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Report No. : |
322272 |
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Report Date : |
12.05.2015 |
IDENTIFICATION DETAILS
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Name : |
TOYOBO FAIRTONE CO LTD |
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Registered Office : |
2-4-27 Kyutaromachi Chuoku Osaka 541-0056 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
April 1983 |
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Com. Reg. No.: |
1200-01-085529 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wholesale of curtains, rugs
& carpets, other |
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No. of Employees : |
69 |
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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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) |
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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 |
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. Since the complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster in 2011, Japan's industrial sector has become 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 four 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. A sales tax increase caused the economy to contract during the 2nd and 3rd quarters of 2014. The economy has largely recovered in the three years since the disaster, but reconstruction in the Tohoku region has been uneven due to labor shortages. 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 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. The government will continue a longstanding debate on restructuring the economy and reining in Japan's huge government debt, which amounts to more than 240% 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 2015, although the government in 2014 decided to postpone the final phase of the increase until 2017 to give the economy time to recover from the 2014 increase. 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 |
TOYOBO FAIRTONE CO LTD
REGD NAME: Toyobo Fairtone KK
MAIN OFFICE: 2-4-27 Kyutaromachi Chuoku Osaka 541-0056 JAPAN
Tel: 06-6263-0501 Fax: 06-6263-0507
URL: http://www.toyobo-ft.co.jp
E-Mail address: (thru
the URL)
Wholesale of curtains, rugs & carpets, other
Tokyo, Sapporo, Suita, Fukuoka, other (Tot 8)
AKIRA SUGINOI, PRES
Kozo Asada, dir
Hisao Nakashima, dir
Yen Amount: In
million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 2,728 M
PAYMENTSSLOW BUT CORRECT CAPITAL YEN 100 M
TREND SLOW WORTH Yen 162 M
STARTED 1983 EMPLOYES 69
TRADING FIRM SPECIALIZING
IN CARPETS, CURTAINS, OWNED BY TOYOBO CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR
AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established by on the basis of a
trading division separated from Toyobo Co Ltd (See REGISTRATION). This is a
trading firm for wholesaling of rugs & carpets, curtains, interior goods,
other, produced by the parent, Toyobo Co Ltd.
Goods are widely exported, too. .
The sales volume for Mar/2014 fiscal term amounted to Yen
2,728 million, an 11% down from Yen 3,054 million in the previous term. The operations plunged into the red to post
Yen 45 million recurring loss and Yen 55 million net losses for the term,
respectively, compared with Yen 65 million recurring profit and Yen 2 million
net profit, respectively, a year ago.
For the term that ended Mar 2015 the recurring profit was
projected at Yen 60 million and the net profit at Yen 20 million respectively,
on a 3% rise in turnover, to Yen 2,810 million.
Final results are yet to be released.
The financial situation is considered FAIR and good for
ORDINARY business engagements.
Date Registered: Apr
1983
Regd No.: 1200-01-085529
(Osaka-Chuoku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 8,000 shares
Issued:
2,000 shares
Sum: Yen
100 million
Major shareholders (%): Toyobo Co Ltd* (100)
*.. Pioneer
in Japan’s spinning industry, Osaka, founded 1914, listed Tokyo S/E, capital
Yen 51,730 million, sales Yen 351,577 million, operating profit Yen 21,006
million, recurring profit Yen 18,426 million, net profit Yen 8,154 million,
total assets Yen 466,564 million, net worth Yen 148,962 million, employees
10,398, pres Seiji Namihara
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Trading firm for export and wholesale
of rugs & carpets, curtains, interior goods, nursing care goods, other
(--100%)
Clients: [Mfrs, wholesalers] Curtain-Jyutan
Ogoku, Soken Corp, Shimachu, Daimatsu Construction Co, Fujita Corp, Japanese Consumers’
Coop Union, Dinos Co, other
No. of
accounts: 300
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Toyobo Co,
Marubeni Intex, Sangetsu Corp, other
Imports from: Belgium, China, other
Payment record: Slow but correct
Location:
Business area in Osaka. Office premises
at the caption address are owned by the parent, Toyobo Co, and maintained
satisfactorily.
Bank References:
SMBC (Namba)
Kinki Osaka Bank (Semba)
Relations: Satisfactory
(In Million Yen)
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Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
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Annual
Sales |
|
2,810 |
2,728 |
3,054 |
3,448 |
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Recur.
Profit |
|
60 |
-45 |
65 |
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Net
Profit |
|
20 |
-55 |
2 |
64 |
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Total
Assets |
|
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1,431 |
1,516 |
N/A |
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Current
Assets |
|
|
1,350 |
1,435 |
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Current
Liabs |
|
|
1,209 |
1,250 |
100 |
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Net
Worth |
|
|
162 |
217 |
215 |
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Capital,
Paid-Up |
|
|
100 |
100 |
100 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
3.01 |
-10.67 |
-11.43 |
4.14 |
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Current Ratio |
|
.. |
111.66 |
114.80 |
.. |
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N.Worth Ratio |
|
.. |
11.32 |
14.31 |
.. |
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R.Profit/Sales |
|
2.14 |
-1.65 |
2.13 |
.. |
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N.Profit/Sales |
|
0.71 |
-2.02 |
0.07 |
1.86 |
|
Return On Equity |
|
.. |
-33.95 |
0.92 |
29.77 |
Notes:
Forecast (or estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.85 |
|
|
1 |
Rs.98.47 |
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Euro |
1 |
Rs.71.51 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
VNT |
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.