|
Report Date : |
21.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
FUKUHARA INDUSTRIAL & TRADING CO LTD |
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|
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Registered Office : |
6-14
Kitahama-Higashi Chuoku |
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|
|
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Country : |
Japan |
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|
Financials (as on) : |
31.05.2012 |
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Date of Incorporation : |
August 1938 |
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Com. Reg. No.: |
1200-01-077540
(Osaka-Chuoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Export,
wholesale of circular knitting machines & equipment |
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|
No. of Employees : |
50 employees |
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 |
|
Status : |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 a technologically 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. Japan's industrial
sector is heavily dependent on imported raw materials and fuels. A tiny
agricultural sector is highly subsidized and protected, with crop yields among
the highest in the world. Usually self-sufficient in rice, Japan imports about
60% of its food on a caloric basis. Japan maintains one of the world's largest
fishing fleets and accounts for nearly 15% of the global catch. For three
decades, overall real economic growth had been spectacular - 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 after
effects 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. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2011 stood as the fourth-largest economy
in the world after second-place China, which surpassed Japan in 2001, and
third-place India, which edged out Japan in 2011. A sharp downturn in business
investment and global demand for Japan's exports in late 2008 pushed Japan
further into recession. 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 in March disrupted manufacturing. Electricity supplies
remain tight because Japan has temporarily shut down almost all of its nuclear
power plants after the Fukushima Daiichi nuclear reactors were crippled by the
earthquake and resulting tsunami. Estimates of the direct costs of the damage -
rebuilding homes, factories, and infrastructure - range from $235 billion to
$310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko
NODA has proposed opening the agricultural and services sectors to greater
foreign competition and boosting exports through membership in the US-led
Trans-Pacific Partnership trade talks and by pursuing free-trade agreements
with the EU and others, but debate continues on restructuring the economy and
reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent
deflation, reliance on exports to drive growth, and an aging and shrinking
population are other major long-term challenges for the economy.
|
Source : CIA |
FUKUHARA
INDUSTRIAL & TRADING CO LTD
Fukuhara Sangyo
Boeki KK
6-14
Kitahama-Higashi Chuoku Osaka 540-0031JAPAN
Tel:
06-6943-0696 Fax: 06-6941-1703
URL: http://www.fukuhara.co.jp
E-Mail address: dp@fukuhara.co.jp
Export,
wholesale of circular knitting machines & equipment
Nil
China
Fukuhara
Seiki Seisakusho (subsidiary maker)
SATOSHI
UEMURA, PRES Wataru Fujisawa, dir
Masanori
Fukuhara, dir Masafumi
Katahira, dir
Yoshiyasu
Arai, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 5,604 M
PAYMENTS Slow
but Correct CAPITAL Yen 72 M
TREND SLOW WORTH Yen 13,159 M
STARTED 1938 EMPLOYES 50
TRADING FIRM SPECIALIZING IN CIRCULAR KNITTING MACHINES.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established originally in 1923 by Yusuke Fukuhara for importing knitting machines, on his own. Incorporated in 1938 the firm has been succeeded by his descendants. This is a trading firm, with mfg division, for export of “Fukuhara” circular knitting machines & equipment, their parts & components. Products are manufactured by subsidiaries: Precision Fukuhara Works Ltd (machines & equipment), and Fukuhara Needle Co Ltd (needles, parts & components). Goods are exported to China, S/E Asia, Europe, USA, other
The sales volume for May/2012 fiscal term amounted to Yen 5,604 million, a 5% down from Yen 5,916 million in the previous term. Exports were hurt by the high Yen, reducing considerably revenues in Yen terms. The operations came back to profitability to post Yen 29 million net profit, compared with Yen 147 million net losses a year ago.
For the current term ending May 2013 the net profit is projected at Yen 30 million, on a 4% rise in turnover, to Yen 5,800 million. Exports into China are rising. Business is seen steadily expanding.
The financial situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Aug 1938
Regd No.: 1200-01-077540 (Osaka-Chuoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
576,000 shares
Issued:
145,152 shares
Sum: Yen 72,576,000.00
Major shareholders
(%): Employees’ S/Holding Assn (7.4), Yanmar Co (6.7), Yuji
Fukuhara (6.0)
No. of shareholders: 187
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Exports and wholesales “Fukuhara” circular knitting machines, equipment, parts & components (--100%)
Exports 90%
Clients: [Mfrs, wholesalers] Fukuhara Technique Shanghai (75%), Itochu Sys Tec Corp (25%), Monarch UK, Monarch USA, other
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Mfrs] Precision Fukuhara Works (75%), Fukuhara Needle Co (20%), Memminger-IRO (2%), other
Payment record: Slow but Correct
Location: Business area in Osaka. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG (Osaka-Chuo)
SMBC (Osaka-Chuo)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/05/2013 |
31/05/2012 |
31/05/2011 |
31/05/2010 |
|
|
Annual
Sales |
|
5,800 |
5,604 |
5,916 |
5,708 |
|
Recur.
Profit |
|
|
|
-151 |
39 |
|
Net
Profit |
|
30 |
29 |
-147 |
72 |
|
Total
Assets |
|
|
14,178 |
13,925 |
14,615 |
|
Current
Assets |
|
|
12,490 |
12,191 |
13,818 |
|
Current
Liabs |
|
|
820 |
569 |
1,083 |
|
Net
Worth |
|
|
13,159 |
13,151 |
13,320 |
|
Capital,
Paid-Up |
|
|
72 |
72 |
72 |
|
Div.P.Share(¥) |
|
|
15.00 |
15.00 |
15.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.50 |
-5.27 |
3.64 |
20.02 |
|
|
Current Ratio |
|
.. |
1,523.17 |
2,142.53 |
1,275.90 |
|
N.Worth Ratio |
.. |
92.81 |
94.44 |
91.14 |
|
|
R.Profit/Sales |
|
.. |
.. |
-2.55 |
0.68 |
|
N.Profit/Sales |
0.52 |
0.52 |
-2.48 |
1.26 |
|
|
Return On Equity |
.. |
0.22 |
-1.12 |
0.54 |
|
Notes:
Forecast (or estimated) figures for the 31/05/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.91 |
|
UK Pound |
1 |
Rs.87.38 |
|
Euro |
1 |
Rs.70.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.