|
Report Date : |
19.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
FUKUHARA NEEDLE
CO LTD |
|
|
|
|
Registered Office : |
2753-1 Katada Shirahamacho Nishimurogun Wakayama-Pref 849-2201 |
|
|
|
|
Country : |
Japan |
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|
|
|
Financials (as on) : |
31.05.2012 |
|
|
|
|
Date of Incorporation : |
May 1964 |
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|
|
|
Com. Reg. No.: |
1700-01-009136
(Wakayama-Nishimurogun) |
|
|
|
|
Legal Form : |
Limited
Company (Kabushiki Kaisha) |
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|
|
|
Line of Business : |
Manufactures knitting needles, latch needles for circular knitting machines, knitting machine parts & components, others |
|
|
|
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No. of Employees : |
180 |
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 24.9 MILLION |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Slow but correct |
|
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 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
Mfg of
knitting needles for knitting machines
Nil
At the
caption address
SHIGEO
KATADA, PRES
Kazuo
Nasu, dir
Naohisa
Kotani, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 1,125 M
PAYMENTS SLOW BUT CORRECT CAPITAL Yen 79 M
TREND SLOW WORTH Yen 304 M
STARTED 1986 EMPLOYES 180
MFR OF KNITTING NEEDLES.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 24.9 MILLION, 30 DAYS NORMAL TERMS
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 mfr 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.
The sales volume for May/2012 fiscal term amounted to Yen
1,125 million, a 15% down from Yen 1,322 million in the previous term. The operations plunged into the red to post
Yen 32 million recurring loss and Yen 32 million net losses, respectively,
compared with Yen 4 million recurring profit and Yen 4 million net profit,
respectively, a year ago.
For the current term ending May 2013 the operations are
projected to come back to profitability to post Yen 10 million recurring profit
and Yen 10 million net profit, respectively, on a 7% rise in turnover, to Yen
1,200 million.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 24.9 million, on 30 days normal terms.
Date Registered: May 1964
Regd No.: 1700-01-009136 (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, (100%)
*.. *.. Importer, exporter & wholesaler of knitting machines,
Osaka, founded 1938, capital Yen 72 million, sales Yen 5,916 million, net loss
Yen 147 million, employees 48, pres Satoshi Uemura
Nothing
detrimental is known as to the commercial morality of executives.
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: Slow but
correct
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
(In Million Yen)
|
Terms Ending: |
31/05/2013 |
31/05/2012 |
31/05/2011 |
31/05/2010 |
|
|
Annual
Sales |
|
1,200 |
1,125 |
1,322 |
1,344 |
|
Recur.
Profit |
|
10 |
-32 |
4 |
|
|
Net
Profit |
|
10 |
-32 |
4 |
20 |
|
Total
Assets |
|
|
1,087 |
1,159 |
1,207 |
|
Current
Assets |
|
|
915 |
977 |
1,023 |
|
Current
Liabs |
|
|
783 |
819 |
868 |
|
Net
Worth |
|
|
304 |
336 |
332 |
|
Capital,
Paid-Up |
|
|
79 |
79 |
79 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
6.67 |
-14.90 |
-1.64 |
40.15 |
|
|
Current Ratio |
|
.. |
116.86 |
119.29 |
117.86 |
|
N.Worth Ratio |
.. |
27.97 |
28.99 |
27.51 |
|
|
R.Profit/Sales |
|
0.83 |
-2.84 |
0.30 |
.. |
|
N.Profit/Sales |
0.83 |
-2.84 |
0.30 |
1.49 |
|
|
Return On Equity |
.. |
-10.53 |
1.19 |
6.02 |
|
Notes:
Forecast (or estimated) figures for the 31/05/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.53.94 |
|
UK Pound |
1 |
Rs.86.24 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.