MIRA
INFORM REPORT
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Report Date : |
16.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
FSK INC |
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Registered Office : |
1 Chuden Shinchi Chita City Aichi-Pref 478-0017 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
October 1958 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of Grinding Wheels |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
YEN 101.4 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
FSK INC
REGD NAME: KK F. S. K.
MAIN OFFICE: 1 Chuden Shinchi
Chita City Aichi-Pref 478-0017 JAPAN
Tel:
0562-55-3111 Fax: 0562-0172
E-Mail address: (through
the URL)
ACTIVITIES
Mfg of grinding wheels
BRANCHES
Tokyo, Nagoya (2), Fujisawa (Kanagawa), Hiroshima, Tochigi,
Anjo (Aichi), other (Tot 10)
FACTORY(IES)
At the caption address
OVERSEAS
FSK (Thailand) Co Ltd, Precision Abrasive (Thailand) Co Ltd
(--subsidiary makers)
OFFICER(S)
Kimiyoshi Itoh, ch
KEN’ICHI TAKEUCHI, PRES
Yasuaki Hanaue, mgn dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 3,228 M
PAYMENTS REGULAR CAPITAL Yen 72 M
TREND SLOW WORTH Yen 1,861 M
STARTED 1972 EMPLOYES 147
COMMENT
MFR OF
GRINDING WHEELS.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 101.4 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was
established originally in 1940 by Kimiyoshi Itoh in order to manufacture
vitrified bonded abrasive grinding wheels, on his account. Originally named Fuji Abrasive Works Co Ltd
and renamed as captioned in 1983.
Specializes in mfg grinding wheels: internal grinding wheels, jig
grinding wheels, mounted wheels for hand grinders, mold grinding wheels,
precision grinding wheels, turning tools, other. This is ranked as top mfr of grinding works. Has two factories in Thailand: FSK
(Thailand) Co Ltd, founded 1990, and Precision Abrasive (Thailand) Co Ltd
founded 2002. Domestically owns a JV
maker, Nihon Dia Tec Inc, established jointly with Diamond Holding
(Germany). Clients are specialized
wholesalers for distributing the products to automobile, electric equipment,
bearings, and other industries.
FINANCIAL INFORMATION
We have
obtained digested financial of the subject company. By this, the net worth is revised from our last report of
28/02/2005.
The sales volume for Sept/2007 fiscal term amounted to Yen
3,228 million, a 1.4% down from Yen 3,273 million in the previous term. The recurring profit was posted at Yen 311
million and the net profit at Yen 182 million, respectively, compared with Yen
278 million recurring profit and Yen 156 million net profit, respectively, a
year ago. Cost-cutting efforts
including materials costs took effect.
For
the current term ending Sept 2008 the net profit is projected at Yen 180
million, on a 2% rise in turnover, to Yen 3,300 million. Market continues steady and good.
The
financial situation is considered maintained FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 101.4 million, on 30 days normal terms.
REGISTRATION
Date Registered: Oct 1958
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 576,000
shares
Issued: 144,000
shares
Sum: Yen
72 million
Major shareholders (%)
Kimiyoshi
Itoh (26.1), Yasuyoshi Itoh (24.2), Tsubaki (11.1), Mitsuko Itoh (9.4), Ayano Itoh (3.9)
No. of shareholders
14
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities:
Manufactures internal grinding wheels, jig grinding wheels, diamond & CBN
wheels, internal grinding wheels, mounted wheels for hand grinders, mold
grinding wheels, precision grinding wheels, turning tools, sintered body tools,
others (--100%).
Goods are both imported and
exported.
Clients
[Mfrs,
wholesalers] Toyota Tsusho, FSK Osaka Hambai (subsidiary), Kokko Co, NSK Micro
Precision, Hiroshima Corp, Chuo Koki, Minitor, other.
No. of accounts
1,000
Domestic
areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Mitsui & Co, Nihon Dia Tec, Element
Six, Muraki Corp, Ibaraki Seito, other
Payment record
Regular
Location
Light
industrial area in Chita City, adjacent to Nagoya City. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References
MUFG (Chita)
Bank of Nagoya (Chita)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
30/09/2008 |
30/09/2007 |
30/09/2006 |
30/09/2005 |
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Annual
Sales |
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3,300 |
3,228 |
3,273 |
3,436 |
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Recur.
Profit |
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311 |
278 |
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Net
Profit |
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180 |
182 |
156 |
145 |
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Total
Assets |
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3,534 |
3,604 |
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Current
Assets |
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1,804 |
1,850 |
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Current
Liabs |
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892 |
1,206 |
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Net
Worth |
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1,861 |
1,706 |
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Capital,
Paid-Up |
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72 |
72 |
72 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.23 |
-1.37 |
-4.74 |
4.22 |
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Current Ratio |
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202.24 |
153.40 |
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N.Worth Ratio |
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52.66 |
47.34 |
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R.Profit/Sales |
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9.63 |
8.49 |
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N.Profit/Sales |
5.45 |
5.64 |
4.77 |
4.22 |
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Return On Equity |
.. |
9.78 |
9.14 |
.. |
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Notes:
Forecast (or estimated) figures for 30/09/2008 fiscal term.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)