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Report No. : |
309148 |
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Report Date : |
03.03.2015 |
IDENTIFICATION DETAILS
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Name : |
IMGS CO LTD |
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Formerly Known As : |
KK Mitsukoshi Isetan Gift Solutions |
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Registered Office : |
H&I Bldg 4F, 5-17-18 Shinjuku Shinjukuku Tokyo 160-0022 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
Octane 1972 |
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Legal Form : |
Limited Company |
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Line of Business : |
Subject is import, export, wholesale of clothing, clothing
accessories, whiskies, canned foods (vegetables, fruits). |
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No. of Employees : |
96 |
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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Maximum Credit Limit : |
Yen 231.6 Million |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
IMGS CO LTD
REGD NAME: KK Mitsukoshi Isetan
Gift Solutions
MAIN OFFICE: H&I Bldg 4F,
5-17-18 Shinjuku Shinjukuku Tokyo 160-0022 JAPAN
Tel:
03-6810-7440 Fax: 03-6810-7438
E-Mail address: (thru the URL)
Import, export, wholesale of clothing,
clothing accessories, whiskies, canned foods (vegetables, fruits).
BRANCHES: Tokyo
(Kotoku)
OFFICERS: TAKAHIRO
YOSHIDA, PRES
Yasuhiro
Mizushina, dir
Kenta
Sakai, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY:
FINANCES FAIR A/SALES Yen 7,722 M
PAYMENTS SLOW BUT
CORRECT CAPITAL Yen 100 M
TREND SLOW WORTH Yen 1,276 M
STARTED 1972 EMPLOYES 96
TRADING FIRM OWNED BY ISETAN MITSUKOSHI HOLDINGS LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR
ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: ESTIMATED AT YEN 231.6 MILLION, ON 30 DAYS
NORMAL TERMS.
The subject company was established originally as Rheodol
Shoji KK, and in Oct 2012 the firm became subsidiary of Isetan Mitsukoshi Holdings
Ltd (See REGISTRATION) the corporate name as changed to the captioned. This is a trading firm for import, export and
wholesale of clothing, clothing accessories, whiskies, canned foods, other. Goods are all shipped to Isetan Mitsukoshi
Holdings Co Ltd Group firms.
The sales volume for Mar/2014 fiscal term amounted to Yen
7,722 million, a 14% down from Yen 9,012 million in the previous term. This is referred to the transfer of some
businesses to a sister company. The operations
became unprofitable to post Yen 687 million recurring loss and Yen 726 million
net losses, respectively, compared with Yen 582 million recurring profit and
Yen 352 million net profit, respectively, a year ago.
For the current term ending Mar 2015 the operations are
projected to become profitable to post Yen 600 million recurring profit and Yen
500 million net profit, respectively, on a 5% rise in turnover, to Yen 8,100
million.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max credit limit is estimated at Yen 231.6
million, on 30 days normal terms.
Date Registered: Oct
1972
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 8,000 shares
Issued: 2,000 shares
Sum: Yen 100 million
Major shareholders (%): Isetan Mitsukoshi Holdings Ltd*
(100)
*.. Joint Holding Company founded thru consolidations of
department stores, Isetan & Mitsukoshi
in Apr 2008, listed Tokyo S/E, capital Yen 50,162 million, sales Yen 1,321,512 million, operating profit Yen 34,646
million, recurring profit Yen 38,440 million, net profit Yen 21,166 million, total assets Yen
1,241,985 million, net worth Yen 519,873 million, employees 12,603, pres Kunio Ishizuka
Nothing detrimental is known as to the commercial morality
of executives.
Activities: Trading firm for import, export & wholesale
of: clothing, clothing accessories (bags, shoals, neckties, shoes, other),
wines & whiskies, canned foods (vegetables, fruits, other), other (--100%)
Imported Brands: Rosenthal, Royal Albert, Minton
Clients: [Mfrs, wholesalers] Isetan Mitsukoshi Holdings Ltd
Group firms, other
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Rosenthal GmbH (Germany),
WWRD UK, Mitsukoshi Italy, partners in China, other.
Domestically: Ring Bell Co, JALUX Inc, Y Yacht Co, 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
(Shinjukudori)
Mizuho
Bank (Nihombashi)
Relations:
Satisfactory
(In
Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual Sales |
|
8,100 |
7,722 |
9,012 |
9,528 |
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Recur. Profit |
|
600 |
-687 |
582 |
808 |
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Net Profit |
|
500 |
-726 |
352 |
476 |
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Total Assets |
|
|
2,603 |
3,810 |
3,906 |
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Current Assets |
|
|
2,459 |
3,682 |
3,776 |
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Current Liabs |
|
|
1,304 |
1,605 |
1,820 |
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Net Worth |
|
|
1,276 |
2,179 |
2,064 |
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Capital, Paid-Up |
|
|
100 |
100 |
100 |
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Div.P.Share(¥) |
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|
0.00 |
0.00 |
0.00 |
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<Analytical
Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.90 |
-14.31 |
-5.42 |
-4.51 |
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Current Ratio |
|
.. |
188.57 |
229.41 |
207.47 |
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N.Worth Ratio |
|
.. |
49.02 |
57.19 |
52.84 |
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R.Profit/Sales |
|
7.41 |
-8.90 |
6.46 |
8.48 |
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N.Profit/Sales |
|
6.17 |
-9.40 |
3.91 |
5.00 |
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Return On Equity |
|
.. |
-56.90 |
16.15 |
23.06 |
Notes: Profits are not disclosed from the Mar/2012 fiscal
term, and only estimated.
Forecast (or estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.82 |
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|
1 |
Rs.95.26 |
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Euro |
1 |
Rs.69.13 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ASH |
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.