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Report Date : |
20.03.2014 |
IDENTIFICATION DETAILS
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Name : |
ELTS INTERNATIONAL CORPORATION |
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Registered Office : |
EIC Bldg 2F, 2-10-41 Tsutsui Higashiku Nagoya 461-0003 |
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Country : |
Japan |
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Financials (as on) : |
31.05.2013 |
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Date of Incorporation : |
February, 1991 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, wholesale, retail of women’s shoes, clothing & accessories |
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No. of Employees : |
13 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 |
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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 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 |
ELTS INTERNATIONAL
CORPORATION
REGD NAME: ELTS KK
MAIN OFFICE: EIC Bldg 2F, 2-10-41 Tsutsui Higashiku Nagoya
461-0003 JAPAN
Tel:
052-933-2688
Fax: 052-933-2687
URL: http://www.elts-itl.com
E-Mail address: elts@elts-itl.com
Import, wholesale, retail of women’s shoes, clothing & accessories
Nagoya (2), Nishio (--Aichi-Pref)
China (Partner)
KOJI NAGINO, PRES
Soso Tani, dir
Michie Nagino, dir
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 931 M
PAYMENTS SLOW BUT CORRECT CAPITAL Yen 11 M
TREND SLOW WORTH Yen 157 M
STARTED 1991 EMPLOYES 13
TRADING FIRM SPECIALIZING IN WOMEN’S SHOES & ACCESSORIES.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
The subject company was established by Koji Nagino in order to make most
of his experience in the subject line of business. This is a trading firm specializing in
import, wholesale and retail of women’s shoes (plastic-make), clothing &
accessories. Imports from China, Europe,
USA, other. Goods are sold online, too.
Financials are only partially disclosed.
The sales volume for May/2013 fiscal term amounted to Yen 931 million, a
4% down from Yen 969 million in the previous term. High Yen hurt import earnings in Yen
terms. The net profit was posted at Yen
2 million, compared with Yen 12 million a year ago. Posted extraordinary losses of Yen 30 million
coming from the foreign exchange losses.
For the current term ending May 2014 the net profit is projected at Yen
20 million, on a 5% rise in turnover, to Yen 980 million. Weaker Yen may contribute to increase sales
in Yen terms.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Feb 1991
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 880
shares
Issued:
220 shares
Sum: Yen 11 million
Major shareholders
(%): Koji Nagino (89), Soso Tani (9), Michie Nagino (0.5), Masahiro Okabe
(0.5)
No. of
shareholders: 7
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Imports,
wholesales and retails women’s plastic shoes (pumps, sandals, sneakers, boots,
other), clothing, clothing accessories, other (--100%).
Clients: [Mfrs,
wholesalers] G-Foot Co (20%), Foot House (10%), other
No. of accounts: 50
Domestic areas of
activities: Centered in the greater Nagoya
Suppliers: [Mfrs,
wholesalers] Imports (90%), domestic makers/suppliers (10%)
Imports from China, Europe, USA, other
Payment record: Slow but correct
Location: Business area in
Nagoya. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Juroku Bank
(Oosu)
Shoko
Chukin Bank (Atsuta)
Relations:
Satisfactory
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Terms Ending: |
|
31/05/2014 |
31/05/2013 |
31/05/2012 |
31/05/2011 |
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Annual Sales |
|
980 |
931 |
969 |
1,377 |
|
Recur. Profit |
|
.. |
.. |
17 |
29 |
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Net Profit |
|
20 |
2 |
12 |
26 |
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Total Assets |
|
|
N/A |
1,060 |
1,034 |
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Net Worth |
|
|
157 |
155 |
142 |
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Capital, Paid-Up |
|
|
11 |
11 |
11 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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|
S.Growth Rate |
5.26 |
-3.92 |
-29.63 |
27.74 |
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Current Ratio |
.. |
.. |
.. |
||
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N.Worth Ratio |
.. |
14.62 |
13.73 |
||
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N.Profit/Sales |
2.04 |
0.21 |
1.24 |
1.89 |
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Notes: Financials are only partially disclosed.
Forecast (or estimated) figures for the 31/05/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.10 |
|
|
1 |
Rs.101.41 |
|
Euro |
1 |
Rs.85.08 |
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 |
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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 |
|
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 |
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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.