaged in the Import, export, wholesale of textiles, casual
wear, home wear, uniform |
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No. of Employees : |
255 |
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 |
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Status : |
Satisfactory |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
CAITAC CORPORATION
REGD NAME: Caitac KK
MAIN OFFICE: 3-12 Showacho Kitaku Okayama 700-0032 JAPAN
Tel:
086-255-3555
Fax: 086-255-5112
URL: http//:www.caitac.co.jp
E-mail: (thru
the URL)
Import, export, wholesale of textiles, casual wear, home wear, uniform,
other
Tokyo, Fukuoka
China; USA (2)
China (2); subsidiary (subcontracted)
MASAJI KAIHATA, PRES Tohru
Onoda, v pres
Kazumasa, Kogi, s/mgn dir Hajime
Munemasa, mgn dir
Yasuhiro Koyama, dir Muneyuki
Ishii, dir
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 21,439 M
PAYMENTS REGULAR CAPITAL Yen
498 M
TREND UP WORTH Yen 9,430 M
STARTED 1948 EMPLOYES 255
TRADING FIRM SPECIALIZING IN TEXTILES
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS
The subject company was established by Masaji Kaihata in order to make
most of his experience in the subject line of business. Started as clothing retailer and gradually
expanded operations into mfg, wholesaling, importing and exporting of textiles
and textile goods. The subject is the
Headquarter of Caitac Group firms, which include the subject, Caitac
International Inc (international trading), and Caitac Family Inc (apparel
mfg). The subject is a trader of
textiles, yarns, textile goods, accessories, in addition to the oversight,
management of the Caitac group firms, conducting product planning &
development and coordinating the operations of affiliated companies. The subject has 5 main operation divisions:
General Merchandising Div, Uniform Div, Trading Div, Overseas Div and Retail
Div (See OPERATION). Clients include major supermarkets, chain
stores, apparel wholesalers, covering nationwide.
The sales volume for Feb/2013 fiscal term amounted to Yen 21,439
million, a 4% up from Yen 20,690 million in the previous term. The recurring profit was posted at Yen 1,255
million and the net profit at Yen 1,208 million, respectively, compared with
Yen 991 million recurring profit and Yen 976 million net profit, respectively,
a year ago. .
For the current term ending Feb 2014 the recurring profit is projected
at Yen 1,300 million and the net profit at Yen 1,250 million, respectively, on
a 2% rise in turnover, to Yen 21,800 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Oct 1948
Legal Status: Limited Company
(Kabushiki Kaisha)
Authorized: 9.8 million
shares
Issued: 9.97 million shares
Sum: Yen 498.902
million
Major shareholders
(%):Caitac
Enterprise (24), Kaihata Gakuen (18), Masaji Kaihata (4), other
No. of
shareholders: 210
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Imports, exports
and wholesales clothing & textiles: inner wear (31%), outer wear (32%),
textiles, yarns (25%), others (12%).
(Operation
Divisions):
General
Merchandising Div: combines the roles of a trading company, handling
its own original brand of apparel products;
Uniform Div: develops, plans,
produces and sells denim & uniform materials;
Trading Div: exports textiles
produced in Japan, chiefly to USA & Europe, including OEM;
Overseas Div: serving as the
Group’s pipeline between N America, China & Japan; imports high-class jeans
& other everyday apparel; oversees operation & management of affiliates
in China (trading companies & plants);
Retail Div: sells uniforms to
business firms & retail outlets; furniture & interior goods;
tailor-made men’s business & formal wear; jewelry, accessories, other.
Clients: [Supermarkets,
chain stores] Ito-Yokado, Tenmaya, Aeon Co, Daiei, Uny, Shimamura, Marui,
Senshukai, Izumi, Tomorrowland, other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Toray Ind, Tamurakoma Inc, Kuraray Co, Kaihara Corp, Sumikin
Bussan Corp, Takisada Osaka, Asahi Kasei Trading, Nitto Boseki, other
Payment record: Regular
Location: Business area in
Okayama. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Chugoku
Bank (H/O)
Mizuho Bank
(Okayama)
Relations:
Satisfactory
|
Terms Ending: |
28/02/2014 |
28/02/2013 |
29/02/2012 |
28/02/2011 |
|
|
Annual Sales |
|
21,800 |
21,439 |
20,690 |
17,180 |
|
Recur. Profit |
|
1,300 |
1,255 |
991 |
732 |
|
Net Profit |
|
1,250 |
1,208 |
976 |
-2,981 |
|
Total Assets |
|
|
20,472 |
18,621 |
17,418 |
|
Current Assets |
|
|
13,078 |
11,253 |
10,177 |
|
Current Liabs |
|
|
9,767 |
8,638 |
8,879 |
|
Net Worth |
|
|
9,430 |
8,321 |
7,445 |
|
Capital, Paid-Up |
|
|
498 |
498 |
498 |
|
Div.P.Share(¥) |
|
|
10.00 |
10.00 |
10.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
1.68 |
3.62 |
20.43 |
7.01 |
|
|
Current Ratio |
.. |
133.90 |
130.27 |
114.62 |
|
|
N.Worth Ratio |
.. |
46.06 |
44.69 |
42.74 |
|
|
R.Profit/Sales |
5.96 |
5.85 |
4.79 |
4.26 |
|
|
N.Profit/Sales |
5.73 |
5.63 |
4.72 |
-17.35 |
|
|
Return On Equity |
.. |
12.81 |
11.73 |
-40.04 |
|
Notes: Forecast (or estimated) figures for the 28/02/2014 fiscal
term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
|
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.