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Report Date : |
21.06.2014 |
IDENTIFICATION DETAILS
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Name : |
QVC JAPAN INC |
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Registered Office : |
2-1-1 Hibino Mihamaku Chiba-Pref 261-0021 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
June, 2000 |
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Com. Reg. No.: |
0400-01-008641 (Chiba-Mihamaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Subject is a TV Shopping Service Provider |
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No. of Employees : |
1,500 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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. 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.
|
Source
: CIA |
QVC JAPAN INC
REGD NAME: KK AVC Japan
MAIN OFFICE: 2-1-1 Hibino Mihamaku Chiba-Pref 261-0021
JAPAN
Tel:
043-388-5000
Fax: 043-388-5015
*.. Moved
to the caption address in Jan 2013 on completion of own office bldg
URL: http://www.qvc.jp
E-Mail address: (thru the URL)
TV shopping provider (24 hours a day)
Tokyo
USA
HAYASHI SASAKI, PRES
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 99,200 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
11,500 M
TREND UP WORTH Yen 18,780 M*
STARTED 2000 EMPLOYES 1,500
*.. Only estimated as not precisely disclosed
TV SHOPPING SERVICE PROVIDER, OWNED BY QVC INC, USA AND MITSUI & CO.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
The subject company was established as a JV by QVC Inc, USA and Mitsui
& Co in order to operate TV and online interactive shopping business in
Japan, utilizing the US partner’s wide range and long held experience and
networks. Incorporated in Jun 2000 but
actual operations launched in Apr 2001, when QVC Japan began broadcasting
themed programs from its studio located in Makuhari, Chiba-Pref and gradually
expanded telecasting live through other local CATV channels 24 hours a day. .
Financials are disclosed only partially.
Profits are not disclosed and only estimated.
The sales volume for Dec/2012 fiscal term amounted to Yen 99,200
million, an 11% up from Yen 89,400 million in the previous term. The net profit is estimated posted at Yen 885
million, compared with Yen 805 a year ago.
For the term that ended Dec 2013 the net profit was projected at Yen 950
million, on a 6% rise in turnover, to Yen 105,000 million. Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Jun 2000
Regd No.: 0400-01-008641 (Chiba-Mihamaku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
230,000 shares
Issued:
230,000 shares
Sum: Yen 11,500 million
Major shareholders
(%): QVC Inc, USA (60), Mitsui & Co (40)
No. of shareholders: 2
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: TV shopping
service provider, telecasting thermed programs live 24 hours a day, including
online and catalogue sales of consumer goods (apparel, jewelry, other) (--100%)
Clients: Consumers
No. of accounts:
Unavailable
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Chiba Lotte Marines, other
Payment record: No complaints
Location: Business area in
Chiba. Office premises at the caption
address are owned and maintained satisfactory.
Bank References:
SMBC (H/O)
Chiba Bank
(Makuhari-Shintoshin)
Relations:
Satisfactory
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Terms Ending: |
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31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
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Annual Sales |
|
105,000 |
99,200 |
89,400 |
88,400 |
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Recur. Profit |
|
.. |
.. |
.. |
.. |
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Net Profit |
|
950 |
885 |
805 |
795 |
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Total Assets |
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N/A |
N/A |
N/A |
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Net Worth |
|
|
18,780 |
17,895 |
19,090 |
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Capital, Paid-Up |
|
|
11,500 |
11,500 |
11,500 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.85 |
10.96 |
1.13 |
1.61 |
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Current Ratio |
.. |
.. |
.. |
||
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N.Worth Ratio |
.. |
.. |
.. |
||
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N.Profit/Sales |
0.90 |
0.89 |
0.90 |
0.90 |
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Notes: Financials are only partially disclosed. Profits are not precisely disclosed and only
estimated.
Forecast (or estimated) figures for the 31/12/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.28 |
|
|
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.82.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
NNA |
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 |
|
-- |
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.