|
Report Date : |
05.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
ISETAN MITSUKOSHI LTD |
|
|
|
|
Registered Office : |
3-14-1 Shinjuku Shinjukuku Tokyo 160-0022 |
|
|
|
|
Country : |
Japan |
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|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
September 2003 |
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|
|
|
Legal Form : |
Limited Company |
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|
|
|
Line of Business : |
Department store operator |
|
|
|
|
No of Employees : |
5,604 |
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 |
|
Maximum Credit Limit : |
YEN 11,170.8 Million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 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 exceeds 225% 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 |
ISETAN
MITSUKOSHI LTD
REGD
NAME: KK Mitsukoshi Isetan
MAIN
OFFICE: 3-14-1 Shinjuku Shinjukuku Tokyo
160-0022 JAPAN
Tel: 03-3352-1111 Fax: 03-5273-5321
URL: http://www.imhds.co.jp
E-Mail address: (thru the URL)
Department store operator
Tokyo, Chiba, Nagoya, other
(Total 15 stores)
HIROSHI ONISHI, PRES Kunio Ishizuka, ch
Toshihiko Nakagome, s/mgn dir Ken Akamatsu, mgn dir
Hidenari Takeda, mgn dir Toshihiko Sugie, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 652,087 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
10,000 M
TREND UP WORTH Yen 193,000 M
STARTED 2003 EMPLOYES 5,604
DEPARTMENT
STORE OPERATOR.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 11,170.8
MILLION, 30 DAYS NORMAL TERMS
The
subject company was established by the merger of two department stores;
Mitsukoshi & Isetan. Top-ranked
player in sales in Japan. Operating 15
department stores nationwide. Formed a
joint holding company, Isetan Mitsukoshi Holding Ltd, in Apr 2008 and became
under the holding company. Clients
include NTT DoComo, Coca-Cola Japan, other.
The
sales volume for Mar/2013 fiscal term amounted to Yen 652,087 million, a 2%
down from Yen 660,017 million in the previous term. The net profit was posted at Yen 20,310
million, compared with Yen 26,150 million a year ago.
For
the current term ending Mar 2014 the net profit is projected at Yen 21,000
million, on a 3% rise in turnover, to Yen 671,500 million. Unprofitable divisions were cut off and the
profitability will increase.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 11,170.8
million, on 30 days normal terms.
Date Registered:
Sept 2003
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 1,900
million shares
Issued: 492,622,356
shares
Sum: Yen
10,000 million
Major
shareholders (%): Isetan
Mitsukoshi Holdings Ltd* (100)
*.. Holding
company born by the merger of Isetan & Mitsukoshi in Aug 2008, listed Tokyo
S/E, capital Yen 50,133 million, sales Yen 1,236,333 million, operating profit
Yen 26,639 million, recurring profit Yen 34,217 million, net profit Yen 25,292
million, total assets Yen 1,223,677 million, net worth Yen 505,127 million,
employees 12,713, pres Kunio Ishizuka
Nothing detrimental is known as to the commercial morality
of executives.
Activities:
Department operator, operating 15 stores nationwide (--100%)
Clients: [Mfrs,
wholesalers, consumers] NTT DoComo Inc, Coca-Cola Customer Marketing,
other
No. of accounts: Unavailable
Domestic areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] LVJ Group, Tiffany & Co Japan, Leodore Trading, other
Payment record: No Complaints
Location:
Business area in Tokyo. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
SMBC (Nihombashi)
Mizuho Bank (H/O)
Relations: Satisfactory
|
Terms
Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
671,500 |
652,087 |
660,017 |
280,714 |
|
Recur.
Profit |
|
|
|
|
-2 |
|
Net
Profit |
|
21,000 |
20,310 |
26,150 |
-14,925 |
|
Total
Assets |
|
|
694,000 |
N/A |
434,625 |
|
Current
Assets |
|
|
131,000 |
|
43,448 |
|
Current
Liabs |
|
|
325,000 |
|
196,890 |
|
Net
Worth |
|
|
193,000 |
N/A |
33,398 |
|
Capital,
Paid-Up |
|
|
10,000 |
10,000 |
5,000 |
|
Div.P.Share(¥) |
|
|
17.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.98 |
-1.20 |
135.12 |
-48.68 |
|
|
Current Ratio |
|
.. |
40.31 |
.. |
22.07 |
|
N.Worth Ratio |
.. |
27.81 |
.. |
7.68 |
|
|
R.Profit/Sales |
|
.. |
.. |
.. |
0.00 |
|
N.Profit/Sales |
3.13 |
3.11 |
3.96 |
-5.32 |
|
|
Return On Equity |
.. |
10.52 |
.. |
-44.69 |
|
Notes: Financials are only partially
disclosed for the 31/03/2012 fiscal term.
Forecast (or estimated) figures
for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.90 |
|
|
1 |
Rs. 103.25 |
|
Euro |
1 |
Rs. 85.13 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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.