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Report No. : |
334626 |
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Report Date : |
31.07.2015 |
IDENTIFICATION DETAILS
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Name : |
PLUG IN CO LTD |
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Registered Office : |
Takara Standard Kokura Soko Bldg 3F, 1-1-15 Higashiminato Kokurakitaku Kitakyushu City Fukuoka-Pref 803-0802 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
Oct., 1996 |
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Com. Reg. No.: |
2908-02-005971 (Katakyushu-Kokuritaku) |
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Legal Form : |
Private Limited Company (Yugen Gaisha) |
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Line of Business : |
Retail of Musical Instruments. |
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No. of Employees : |
41 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
PLUG IN CO LTD
REGD NAME: YK
Plug In
MAIN OFFICE: Takara
Standard Kokura Soko Bldg 3F, 1-1-15 Higashiminato Kokurakitaku, Kitakyushu City
Fukuoka-Pref 803-0802 JAPAN
Tel: 093-583-7264 Fax: 093-583-7266
URL: http://www.chuya-online.com
E-Mail address: (thru the URL)
Retail of musical
instruments
Kitakyushu
(Yawata-Nishiku)
Fukuoka (Chuoku)
TARO TAKAO, PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES R/WEAK A/SALES Yen 1,264 M
PAYMENTS SLOW CAPITAL Yen 5 M
TREND SLOW WORTH Yen
(-) 24 M
STARTED 1996 EMPLOYES 41
RETAILER OF MUSICAL INSTRUMENTS.
FINANCIAL SITUATION CONSIDERED RATHER WEAK
BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
The subject
company is a retailer of musical instruments (guitar, other), operating a store
in Fukuoka City. Goods are
imported.
The sales volume
for Mar/2015 fiscal term amounted to Yen 1,264 million, a 17% down from Yen
1,532 million in the previous term. Cost
reductions are slow, and the operations plunged into the red to post Yen 29
million recurring loss and Yen 28 million net losses for the term,
respectively, compared with Yen 7 million recurring profit and Yen 6 million
net profit, respectively, a year ago.
For the current
term ending Mar 2016 the recurring profit is projected at Yen 10 million and
the net profit at Yen 5 million, respectively, on a 3% rise in turnover, to Yen
1,300 million.
The financial
situation is considered RATHER WEAK but should be good for MODERATE business
engagements.
Date
Registered: Oct 1996
Regd
No.: 2908-02-005971 (Katakyushu-Kokuritaku)
Legal
Status: Private Limited
Company (Yugen Gaisha)
Regd
Capital: Yen 5 million
Major shareholders (%): Taro Takao (100)
Nothing
detrimental is known as to his commercial morality.
Activities: Retails musical
instruments: guitar, guitar strings, chord, music notes, other (--100%)
Clients: Consumers
No. of accounts:
Unavailable
Domestic areas of
activities: Centered in Fukuoka-Pref
Suppliers: [Mfrs,
wholesalers] Roland, Pearl Musical Instrument, Korg Inc, Yamaha Music Japan,
Fernandes Co, Miki Gakki, Osaka Murakami Gakki, other
Payment record: Slow
Location: Business area in
Kitakyushu City, Fukuoka-Pref. Office
premises at the caption address are leased and maintained satisfactorily.
Bank References:
Nishinippon City Bank (Hiaki)
Fukuoka Bank (Kitakyushu)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2016 |
31/03/2015 |
31/03/2014 |
|
|
Annual
Sales |
|
1,300 |
1,264 |
1,532 |
|
Recur.
Profit |
|
10 |
-29 |
7 |
|
Net
Profit |
|
5 |
-28 |
6 |
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Total
Assets |
|
|
473 |
456 |
|
Current
Assets |
|
|
407 |
393 |
|
Current
Liabs |
|
|
327 |
294 |
|
Net
Worth |
|
|
-24 |
3 |
|
Capital,
Paid-Up |
|
|
5 |
5 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
2.85 |
-17.49 |
7.58 |
|
Current Ratio |
|
.. |
124.46 |
133.67 |
|
N.Worth Ratio |
|
.. |
-5.07 |
0.66 |
|
R.Profit/Sales |
|
0.77 |
-2.29 |
0.46 |
|
N.Profit/Sales |
|
0.38 |
-2.22 |
0.39 |
Notes: Forecast (or estimated) figures for the 31/03/2016
fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.07 |
|
|
1 |
Rs.99.83 |
|
Euro |
1 |
Rs.70.07 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
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|
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
|
|
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 |
|
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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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.