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Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
FRANCE BED CO LTD |
|
|
|
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Registered Office : |
1148 Akishima Tokyo-Metrop |
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|
|
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
May, 1946 |
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|
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Com. Reg. No.: |
0128-01-004462 (Tokyo-Akishima) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of beds, beddings, furniture |
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No. of Employees : |
1,331 |
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 |
|
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 |
|
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 |
FRANCE BED CO LTD
REGD NAME: France Bed KK
MAIN OFFICE: Shinjuku Square Tower 5F, 6-22-1 Nishishinjuku
Shinjukuku Tokyo 163-1105
JAPAN
Tel: 03-6741-5555
Fax: 03-6741-5556
*..
Registered at: 1148 Akishima Tokyo-Metrop
URL: http://www.bederabi.com/
E-mail: (thru
the URL)
Mfg of beds, beddings, furniture
Nationwide (93)
Tokyo, other (6)
SHIGERU IKEDA, PRES Kotaro
Hoshikawa, v pres
Takayasu Goriki, s/mgn dir Kazumi
Kadota, s/mgn dir
Akira Oshiki, dir Tsutomu
Shimada, dir
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 47,094 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
5,604 M
TREND UP WORTH Yen
34,759 M
STARTED 1946 EMPLOYES 1,331
MFR OF BEDS & BEDDINGS, WHOLLY OWNED BY FRANCE BED HOLDINGS CO
LTD
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS
This is a leading mfr beds & beddings, mainly in high &
middle-class furniture. In 2004, founded
a Holding Company, France Bed Holdings Co Ltd and became its subsidiary. Stepping up nursing & welfare lines on
strength of leasing business of France Bed Medical Service thru entering
business for day service and home-visit nursing care service. Focusing on nursing care services, with
opening of sales outlets and introduction of new products. Scaling down furniture division.
The sales volume for Mar/2013 fiscal term amounted to Yen 47,094
million, a 4% up from Yen 45,184 million in the previous term. Leasing of nursing-care goods for at home
care expanded, and demand from nursing-care facilities also grew. The recurring profit was posted at Yen 1,923
million and the net profit at Yen 981 million, respectively, compared with Yen
1,527 million recurring profit and Yen 602 million net profit, respectively, a
year ago..
For the term that ended Mar 2014 the recurring profit was projected at
Yen 2,000 million and the net profit at Yen 1,000 million, respectively, on a
5% rise in turnover, to Yen 49,500 million.
Sales of nursing-care goods continued to expand. Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: May 1946
Regd No.: 0128-01-004462 (Tokyo-Akishima)
Legal Status: Limited Company
(Kabushiki Kaisha)
Authorized: 44 million shares
Issued: 11.209 million shares
Sum: Yen 5,604.5
million
Major shareholders
(%):
France Bed Holdings Co Ltd* (100)
:.. Holding Company of France Bed Co Ltd and group subsidiaries, founded
2004, listed Tokyo S/E, capital Yen 3,000 million, sales Yen 50,845 million,
operating profit Yen 2,043 million, recurring profit Yen 2,018 million, net
profit Yen 1,130 million, total assets Yen 57,980 million, net worth Yen 35,545
million, employees 1,538, pres Shigeru Ikeda, concurrently
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures
beds, beddings, reclining beds, mattress, reclining beds, nursing-care goods,
furniture, other:
(Sales Breakdown
by Divisions): Furniture, interiors and healthcare (54%), nursing care & welfare
goods (38%), others (8%).
Clients: [Mfrs,
wholesalers] Marui, Otsuka Furniture, France Bed Sales, Mitsukoshi, Isetan,
Takashimaya Department Store, Daimaru, Yamano Retailing, Nichimo Corp, Tokyo
Interior Furniture, Otsuka Furniture, other
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers [Mfrs,
wholesalers] Sojitz Corp, Chori, Ad Center, France Bed Furniture, Nagahori,
France Bed Sales, Rise Step, Toyo Rubber Ind, other
Payment record: No complaints
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
MUFG
(Shibuya-Chuo)
SMBS
(Shibuya)
Relations:
Satisfactory
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual Sales |
|
49,500 |
47,094 |
45,184 |
43,637 |
|
Recur. Profit |
|
2,000 |
1,923 |
1,527 |
501 |
|
Net Profit |
|
1,000 |
981 |
602 |
282 |
|
Total Assets |
|
|
55,721 |
54,467 |
54,207 |
|
Current Assets |
|
|
30,495 |
29,416 |
28,541 |
|
Current Liabs |
|
|
15,168 |
14,052 |
13,579 |
|
Net Worth |
|
|
34,759 |
34,877 |
35,368 |
|
Capital, Paid-Up |
|
|
5,604 |
5,604 |
5,604 |
|
Div.P.Share(¥) |
|
|
|
|
|
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.11 |
4.23 |
3.55 |
-2.01 |
|
|
Current Ratio |
.. |
201.05 |
209.34 |
210.18 |
|
|
N.Worth Ratio |
.. |
62.38 |
64.03 |
65.25 |
|
|
R.Profit/Sales |
4.04 |
4.08 |
3.38 |
1.15 |
|
|
N.Profit/Sales |
2.02 |
2.08 |
1.33 |
0.65 |
|
|
Return On Equity |
.. |
2.82 |
1.73 |
0.80 |
|
Notes: Forecast (or estimated) figures for the 31/03/2014 fiscal term
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.20 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.