sMIRA INFORM REPORT

 

 

Report No. :

344714

Report Date :

13.10.2015

 

IDENTIFICATION DETAILS

 

Name :

NEXT CO LTD

 

 

Registered Office :

725-11 Ohara-cho, Ohta-shi, Gumma 3792304

 

 

Country :

Japan

 

 

Financials (as on) :

October 2012

 

 

Date of Incorporation :

28.11.1991

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Manufacturer of Textiles & Raw Material.

 

 

No. of Employee :

8

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

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

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

COMPANY DETAILS

 

Global Identifier

:

P3312609

Country

:

Japan

Business Entity Name

:

NEXT CO LTD (1)

Operating Address

:

725-11 Ohara-cho, Ohta-shi, Gumma 3792304

Tel

:

[+81] 277-788399

Fax

:

[+81] 277-788398

Website

:

http://www.rakuten.ne.jp/gold/auc-nextyle/

Primary Business Activity

:

Manufacturer

Primary Industry

:

Textiles & Raw Material

 

 

KEY FACTS

 

Registered Legal Address

:

725-11 Ohara-cho, Ohta-shi, Gumma 3792304

License Number

:

0700-01-019954

Date of Registration

:

28 Nov, 1991

Issuing Authority

:

Legal Affairs Bureau, Ministry of Justice - National

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Company Limited

Legal Form - Abbreviation

:

CO LTD

License Status

:

License exists - Normal.

Operational Status of Business

:

Normal

Employees

:

8

Capital

:

n/a (2)

Note:

(1) Legal status of the English corporate name
The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.

(2) Not applicable.
Based on the current corporate laws of Japan there is no longer a requirement for Authorized Capital.

 

 

 

Adverse Data

 

 Results

:

Total of  0  record found.

 

 

 

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2012 Annual  

3,308,184

3,876,427

3,479

2013 Annual  

2,836,811

n/a

4,433

2014 Annual  

2,547,448

n/a

8,435

 

 

SALES TREND – ANALYSIS

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

-

-

-

-

-

-

-

-

http://www.asiancredit.com/Manage/image/down_arrow_04.gif

http://www.asiancredit.com/Manage/image/down_arrow_04.gif

 

 

 

 

 

KEY PERSON

 

Legal Title

:

Chairman

Name

:

Mr. Hiroshi Ito

Local Name

:

伊藤裕

Registered Address

:

68-17 Fujikura-cho, Ota-shi, Gumma 3730035

Nationality

:

Japanese

 

 

 

 

PRIMARY PRODUCTS

 

Products / Materials / Services Description

Activity

Curtains

Manufacturing, Importing

 

 

 

 

COMMERCIAL CREDIT INQUIRIES

 

Date of Inquiry

Industry
in which Inquirer Operates

Credit Type
(* / **)

Credit Amount

Period

13 Oct, 2015

Professional Services

MRC

USD 50,000

90 days

 

Note:

*

MRC

:

Max. Recommended Credit amount

**

ISC

:

Inquirer Specified Credit amount

 

 

 

FULLCHECK REPORT DETAILS

 

 

Country

:

Japan

Business Entity Name

:

NEXT CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Textiles & Raw Material

Office Contact Details

Operating Address

:

725-11 Ohara-cho, Ohta-shi, Gumma 3792304

Tel

:

[+81] 277-788399

Fax

:

[+81] 277-788398

Website Details

Website

:

http://www.rakuten.ne.jp/gold/auc-nextyle/

Status

:

Normal - operational

Country of Registration

:

Japan

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Curtains and draperies

2391

Manufacturing, Importing

Fabricated textile products, nspf

2399

Manufacturing, Importing

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Curtains & interior blinds; curtain & bed valances

6303

Manufacturing, Importing

Curtains, including drapes, and interior blinds; curtain or bed valances, knitted or crocheted, of cotton

6303110000

Manufacturing, Importing

Curtains, including drapes, and interior blinds; curtain or bed valances, knitted or crocheted, of other textile fibers

6303190020

Manufacturing, Importing

Other table linen: of cotton, tablecloths and napkins

6302513500

Importing

Textile products etc. for specific tech uses

5911

Manufacturing, Importing

 

 

 

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Products / Materials / Services Description

Ranking

Activity

Partitions

Secondary

Importing

Table cloth

Secondary

Importing

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of NEXT CO LTD is Manufacturing - Finished products.

Key product include :

Curtains

 

Supplementary Business

 

In addition to the core business, NEXT CO LTD also is engaged in the following areas of business:

Importing

Importing - Finished products

Importing - Raw materials

 

 

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Hiroshi Ito

Japanese

President

-

2

M/s. Ritsuko Ito

Japanese

Director

Business Line

3

Mr. Yasuo Ito

Japanese

Administrator

-

 

 

 

Management Details - 1

Personal Unique Identifier

:

MI03913065

Name

:

Mr. Hiroshi Ito

Name in local language

:

伊藤裕

Date of Birth

:

29 Sep, 1978

Registered address

:

68-17 Fujikura-cho Ota-shi Gumma 3730035

Country of Residence

:

Japan

Date of appointment

:

31 Jul, 2013

 

 

Management Details - 2

Personal Unique Identifier

:

MI03913066

Name

:

M/s. Ritsuko Ito

Name in local language

:

伊藤律子

 

 

Management Details - 3

Personal Unique Identifier

:

MI03913064

Name

:

Mr. Yasuo Ito

Name in local language

:

伊藤泰男

 

 

 

 

CAPITAL

 

(Currency: JPY - Japanese Yen)

 

No. of Authorized Shares

:

800

Paid-up Capital

:

¥ 20,000,000

 

 

 

Date

Paid-up Capital - History

28 Nov, 1991

10,000,000

Dec, 1998

20,000,000

 

 

 

 

FINANCIAL STATEMENT - DETAILED

 

Balance Sheet

Currency

:

JPY

Denomination

:

1

Financial Year Ending

:

October

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Share Capital(*)

20,000,000

-

-

Total Liabilities(*)

270,424,000

-

-

Assets 

Current Assets(*)

232,764,000

-

-

Total Assets(*)

332,016,000

-

-

Non Current Assets(*)

99,252,000

-

-

Liabilities 

Non Current Liabilities(*)

227,474,000

-

-

Current Liabilities(*)

42,950,000

-

-

Shareholders Funds(*)

61,592,000

-

-

 

Current Assets

232,764,000

-

-

Cash & Equivalents

32,745,000

-

-

Accounts Receivable

91,199,000

-

-

Inventories

103,188,000

-

-

Deferred Tax Assets

0

-

-

Other Assets

5,632,000

-

-

Fixed Assets

99,252,000

-

-

Tangible Fixed Assets

83,108,000

-

-

Intangible Fixed Assets

448,000

-

-

Investments & Other Assets

15,696,000

-

-

Deferred Assets

0

-

-

Total assets

332,016,000

-

-

Current Liabilities

42,950,000

-

-

Accounts Payable

4,422,000

-

-

Short-term Loans

33,144,000

-

-

Long-term loans due

0

-

-

Outstanding Expenses

4,497,000

-

-

Other Current Liabilities

887,000

-

-

Fixed Liabilities

227,474,000

-

-

Bonds

0

-

-

Long-term loans

227,474,000

-

-

Retirement Benefits

0

-

-

Other Fixed Liabilities

0

-

-

Paid in Capital

20,000,000

-

-

Capital Reserves

0

-

-

Retained Earnings (Loss)

41,592,000

-

-

Total Shareholders' Equity

61,592,000

-

-

Valuation & Adjustment

0

-

-

Minority Interest

0

-

-

Treasury Stock

0

-

-

Warrants

0

-

-

Total Liabilities and Net Assets

332,016,000

-

-

Note: (*)

Financial Highlights

 

INCOME STATEMENT

Currency

:

JPY

Denomination

:

1

Financial Year Ending

:

October

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Turnover(*)

283,346,000

295,000,000

302,000,000

Profit (Loss) Before Tax(*)

504,000

-

-

Profit After Tax attributable to Shareholders(*)

298,000

461,000

1,000,000

 

Net Sales/Revenue

283,346,000

-

-

Cost of Goods Sold

218,414,000

-

-

Gross Profit

64,932,000

-

-

Selling, General & Administrative Expenses

58,357,000

-

-

Operating Profit (Loss)

6,575,000

-

-

Non Operating Income

163,000

-

-

Non Operating Expenses

6,239,000

-

-

Ordinary Profit (Loss)

499,000

-

-

Special Profit

5,000

-

-

Special Loss

0

-

-

Pretax Profit (Loss)

504,000

-

-

Provisions for Taxes

206,000

-

-

income taxes-deferred

0

-

-

Minority Interest

0

-

-

Net Profit(Loss)

298,000

-

-

Note: (*)

Financial Highlights

 

FINANCIAL RATIOS

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Growth % 

Year-on-Year Growth

-

4.11

2.37

Profitability 

Profit Margin (%)

0.11

0.16

0.33

Return on Equity (%)

0.48

-

-

Return on Assets (%)

0.09

-

-

Leverage 

Total Debt Equity (Times)

4.39

-

-

Current Debt Equity (Times)

0.70

-

-

Long Term Debt to Equity

3.69

-

-

Total Asset To Total Equity

5.39

-

-

Asset Management 

Total Assets Turnover (Times)

0.85

-

-

Fixed Assets Turnover (Times)

2.85

-

-

Liquidity 

Current Ratio

5.42

-

-

 

 

 

 

REPUTATION

 

 

 

Reference checking for the purpose of establishing NEXT CO LTD's reputation within the respective industry failed to reveal any adverse information.

 

 

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

 

 

DISHONORED CHECKS

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

DEBT

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

CIVIL LITIGATION

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

PERFORMANCE DEFAULTS

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

ASHIKAGA BANK LTD, THE

Global Identifier

:

P0188284

Branch

:

Utsunomiya-shi

Branch Address

:

SHINJUKU

SWIFT Code

:

ASIKJPJT

 

Bank Name

:

GUNMA BANK LTD, THE

Global Identifier

:

P0189278

Branch

:

Maebashi-shi

Branch Address

:

OHARA

SWIFT Code

:

GUMAJPJT

 

Bank Name

:

KIRYO SHINKIN BANK , THE

Global Identifier

:

P2316234

Branch

:

Kiryu-shi

Branch Address

:

YABUTSUKA

SWIFT Code

:

This bank does not have a SWIFT Code

 

Bank Name

:

TOWA BANK LTD, THE

Global Identifier

:

P0189290

Branch

:

Maebashi-shi

Branch Address

:

TOWA BANK LTD , THE

SWIFT Code

:

TOWAJPJT

 

 

 

 

SHAREHOLDERS

 

 

Total number of shareholders

:

3

Total number of shares

:

400

 

Currency

:

JPY - Japanese Yen

 

No.

Shareholders

Country

Shares

Number

Amount (JPY)

%

1

Mr. Yasuo Ito

Japan

275

13,750,000

68.80

2

Mr. Hiroshi Ito

Japan

65

3,250,000

16.20

3

M/s. Ritsuko Ito

Japan

60

3,000,000

15.00

Total

400

20,000,000

100.00

 

Today's Exchange rate

:

1.00 JPY
Japanese Yen

=

0.008338 USD
United States Dollars

 

 

Based on corporate statutory laws / regulations in Japan, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

 

 

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03913066

Name

:

M/s. Ritsuko Ito

Name in local language

:

伊藤律子

 

2

 

 

Personal Unique Identifier

:

MI03913065

Name

:

Mr. Hiroshi Ito

Name in local language

:

伊藤裕

Date of Birth

:

29 Sep, 1978

Registered Address

:

68-17 Fujikura-cho ,Ota-shi ,Gumma 3730035

Country of Residence

:

Japan

Date of Appointment

:

31 Jul, 2013

 

3

 

 

Personal Unique Identifier

:

MI03913064

Name

:

Mr. Yasuo Ito

Name in local language

:

伊藤泰男

 

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

China

Medium

Importing

India

Medium

Importing

 

 

 

 

DOMESTIC SUPPLIERS

 

Business Entity Name

Global Identifier

ICHIMURA SANGYO CO LTD

P0234099

KAEI LACE CO LTD

P0581179

KOWA CO LTD

P1147119

MOMASA LACE CO LTD

P3312630

 

 

 

 

DOMESTIC CUSTOMERS

 

Business Entity Name

Global Identifier

KAWASHIMA SELKON TEXTILES CO LTD

P0504714

KOMERI CO LTD

P0288534

SUCCESS CO LTD

P0740961

UNIVERS CO LTD

P3312637

 

 

 

 

 

OFFICE & FACILITIES

 

The following information relates to the Business Entity's office as listed above:

 

Name

:

NEXT CO LTD - OHTA-SHI, GUMMA

Primary Use

:

Office & Administration facilities

Address

:

725-11 Ohara-cho, Ohta-shi, Gumma 3792304

Country

:

Japan

Status

:

Operational

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.73

UK Pound

1

Rs.99.30

Euro

1

Rs.73.60

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

ANK

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

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%)

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.