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Report No. : |
300058 |
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Report Date : |
15.01.2015 |
IDENTIFICATION DETAILS
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Name : |
KAWASHIMA SELKON TEXTILE CO LTD |
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Registered Office : |
265 Shizuichi-Ichiharacho Sakyoku Kyoto 601-1123 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
May, 1938 |
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Com. Reg. No.: |
(Kyoto-Sakyoku) 000056 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Kimonos, Car/Train/Airplane Interiors. |
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No. of Employees : |
860 |
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 : |
Regular |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 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 |
KAWASHIMA SELKON TEXTILE CO LTD
REGD NAME: Kawashima
Orimono KK
MAIN OFFICE: 265
Shizuichi-Ichiharacho Sakyoku Kyoto 601-1123 JAPAN
Tel:
075-741-4111 Fax: 075-741-4309
*.. (.Tokyo)
is for the Tokyo Office
URL: http://www.kawashimaselkon.co.jp
E-Mail address: (thru the URL)
Mfr of
kimonos, car/train/airplane interiors
Tokyo,
Osaka, Nagoya, Fukuoka, Sapporo, Sendai, Yokohama, other (Tot 19)
At the
caption address
SUSUMU
YAMAGUCHI, PRESYasuharu Hirata, mgn dir
Shinzo
Okuno, dir Hitoshi Mori, dir
Akira
Mitsuoka, dir Tadamasa Kondoh, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 32,372 M
PAYMENTS REGULAR CAPITAL Yen 9,381 M
TREND STEADY WORTH Yen 11,321 M
STARTED 1938 EMPLOYES 860
MFR OF KIMONO, VEHICLES INTERIOR GOODS, OWNED BY LIXIL
GROUP
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
This
is a long-established “Nishijin” (brand-name of kimono textiles) fabrics mfr founded
as kimono store in1843 in Edo period.
Excels in high-quality products, such as traditional Japanese “obi” and
art fabrics. Top-ranked maker of “obi”. Merged with Selkon Co, mfr of interiors for
automobiles, trains and air planes, and advanced into this area. The company plans to reinforce sales of
own-brand environment-friendly curtains.
The kimono sales subsidiary will pull out from unprofitable stores,
including in department stores. In July
2010, transferred part of interior products for vehicles, such as autos, trains
and airplanes, to a subsidiary equity-method firm, TB Kawashima KK, jointly
founded with Toyota Tsusho Corp and Toyota Boshoku Corp. In Aug 2011, the firm went into business
tie-up with LIXIL Group Corp (See REGISTRATION)
and became its wholly owned consolidated subsidiary, and delisted from the
Tokyo S/E. In Apr 2013 absorbed Juraku
Co Ltd.
The sales volume for Mar/2014 fiscal term amounted to Yen
32,372 million, a 1% up from Yen 32,024 million in the previous term. The recurring profit was posted at Yen 1,715
million and the net profit at Yen 1,512 million, respectively, compared with
Yen 1,283 million recurring profit and Yen 222 million net profit, respectively,
a year ago.
For the current term ending Mar 2015 the recurring profit is
projected at Yen 1,750 million and the net profit at Yen 1,550 million, on a 1%
rise in turnover, to Yen 32,700 million.
The financial situation is considered FAIR and good for
ORDINARY business engagements
Date Registered: May
1938
Regd No.: (Kyoto-Sakyoku)
000056
Legal Status: Limited Company (Kabushiki Kaisha
Authorized: 176,167,000 shares
Issued:
93,903,222 shares
Sum: Yen 9,381 million
Major shareholders (%): LIXIL Group Corp* (100)
*.. LIXIL Group Corp, largest mfr of housing facilities and
comprehensive maker of building Materials, Tokyo, founded 1949, listed Tokyo
S/E, capital Yen 68,121 million, sales Yen 1,628,658 million, operating profit
Yen 69,079 million, recurring profit Yen 74,937 million, net profit Yen 44,755
million, total assets Yen 1,773,717 million, net worth Yen 608,538 million,
employees 52,747, pres Yoshiaki Fujimori
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures: obi, kimono &
artistic fabrics, interior fabrics (curtains, carpets, drapers, walling,
other), others (--100%).
Clients: [Mfrs, wholesalers] Nafco Corp, Leo
Palace 21, Takashimaya, Daimaru Matsuzakaya Department Store, Sogo Seibu
Department Store, Isetan Mitsukoshi Department Stores, Scroll Corp, Kingrun
Medicare Corp, other
No. of
accounts: 500
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Chori Co, NI
Teijin Shoji, Tachikawa Co, Kawashima Textile Shanghai, Bridgestone Corp,
Kawashima Selkon Sewing Co, Toso Co, Nichibei Co, Tajima Inc, Yamamoto Sangyo
Co, Bridgestone Corp, other
Payment record:
Regular
Location:
Business area in Kyoto. Office premises at
the caption address are owned and maintained satisfactorily.
Bank References:
SMBC (Kyoto)
Bank of Kyoto (H/O)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
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Annual
Sales |
|
32,700 |
32,372 |
32,024 |
33,215 |
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Recur.
Profit |
|
1,750 |
1,715 |
1,283 |
554 |
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Net
Profit |
|
1,550 |
1,512 |
222 |
249 |
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Total
Assets |
|
|
25,022 |
25,077 |
27,819 |
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Current
Assets |
|
|
12,326 |
11,936 |
12,808 |
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Current
Liabs |
|
|
10,275 |
10,963 |
12,566 |
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Net
Worth |
|
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11,321 |
10,236 |
10,017 |
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Capital,
Paid-Up |
|
|
9,381 |
9,381 |
9,381 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
1.01 |
1.09 |
-3.59 |
-18.67 |
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Current Ratio |
|
.. |
119.96 |
108.88 |
101.93 |
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N.Worth Ratio |
|
.. |
45.24 |
40.82 |
36.01 |
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R.Profit/Sales |
|
5.35 |
5.30 |
4.01 |
1.67 |
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N.Profit/Sales |
|
4.74 |
4.67 |
0.69 |
0.75 |
|
Return On Equity |
|
.. |
13.36 |
2.17 |
2.49 |
Notes:
Forecast (or estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.15 |
|
|
1 |
Rs.94.24 |
|
Euro |
1 |
Rs.73.30 |
INFORMATION DETAILS
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Analysis Done by
: |
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.