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Report No. : |
311463 |
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Report Date : |
16.03.2015 |
IDENTIFICATION DETAILS
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Name : |
CHORI CO LTD |
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Registered Office : |
9F-11F, 1-7-3 Awaji-mahi, Chuo-ku Osaka City Osaka 541-0047 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
September 1948 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Trading company specializing in textiles, Chemicals and
Machinery. |
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No. of Employee : |
1,292 (consolidated basis) |
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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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 – 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.
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Source
: CIA |
CHORI CO LTD
REGD NAME: Chori
KK
MAIN OFFICE: 9F-11F,
1-7-3 Awaji-mahi, Chuo-ku Osaka City
Osaka , 541-0047
JAPAN
Tel: 06-6228-5000
*Office address given in the order form is
that of Tokyo Office.
URL: http://www.chori.co.jp
E-Mail
address: (thru the URL)
Trading
company of Textiles, Chemicals and Machinery.
Tokyo,
Kanazawa, Okayama
China,
Taiwan, Bangladesh, Korea, Philippines, Singapore
None
Kazuo Sakihama, PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 244,286,000 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 6,800,000 M
TREND UP WORTH Yen
36,417 M
STARTED 1961 EMPLOYES 1,292 (consolidated basis)
TRADING COMPANY OF TETILES,
CHEMICALS AND MACHINERY.
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
|
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
31/03/2011 |
222,074 |
5,343 |
5,372 |
(%) |
25,826 |
|
31/03/2012 |
217,825 |
6,118 |
3,497 |
-1.91 |
28,698 |
|
31/03/2013 |
221,847 |
5,466 |
2,944 |
1.85 |
31,385 |
|
31/03/2014 |
244,286 |
5,831 |
3,715 |
10.11 |
36,417 |
|
31/03/2015 |
260,000 |
6,200 |
4,000 |
6.43 |
40,417 |
|
Forecast (or estimated)
figures for 2015 term |
*..Unit: Million Yen |
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The Chori group has established a solid position for itself
as a trading company specializing in textiles, chemicals and machinery. Its
strategies are “strengthening the consolidated management structure”,
“enhancing the personnel structure2, and “pursuit of new development and
M&A”. In
2006, it became a subsidiary of Toray.
The sales volume for March 2014 fiscal term amounted to Yen
244,286 million, a 10% up from Yen 221,847 million in the previous term. The recurring profit was posted at Yen 5,831
million and the net profit at Yen 3,715 million, respectively, compared with
Yen 5,466 million recurring profit and Yen 2,944 million net profit,
respectively, a year ago.
For the current term ending March 2015 the recurring profit
is projected at Yen 6,200 million and the net profit at Yen 4,000 million,
respectively, on a 6.5% rise in turnover, to Yen 260,000 million. Final results are yet to be released.
The financial situation is considered FAIR and good for
ORDINARY business engagements.
Date Registered: September
1948
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 55,000,000
shares
Issued:
25,303,478 shares
Sum: Yen 6,800,000 million
Major shareholders (%): Toray(51.2%), BBH Fidelity(4%)
No. of shareholders: 8,082
Listed on the S/Exchange (s) of:
Tokyo
Managements: KAZUO SAKIHAMA, PRES; Masayuki Hatsuya, sr/mgn/dir; Jun Kobayashi,
mgn/dir; Nagao Iseda, mgn/dir, Kunihisa Inoue, dir;
Nothing
detrimental is known as to the commercial morality of executives.
Related companies:
Chori Moda, PIT Japan, Tokyo Shirayurikai and others
Activities: Trading company specializing in
textiles (47%), Chemicals(36%) and Machinery (17%)
Overseas Sales Ratio: 51%
Clients: [Mfrs, wholesalers] Aoyama Shoji,
Itokin, Ministry of Defense and others
No. of
accounts: Unavailable
Domestic
areas of activities: Tokyo, Osaka, Kanzawa, Okayama
Suppliers:
[Mfrs, wholesalers] Mitsui Chemical, Toray, Showa Denko and others
Payment record: No
Complaints
Location: Business area in Osaka and Tokyo. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References:
Mizuho
Bank (Osaka Hojin)
MUFG
Bank (Osaka Eigyobu)
Relations:
Satisfactory
(In Million Yen)
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Terms Ending: |
31/03/2014 |
31/03/2013 |
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INCOME STATEMENT |
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Annual Sales |
244,286 |
221,847 |
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Cost of Sales |
222,755 |
202,076 |
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GROSS PROFIT |
21,531 |
19,771 |
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Selling & Adm Costs |
16,037 |
14,665 |
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OPERATING PROFIT |
5,494 |
5,106 |
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Non-Operating P/L |
337 |
360 |
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RECURRING PROFIT |
5,831 |
5,466 |
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NET PROFIT |
3,715 |
2,944 |
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BALANCE SHEET |
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Cash |
|
5,821 |
6,350 |
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Receivables |
42,328 |
38,875 |
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Inventory |
10,222 |
9,968 |
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Securities, Marketable |
0 |
0 |
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Other Current Assets |
8,747 |
6,503 |
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TOTAL CURRENT ASSETS |
67,118 |
61,696 |
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Property & Equipment |
744 |
723 |
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Intangibles |
857 |
965 |
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Investments, Other Fixed Assets |
9,502 |
8,467 |
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TOTAL ASSETS |
78,221 |
71,851 |
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Payables |
32,324 |
30,876 |
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Short-Term Bank Loans |
949 |
774 |
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Other Current Liabs |
6,231 |
6,850 |
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TOTAL CURRENT LIABS |
39,504 |
38,500 |
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Debentures |
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Long-Term Bank Loans |
52 |
84 |
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Reserve for Retirement Allw |
2,076 |
1,605 |
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Other Debts |
171 |
277 |
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TOTAL LIABILITIES |
41,803 |
40,466 |
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MINORITY INTERESTS |
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Common
stock |
6,800 |
6,800 |
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Additional
paid-in capital |
1,700 |
1,700 |
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Retained
earnings |
27,671 |
24,563 |
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Evaluation
p/l on investments/securities |
458 |
177 |
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Others |
(212) |
(1,855) |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
36,417 |
31,385 |
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TOTAL EQUITIES |
78,220 |
71,851 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2014 |
31/03/2013 |
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Cash
Flows from Operating Activities |
|
1,716 |
5,792 |
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Cash Flows
from Investment Activities |
-208 |
-2,980 |
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Cash
Flows from Financing Activities |
-506 |
-1,641 |
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Cash,
Bank Deposits at the Term End |
|
9,638 |
8,198 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
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Net
Worth (S/Holders' Equity) |
36,417 |
31,385 |
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Current
Ratio (%) |
169.90 |
160.25 |
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Net
Worth Ratio (%) |
46.56 |
43.68 |
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Recurring
Profit Ratio (%) |
2.39 |
2.46 |
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Net
Profit Ratio (%) |
1.52 |
1.33 |
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Return
On Equity (%) |
10.20 |
9.38 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.67 |
|
|
1 |
Rs.93.106 |
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Euro |
1 |
Rs.66.42 |
INFORMATION DETAILS
|
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.