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Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOKIWA CORPORATION |
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Registered Office : |
3-20 Momoyamacho Nakatsugawa City Gifu-Pref 508-0024 |
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Country : |
Japan |
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Financials (as on) : |
30.11.2013 |
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Date of Incorporation : |
July 1948 |
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Com. Reg. No.: |
2000-01-020119 |
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Legal Form : |
Limited Company |
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Line of Business : |
Subject is engaged in OEM Production of Cosmetics (--100%) |
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No of Employees : |
301 |
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 |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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 |
TOKIWA CORPORATION
KK Tokiwa
3-20 Momoyamacho Nakatsugawa City Gifu-Pref 508-0024 Japan
Tel: 0573-66-1017
Fax: 0573-66-3392
*.. The is its Tokyo Head Office
URL: http://www.tokiwacorp.co.jp
E-Mail address: (thru the URL)
ACTIVITIES: OEM production of cosmetics
BRANCHES: Tokyo (as given), Saitama, Nagoya
OVERSEAS: New York, Paris, China
FACTORIES: At the caption address, Ochiai (Nakatsugawa
City), Tokyo (2); China
OFFICERS: NAOYUKI SOGA, PRES
Ken’ichi Soga, dir
Mayumi Nakayama, dir
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 11,378 M
PAYMENTS NO COMPLAINTS CAPITAL Yen 76 M
TREND SLOW WORTH
Yen 2,965 M
STARTED 1948 EMPLOYES 301
COMMENT: OEM
PRODUCTION OF COSMETICS. FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established by Fujio Soga in order to make most
of his experience in the subject line of business. Naoyuki Soga took the pres office in May
1997. This is a specialized OEM producer
of cosmetics. Has a factory in
China. Overseas offices include New
York, Paris and China. Clients include
major cosmetic makers. .
The sales volume for Nov/2013 fiscal term amounted to Yen 11,378
million, a 2% down from Yen 11,587 million in the previous term. The recurring profit was posted at Yen 404
million and the net profit at Yen 268 million, respectively, compared with Yen
365 million recurring profit and Yen 95 million net profit, respectively, a
year ago.
For the current term ending Nov 2014 the recurring profit is projected
at Yen 420 million and the net profit at Yen 280 million, respectively, on a 5%
rise in turnover, to Yen 11,950 million.
Production is China is increasing.
The weaker Yen will contribute to raise earnings in Yen terms.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Jul
1948
Regd No.: 2000-01-020119
(Gifu-Nakatsugawa)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 610,000 shares
Issued:
153,496 shares
Sum: Yen
76.7 million
Major shareholders
(%): Naoyuki Soga (40), Big
Way Co (25), Ken’ichi Soga (10)
No. of shareholders: 10 (about)
Nothing detrimental is known as to the commercial morality of
executives.
Activities: OEM production
of cosmetics (--100%)
Clients: [Mfrs,
wholesalers] Shiseido Co, Kao Corp, Noevir Co, Pola Chemical Ind, Estee Lauder
Inc, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Fukuda Corp, Epoch Chemical Ind, other
Imports from China, USA, Paris, other
Payment record: No
Complaints
Location: Business area in
Nakatsugawa, Gifu-ref. Office premises
at the caption address are owned and maintained satisfactory.
Bank References:
MUFG (Nagoya)
SMBC (Nagoya)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
30/11/2014 |
30/11/2013 |
30/11/2012 |
30/11/2011 |
|
|
Annual Sales |
|
11,950 |
11,378 |
11,587 |
12,384 |
|
Recur. Profit |
|
420 |
404 |
365 |
|
|
Net Profit |
|
280 |
268 |
95 |
378 |
|
Total Assets |
|
|
11,959 |
12,081 |
13,684 |
|
Current Assets |
|
|
5,448 |
5,416 |
|
|
Current Liabs |
|
|
7,597 |
4,204 |
|
|
Net Worth |
|
|
2,965 |
2,890 |
2,762 |
|
Capital, Paid-Up |
|
|
76 |
76 |
76 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
5.03 |
-1.80 |
-6.44 |
7.56 |
|
Current Ratio |
|
.. |
71.71 |
128.83 |
.. |
|
N.Worth Ratio |
|
.. |
24.79 |
23.92 |
20.18 |
|
R.Profit/Sales |
|
3.51 |
3.55 |
3.15 |
.. |
|
N.Profit/Sales |
|
2.34 |
2.36 |
0.82 |
3.05 |
|
Return On Equity |
|
.. |
9.04 |
3.29 |
13.69 |
Notes: Forecast (or estimated) figures for the 30/11/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.47 |
|
|
1 |
Rs.98.23 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.