MIRA INFORM REPORT
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Report No. : |
331976 |
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Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
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Name : |
T KUROSAWA & CO LTD |
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Registered Office : |
3-36-1 Takada Toshimaku Tokyo 171-0033 |
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Country : |
Japan |
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Financials (as on) : |
31.01.2016 |
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Date of Incorporation : |
May 1967 |
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Com. Reg. No.: |
0133-01-002881 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, wholesale, retail of musical instruments; violin classes |
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No. of Employees : |
180 |
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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Maximum Credit Limit : |
Yen 359.5 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 second-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 |
Company
name
T
KUROSAWA & CO LTD
REGD
NAME
KK Kurosawa Gakkiten
MAIN
OFFICE
3-36-1 Takada Toshimaku Tokyo 171-0033 JAPAN
Tel: 03-5911-3900 Fax: 03-3986-9630
URL: http://www.kurosawagakki.com
E-Mail address: (thru the URL)
ACTIVITIES
Import, wholesale, retail of
musical instruments; violin classes
BRANCHES
Tokyo (Shinjuku, Shibuya, Toyoshima, Chiyoda), Osaka, Yokohama,
Machida, other (total 16)
OFFICERS
TOMOHIRO KUROSAWA, PRES
Takashi Mori, ch
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 8,178 M
PAYMENTS NO COMPLAINTS CAPITAL Yen 202 M
TREND UP WORTH Yen 3,820 M (estimate)
STARTED 1967 EMPLOYES 180
COMMENT
TRADING
FIRM SPECIALIZING IN MUSICAL INSTRUMENTS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: ESTIMATED AT
YEN 359.5 MILLION, ON 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established
by father of Tomohiro Kurosawa in order to make most of his experience in the
subject line of business. This is a
trading firm for import, wholesale and retail of musical instruments (See OPERATION). Goods are imported from USA, Germany, Spain,
France, other. Also operates violin
classes. 80% of the goods are retailed.
FINANCIAL
INFORMATION
Financials are disclosed only
partially.
The sales volume for January /2014 fiscal term amounted to
Yen 8,178 million, a 9% up from Yen 7,458 million in the previous term. The recurring profit was posted at *Yen
1,026 million and the net profit at Yen 541 million, respectively,
compared with Yen 713 million recurring profit and Yen 376 million net profit,
respectively, a year ago.
For the current term ending January 2015 the recurring
profit is projected at Yen 1,077 million and the net profit at Yen 568 million,
respectively, on a 5% rise in turnover, to Yen 8,587 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 359.5
million, on 30 days normal terms.
*Recurring profit in 2014 is
estimate derived based on actual results of sales and net profit.
REGISTRATION
Date Registered:
May 1967
Regd No.: 0133-01-002881
(Tokyo-Toshimaku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: Unavailable
Issued: Unavailable
Sum: Yen
202.8 million
Major
shareholders (%): Cityland, Winz Corporation, Tomoko Kurosawa , Tsunezaburo
Kurosawa
No. of
shareholders: unavailable
Nothing detrimental is known as
to the commercial morality of executives.
OPERATION
Activities: Imports,
wholesales and retails musical instruments: violins, guitars, violins, basses,
contrabasses, electronic pianos, wind instruments, music notes, other; also
operates music classes (total 13 classes) (--100%). 80% of the goods are retailed.
Clients:
[Mfrs, wholesalers] general consumers, Shimamura Music, Ishibashi Gakkiten,
Miki Gakki, Yamano Music, other
No. of accounts: 300
Domestic areas of activities:
Nationwide
Suppliers:
[Mfrs, wholesalers] C.F Martin & Co., Ltd., Roland Corp, Gibson Guitar
Corporation Japan, Yamano music, BBE Sound Inc, Almadillo Enterprisce, other
Imports from USA, Germany, France, Germany, Spain,
other.
Payment record: No Complaints
Location:
Business area in Tokyo. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
Yachiyo
Bank (Higashi-Ikebukuro)
Shoko
Chukin Bank (Ikebukuro)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/01/2015 |
31/01/2014 |
31/03/2013 |
31/03/2012 |
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Annual Sales |
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8,587 |
8,178 |
7,458 |
6,810 |
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Recur. Profit |
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1,077 |
1,026 |
713 |
656 |
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Net Profit |
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568 |
541 |
376 |
351 |
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Total Assets |
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5,588 |
5,322 |
5,167 |
4,908 |
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Current Assets |
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3,454 |
3,290 |
3,194 |
2,898 |
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Current Liabs |
|
785 |
748 |
726 |
850 |
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Net Worth |
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4,388 |
3,820 |
3,279 |
2,933 |
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Capital, Paid-Up |
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202 |
202 |
202 |
202 |
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Div.P.Share(¥) |
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29.70 |
19.80 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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5.00 |
9.65 |
9.52 |
1.14 |
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Current Ratio |
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.. |
439.94 |
439.94 |
340.94 |
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N.Worth Ratio |
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.. |
71.78 |
63.46 |
59.76 |
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R.Profit/Sales |
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12.54 |
12.54 |
9.56 |
9.63 |
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N.Profit/Sales |
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6.62 |
6.62 |
5.04 |
5.15 |
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Return On Equity |
|
.. |
14.16 |
11.47 |
11.97 |
Notes: Financials are only
partially disclosed.
Forecast (or estimated) all
figures for the 31/01/2015 fiscal term.
Estimate for figures in 2014
other than sales and net profit.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 63.49 |
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1 |
Rs. 99.43 |
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Euro |
1 |
Rs. 69.14 |
INFORMATION DETAILS
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Analysis Done by
: |
SAN |
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Report Prepared
by : |
DPT |
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.