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Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
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Name : |
KANEMATSU TEXTILE CORPORATION |
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Registered Office : |
Osaki MT Bldg 10F, 5-9-11 Kita-Shinagawa Shinagawaku Tokyo 141-0001 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
November 1993 |
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Com. Reg. No.: |
0107-01-026003 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export, wholesale of
textile materials. |
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No. of Employees |
113 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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
|
Source
: CIA |
KANEMATSU TEXTILE CORPORATION
REGD NAME: Kanematsu
Sen-I KK
MAIN OFFICE: Osaki
MT Bldg 10F, 5-9-11 Kita-Shinagawa Shinagawaku Tokyo 141-0001
JAPAN
Tel:
03-5423-6300 Fax: 03-5423-6374
URL: http//:www.kanematsu-textiles.jp
E-mail: info@kanematsu-textiles.jp
Import,
export, wholesale of textile materials
Osaka,
Okayama, Fukui, other (Tot 10)
Milan,
China (2), New York, Paris, Jakarta, Taipei, others
(subcontracted)
RYOICHI
OSAKABE, PRES Victor Fung, ch
William
Flanz, v ch Brian Lee,
v ch
Makoto
Yasuda, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 34,649 M
PAYMENTSSlow
but correct CAPITAL Yen 1,500 M
TREND SLOW WORTH Yen 1,858 M
STARTED 1993 EMPLOYES 113
TRADING
HOUSE SPECALIZING IN TEXTILES.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS
The subject
company was established on the basis of textile division separated from Kanematsu
Corp, general trading house tops in Japan in automobile-use pulley for motor
engine power. The subject company
specializes in importing and exporting textile materials, OEM to apparel stores
and brand-business expansion. Handles
fashion brands, sports casual, other.
Operates 6 subsidiaries in USA, China, Hong Kong, Paris, Italy, Malaysia
and Jakarta. In 2007, became a
subsidiary company of LI & Fung Group, Hong Kong. In Dec 2010, the firm acquired Fenix
International Co Ltd, a wholesaler of knit & leather fashion products. In Aug 2013 the firm became a 100% owned
subsidiary of ELF Japan Development Limited, as it bought all shares of the
subject from other shareholders.
The sales
volume for Dec/2012 fiscal term amounted to Yen 34,649 million, a 10% down from
Yen 38,586 million in the previous term.
The operations plunged into the red to post Yen 26 million recurring
loss and Yen 162 million net losses, respectively, compared with Yen 124
million recurring profit and Yen 80 million net losses, respectively, a year
ago.
For
the term that ended Dec 2013 the operations were projected to come back to
profitability to post Yen 200 million recurring profit and Yen 100 million net
profit, respectively, on a 5% rise in turnover, to Yen 36,500 million. Final results are yet to be released.
The
financial situation is considered FIR and good for ORDINARY business
engagements.
Date Registered: Nov 1993
Regd No.: 0107-01-026003
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 120,000
shares
Issued: 30,000
shares
Sum: Yen 1,500 million
Major shareholders (%): ELF Japan Development (100)
Nothing detrimental is known as
to the commercial morality of executives.
Activities: Imports, exports and wholesales
textile materials, apparel, OEM supply to apparel retail stores and
brand-business expansion (--100%)
Clients: [Wholesalers, apparel retailers]
United Arrows, Nike Japan, San Rio Co, Right-On Co, Renown Inc, Daiwabo Neu Co,
EPTAMODA, other
No. of
accounts: 800
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Takisada Osaka,
Toyobo Specialties Trading Co, Kura Rey Co, Global Gate Co, other
Payment record: Slow
but correct
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
Mizuho
Bank (H/O)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
Annual
Sales |
|
36,500 |
34,649 |
38,586 |
34,059 |
|
Recur.
Profit |
|
200 |
-26 |
124 |
284 |
|
Net
Profit |
|
100 |
-162 |
-80 |
69 |
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Total
Assets |
|
|
13,624 |
14,496 |
15,074 |
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Current
Assets |
|
|
11,125 |
12,363 |
12,757 |
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Current
Liabs |
|
|
8,243 |
8,850 |
9,588 |
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Net
Worth |
|
|
1,858 |
2,101 |
2,027 |
|
Capital,
Paid-Up |
|
|
1,500 |
1,500 |
1,500 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.34 |
-10.20 |
13.29 |
-31.39 |
|
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Current Ratio |
|
.. |
134.96 |
139.69 |
133.05 |
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N.Worth Ratio |
.. |
13.64 |
14.49 |
13.45 |
|
|
R.Profit/Sales |
|
0.55 |
-0.08 |
0.32 |
0.83 |
|
N.Profit/Sales |
0.27 |
-0.47 |
-0.21 |
0.20 |
|
|
Return On Equity |
.. |
-8.72 |
-3.81 |
3.40 |
|
Notes:
Forecast (or estimated) figures for the 31/12/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.07 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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 |
-- |
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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.