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Report Date : |
18.12.2013 |
IDENTIFICATION DETAILS
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Name : |
FREEMAN (JAPAN) CO LTD |
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Registered Office : |
4-12-9 Higashi-Hongo Midoriku Yokohama
226-0002 |
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Country : |
Japan |
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Financials (as on) : |
28.02.2013 |
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Date of Incorporation : |
May 1973 |
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Com. Reg. No.: |
0200-01-002335 (Yokohama-Midoriku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Importer, exporter and wholesaler of Sheet Waxes, Wax
Fillers, Machinable Wax, Fast Cast Polyurethanes, Gelcoat, Silicon Rubber,
Repro NS |
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No. of Employees : |
08 |
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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Maximum Credit Limit : |
Yen 14.5 Million |
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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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 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 |
FREEMAN (JAPAN) CO LTD
Nippon Freeman KK
4-12-9
Higashi-Hongo Midoriku Yokohama 226-0002 JAPAN
Tel:
045-473-3580 Fax: 045-473-3656
E-Mail address: (thru the URL)
Import,
export, wholesale of waxes, silicon rubber
Nil
(subcontracted)
NOBUYUKI
KITAZONO, PRES Kumiko Kitazono, dir
Yoshiki
Iwahori, dir Takahori Iwahori, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 471 M
PAYMENTS Slow
but Correct CAPITAL Yen
10 M
TREND SLOW WORTH Yen 626 M
STARTED 1973 EMPLOYES 8
TRADING FIRM SPECIALIZING IN WAXES, SILICON RUBBER, OTHER.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 14.5 MILLION, 30 DAYS NORMAL TERMS
The subject company was established by father of Nobuyuki Kitazono on business tie-up with Freeman Inc, USA. This is a trading firm specializing in waxes, silicon rubber, Repro NS, other. In 1979, closed import agency agreement with Ransom Randolph Inc (USA) for investment castings for precision machines, and in 1982 closed with Dassek Cambell Yates (USA) for import agency agreement. Clients include major automakers.
Financials are only partially disclosed as from Feb/2012 fiscal term.
The sales volume for Feb/2013 fiscal term amounted to Yen 471 million, a 2% down from Yen 479 million in the previous term. The net profit was posted at Yen 11 million, compared with Yen 24 million a year ago.
For the current term ending Feb 2014 the net profit is projected at Yen 15 million, on a 4% rise in turnover, to Yen 490 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 14.5 million, on 30 days normal terms.
Date Registered: May 1973
Regd No.: 0200-01-002335 (Yokohama-Midoriku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
80,000 shares
Issued:
20,000 shares
Sum: Yen 10 million
Major shareholders (%): Nobuyuki Kitazono (85), Kumiko
Kitazono (15)
No. of shareholders: 2
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports and wholesales sheet waxes, wax fillers, machinable wax, fast cast polyurethanes, gelcoat, other (--100%)
Clients: [Mfrs, wholesalers] King Parts Co, Nidak Seimitsu Inc, Daido Special Metal Inc, JUKI, Honda Motor, Nissan Motors, Toyota Tsusho Corp, IHI Corp, Mitsubishi Materials, other
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Freeman (USA) (25%), Limetto (25%), Ransom Randolph (17%), Lamp Japan (12%), other
Payment record: Slow but Correct
Location: Business area in Yokohama. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG (Shinyokohama)
Mizuho Bank (Kamoi)
Relations: Satisfactory
(In Million Yen)
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Terms Ending: |
|
28/02/2014 |
28/02/2013 |
29/02/2012 |
28/02/2011 |
|
Annual
Sales |
|
490 |
471 |
479 |
457 |
|
Recur.
Profit |
|
.. |
.. |
.. |
36 |
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Net
Profit |
|
15 |
11 |
24 |
21 |
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Total
Assets |
|
|
N/A |
N/A |
617 |
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Net
Worth |
|
|
626 |
615 |
591 |
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Capital,
Paid-Up |
|
|
10 |
10 |
10 |
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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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S.Growth Rate |
4.03 |
-1.67 |
4.81 |
43.71 |
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Current Ratio |
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|
.. |
.. |
.. |
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N.Worth Ratio |
|
.. |
.. |
95.79 |
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N.Profit/Sales |
3.06 |
2.34 |
5.01 |
4.60 |
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Notes:
Financials are only partially disclosed as from the 29/02/2012 fiscal term.
Forecast
(or estimated) figures for the 28/02/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.96 |
|
UK Pound |
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.85.33 |
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 |
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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 |
-- |
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.