MIRA INFORM REPORT

 

 

Report No. :

313698

Report Date :

07.04.2015

 

IDENTIFICATION DETAILS

 

Name :

YAGI TSUSHO LIMITED

 

 

Registered Office :

3-1-9 Kitahama, Chuo-Ku, Osaka City, Osaka 541-0041

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2014

 

 

Year of Establishment :

1946

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, Export and Wholesale of Textiles.

 

 

No. of Employees :

199

 

 

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

 

 

Maximum Credit Limits :

Yen 473.4 Million

 

 

Status :

Satisfactory

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

Company Name And address

 

ENGLISH COMPANY NAME

YAGI TSUSHO LIMITED

Japanese company name

Yagi Tsusho KK

Registered Office

1. Street Number and District

3-1-9 Kitahama, Chuo-ku

2. City and Perefecture

Osaka City, OSAKA

3. ZIP Code

541-0041

4. Country

JAPAN

TEL

06-6227-6830

FAX

--

URL

www.yagitsu.co.jp

Email Address

thru the URL

Activities (Services & Products)

Import, export, wholesale of textiles.

 

 

SUMMARY OF REPORT

 

Annual Sales (MM YEN)

26,883

Capital Amount (MM YEN)

300

Net Worth (MM YEN)

9,671

FINANCES

FAIR

TREND

UP

EMPLOYEES

199

CREDIT LIMIT PROPOSED(MM YEN)

473.4

 

 

 

OTHER INFORMATION FOLLOWS:

Year Started

1946

Year Registered

1946

Major Shareholders

1

Nishinomiya KK

2

Toa Kaihatsu

3

Oike KK

Number of Shareholders

56

Authorized Shares (MM)

10

Issued Shares (MM)

5.97

Executives

PRESIDENT

YUZO YAGI

Chairman

Vice President

Senior Mgn Director

Satoshi Sumiyoshi

Mgn Director

Mikihito Kitada

Mgn Director

Katsumi Taniguchi

Director

Masayuki Makimura

Director

Yoshiro Hamada

Main Banks

1

MUFG (Nakanoshima)

2

Mizuho (Osaka Chuo)

Relations

Satisfactory

Clients

1

Tomorrowland

2

Beams

3

Ships

4

Bay Cruise

5

United Arrows

Suppliers

1

Kurabo

2

Toray

3

Suzuken Keori

Branches

1

Tokyo

Factories

1

None

Overseas

1

Fraince

2

China

HIGHLIGHT and COMMENT


The subject company was established by a certain Yagi as a trading firm, in Osaka, specializing in textiles.  In 1957, opened Tokyo Branch.  This is a trading firm specializing in textiles.  Has offices in USA, China, France, Italy, UK, with factories in China.  Clients include major apparel makers, apparel chain stores, specialty stores, department stores.  It acquird one of the famous UK brands, Mackintosh in 2007.

FINANCIAL information

Financials are disclosed only partially.

The sales volume for Mar/2014 fiscal term amounted to Yen 26,883 million, a 17% up from Yen 22,980 million in the previous term.  The recurring profit was posted at Yen 843 million and the net profit at Yen 350 million, respectively, compared with Yen 718 million recurring profit and Yen 293 million net profit, respectively, a year ago.

 For the term that ended Mar 2015 the recurring profit was projected at Yen 885 million and the net profit at Yen 368 million, respectively, on a 5% rise in turnover, to Yen 28,227 million.  Final results are yet to be released.

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 473.4 million, on 30 days normal terms.

 

 

Financials

 

       Terms Ending:

31/03/2015

31/03/2014

31/03/2013

31/03/2012

Annual Sales

28,227

26,883

22,980

21,536

Recur. Profit

885

843

718

1,323

Net Profit

368

350

293

645

Total Assets

35,321

33,639

32,128

31,767

Current Assets

 

 

9,379

9,986

Current Liabs

 

 

10,563

10,332

Net Worth

10,039

9,671

9,581

9,301

Capital, Paid-Up

300

300

300

300

Div.P.Share(¥)

 

 

10.00

24.00

<Analytical Data>

(%)

(%)

(%)

(%)

       S.Growth Rate

5.00

16.98

6.71

..

       Current Ratio

..

..

88.79

96.65

       N.Worth Ratio

..

28.75

29.82

29.28

       R.Profit/Sales

3.14

3.14

3.12

6.14

       N.Profit/Sales

1.30

1.30

1.28

2.99

       Return On Equity

..

3.62

3.06

6.93

 

 

       Terms Ending:

31/03/2015

31/03/2014

31/03/2013

31/03/2012

31/03/2011

31/03/2010

Annual Sales

 

28,227

26,883

22,980

21,536

 

Recur. Profit

 

885

843

718

1,323

 

Net Profit

 

368

350

293

645

 

Total Assets

 

35,321

33,639

32,128

31,767

 

Current Assets

 

 

 

9,379

9,986

 

Current Liabs

 

 

 

10,563

10,332

 

Net Worth

 

10,039

9,671

9,581

9,301

(1,288)

(1,288)

Capital, Paid-Up

 

300

300

300

300

90

Div.P.Share(¥)

 

 

 

10.00

24.00

 

<Analytical Data>

 

(%)

(%)

(%)

(%)

(%)

(%)

       S.Growth Rate

 

5.00

16.98

6.71

..

..

..

       Current Ratio

 

..

..

88.79

96.65

..

..

       N.Worth Ratio

 

..

28.75

29.82

29.28

..

..

       R.Profit/Sales

 

3.14

3.14

3.12

6.14

..

..

       N.Profit/Sales

 

1.30

1.30

1.28

2.99

#DIV/0!

#DIV/0!

       Return On Equity

 

..

3.62

3.06

6.93

..

..

 

 

 

 

 

 

 

 

  L-Term Liabs

  S/Hldrs' Equity

(350)

(643)

(1,288)

(1,288)

  Div or Taxes

  Offs' Bonus

  Gross Profit

  Opera.Profit

  Credit Limit

473.4


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.16

UK Pound

1

Rs.92.73

Euro

1

Rs.68.23

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.