MIRA INFORM REPORT

 

 

Report Date :           

16.12.2011

 

IDENTIFICATION DETAILS

 

Name :

FUKUHARA NEEDLE CO LTD

 

 

Registered Office :

2753-1 Katada Shirahamacho Nishimurogun Wakayama-Pref 849-2201

 

 

Country :

Japan

 

 

Financials (as on) :

31.05.2011

 

 

Date of Incorporation :

May 1964

 

 

Com. Reg. No.:

(Wakayama-Nishimurogun) ^

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of knitting needles for knitting machines

 

 

No. of Employees :

185 persons

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

Yen 22.8 Million

Status :

Satisfactory

Payment Behaviour :

Regular

Litigation :

----

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

FUKUHARA NEEDLE CO LTD

 

 

REGD NAME

 

Fukuhara Needle KK

 

 

MAIN OFFICE

 

2753-1 Katada Shirahamacho Nishimurogun Wakayama-Pref 849-2201 JAPAN

Tel: 0739-45-0032      Fax: 0739-45-1788

                                               

URL:                             http://www.fukuhara.co.jp

E-Mail address:                        dp@fukuhara.co.jp

 

 

ACTIVITIES  

 

Mfg of knitting needles for knitting machines

 

 

BRANCHES

 

Nil

 

 

FACTORIES

 

At the caption address

 

 

OFFICERS

 

SHIGEO KATADA, PRES                       Naohisa Kotani, dir

Kazuo Nasu, dir                                     Yoshimasa Arai, dir                   

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES        FAIR                             A/SALES          Yen 1,322 M

PAYMENTS      REGULAR                     CAPITAL           Yen 79 M

TREND             SLOW                          WORTH            Yen 336 M

STARTED         1986                             EMPLOYES      185

 

 

COMMENT

 

MFR OF KNITTING NEEDLES.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 22.8 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

 

The subject company was established on the basis of an mfg division separated from Fukuhara Industrial & Trading Co Ltd, Osaka (See REGISTRATION).   This is a specialized mfg of knitting & latch needles for circular knitting machines, and knitting machine parts & components.  Goods are wholly shipped to the parent, Fukuhara Industrial & Trading Co Ltd and group firms.

 

 

FINANCIAL INFORMATION

 

The sales volume for May/2011 fiscal term amounted to Yen 1,322 million, a 2% down from Yen 1,344 million in the previous term.  The net profit was posted at Yen 4 million, compared with Yen 20 million a year ago.

 

For the current term ending May 2012 the net profit is projected at Yen 5 million, on a 2% rise in turnover, to Yen 1,350 million.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 22.8 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  May 1964

Regd No.:         (Wakayama-Nishimurogun) ^

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         634,400 shares

Issued:                158,600 shares

Sum:                   Yen 79.3 million

 

Major shareholders (%): Fukuhara Industrial & Trading Co Ltd, trading firm specializing

 

In circular knitting machines, Osaka, founded 1938, capital Yen 72 million, sales Yen 5,708 million, operating loss Yen 51 million, recurring loss Yen 113 million, net loss Yen 115 million, total assets Yen 14,615 million, employees 49, pres Satoshi Uemura

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

           

Activities: Manufactures knitting needles, latch needles for circular knitting machines, knitting machine parts & components, others (--100%).

 

 

Clients: [Mfrs, wholesalers] Fukuhara Industrial & Trading Co, Precision Fukuhara Works Ltd.

            No. of accounts: 2

            Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Tokushu Kinzoku Excel Co, Tajima Steel Co, Osaka Heat Treatment Co, Tokuda Co, other

 

Payment record: Regular

 

Location: Business area in Wakayama.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

·         Kiyo Bank (Shirahama)

·         MUFG (Tanabe)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/05/2012

31/05/2011

31/05/2010

31/05/2009

Annual Sales

　

1,350

1,322

1,344

959

Recur. Profit

　

　

　

　

　

Net Profit

　

5

4

20

-94

Total Assets

　

　

1,159

1,207

　        N/A

Current Assets

　

　

977

1,023

　

Current Liabs

　

　

819

868

　

Net Worth

　

　

336

332

312

Capital, Paid-Up

　

　

79

79

79

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

2.12

-1.64

40.15

-34.45

    Current Ratio

 

..

119.29

117.86

..

    N.Worth Ratio

..

28.99

27.51

..

    R.Profit/Sales

 

..

..

..

..

    N.Profit/Sales

0.37

0.30

1.49

-9.80

    Return On Equity

..

1.19

6.02

-30.13

 

Notes: Forecast (or estimated) figures for the 31/05/2012 fiscal term.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.24

UK Pound

1

Rs.83.77

Euro

1

Rs.70.46

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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