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Report No. : |
299967 |
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Report Date : |
15.01.2015 |
IDENTIFICATION DETAILS
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Name : |
VOLCOM JAPAN G.K. (LLC) |
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Registered Office : |
Randic Harajuku Bldg., 3-15-7, Sendagaya, Shibuya-ku, Tokyo 151-0051 |
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Country : |
Japan |
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Date of Incorporation : |
18.08.2008 |
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Com. Reg. No.: |
0110-03-002496 |
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Legal Form : |
Private Company |
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Line of Business : |
Trader of Consumer products. |
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No. of Employee : |
41 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 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.
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Source
: CIA |
VOLCOM JAPAN G.K.
(LLC)
========
Country: Japan
Company name: VOLCOM JAPAN G.K.
Name in local language: VOLCOM
JAPAN G.K.
Office address: Randic Harajuku
Bldg., 3-15-7, Sendagaya, Shibuya-ku,
Tokyo 151-0051
Office tel: 03-5771-4561
& 0570-550-455
Website: www.volcom.jp
Business type: Trader
Industry: Consumer
products
Established: August 18, 2008
Capital: Jp.
210,000,000 yen
Employees: 41
Corporate formation: Private
Corporation No.: 0110-03-002496
(Tokyo Legal Affairs Bureau)
Paid in capital : Jp.
210,000,000 yen
Number of authorized shares : Not
required for G.K.
Shares issued : ditto
Number of shareholder : 1
Volcom Luxembourg Holding S.A. holds 100 percent.
Activity Product/Service Description
-------------------------------------------------------------------------------
Trading Apparel and accessories
Trading Music software and video
Representative Legal Person Volcom Luxembourg Holding S.A.
Nationality: Luxembourg
Operating officer Mr.
Eddie Mitsuhiro Miyoshi
Nationality: n.
a.
Note: The names of director(s) and auditor(s) are phonetically spelt.
*Key Personnel*
==============
Mr. Eddie Mitsuhiro Miyoshi
Operating officer since March 2013
Home address: 4-21-5, Den-en-chofu, Ota-ku, Tokyo 145-0071
Currency: (local currency - Jp. yen)
-------------------------------------------------------------------------------------
Year |
Sales | Net Income
-------------------------------------------------------------------------------------
|
2009 |
1,430,000,000 |
n. a. |
|
2010 |
1,400,000,000 |
n. a. |
|
2011 |
1,400,000,000 |
n. a. |
|
2012 |
1,450,000,000 |
n. a. |
|
2013 |
1,500,000,000 |
n. a. |
*Book Closing*
============
December 31st
*Financials*
==========
As a private limited company, no official financial statement is
required to be disclosed publicly.
============
Bank Name : Bank of
Tokyo-Mitsubishi UFJ, Ltd.
Branch : Meguro-ekimae
Bank Name : Bank of
Tokyo-Mitsubishi UFJ, Ltd.
Branch : Harajuku
Subject is a Tokyo-based subsidiary wholly owned by Volcom Luxembourg
Holding S.A.
Judging from the list of customers, mainstay products would be snowboard
and surfing-related items. Its website is run by Volcom, Inc.
Sales appears to be plateauing since Dec. 2009 term.
Although the exact financial condition is not available due to
non-disclosure of its financial statements, there would be some amount of
retained earnings even though the parent may have taken away a large amount of
fees, royalty or dividends from the subject.
Negative factors are not observed in particular at present except for a
weaker currency.
It would also be advisable to research the parent company, and the
ultimate owner, Kering Group, to see who it is.
For a reference please refer to the following note for the history of
VOLCOM:
Quote:
During the March dumps of 1991, Richard Woolcott and Tucker Hall, set
off on a snowboard trip that would forever change their lives. Tucker had just
been laid off from work but that wouldn’t stop him from attending his routine
Tahoe trip to visit Nathan Fletcher and Mark Gabriel. After riding four days of
fresh powder, Richard called work with the excuse that they were snowed in and
extended his stay. For more than a week, they awoke every morning with two new
feet of snow. It was their first real experience riding powder and the new
obsession wouldn't stop there. Two weeks later Richard quit his job to take
some time off and snowboard. He and Tucker had also talked of starting a
clothing company during the Tahoe trip but nothing was really finalized. Later
that spring, the two came up with the idea of starting a riding company based
around the three sports they enjoyed (snowboarding, skateboarding and surfing).
With an initial $5,000 from Richard's dad, they started the process. First came
the name, then came the stone and Volcom was born. The Volcom idea would
incorporate a major philosophy of the times, "Youth Against
Establishment". This energy was an enlightened state to support young
creative thinking. Volcom was a family
of people not willing to accept the suppression of the established ways. This
was a time when snowboarding and skateboarding was looked down upon and the
U.S. was in a recession with riots in LA and the Gulf War breaking out. Change was in the air. For the first two
years, Richard and Tucker traveled around the world on wild journeys with
friends riding whatever they could. The business side of things was minimal.
The headquarters were set up in Newport Beach in Richard's bedroom and all
sales were run out of tucker's bedroom in Huntington Beach. The two knew
nothing about how to make clothes but that didn't matter. It was all about spirit and creativity. Clothing sales for the first year were
$2,600. Since those wild beginnings, the Volcom Stone has spread slowly across
the world. The company has matured internally but continues to run off the same
philosophy it started with. The Volcom thinking now flows through its art,
music, films, athletes and clothing.
WHERE WE ARE TODAY
Volcom is part of the Kering Group, a world leader in apparel and accessories
which develops an ensemble of powerful Luxury and Sport & Lifestyle brands.
http://www.kering.com
Unquote:
*Main Products
& Services*
======================
Import and sales(wholesale, retailing and online) of the following
items:
Apparel products
Accessories
Music software
Video
Operating the
following direct shops:
VOLCOM STORE/BOWL SENDAI: Miyagi pref.
VOLCOM YOKOHAMA BAYSIDE: Kanagawa pref.
VOLCOM TOKYO: Tokyo Metropolitan Area
VOLCOM TOKYO BAY: ditto
VOLCOM OSAKA: Osaka-shi, Osaka Prefecture
VOLCOM NAGOYA: Nagoya-shi, Aichi pref.
Brand name: VOLCOM
*Address*
=========
Registered address is the same as the operational address.
Date Development
-----------------------------------------------------------------------------------------------
August 18, 2008 Incorporated at the following address:
3-14-12, Kami-oasaki,
Shinagawa-ku, Tokyo
April 18, 2010 Relocated to the current address.
*Suppliers*
==========
Import from Volcom, Inc.
Local suppliers(names not disclosed)
*Customers*
==========
General public at its six direct shops and online.
Wholesale to the following local retailers:
Hokkaido: 16 including Mojane, Real Drive, Northfeel
Tohoku: 23 including Bricks, Joy
Holic, Transmit
Kanto: 64 including Maniac,
Deep Surf, Beams
Chubu: 32 including Hood, Verita,
Keeper Surfstation
Kinki: 21 including A-Boy,
Freeslow, Latine
Chugoku: 7 including Riders,
Ninesurf, Boon
Shikoku: 6 including Holtag
Kyushu: 7 including Azap, Magic
Ride Surf, On The Beach
Okinawa: 3 including Seadancer,
Green The Board Culture and Mahinamele
=========================================
Company name: Volcom Entertainment(no legal form found)
Country: n. a.
Status: Affiliate
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.15 |
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|
1 |
Rs.94.24 |
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Euro |
1 |
Rs.73.30 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ANK |
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 |
-- |
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.