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Report Date : |
02.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
EISHIN TRADING CO LTD |
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|
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Registered Office : |
TOC Bldg 9F, 7-22-17 Nishigotanda Shinagawaku Tokyo 141/0034 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
November, 1952 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, retail (in-shop operator) of furniture, apparel |
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No. of Employees : |
75 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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 |
EISHIN TRADING CO
LTD
REGD NAME: Eishin Bussan KK
MAIN OFFICE: TOC Bldg 9F, 7-22-17 Nishigotanda Shinagawaku
Tokyo 141/0034 JAPAN
Tel:
03-5719-7260
Fax: 03-5719-7266
*.. Moved
to the caption address from the former as given
URL: http://www.eishin-kk.co.jp/
E-Mail address:import-dept@eishin-kk.co.jp
Import, retail (in-shop operator) of furniture, apparel
Tokyo, Osaka, Kobe, Chiba, Kyoto, Nagoya, Hiroshima, other (Tot 18)
Kawasaki, Osaka (--distribution centers)
Equatoriale SRL (Milan), Camex (Barcelona) (--purchasing agents)
YOSHINOBU SEKINO, PRES
Kiyoshi Hashimoto, s/mgn dir
Kiyomi Satoh, dir
In million Yen, unless otherwise stated
FINANCES R/WEAK A/SALES Yen 1,540 M
PAYMENTS SLOW CAPITAL Yen 60 M
TREND SLOW WORTH Yen (-) 517 M
STARTED 1952 EMPLOYES 75
IMPORTER AND IN-SHOP OPERATOR SPECIALIZING IN FURNITURE AND APPAREL
FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR
MODERATE BUSINESS ENGAGEMENTS.
The subject company was established originally as Private Limited
Company for exporting household items, and in 1964 upgraded the legal status to
Limited Company, named as captioned. In
1960 started importing furniture and apparel primarily from Europe. Operates a total 18 in-shops nationwide at
major department stores and chain stores.
Import sources have since been expanded into India, Philippines, China,
Taiwan, and other Asian countries.
Handling items: furniture, wall hangings, interior decorative items,
lighting fixtures, curtain cloths; lingerie, foundation garments, beach wear,
other apparel goods. Also offers house
interior design, plan and architect services.
The sales volume for Dec/2013 fiscal term amounted to Yen 1,540 million,
a 5% up from Yen 1,466 million in the previous term. The recurring profit was posted at Yen 35
million and the net profit at Yen 79 million, respectively, compared with Yen
47 million recurring profit and Yen 45 million net profit a year ago.
For the current term ending Dec 2014 the recurring profit is projected
at Yen 40 million and the net profit at Yen 85 million, respectively, on a 3%
rise in turnover, to Yen 1,580 million.
The financial situation is considered RATHER WEAK but should be good for
MODERATE business engagements.
Date
Registered: Nov 1952
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
480,000 shares
Issued:
120,000 shares
Sum: Yen 60 million
Major shareholders
(%): Yoshinobu Sekino (30), Masahiro Tanaka (25), Masataka
Tanaka (16), Kiyoshi Hashimoto (12), Katsumi Satoh (10)
No. of shareholders: 11
Nothing detrimental is knows as to the commercial morality of
executives.
Activities: Importer and
in-shop operator of: (Home Furnishing Div): furniture, table sets, table sets,
cupboards, cabinets, dining wall hangings, carved ornaments, lighting fixtures,
china, glassware, curtain cloths, upholstery fabrics, restaurant chairs, others
(--65%); (Apparel Div): lingerie, foundation garments, nightwear, swimming
suits, beach/resort wears, bathrobes, stockings, other apparel goods (--35%). Offers home interior design, plan &
architect services, too. Goods are
wholly imported. (% is all about)
Clients: [Consumers,
department stores] In-shops at: Takashimaya, Isetan, Daimaru, Komatsu Store,
Seibu Department Stores, Tokyo Interior, other.
No. of accounts: Unavailable
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Imports from Spain, Italy, France, Belgium, UK, Germany, USA,
India, Taiwan, China, Philippines, etc.
For home interior design & architect services, handles imported
products of: Orac Décor (Belgium), Andy Thornton, Oakleaf (--UK), While River
(USA), Wilson Wilcox, other.
Payment record: Slow
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank
(Inaricho)
MUFG (Ueno)
Relations:
Satisfactory
|
Terms Ending: |
31/12/2014 |
31/12/2013 |
31/12/2012 |
31/12/2011 |
|
|
Annual Sales |
|
1,580 |
1,540 |
1,466 |
1,300 |
|
Recur. Profit |
|
40 |
35 |
47 |
|
|
Net Profit |
|
85 |
79 |
45 |
-795 |
|
Total Assets |
|
|
1,033 |
980 |
986 |
|
Current Assets |
|
|
164 |
116 |
|
|
Current Liabs |
|
|
100 |
47 |
|
|
Net Worth |
|
|
-517 |
-596 |
-542 |
|
Capital, Paid-Up |
|
|
60 |
60 |
60 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.60 |
5.05 |
12.77 |
-0.91 |
|
|
Current Ratio |
.. |
164.00 |
246.81 |
.. |
|
|
N.Worth Ratio |
.. |
-50.05 |
-60.82 |
-54.97 |
|
|
R.Profit/Sales |
2.53 |
2.27 |
3.21 |
.. |
|
|
N.Profit/Sales |
5.38 |
5.13 |
3.07 |
-61.15 |
|
Notes: Forecast (or estimated)
figures for the 31/12/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
|
1 |
Rs.101.45 |
|
Euro |
1 |
Rs.83.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.