|
Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
UNIQLO CO LTD |
|
|
|
|
Registered Office : |
717-1 Sayama Yamaguchi Yamaguchi-Pref 754-0894 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.08.2014 |
|
|
|
|
Date of Incorporation : |
September 1974 |
|
|
|
|
Com. Reg. No.: |
2500-01-001451 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Retail of apparel, casual wear for men/women/kids/babies |
|
|
|
|
No. of Employees |
3,450 |
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 |
|
Payment Behaviour : |
Regular |
|
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 |
UNIQLO CO LTD
REGD NAME: KK
Uniqlo
MAIN OFFICE: 717-1
Sayama Yamaguchi Yamaguchi-Pref 754-0894 JAPAN
Tel:
083-988-0333 Fax: 083-988-0341
*.. The is its Tokyo Headquarters
E-Mail
address: (thru the URL)
Retail
of apparel, casual wear for men/women/kids/babies
Tokyo
853
stores nationwide (834 direct-run, 19 franchisees)
(Uniqlo
International operation) 561 stores in China, Hong Kong, Taiwan, Korea,
Thailand,
Philippines, USA, France, Singapore, Russia, Malaysia, other
TADASHI
YANAI, PRES Takahiro Wakabayashi, dir
Naoki
Oodate, dir Shuichi
Nakashima, dir
Nobuo
Domae, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 683,314 M
PAYMENTS REGULAR CAPITAL Yen 1,000 M
TREND UP WORTH Yen 202,546 M
STARTED 1974 EMPLOYES 3,450
CHAIN STORE OPERATOR OF IN-HOUSE BRAND CASUAL WEAR,
OWNED BY FAST RETAILING CO LTD.
FINANCIAL SITUATION CONSIDERED
FAIR TO GOOD AND RESPONSIBLE FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established
by Tadashi Yanai, originally as Sunlord KK, and in Feb 1998 renamed as
captioned. This is the nation’s largest
apparel retailer, operating 853 stores nationwide, including franchisees.
Retails in-house brand casual clothing, named UNIQLO, such as jackets, shirts
& slacks. UNIQLO is a combined word
of unique clothing warehouse. The
holding company, Fast Retailing Co Ltd (See REGISTRATION), operates 534 stores overseas in China, Taiwan,
Thailand, other S/E Asian countries, USA, France, Russia, other. In Mar 2012, opened the global largest
flag-store, the UNIQLO Ginza Store, in Ginza, Tokyo. The firm began aggressively increasing its
average store size by closing smaller outlets and opening more large-format
stores. The focus will be on cultivating
new consumers by opening large-format stores in Tokyo, Osaka, Nagoya and
Fukuoka. In summer 2013 the Group opened
a store jointly with Mitsubishi Corp for the first time in Indonesia, aiming to
take in the middle class.
The sales
volume for Aug/2013 fiscal term amounted to Yen 683,314 million, a 10% up from
Yen 620,063 million in the previous term.
Opened 10 new stores domestically and 10 stores overseas during the
term. The recurring profit was posted at
Yen 102,021 million and the net profit at Yen 62,466 million, respectively,
compared with Yen 102,433 million recurring profit and Yen 60,598 million net
profit, respectively, a year ago.
For the
current term ending Aug 2014 the recurring profit is projected at Yen 110,000
million and the net profit at Yen 67,000 million, respectively, on a 10% rise
in turnover, to Yen 751,000 million. 10
new stores opening during the term.
Overseas sales will contribute to the growth, thanks to the weaker
Yen.
The
financial situation is considered FAIR to GOOD and responsible for ORDINARY
business engagements.
Date Registered: Sept 1974
Regd No.: 2500-01-001451 (Yamaguchi-Yamaguchi)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized:
80,000 shares
Issued:
20,000 shares
Sum: Yen 1,000 million
Major shareholders (%): Fast Retailing Co Ltd* (100)
*. Holding company with
specialty retailer UNIQLO the Group’s mainstay operation, and the world’s 4th-ranked
SPA company (Specialty store retailer of Private label Apparel), founded 1963,
listed Tokyo S/E, capital Yen 10,273 million, sales Yen 1,143,003 million,
operating profit Yen 132,920 million, recurring profit Yen 148,979 million, net
profit Yen 90,377 million, total assets Yen 885,800 million, net worth Yen
579,591 million, employees 18,854, pres Tadashi Yanai, concurrently.
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Operates chain stores nationwide (853
stores nationwide & 534 stores overseas), retailing casual wear, such as
jackets, shirts & slacks for men/women/kids/babies, other (--100%)
Clients: Consumers
No. of
accounts: Unavailable
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsubishi Corp,
Sojitz Corp, Marubeni Corp, Toray International, Kuraray Ind, other
Payment record: Regular
Location:
Business area in Yamaguchi. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
SMBC
(H/O)
MUFG
(H/O)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/08/2014 |
31/08/2013 |
31/08/2012 |
31/08/2011 |
|
|
Annual
Sales |
|
751,000 |
683,314 |
620,063 |
600,148 |
|
Recur.
Profit |
|
110,000 |
102,021 |
102,433 |
99,116 |
|
Net
Profit |
|
67,000 |
62,466 |
60,598 |
52,765 |
|
Total
Assets |
|
|
396,396 |
251,075 |
235,981 |
|
Current
Assets |
|
|
320,398 |
177,807 |
162,574 |
|
Current
Liabs |
|
|
185,821 |
135,944 |
151,740 |
|
Net
Worth |
|
|
202,546 |
107,310 |
76,202 |
|
Capital,
Paid-Up |
|
|
1,000 |
1,000 |
1,000 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
9.91 |
10.20 |
3.32 |
-1.28 |
|
|
Current Ratio |
|
.. |
172.42 |
130.79 |
107.14 |
|
N.Worth Ratio |
.. |
51.10 |
42.74 |
32.29 |
|
|
R.Profit/Sales |
|
14.65 |
14.93 |
16.52 |
16.52 |
|
N.Profit/Sales |
8.92 |
9.14 |
9.77 |
8.79 |
|
|
Return On Equity |
.. |
30.84 |
56.47 |
69.24 |
|
Notes:
Forecast (or estimated) figures for the 31/08/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.74 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.80.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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.