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Report No. : |
354501 |
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Report Date : |
10.12.2015 |
IDENTIFICATION DETAILS
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Name : |
SUMITEX INTERNATIONAL CO LTD |
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Registered Office : |
Sumitomo Shoji Jimbocho Bldg 3F, 2-11-15 Kanda-Jimbocho Chiyodaku Tokyo 101-0051 |
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Country : |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
March,
1987 |
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Com. Reg. No.: |
0100-01-108602
(Tokyo-Chiyodaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import,
Export and Wholesale of Textiles. |
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No. of Employees : |
251 |
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 : |
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, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 an 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. Scarce in many natural
resources, Japan has long been dependent on imported raw materials. Since the
complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami
disaster in 2011, Japan's industrial sector has become even more dependent than
it was previously on imported fossil 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 impressive - 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 aftereffects 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 four times
since 2008. 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 of that year disrupted
manufacturing. The economy has largely recovered in the four years since the
disaster, although reconstruction in the affected Tohoku region has lagged, in part
due to a shortage of labor in the construction sector. Japan enjoyed a sharp
uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s “Three
Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary
easing, “flexible” fiscal policy, and structural reform. Abe’s government has
replaced the preceding administration’s plan to phase out nuclear power with a
new policy of seeking to restart nuclear power plants that meet strict new
safety standards, and emphasizing nuclear energy’s importance as a base-load
electricity source. Japan joined the Trans-Pacific Partnership (TPP)
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 2014 stood as the fourth-largest economy in the
world after first-place China, which surpassed Japan in 2001, and third-place
India, which edged out Japan in 2012. While seeking to stimulate and reform the
economy, the government must also devise a strategy for reining in Japan's huge
government debt, which amounts to more than 230% of GDP. To help raise
government revenue, Japan adopted legislation in 2012 to gradually raise the
consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8%
implemented in April 2014. That increase had a contractionary effect on GDP,
however, so PM Abe in late 2014 decided to postpone the final phase of the
increase until April 2017 to give the economy more time to recover. Led by the
Bank of Japan’s aggressive monetary easing, Japan is making progress in ending
deflation, but demographics - low birthrate and an aging, shrinking population
- pose major long-term challenges for the economy.
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Source
: CIA |
SUMITEX
INTERNATIONAL CO LTD
REGD
NAME: KK Sumitex International
MAIN OFFICE: Sumitomo
Shoji Jimbocho Bldg 3F, 2-11-15 Kanda-Jimbocho Chiyodaku Tokyo
101-0051
Tel: 03-3515-8001 Fax:
03-3515-8031
E-Mail address: webmaster@stx.co.jp
Import, export, wholesale of
textiles
Osaka
Hong Kong
SHINICHI TANAKA, PRES
Tetsuo Asai, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 39,148 M
PAYMENTSSLOW BUT CORRECT CAPITAL Yen
830 M
TREND STEADY WORTH Yen 2,150 M
STARTED 1987 EMPLOYES 251
TRADING FIRM SPECIALIZING IN
TEXTILES, WHOLLY OWNED BY SUMITOMO CORP.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS
The subject company was established
on the basis of a textile division separated from Sumitomo Corporation (See REGISTRATION), as Tokyo Sumisho Textile
Co Ltd. In Apr 2007 acquired a sister
company, Sumitex Co Ltd and renamed as captioned. The acquisition was conducted to streamline
(restructure) group redundant operations.
The firm originally started in Osaka and moved the headquarters to Tokyo
in Apr 2007. This is a trading firm for
import, export and wholesale of textile-related products, such as clothing,
fabrics, home soft furnishings, other.
Domestic clients include department stores, chain stores, garment mfrs,
other, nationwide.
The sales volume for Mar/2015
fiscal term amounted to Yen 39,148 million, a 2% up from Yen 38,378 million in
the previous term. Operations continued
in the deficit to post Yen 106 million recurring loss and Yen 154 million net
losses, respectively, compared with Yen 104 million recurring loss and Yen 192
million net losses, respectively, a year ago.
Loss came from the cost ups due to the weaker Yen, the firm says
For the current term ending Mar
2016 the operations are projected to come back to prosperity but still limited
to a minimum amount post-taxes, on a 3% rise in turnover, to Yen 40,300
million.
The financial situation is
considered FAIR and good for ORDINARY business engagements.
Date Registered: Mar 1987
Regd No.: 0100-01-108602 (Tokyo-Chiyodaku)
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 66,400 shares
Issued: 16,600 shares
Sum: Yen 830 million
Major shareholders
(%): Sumitomo
Corp*(100)
* One of leading general traders,
Tokyo, founded 1919, listed Tokyo, Nagoya, Fukuoka S/E’s, capital Yen 219,279
million, sales Yen 3,762,236 million, operating loss Yen 84,374 million,
recurring loss Yen 18,561 million, net loss Yen 73,170 million, total assets
Yen 8,983,706 million, net worth Yen 2,592,224 million, employees 75,448, pres
Kuniharu Nakamura
Nothing detrimental is known as
to the commercial morality of executives.
Activities: Imports, exports and wholesales
textiles: textile materials (original yarns, cotton cloth, knitted textiles),
clothing for men & women, home soft furnishings, clothing products
(bedclothes, interior soft furnishings), character goods, sundry goods,
including OEM production by 3 overseas subsidiary factories, others (--100%).
Clients: [Chain stores, apparel mfrs]
Nishimatsuya chains, Renown, Tomiya Apparel, Aoyama Shoji, Bay Cruise, Oriental
Land, Itokin Corp, NACCS Inc, other.
No. of accounts: 1,000 – 2,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Sumitomo
Corp, Nisshinbo, Toyobo, Lovely Queen, Kondo Cotton Spinning, My-R Design Co,
Mae Shoji Co, other.
Goods
are also imported from China, Vietnam, other.
Payment record: Slow but correct
Location: Business area in Tokyo.
Office premises at the caption address are owned by the owner, Sumitomo
Corp, and maintained satisfactorily.
Bank References:
SMBC
(Tokyo)
MUFG
(Semba-Chuo)
Relations:
Satisfactory
(In Million Yen)
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Terms Ending: |
31/03/2016 |
31/03/2015 |
31/03/2014 |
31/03/2013 |
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Annual Sales |
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40,300
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39,148
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38,378
|
35,987
|
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Recur. Profit |
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0 |
-106 |
-184 |
291 |
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Net Profit |
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0 |
-154 |
-192 |
82 |
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Total Assets |
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18,215
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17,599
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16,759
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Current Assets |
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17,447
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16,798
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16,135
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Current Liabs |
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15,743
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15,023
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13,691
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Net Worth |
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2,150 |
2,243 |
2,555 |
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Capital, Paid-Up |
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|
830 |
830 |
830 |
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Div.Ttl in Million (¥) |
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0.00 |
82 |
0.00 |
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<Analytical
Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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2.94 |
2.01 |
6.64 |
-23.28
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Current Ratio |
|
.. |
110.82
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111.82
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117.85
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N.Worth Ratio |
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.. |
11.80 |
12.75 |
15.25 |
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R.Profit/Sales |
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0.00 |
-0.27 |
-0.48 |
0.81 |
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N.Profit/Sales |
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0.00 |
-0.39 |
-0.50 |
0.23 |
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Return On Equity |
|
.. |
-7.16 |
-8.56 |
3.21 |
Notes: Forecast (or estimated)
figures for the 31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
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|
1 |
Rs.100.29 |
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Euro |
1 |
Rs.72.89 |
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Yen |
1 |
Rs.0.55 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
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 |
-- |
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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.