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Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
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Name : |
MITANI TEXTILE MANUFACTURING CO LTD |
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Registered Office : |
Rinku Eruga Bldg 8F, 2-2 Rinku-Ooraiminami Izumi-Sano City Osaka 598-0047 |
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Country : |
Japan |
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Financials (as on) : |
31.05.2013 |
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Date of Incorporation : |
July 1967 |
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Com. Reg. No.: |
0201-01-040740 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of work gloves, work clothes, socks, safety shoes, other |
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No of Employees : |
39 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
MITANI
TEXTILE MANUFACTURING CO LTD
Mitani Corporation KK
Rinku Eruga Bldg 8F, 2-2 Rinku-Ooraiminami
Izumi-Sano City Osaka 598-0047 JAPAN
Tel: 072-469-1660 Fax: 072-469-1661
URL: http://www.mitani-gloves.com
E-Mail address: (thru the URL)
Mfg of work gloves, work
clothes, socks, safety shoes, other
Saitama, Osaka
USA, China
Izumi-Sano (Osaka); Shanghai
(China)
SHIGEMI NAKAYA, PRES
Shigeki Nakaya, ch
Yoshiki Nakaya, s/mgn dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 3,297 M
PAYMENTSNO COMPLAINTS CAPITAL Yen
35 M
TREND SLOW WORTH Yen 343 M
STARTED 1967 EMPLOYES 39
MFR OF
WORK GLOVES, CLOTHES, SAFETY SHOES, OTHER.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
The subject
company was established originally in 1950 by Shigeichi Nakaya in order to make
most of his experience in the subject line of business, on his account, as
Nakaya Sen’I Kogyo KK. And was
incorporated in1967, and the firm has been succeeded by his descendants.
Renamed as captioned in 2003. This is a
specialized mfr of work gloves, work clothes, safety shoes, socks, and all work
textile products. Clients include
manufacturers, home centers (Do-It-Yourself Stores), wholesalers, other.
The
sales volume for May/2013 fiscal term amounted to Yen 3,297 million, a 4% down
from Yen 3,448 million in the previous term.
High Yen hurt exports/imports, reducing revenues in Yen terms. The recurring profit was posted at Yen 82
million and the net profit at Yen 51 million, respectively, compared with Yen
55 million recurring profit and Yen 30 million net profit, respectively, a year
ago.
For
the current term ending May 2014 the recurring profit is projected at Yen 90
million and the net profit at Yen 60 million, respectively, on a 5% rise in
turnover, to Yen 3,450 million. Business
is seen expanding steadily.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
Date Registered:
Jul 1967
Regd No.: 0201-01-040740
(Osaka-Izumi-Sano)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 280,000
shares
Issued: 70,000
shares
Sum: Yen
35 million
Major
shareholders (%): Shigemi Nakaya (32), Shigeki Nakaya (30), Tsukasa Naksys
(30), Yasuko Nakaya (4), Yoshiki Nakaya (4)
No. of
shareholders: 5
Nothing detrimental is known as
to the commercial morality of executives.
Activities:
Manufactures work gloves, work clothes, work shoes, socks, other (--70%),
safety goods, materials & equipment, seals, others (--30%)
Clients:
[Mfrs, wholesalers] Daiso Sangyo Inc, Juntendo Co, Shimachu Co, Askul Co, Uny
Living, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Eiwa Sen-I Kogyo, Shima Seiki Mfg, other
Imports from
China, other
Payment record: No Complaints
Location:
Business area in Izumi-Sano, Osaka-Pref.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References:
Ikeda
Senshu Bank (Shinya)
SMBC
(Izumi-Minami)
Relations:
Satisfactory
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Terms Ending: |
31/05/2014 |
31/05/2013 |
31/05/2012 |
31/05/2011 |
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Annual
Sales |
|
3,450 |
3,297 |
3,448 |
3,363 |
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Recur.
Profit |
|
90 |
82 |
55 |
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Net
Profit |
|
60 |
51 |
30 |
1 |
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Total
Assets |
|
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2,605 |
2,663 |
2,751 |
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Current
Assets |
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1,356 |
1,417 |
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Current
Liabs |
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|
843 |
899 |
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Net
Worth |
|
|
343 |
298 |
267 |
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Capital,
Paid-Up |
|
|
35 |
35 |
35 |
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Div.P.Share(¥) |
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|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.64 |
-4.38 |
2.53 |
14.15 |
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Current Ratio |
|
.. |
160.85 |
157.62 |
.. |
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N.Worth Ratio |
.. |
13.17 |
11.19 |
9.71 |
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R.Profit/Sales |
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2.61 |
2.49 |
1.60 |
.. |
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N.Profit/Sales |
1.74 |
1.55 |
0.87 |
0.03 |
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Return On Equity |
.. |
14.87 |
10.07 |
0.37 |
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Notes: Forecast (or estimated) figures for the 31/05/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 58.48 |
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|
1 |
Rs. 98.67 |
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Euro |
1 |
Rs. 79.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.