|
Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ABC-MART INC |
|
|
|
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Registered Office : |
1-12-1 Dogenzaka Shibuyaku Tokyo 150-0043 |
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Country : |
Japan |
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Financials (as on) : |
28.02.2014 |
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Date of Incorporation : |
June 1985 |
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Com. Reg. No.: |
0110-01-033515 |
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Legal Form : |
Limited Company |
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Line of Business : |
Shoe store operator |
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No. of Employees |
5,422 (part-timers included) |
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 |
|
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 |
ABC-MART INC
REGD NAME: KK
ABC
MAIN OFFICE: 1-12-1
Dogenzaka Shibuyaku Tokyo 150-0043 JAPAN
Tel:
03-3476-5650 Fax: 03-3476-5462
*.. The is
one of its stores -
URL: http://www.abc-mart.com
E-Mail
address: (thru the URL)
Shoe
store operator
749
stores nationwide
China,
Taiwan, Korea, other
MINORU
NOGUCHI, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 188,045 M
PAYMENTS REGULAR CAPITAL Yen 3,482 M
TREND UP WORTH Yen 131,919 M
STARTED 1985 EMPLOYES 5,422 (part-timers included)
SHOE STORE CHAIN OPERATOR
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
127,367 |
26,710 |
18,374 |
(%) |
83,428 |
|
(Consolidated) |
28/02/2012 |
140,761 |
28,399 |
15,676 |
10.52 |
92,236 |
|
|
28/02/2013 |
159,418 |
30,747 |
17,297 |
13.25 |
109,764 |
|
|
28/02/2014 |
188,045 |
34,814 |
19,989 |
17.96 |
131,919 |
|
|
28/02/2015 |
203,000 |
36,300 |
21,500 |
7.95 |
.. |
Unit: In Million Yen
Forecast figures for the 28/02/2015
fiscal term.
This
is an operator of shoe specialty store “ABC-MART”, with men’s shoes as
mainline. Also engaged in wholesale, with
HAWKINS and VANS main brands. Focusing
emphasis on expanding sales of sport and women’s shoes. Has subsidiaries in S Korea and Taiwan. The firm will develop and launch special
products in South Korea, shifting away from heavy dependence on sneakers, which
suffers fade-out of stronger demand. .
The sales
volume for Feb/2014 fiscal term amounted to Yen 188,045 million, an 18.0% up
from Yen 159,418 million in the previous term.
Newly acquired US subsidiary contributed for the full term. More than 100 stores newly opened at home and
abroad, against 95 in the preceding term.
Sales at existing stores continued expansion, led by national brand
sneakers and ladies’ goods. Operations
in South Korea also recovered. The
recurring profit was posted at Yen 34,814 million and the net profit at Yen
19,989 million, respectively, compared with Yen 30,747 million recurring profit
and Yen 17,297 million net profit, respectively, a year ago.
For the
current term ending Feb 2015 the recurring profit is projected at Yen 36,300
million and the net profit at Yen 21,500 million, on an 8.0% rise in turnover,
to Yen 203,000 million. Sales at
existing stores will continue rising, due to expansion of high-unit-priced
items. Newly opening stores will be 60
in Japan and 30 overseas.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
Date Registered: Jun 1985
Regd No.: 0110-01-033515 (Tokyo-Shibuyaku)
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 334,500,000 shares
Issued:
75,294,429 shares
Sum: Yen 3,482
million
Major shareholders (%): Masahiro Miki (16.7), EM
Planning (19.1), Michiko Miki (16.7), Japan Trustee Services T (2.0), Northern Trust
(AVFC) American (1.9), Master Trust Bank of Japan T (1.5), CBNY-Orbis SICAV
(1.3), JP Morgan Chase Bank 385047 (1.1), BONY Tax Treaty Jasdec Omnibus 2
(1.0); foreign owners (21.7)
No. of shareholders: 3,003
Listed on the S/Exchange (s) of:
Tokyo
Managements: Minoru Noguchi, pres; Toru Nakao,
s/mgn dir; Yukie Yoshida, mgn dir; Kiyoshi Katsunuma, dir; Jo Kojima, dir;
Takashi Kikuchi, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies:
ABC-MART Korea, Lacrosse, other.
Activities: Operates shoe chain stores, 749 stores
nationwide, retailing: sports shoes (46%), leather casual shoes (19%), women’s
shoes (14%), business shoes (7%), kid’s shoes (5%), sandals (3%), others (6%)
Clients: [Consumers, mfrs, wholesalers] Aeon
Retail, Mitsui Fudosan Retail Management,
Murasaki Sports, JCB Co,
Mitsubishi UFJ Nicos, other
No. of
accounts: 200 (Wholesale Div)
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Converse Footwear, New Balance Japan, Nike Japan,
Puma
Japan, Adidas Japan, Achilles, other
Payment record:
Regular
Location:
Business area in Tokyo. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho
Bank (Shibuya)
MUFG
(Shibuya-Meijidori)
Relations:
Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||
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|
Terms Ending: |
28/02/2014 |
28/02/2013 |
|
INCOME STATEMENT |
|
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||
|
|
Annual Sales |
|
188,045 |
159,418 |
|
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Cost of Sales |
84,317 |
68,109 |
|
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GROSS PROFIT |
103,727 |
91,309 |
|
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Selling & Adm Costs |
69,601 |
60,933 |
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OPERATING PROFIT |
34,126 |
30,375 |
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Non-Operating P/L |
688 |
372 |
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RECURRING PROFIT |
34,814 |
30,747 |
|
|
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NET PROFIT |
19,989 |
17,297 |
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BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
78,884 |
68,852 |
|
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Receivables |
|
6,463 |
5,064 |
|
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Inventory |
|
39,454 |
33,211 |
|
|
Securities, Marketable |
|
|
|
|
|
Other Current Assets |
4,741 |
5,940 |
|
|
|
TOTAL CURRENT ASSETS |
129,542 |
113,067 |
|
|
|
Property & Equipment |
32,784 |
31,588 |
|
|
|
Intangibles |
|
11,649 |
10,793 |
|
|
Investments, Other Fixed Assets |
22,906 |
18,711 |
|
|
|
TOTAL ASSETS |
196,881 |
174,159 |
|
|
|
Payables |
|
8,551 |
7,477 |
|
|
Short-Term Bank Loans |
3,278 |
4,135 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
15,533 |
14,348 |
|
|
|
TOTAL CURRENT LIABS |
27,362 |
25,960 |
|
|
|
Debentures |
|
33,000 |
33,000 |
|
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Long-Term Bank Loans |
1,500 |
2,502 |
|
|
|
Reserve for Retirement Allw |
658 |
798 |
|
|
|
Other Debts |
|
2,441 |
2,134 |
|
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TOTAL LIABILITIES |
64,961 |
64,394 |
|
|
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MINORITY INTERESTS |
|
|
|
|
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Common
stock |
3,482 |
3,482 |
|
|
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Additional
paid-in capital |
7,488 |
7,488 |
|
|
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Retained
earnings |
112,310 |
96,311 |
|
|
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Evaluation
p/l on investments/securities |
23 |
13 |
|
|
|
Others |
|
9,138 |
2,992 |
|
|
Treasury
stock, at cost |
(522) |
(522) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
131,919 |
109,764 |
|
|
|
TOTAL EQUITIES |
196,881 |
174,159 |
|
|
CONSOLIDATED CASH FLOWS |
|
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||
|
|
|
Terms ending: |
28/02/2014 |
28/02/2013 |
|
|
Cash
Flows from Operating Activities |
|
22,997 |
15,395 |
|
|
Cash
Flows from Investment Activities |
-7,573 |
-17,203 |
|
|
|
Cash
Flows from Financing Activities |
-5,916 |
28,209 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
78,755 |
68,772 |
|
ANALYTICAL RATIOS Terms ending: |
28/02/2014 |
28/02/2013 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
131,919 |
109,764 |
|
|
|
Current
Ratio (%) |
473.44 |
435.54 |
|
|
|
Net
Worth Ratio (%) |
67.00 |
63.03 |
|
|
|
Recurring
Profit Ratio (%) |
18.51 |
19.29 |
|
|
|
Net
Profit Ratio (%) |
10.63 |
10.85 |
|
|
|
Return
On Equity (%) |
15.15 |
15.76 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.80 |
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.