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Report Date : |
15.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
T KUROSAWA &
CO LTD |
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|
|
|
Registered Office : |
3-36-1 Takada Toshimaku Tokyo 171-0033 |
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|
|
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Country : |
Japan |
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|
|
|
Financials (as on) : |
31.01.2014 |
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Date of Incorporation : |
May 1967 |
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|
|
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Com. Reg. No.: |
0133-01-002881
(Tokyo-Toshimaku) |
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|
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Legal Form : |
Limited Company |
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Line of Business : |
· Importer, wholesaler and retailer of Musical Instruments such as Violins, Guitars, Violins, Basses, Contrabasses, Electronic Pianos, Wind Instruments & Music Notes Subject also operates violin classes (total 11 classes) |
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|
|
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No of Employees : |
190 |
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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|
|
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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 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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 |
T KUROSAWA & CO LTD
KK Kurosawa
Gakkiten
3-36-1 Takada
Toshimaku Tokyo 171-0033 JAPAN
Tel:
03-5911-3900
Fax: 03-3986-9630
URL: http://www.kurosawagakki.com
E-Mail address: (thru the URL)
· Importer, wholesaler and retailer of Musical Instruments such as Violins, Guitars, Violins, Basses, Contrabasses, Electronic Pianos, Wind Instruments & Music Notes
Subject
also operates violin classes (total 11 classes)
Tokyo
(8), Yokohama (2), Osaka
TOMOHIRO
KUROSAWA, PRES
Takashi
Mori, ch
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 7,458 M
PAYMENTS No
Complaints CAPITAL Yen 202 M
TREND UP WORTH Yen 3,279 M
STARTED 1967 EMPLOYES 190
TRADING FIRM SPECIALIZING IN MUSICAL INSTRUMENTS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established by father of Tomohiro Kurosawa in
order to make most of his experience in the subject line of business. This is a trading firm for import, wholesale
and retail of musical instruments (See OPERATION). Goods are imported from USA, Germany, Spain,
France, other. Also operates violin
classes. 80% of the goods are retailed.
The sales volume for Jan/2013 fiscal term amounted to Yen 7,458 million,
a 10% up from Yen 6,810 million in the previous term. The recurring profit was posted at Yen 713
million and the net profit at Yen 376 million, respectively, compared with Yen
656 million recurring profit and Yen 551 million net profit, respectively, a
year ago.
For the term that ended Jan 2014 the recurring profit was projected at
Yen 720 million and the net profit at Yen 380 million, respectively, on a 3%
rise in turnover, to Yen 7,680 million.
Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY business
engagements.
Date Registered: May 1967
Regd No.: 0133-01-002881 (Tokyo-Toshimaku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
1.6 million shares
Issued: 405,600 shares
Sum: Yen 202.8 million
Major shareholders (%): Winz Corporation (20), Cityland
(20), Tomoko Kurosawa (30), Tsunezaburo Kurosawa (10)
No. of shareholders: 13
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, wholesales
and retails musical instruments: violins, guitars, violins, basses,
contrabasses, electronic pianos, wind instruments, music notes, other; also
operates violin classes (total 11 classes) (--100%). 80% of the goods are retailed.
Clients: [Mfrs,
wholesalers] Shimamura Music, Ishibashi Gakkiten, Miki Gakki, Yamano Music,
other
No. of accounts: 300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Imports from USA, Germany, France, Germany, Spain, other.
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank
References:
Yachiyo Bank (Higashi-Ikebukuro)
Shoko Chukin Bank (Ikebukuro)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/01/2014 |
31/01/2013 |
31/01/2012 |
31/01/2011 |
|
|
Annual
Sales |
|
7,680 |
7,458 |
6,810 |
6,733 |
|
Recur.
Profit |
|
720 |
713 |
656 |
|
|
Net
Profit |
|
380 |
376 |
351 |
338 |
|
Total
Assets |
|
|
5,167 |
4,908 |
4,434 |
|
Current
Assets |
|
|
3,194 |
2,898 |
|
|
Current
Liabs |
|
|
726 |
850 |
|
|
Net
Worth |
|
|
3,279 |
2,933 |
2,611 |
|
Capital,
Paid-Up |
|
|
202 |
202 |
202 |
|
Div.Ttl
in Million (¥) |
|
|
29.7 |
19.8 |
19.8 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.98 |
9.52 |
1.14 |
2.56 |
|
|
Current Ratio |
|
.. |
439.94 |
340.94 |
.. |
|
N.Worth Ratio |
.. |
63.46 |
59.76 |
58.89 |
|
|
R.Profit/Sales |
|
9.38 |
9.56 |
9.63 |
.. |
|
N.Profit/Sales |
4.95 |
5.04 |
5.15 |
5.02 |
|
|
Return On Equity |
.. |
11.47 |
11.97 |
12.95 |
|
Notes:
Forecast (or estimated) figures for the 31/01/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.88 |
|
UK Pound |
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MNL |
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.