|
Report Date : |
22.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
IWASAKI CO LTD |
|
|
|
|
Registered Office : |
-2-8 Imado Taitoku Tokyo 111-0024 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
30.11.2014 |
|
|
|
|
Date of Incorporation : |
February 1955 |
|
|
|
|
Legal Form : |
Limited Company |
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|
|
|
Line of Business : |
Manufactures clothing belts (for casual, formal and sports
wears), handbags, satchel |
|
|
|
|
No. of Employees |
45 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
Yen 19.2 Million |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 |
IWASAKI CO LTD
REGD NAME: Iwasaki
KK
MAIN OFFICE: 1-2-8
Imado Taitoku Tokyo 111-0024 JAPAN
Tel:
03-2874-2136 Fax: 03-3874-2130
URL: http://www.iwasaki-belt.co.jp
E-Mail
address: general@iwasaki-belt.co.jp
Mfg of
clothes belts, bags, satchel, other
Nagano
China,
Vietnam
Nagano,
China, Vietnam
SHINTARO
TAKAGI, PRES
Shoji
Takagi, dir
Kazue
Someya, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 1,040 M
PAYMENTS REGULAR CAPITAL Yen 70 M
TREND SLOW WORTH Yen 172 M
STARTED 1955 EMPLOYES 45
MFR OF CLOTHES BELTS, BAGS, SATCHEL, OTHER.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: ESTIMATED AT YEN 19.2 MILLION, ON 30 DAYS NORMAL TERMS.
The subject
company was established originally in 1957 by a certain Takagi in order to make
most of his experience in the subject line of business. Incorporated in 1955 the firm has been
succeeded by his descendants. This is a
specialized mfr of clothing belts, bags, satchel, other. Belts are for casual wear, golf wear, and
formal wear. Has factories in China and
Vietnam. Goods are imported therefrom. Clients include supermarkets, other.
Financials
are disclosed only partially.
The sales
volume for Nov/2013 fiscal term amounted to Yen 1,040 million, a 17% down from
Yen 1,260 million in the previous term.
Demand declined sharply. The
operations continued in the red to post Yen 60 million net loss for the term,
compared with Yen 15 million net losses a year ago.
For the
current term ending Nov 2014 the operations are projected to come back to
profitability to post Yen 10 million net profit, on a 6% rise in turnover, to
Yen 1,100 million
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 19.2 million, on the normal 30 days terms.
Date Registered: Feb 1955
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
560,000 shares
Issued:
140,000 shares
Sum: Yen 70 million
Major shareholders (%): Natsuko Takagi (17), Mizue
Iwasaki (17), Shintaro Takagi (14)
No. of shareholders: 50
Nothing detrimental is known as
to the commercial morality of executives.
Activities: Manufactures clothing belts (for
casual, formal and sports wears), handbags, satchel, other (--100%)
Clients: [Mfrs, wholesalers] Tachiya Co, Levi
Strauss Japan, Yamani Corp, Yamamoto & Co, Sunfunny, other
No. of
accounts: 300
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Imports from mfrs
in China, Vietnam, other
Domestically supplied from
Tochigi Leather, Yuasa Leather, Arai Co, Miyata Metal Ind, other
Payment record: Regular
Location:
Business area in Tokyo. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG
(Kaminarimon)
Resona
Bank (Asakusa)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
|
30/11/2014 |
30/11/2013 |
30/11/2012 |
30/11/2011 |
|
Annual
Sales |
|
1,100 |
1,040 |
1,260 |
1,300 |
|
Recur.
Profit |
|
.. |
.. |
.. |
.. |
|
Net
Profit |
|
10 |
-60 |
-15 |
-113 |
|
Total
Assets |
|
|
N/A |
N/A |
N/A |
|
Net
Worth |
|
|
172 |
112 |
97 |
|
Capital,
Paid-Up |
|
|
70 |
70 |
70 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.77 |
-17.46 |
-3.08 |
-7.21 |
|
|
Current Ratio |
|
|
.. |
.. |
.. |
|
N.Worth Ratio |
|
.. |
.. |
.. |
|
|
N.Profit/Sales |
0.91 |
-5.77 |
-1.19 |
-8.69 |
|
Notes:
Financials are only partially disclosed.
Forecast
(or estimated) figures for the 30/11/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.77 |
|
|
1 |
Rs.99.01 |
|
Euro |
1 |
Rs.80.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.