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Report Date : |
20.04.2013 |
IDENTIFICATION DETAILS
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Name : |
FXC INC |
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Registered Office : |
Komagata TC Bldg 9F, 1-3-14 Komagata Taitoku Tokyo 111-0043 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
January 2001 |
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Com. Reg. No.: |
0105-01-029351
(Tokyo-Taitoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Provider of network solutions: Ethernet switches, fiber
optic CWDM systems |
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No. of Employees : |
51 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
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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 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 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 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. Modest economic
growth continued after 2000, but the economy has fallen into recession three
times since 2008. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan 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 and the
ensuing tsunami in March disrupted manufacturing. The economy has largely
recovered in the two years since the disaster, but reconstruction in the Tohoku
region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared
the economy his government's top priority; he has pledged to reconsider his
predecessor's plan to permanently close nuclear power plants and is pursuing an
economic revitalization agenda of fiscal stimulus and regulatory reform and has
said he will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 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 2012. The new government will continue a longstanding debate 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 |
FXC INC
FXC KK
Komagata TC Bldg
9F, 1-3-14 Komagata Taitoku Tokyo 111-0043 JAPAN
Tel:
03-5827-0760
Fax: 03-5827-0717
URL: http://www.fxc.jp/
E-Mail address: (thru
the URL)
Provider
of network solutions: Ethernet switches, fiber optic CWDM systems
Shanghai
(FXC China Co Ltd), California (Future Communications Inc)
(subcontracted)
SHIGEYUKI
TANIWA, PRES Ken’ichi Tabata, dir
Kazuhiro
Uchida, dir Shinobu
Kobayashi, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 834 M
PAYMENTS No Complaints
CAPITAL Yen 100 M
TREND UP WORTH Yen 333 M
STARTED 2001 EMPLOYES 51
PROVIDER OF NETWORK EQUIPMENT
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS
The subject company was established by Shigeyuki Taniwa in order to make
most o his experience in the subject line of business. This is a trading firm, with mfg division,
for import, export and wholesale of network/multimedia equipment that includes
Layer 2 & Layer 3 Ethernet switches & fiber optic CWDM systems. Distributor of SMC Networks products in
Japan. Has offices in China & USA,
covering operations & clients in each market. Clients include major electronics mfrs,
network providers, other, nationwide.
The sales volume for Dec/2012 fiscal term amounted to Yen 834 million, a
24% up from Yen 672 million in the previous term. New cloud service started in 2012
contributed. Operations came back to
profitability to post Yen 15 million recurring profit and Yen 10 million net
profit, respectively, compared with Yen 81 million recurring loss and Yen 80
million net losses, respectively, a year ago.
Capital decreased to Yen 100 million from 302 million.
For the current term ending Dec 2013 the recurring profit is projected
at Yen 15 million and the net profit at Yen 10 million, respectively, on a 3%
rise in turnover, to Yen 860 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date
Registered: Jan 2001
Regd No.: 0105-01-029351 (Tokyo-Taitoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
8,000 shares
Issued: 2,000 shares
Sum: Yen 100 million
Major shareholders (%): Shigeyuki Taniwa (30), Taiga-1
Investment (15), Technology Ventures Investment (10), NVCC Investment (10),
Satoru Kuwayama (5)
No. of shareholders: 38
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Imports, exports and
wholesales network/multi media equipment: management switches, Ethernet
switches, media converters, CWDM devices; provider of SMC Networks products in
Japan, cloud services, other (--100%).
(SMC Networks
products): CWDM “Light Edge” series, management switches, media converters, micro
MPEG4 recorder/player units, Ethernet switches, other.
Clients: [Electronic mfrs,
network firms] NTT Advance Technology, Net One Systems, Daiwabo Information
System, Sun Telephone, Mitsui Knowledge Ind, DNP Fine Electronics, Itochu
Techno Solutions, Fujitsu Business System, SoftBank BB, Daiwabo Information
Systems, other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Repotec Co, Acton Technology Corp, Browave Corp, UDM International
Co, Packet Light Networks Ltd, Nobile Japan Ltd, Nitto Tsushinki, other.
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank
References:
MUFG (Nihombashi-Chuo)
Mizuho Bank (Roppongi)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
Annual
Sales |
|
860 |
834 |
672 |
903 |
|
Recur.
Profit |
|
15 |
15 |
-81 |
14 |
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Net
Profit |
|
10 |
10 |
-80 |
10 |
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Total
Assets |
|
|
942 |
939 |
912 |
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Current
Assets |
|
|
831 |
851 |
815 |
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Current
Liabs |
|
|
292 |
230 |
232 |
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Net
Worth |
|
|
333 |
327 |
407 |
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Capital,
Paid-Up |
|
|
100 |
302 |
302 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.12 |
24.11 |
-25.58 |
9.19 |
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Current Ratio |
|
.. |
284.59 |
370.00 |
351.29 |
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N.Worth Ratio |
.. |
35.35 |
34.82 |
44.63 |
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R.Profit/Sales |
|
1.74 |
1.80 |
-12.05 |
1.55 |
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N.Profit/Sales |
1.16 |
1.20 |
-11.90 |
1.11 |
|
|
Return On Equity |
.. |
3.00 |
-24.46 |
2.46 |
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Notes:
Forecast (or estimated) figures for the 31/12/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
UK Pound |
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
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 |
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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 |
|
<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.