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Report No. : |
335972 |
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Report Date : |
09.09.2015 |
IDENTIFICATION DETAILS
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Name : |
SPRING COSMO INTERNATIONAL CORPORATION |
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Registered Office : |
Iidabashi 3-Chome Bldg 2F, 3-2-2 Iidabashi Chiyodaku Tokyo 102-0072 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
Jun 1993 |
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Com. Reg. No.: |
(Tokyo-Chiyodaku) 131476 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Imports, exports (80%) and wholesales (20%) paper &
paper products: coated paper, bond paper, machine glazed paper, printing paper,
fiberboard, quality paper, used/recycled paper, pulp, other (--100%). |
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No. of Employees : |
11 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 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.
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Source
: CIA |
SPRING COSMO INTERNATIONAL CORPORATION
KK Spring Cosmo
International
Iidabashi 3-Chome
Bldg 2F, 3-2-2 Iidabashi Chiyodaku Tokyo 102-0072 JAPAN
Tel:
03-6272-3637 Fax: 03-6272-3682
*.. Moved to the caption address from the one as given
E-Mail
address: info@springcosmo.com
Import,
export, wholesale of paper, paper products
Nil
NAK
Cosmo Pty Ltd (Australia) (subsidiary)
FUMITAKA
TAKAHASHI, PRES Eiji
Takeshita, dir
Masanao
Osada, dir Yuzuru Isshiki, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 7,000 M
PAYMENTSSLOW
BUT CORRECT CAPITAL Yen 20 M
TREND UP WORTH Yen 306 M
STARTED 1993 EMPLOYES 11
TRADING
FIRM SPECIALIZING IN PAPER & PAPER PRODUCTS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESSS ENGAEMENTS, AND PROPOSED CREDIT
ENGAGEMENTS: US$600,000 / O/A 60 DAYS TERMS
The
subject company was established by Fumitaka Takahashi in order to make most of
his experience in the subject line of business.
This is a trading firm for import, export and wholesale of paper &
paper products: paper, coated paper, quality paper, board paper, used/recycled
paper, pulp, other. Goods are imported
from Korea, Europe, Asia, other, and exported to USA, Taiwan, Oceania, Asia
(about 80%). Domestic sales account for
20% of total sales. Domestic clients
include printing firms.
Financials are only partially disclosed.
The sales volume for Mar/2015 fiscal term amounted to Yen
7,000 million, a 19% up from Yen 5,900 million in the previous term. The weaker Yen contributed to raise revenues in
Yen terms. Exports were robust. The net profit was posted at Yen 7 million,
compared with Yen 15 million a year ago.
For the current term ending Mar 2016 the net profit is
projected at Yen 20 million, on a 5% rise in turnover, to Yen 7,350 million. Weaker Yen may continue increasing earnings
in Yen terms.
The financial situation is considered FAIR and good for
ORDINARY business engagements.
Date Registered: Jun
1993
Regd No.: (Tokyo-Chiyodaku)
131476
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 1,600 shares
Issued:
400 shares
Sum: Yen 20 million
Major shareholders (%): Fumitaka Takahashi (50), Nakagawa Mfg Co (25), Company’s
Treasury Stock (25)
No. of shareholders: 3
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports (80%) and wholesales
(20%) paper & paper products: coated paper, bond paper, machine glazed
paper, printing paper, fiberboard, quality paper, used/recycled paper, pulp,
other (--100%).
Clients: [Printers, wholesalers] Nakagawa Mfg
Co, Toyo Printing, Toppan Printing, Shiroki KK, Kokusai Pulp & Paper,
Seikosha Printing Ltd, Nippon Pulp & Paper, Gojo Paper Mfg, other.
Exports to Oceania (50%), other
to Taiwan, Vietnam, other Asia, USA, other
No. of
accounts: 350
Domestic
areas of activities: Centered in greater-Tokyo
Suppliers: [Mfrs, wholesalers] Shiroki Co, Japan
Paper & Pulp, Oji Trading, Kokusai Pulp & Paper, Gojo Paper Mfg,
Marubeni Corp, other.
Imports from Hansul Paper
(Korea), other from Europe, Asia, other.
Payment record: Slow
but correct
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
MUFG (Omotesando)
SMBC (Aoyama)
Relations: Satisfactory
(In Million Yen)
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Terms Ending: |
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31/03/2016 |
31/03/2015 |
31/03/2014 |
31/03/2013 |
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Annual
Sales |
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7,350 |
7,000 |
5,900 |
3,900 |
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Recur.
Profit |
|
.. |
.. |
.. |
.. |
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Net Profit |
|
20 |
7 |
15 |
18 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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|
306 |
299 |
284 |
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Capital,
Paid-Up |
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20 |
20 |
20 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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5.00 |
18.64 |
51.28 |
-7.14 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
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0.27 |
0.10 |
0.25 |
0.46 |
Notes:
Financials are only partially disclosed.
Forecast
(or estimated) figures for the 31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.66.61 |
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UK Pound |
1 |
Rs.102.30 |
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Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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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.