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Report No. : |
350190 |
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Report Date : |
19.11.2015 |
IDENTIFICATION DETAILS
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Name : |
EPSON SALES JAPAN CORPORATION |
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Registered Office : |
Nishi-Shinjuku Mitsui Bldg24F, 6-24-1 Nishi-Shinjuku Shinjukuku Tokyo 160-8324 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
May, 1983 |
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Com. Reg. No.: |
0111-01-003378 (Tokyo-Shinjukuku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Sale of PC’s, Printers, Other
(Products of the parent, Seiko Epson) |
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No. of Employees : |
1,765 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
|
Maximum Credit Limit : |
Yen 2,728.8 Million |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 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 |
EPSON SALES JAPAN CORPORATION
REGD NAME: Epson
Hanbai KK
MAIN OFFICE: Nishi-Shinjuku
Mitsui Bldg24F, 6-24-1 Nishi-Shinjuku Shinjukuku Tokyo 160-8324
JAPAN
Tel: 03-5321-4111 Fax: 03-5321-4123
*.. The is one of the parent’s
factories
URL: http://www.eson.jp
E-Mail address: (thru
the URL)
Sale
of PC’s, printers, other (products of the parent, Seiko Epson)
Osaka,
Nagoya, Sendai, Sapporo, Hiroshima, other (Tot 29)
NAOYUKI
SAEKI, PRES Kenji Sato, dir
Koji
Ogawa, dir Fuminori
Suzumura, dir
Tomoshi
Niki, dir Koichi
Kubota, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 202,453 M
PAYMENTSREGULAR CAPITAL Yen
4,000 M
TREND SLOW WORTH Yen
13,338 M
STARTED 1983 EMPLOYES 1,765
TRADING FIRM, OWNED BY SEIKO
EPSON CORP.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: ESTIMATED AT YEN 2,728.8 MILLION, ON 30 DAYS NORMAL TERMS.
The subject
company was established by Seiko Epson Corp as its sales agent of the products
produced. This is a trading firm for
import, export and wholesale of the products made by the parent (See OPERATION). The firm plans to merge
three group firms in Mar 2016 in order to streamline operations. Clients include electronic makers, stores,
other, nationwide
The
sales volume for Mar/2015 fiscal term amounted to Yen 202,453 million, a 2%
down from Yen 206,994 million in the previous term. The recurring profit was posted at Yen
2,506 million and the net profit at Yen 2,612 million, respectively, compared
with Yen4,026 million recurring profit and Yen2,107 million net losses,
respectively, a year ago.
For
the current term ending Mar 2016 the recurring profit is projected at Yen 4,100
million and the net profit at Yen 2,700 million, respectively, on a 5% rise in
turnover, to Yen 212,500 million.
The
financial situation is considered FAIR and good for ORDINARY business engagements. Max
credit limit is estimated at Yen 2,728.8 million, on 30 days normal terms.
Date
Registered: May 1983
Regd
No.: 0111-01-003378 (Tokyo-Shinjukuku)
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized:
32 million shares
Issued:
8 million shares
Sum:
Yen 4,000 million
Major shareholders (%): Seiko Epson Corp* (100)
*.. Leading printer mfr, Tokyo, founded 1959, listed Tokyo S/E, capital Yen 53,204 million, sales Yen 1,086,341 million, operating profit Yen 131,380 million, recurring profit Yen 132,536 million, net profit Yen 112,560 million, total assets Yen 1,014,690 million, net worth Yen 499,804 million, employees 71,835, pres Minoru Usui
Nothing detrimental is known as to the commercial morality of executives.
Activities:
Export, import and wholesales PC’s, printers, scanners, LC projectors, other,
the products of the parent, Seiko Epson Corp (--100%)
Clients:
[Mfrs, wholesalers] Yamada Denki, Kojima, Daiwabo Information Systems, Otsuka
Shokai, Ryoyo Electro, other
No. of accounts: 350
Domestic areas of activities:
Nationwide
Suppliers:
[Mfrs, wholesalers] Seiko Epson Corp (95%), other
Payment record: Regular
Location:
Business area in Tokyo. Office
premises at the caption address are leased and maintained satisfactory.
Bank References:
Mizuho Bank (Shinjuku)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2016 |
31/03/2015 |
31/03/2014 |
31/03/2013 |
|
|
Annual
Sales |
|
212,500 |
202,453 |
206,994 |
191,564 |
|
Recur.
Profit |
|
4,100 |
2,506 |
4,026 |
536 |
|
Net
Profit |
|
2,700 |
2,612 |
2,107 |
-284 |
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Total
Assets |
|
|
66,125 |
65,567 |
59,228 |
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Current
Assets |
|
|
57,883 |
57,733 |
50,374 |
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Current
Liabs |
|
|
51,641 |
51,393 |
46,185 |
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Net
Worth |
|
|
13,338 |
13,087 |
10,925 |
|
Capital,
Paid-Up |
|
|
4,000 |
4,000 |
4,000 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.96 |
-2.19 |
8.05 |
-9.14 |
|
Current Ratio |
|
.. |
112.09 |
112.34 |
109.07 |
|
N.Worth Ratio |
|
.. |
20.17 |
19.96 |
18.45 |
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R.Profit/Sales |
|
1.93 |
1.24 |
1.94 |
0.28 |
|
N.Profit/Sales |
|
1.27 |
1.29 |
1.02 |
-0.15 |
|
Return On Equity |
|
.. |
19.58 |
16.10 |
-2.60 |
Notes:
Forecast (or estimated) figures for the 31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.11 |
|
|
1 |
Rs.100.51 |
|
Euro |
1 |
Rs.70.39 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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.