|
Report No. : |
356189 |
|
Report Date : |
19.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
KOJITUSANSO CO LTD |
|
|
|
|
Registered Office : |
Sannomiya Kokusai Bldg 6F, 2-1-31 Hamabedori Chuoku Kobe 651-0083 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
30.11.2014 |
|
|
|
|
Date of Incorporation : |
June 1963 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Retail shop operator of mountain climbing & outdoor gears & equipment, sporting shoes, other (99%), climbing gym operation (1%) |
|
|
|
|
No. of Employees : |
353 |
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 Limit : |
Yen 291.9 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 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.
|
Source
: CIA |
KOJITUSANSO CO LTD
REGD NAME: KK
Kojitsusanso
MAIN OFFICE: Sannomiya
Kokusai Bldg 6F, 2-1-31 Hamabedori Chuoku Kobe 651-0083 JAPAN
Tel: 078-231-1300
Fax: 078-231-1374
URL: http://www.kojitsusanso.jp
E-Mail address: (thru the URL)
ACTIVITIES: Operator
of retail shops of mountain climbing & outdoor gears & equipment
BRANCHES: 62
direct-run shops, 4 franchisees, 4 Website shops
OFFICERS: KOJI
ROGI, PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 16,401 M
PAYMENTSNO
COMPLAINTS CAPITAL YEN 2,269 M
TREND STEADY WORTH Yen
2,800 M
STARTED 1963 EMPLOYES 353
COMMENT: RETAIL SHOP OPERATOR OF CLIMBING GEARS & EQUIPMENT. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: ESTIMATED AT YEN 291.9 MILLION, ON 30 DAYS NORMAL TERMS.
The subject company is an operator of retail shops specializing in mountain climbing & outdoor gears & equipment, other. Operates 62 stores nationwide, plus 4 franchisees and 4 on the Internet shop. Goods are imported.
The sales volume for Nov/2014 fiscal term amounted to Yen 16,401 million, a 6% up from Yen 15,420 million in the previous term. The recurring profit was posted at Yen 217 million but the net losses at Yen 60 million, respectively, compared with Yen 432 million recurring profit and Yen 1,485 million net profit, respectively, a year ago. The profit losses for this term are referred to extraordinary loss of Yen 57 million coming from cost increase for imports due to the weaker Yen.
For the term that ended Nov 2015 the recurring profit was projected at Yen 450 million and the net profit at Yen 350 million, respectively, on a 5% rise in turnover, to Yen 17,220 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 291.9 million, on 30 days normal terms.
Date Registered: Jun 1963
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 18
million shares
Issued: 4,538,014
shares
Sum: Yen
2,269 million
Major
shareholders (%): DRC II Investment Limited Partnership (43.9), MAPCF II
Investment Company
(14.9)
No.
of shareholders: 7
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Retail shop
operator of mountain climbing & outdoor gears & equipment, sporting
shoes, other (99%), climbing gym operation (1%)
Clients: Consumers,
individual buyers, other
No. of accounts:
Unavailable
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Goldwin Inc, Patagonia International Inc, Hammut Sports Group
Japan, Lost Arrow Inc, Mizuno Corp, Berghaus Japan, Snow Peak Inc, other
Payment record: No Complaints
Location: Business area in
Kobe. Office premises at the caption
address are leased and maintained satisfactory.
Bank References:
MUFG (Sannomiya)
Resona Bank (Kobe)
Relations:
Satisfactory
(In Million
Yen)
|
Terms Ending: |
30/11/2015 |
30/11/2014 |
30/11/2013 |
30/11/2012 |
|
|
Annual
Sales |
|
17,220 |
16,401 |
15,420 |
13,955 |
|
Recur.
Profit |
|
450 |
217 |
432 |
466 |
|
Net
Profit |
|
350 |
-60 |
1,485 |
347 |
|
Total
Assets |
|
|
9,634 |
7,762 |
7,548 |
|
Current
Assets |
|
|
6,651 |
5,216 |
4,972 |
|
Current
Liabs |
|
|
4,600 |
3,590 |
4,334 |
|
Net
Worth |
|
|
2,800 |
2,860 |
2,316 |
|
Capital,
Paid-Up |
|
|
2,269 |
2,269 |
2,269 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.99 |
6.36 |
10.50 |
7,019.90 |
|
Current Ratio |
|
.. |
144.59 |
145.29 |
114.72 |
|
N.Worth Ratio |
|
.. |
29.06 |
36.85 |
30.68 |
|
R.Profit/Sales |
|
2.61 |
1.32 |
2.80 |
3.34 |
|
N.Profit/Sales |
|
2.03 |
-0.37 |
9.63 |
2.49 |
|
Return On Equity |
|
.. |
-2.14 |
51.92 |
14.98 |
Notes: Forecast (or estimated) figures for the
30/11/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
|
JPY |
1 |
Rs.0.55 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.