MIRA INFORM REPORT
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Report No. : |
332807 |
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Report Date : |
21.07.2015 |
IDENTIFICATION DETAILS
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Name : |
VEL-SUEDE LTD |
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Registered Office : |
5-10-8 Yotsugi Katsushikaku Tokyo 124-0011 |
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Country : |
Japan |
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Financials (as on) : |
31.05.2014 |
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Date of Incorporation : |
December 1977 |
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Com. Reg. No.: |
0118-01-004345 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures Cameras, their Parts & Accessories (Except Lenses)
(--100%) |
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No. of Employees : |
53 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 62.5 Million |
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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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
Company
name & address
VEL-SUEDE LTD
REGD
NAME
KK Vel-Suede
MAIN
OFFICE
5-10-8 Yotsugi Katsushikaku Tokyo 124-0011 JAPAN
Tel: 03-3694-9656
Fax: 03-3691-3099
URL: http://www.vel-suede.co.jp
E-Mail address: (thru the URL)
ACTIVITIES: Mfg of cameras, their parts
&accessories
BRANCHES: Nil
OVERSEAS: Thailand, China, and Hong Kong
FACTORIES: At the caption address; Thailand & China
OFFICERS: HIROTSUGU BABA, PRES Giichi Baba, ch
Yuichi Baba, mgn
dir Tomoyuki Baba, mgn dir
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,091 M
PAYMENTS Slow But Correct CAPITAL Yen 10 M
TREND SLOW WORTH Yen 457 M
STARTED 1977 EMPLOYES 53
COMMENT: MFR OF CAMERAS, THEIR PARTS &
ACCESSORIES. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: ESTIMATED AT YEN 62.5 MILLION, ON 30 DAYS NORMAL
TERMS.
HIGHLIGHTS
The subject company was established by Giichi Baba, now ch, in order to
make most of his experience in the subject line of business. Hirotsugu is his son, who took the pres
office in 1977. This is a family-based company,
owned and operated by Baba family, for mfg cameras, their parts &
accessories. Has factories in Thailand
and China.
FINANCIAL
INFORMATION
The sales volume for May/2014 fiscal term amounted to Yen 2,091 million,
a 12% down
from Yen 2,373 million in the previous term. Demand decreased from major clients, with
their reduced production and transfer of production overseas. The recurring profit was posted at Yen 19
million and the net profit at Yen 17 million, respectively, compared with Yen
32 million recurring profit and Yen 32 million net profit, respectively, a year
ago.
For the current term ending May 2015 the recurring profit is projected
at Yen 25 million and the net profit at Yen 20 million, respectively, on a 5%
rise in turnover, to Yen 2,200 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit is estimated at Yen 62.5
million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec
1977
Regd No.: 0118-01-004345
(Tokyo-Katsushikaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 80,000 shares
Issued:
20,000 shares
Sum: Yen
10 million
Major shareholders
(%): Giichi Baba and Baba families (--100)
No. of
shareholders: 7
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Manufactures
cameras, their parts & accessories (except lenses) (--100%)
Clients: [Mfrs, wholesalers]
Vel-Suede Hong Kong (65%), Nikon, Hoya, Olympus, Sony Corp, Konica Minolta
Group forms, Ricoh Ltd, other
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Vel-Suede Hong Kong, DIC Corp, other
Payment record: Slow but correct
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactory.
Bank References:
MUFG (Mukojima)
Mizuho Bank (Katsushika)
Relations: Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
31/05/2015 |
31/05/2014 |
31/05/2013 |
31/05/2012 |
|
|
Annual Sales |
|
2,200 |
2,091 |
2,373 |
2,777 |
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Recur. Profit |
|
25 |
19 |
32 |
|
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Net Profit |
|
20 |
17 |
32 |
5 |
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Total Assets |
|
|
1,106 |
1,216 |
1,259 |
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Current Assets |
|
|
869 |
1,027 |
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Current Liabs |
|
|
184 |
262 |
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Net Worth |
|
|
457 |
439 |
407 |
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Capital, Paid-Up |
|
|
10 |
10 |
10 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
5.21 |
-11.88 |
-14.55 |
-5.03 |
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Current Ratio |
|
.. |
472.28 |
391.98 |
.. |
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N.Worth Ratio |
|
.. |
41.32 |
36.10 |
32.33 |
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R.Profit/Sales |
|
1.14 |
0.91 |
1.35 |
.. |
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N.Profit/Sales |
|
0.91 |
0.81 |
1.35 |
0.18 |
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Return On Equity |
|
.. |
3.72 |
7.29 |
1.23 |
Notes: Forecast (or estimated) figures for the 31/05/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.55 |
|
|
1 |
Rs.99.10 |
|
Euro |
1 |
Rs.68.83 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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.