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Report No. : |
322731 |
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Report Date : |
15.05.2015 |
IDENTIFICATION DETAILS
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Name : |
FRANCE BED CO LTD |
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Registered Office : |
Shinjuku Square Tower 5F, 6-22-1 Nishishinjuku Shinjukuku Tokyo 163-1105 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
May 1946 |
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Com. Reg. No.: |
0128-01-004462 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures beds, beddings, reclining beds, mattress, reclining beds,
nursing-care goods, furniture, other: |
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No. of Employees : |
1,355 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 |
FRANCE BED CO LTD
France Bed KK
Shinjuku Square Tower 5F, 6-22-1 Nishishinjuku Shinjukuku Tokyo 163-1105
JAPAN
Tel: 03-6741-5555 Fax:
03-6741-5556
*.. Registered at: 1148-5 Nakagamicho Akishima City Tokyo-Metrop
URL: http://www.bederabi.com/
E-mail: (thru
the URL)
ACTIVITIES: Mfg of beds, beddings, furniture
BRANCHES: Nationwide (93)
FACTORIES: Tokyo, Chitose (Hokkaido), Shizuoka, Mie,
Itami, other (Tot 6)
OFFICER(S): SHIGERU IKEDA, PRES Takayasu Goriki, s/mgn dir
Kazumi
Kadota, s/mgn dir Akira
Oshiki, mgn dir Tsutomu Shimada, mgn dir Hidenori Nagamatsu, mgn dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 50,936 M
PAYMENTS REGULAR CAPITAL Yen 5,604 M
TREND UP WORTH Yen 34,991 M
STARTED 1946 EMPLOYES 1,355
COMMENT: MFR OF BEDS & BEDDINGS, WHOLLY OWNED
BY FRANCE BED HOLDINGS CO LTD
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS
This is a leading mfr beds & beddings, mainly in high &
middle-class furniture. In 2004, founded
a Holding Company, France Bed Holdings Co Ltd (See REGISTRATION) and became its subsidiary. Stepping up nursing & welfare lines on
strength of leasing business of France Bed Medical Service thru entering
business for day service and home-visit nursing care service. Focusing on nursing care services, with
opening of sales outlets and introduction of new products. Scaling down furniture division.
The sales volume for Mar/2014 fiscal term amounted to Yen 50,936
million, an 8% up from Yen 47,094 million in the previous term. The recurring profit was posted at Yen 2,664
million and the net profit at Yen 1,508 million, respectively, compared with
Yen 1,923 million recurring profit and Yen 981 million net profit,
respectively, a year ago.
For the term that ended Mar 2015 the recurring profit was projected at
Yen 2,800 million and the net profit at Yen 1,600 million, respectively, on a
5% rise in turnover, to Yen 53,500 million.
Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: May
1946
Regd No.: 0128-01-004462
(Tokyo-Akishima)
Legal Status: Limited Company
(Kabushiki Kaisha)
Authorized: 44 million shares
Issued: 11.209 million shares
Sum: Yen 5,604.5
million
Major shareholders
(%):
France Bed Holdings Co Ltd* (100)
:.. Holding Company of France Bed Co Ltd and group subsidiaries, founded
2004, listed Tokyo S/E, capital Yen 3,000 million, sales Yen 54,891 million,
operating profit Yen 2,799 million, recurring profit Yen 2,784 million, net
profit Yen 1,397 million, total assets Yen 56,284 million, net worth Yen 34,668
million, employees 1,526, pres Shigeru Ikeda, concurrently
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures
beds, beddings, reclining beds, mattress, reclining beds, nursing-care goods,
furniture, other:
(Sales Breakdown
by Divisions): Furniture, interiors and healthcare (54%), nursing care & welfare
goods (39%), others (7%).
Clients: [Mfrs,
wholesalers] Marui, Otsuka Furniture, France Bed Sales, Mitsukoshi, Isetan,
Takashimaya Department Store, Daimaru Matsuzakaya, Yamano Holdings, Nichimo Corp, Tokyo Interior Furniture,
Otsuka Furniture, NITORI, other
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers [Mfrs, wholesalers]
Sojitz Corp, Chori, Ad Center, France Bed Furniture, Nagahori, France Bed
Sales, Rise Step, Toyo Rubber Ind, Itaya Ltd, Daiso Ind, Toyo Wire Ltd, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
MUFG (Shibuya-Chuo)
SMBC (Shibuya)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
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Annual Sales |
|
53,500 |
50,936 |
47,094 |
45,184 |
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Recur. Profit |
|
2,800 |
2,664 |
1,923 |
1,527 |
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Net Profit |
|
1,600 |
1,508 |
981 |
602 |
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Total Assets |
|
|
55,178 |
55,721 |
54,467 |
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Current Assets |
|
|
29,948 |
30,495 |
29,416 |
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Current Liabs |
|
|
17,324 |
15,168 |
14,052 |
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Net Worth |
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34,991 |
34,759 |
34,877 |
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Capital, Paid-Up |
|
|
5,604 |
5,604 |
5,604 |
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Div.Ttl in Million (¥) |
|
|
544 |
618 |
618 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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5.03 |
8.16 |
4.23 |
3.55 |
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Current Ratio |
|
.. |
172.87 |
201.05 |
209.34 |
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N.Worth Ratio |
|
.. |
63.41 |
62.38 |
64.03 |
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R.Profit/Sales |
|
5.23 |
5.23 |
4.08 |
3.38 |
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N.Profit/Sales |
|
2.99 |
2.96 |
2.08 |
1.33 |
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Return On Equity |
|
.. |
4.31 |
2.82 |
1.73 |
Notes: Forecast (or estimated) figures for the 31/03/2015 fiscal term
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.84 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.72.88 |
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.