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Report Date : |
19.01.2013 |
IDENTIFICATION DETAILS
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Name : |
PRECISION FUKUHARA WORKS LTD |
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Registered Office : |
7-3-5 Ibukidai-Higashimachi Nishiku Kobe 651-2242 |
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Country : |
Japan |
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Financials (as on) : |
31.05.2012 |
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Date of Incorporation : |
October, 1956 |
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Com. Reg. No.: |
1400-01-002393 |
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Legal Form : |
Limited Company |
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Line of Business : |
Mfg of circular knitting machines |
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No. of Employees : |
158 |
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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Maximum Credit Limit: |
YEN 159.7 Million |
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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 |
|
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 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 |
PRECISION FUKUHARA
WORKS LTD
KK Fukuhara Seiki Seisakusho
7-3-5 Ibukidai-Higashimachi Nishiku Kobe 651-2242 JAPAN
Tel: 078-997-9800 Fax:
078-997-6806
URL: http://www.pfw.co.jp
E-Mail address: info@pfw.co.jp
Mfg of circular knitting machines
Osaka
TOSHIKATSU HANYU, PRES Hideo
Tanaka, ch
Yoshitaka Okamoto, dir Kosaku
Iida, dir
Toshihiro Okayama, dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 3,400 M
PAYMENTS NO COMPLAINTS CAPITAL Yen 96 M
TREND SLOW WORTH Yen 4,344 M
STARTED 1956 PLOYES 158
MFR OF CIRCULAR KNITTING MACHINES.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 159.7 MILLION, 30 DAYS NORMAL TERMS
The subject company was established on the basis of mfg division
separated from Fukuhara Industrial & Trading Co Ltd, Osaka (See REGISTRATION). This is a specialized mfr of circular
knitting machines & attachments.
Goods are wholly shipped to the parent for export to Asia, USA and
Europe. Overseas sales account for 95%
(80% in Asia, 15% in USA/Europe).
The sales volume for May/2012 fiscal term amounted to Yen 3,400 million,
a slight rise from Yen 3,375 million in the previous term. Exports were hurt by the high Yen, reducing
earnings & profits in Yen terms. The
operations continued in the red to register Yen 890 million recurring loss and
Yen 943 million net losses, respectively, compared with Yen 8790 million
recurring loss and Yen 130 million net losses, respectively, a year ago. Loss figures widened.
For the current term ending May 20133 the operations are projected to
come back to profitability to post Yen 300 million recurring profit and Yen 300
million net profit, respectively, on a 3% rise in turnover, to Yen 3,500
million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit
limit is estimated at Yen 159.7 million, on 30 days normal terms.
Date Registered: Oct
1956
Regd No.: 1400-01-002393
(Kobe-Nishiku)
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 760,000 shares
Issued:
192,000 shares
Sum: Yen
96 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
circular knitting machines & attachments (--100%).
Clients: [Wholesaler]
Supplied wholly to the parent, Fukuhara Industrial & Trading Co Ltd.
No. of accounts: 1
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsu Seiki Co, Fukuhara Industrial & Trading Co, Glory AZ
System, Panasonic Industry Sales, Yutaka Trading Co, Fukuhara Needle, Tominaga Co,
Terauchi Seisakusho, Yagi Mfg Co, other
Payment record: No Complaints
Location: Business area in
Kobe. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
SMBC (Nishishin-Chuo)
MUFG (Kobe)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/05/2013 |
31/05/2012 |
31/05/2011 |
31/05/2010 |
|
|
Annual Sales |
|
3,500 |
3,400 |
3,375 |
3,526 |
|
Recur. Profit |
|
300 |
-890 |
-790 |
-993 |
|
Net Profit |
|
300 |
-943 |
-130 |
-873 |
|
Total Assets |
|
|
5,555 |
6,007 |
6,876 |
|
Current Assets |
|
|
2,462 |
2,776 |
3,074 |
|
Current Liabs |
|
|
1,211 |
662 |
1,342 |
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Net Worth |
|
|
4,344 |
5,287 |
5,418 |
|
Capital, Paid-Up |
|
|
96 |
96 |
96 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.94 |
0.74 |
-4.28 |
36.35 |
|
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Current Ratio |
|
.. |
203.30 |
419.34 |
229.06 |
|
N.Worth Ratio |
.. |
78.20 |
88.01 |
78.80 |
|
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R.Profit/Sales |
|
8.57 |
-26.18 |
-23.41 |
-28.16 |
|
N.Profit/Sales |
8.57 |
-27.74 |
-3.85 |
-24.76 |
|
|
Return On Equity |
.. |
-21.71 |
-2.46 |
-16.11 |
|
Notes: Forecast (or estimated) figures for the 31/05/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.94 |
|
|
1 |
Rs.86.24 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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 |
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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.