|
Report Date : |
18.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
FASIC CO LTD |
|
|
|
|
Registered Office : |
63-1 Gosai Sanjo Ichinomiya Aichi-Pref 494-0003 |
|
|
|
|
Country : |
Japan |
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|
|
|
Financials (as on) : |
30.06.2012 |
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|
|
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Date of Incorporation : |
September 1974 |
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|
|
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Com. Reg. No.: |
1800-01-083560 (Aichi-Ichinomiya) |
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|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
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|
|
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Line of Business : |
Import, wholesale of men’s apparel, accessories |
|
|
|
|
No. of Employees : |
26 |
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 51.9 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 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
FASIC CO LTD
REGD NAME: KK
Fasic
MAIN OFFICE: 63-1
Gosai Sanjo Ichinomiya Aichi-Pref 494-0003 JAPAN
Tel:
0586-63-2300 Fax: 0586-63-2322
*.. The is its Tokyo
agent office
E-Mail address: (thru the URL)
Import, wholesale
of men’s apparel, accessories
Tokyo (agent as
given)
China, Indonesia
China (3), Indonesia
(opened in 2011)
KAZUNARI SHIBATA,
PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 6,347 M
PAYMENTS SLOW BUT CORRECT CAPITAL Yen 25 M
TREND UP WORTH Yen 613 M
STARTED 1974 EMPLOYES 26
TRADING FIRM SPECIALIZING IN MEN’S CLOTHING.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 51.9 MILLION, 30 DAYS NORMAL TERMS
This is a trading firm,
with mfg division, for import and wholesale of men’s apparel: dresses, suits,
slacks, other (See OPERATION). Mfg is all subcontracted to its subsidiaries
in China (3) and Indonesia. The
Indonesian Factory was opened in 2011.
Goods are imported. Goods are
wholly supplied to Aoki Corp, men’s apparel chain stores.
The sales volume for
Jun/2012 fiscal term amounted to Yen 6,347 million, an 18% up from Yen 5,390
million in the previous term. The newly
established Indonesian subsidiary factory fully contributed. The recurring profit was posted at Yen 132
million and the net profit at Yen 28 million, respectively, compared with Yen
163 million recurring profit and Yen 16 million net profit, respectively, a
year ago.
For the term that ended
Jun 2013 the recurring profit was projected at Yen 135 million and the net
profit at Yen 30 million, respectively, on a 3% rise in turnover, to Yen 6,550
million. Final results are yet to be
released.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 51.9
million, on 30 days normal terms.
Date Registered: Sept 1974
Regd No.:
1800-01-083560 (Aichi-Ichinomiya)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 200,000 shares
Issued: 40,000 shares
Sum: Yen 25 million
Major shareholders (%): Kazunari Shibata
(37), Kinji Adachi (36), Kayoko Adachi (15), Fashion Sewing (11), Alta Moda Co
(10)
No. of shareholders: 8
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports and
wholesales men’s apparel: suits, formal wear, bulzons, trousers, pants,
jackets, slacks, other (--100%)
Goods are manufactured at its subsidiary
factories in China (3) and Indonesia
Clients: [Apparel chain
store] Supplied wholly to Aoki Co
No. of accounts: 1
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Takisada Nagoya, Toyama & Co, Takaoka & Co, Homeostyle Co,
other
Payment record: Slow but correct
Location: Business area in
Ichinomiya, Aichi-Pref. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG (Ichinomiya)
Ichii Shinkin Bank
(Ekinishi)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
30/06/2013 |
30/06/2012 |
30/06/2011 |
30/06/2010 |
|
|
Annual
Sales |
|
6,550 |
6,347 |
5,390 |
4,743 |
|
Recur.
Profit |
|
135 |
132 |
163 |
|
|
Net
Profit |
|
30 |
28 |
16 |
16 |
|
Total
Assets |
|
|
5,152 |
4,056 |
3,593 |
|
Current
Assets |
|
|
4,249 |
3,200 |
|
|
Current
Liabs |
|
|
2,943 |
2,244 |
|
|
Net
Worth |
|
|
613 |
587 |
573 |
|
Capital,
Paid-Up |
|
|
25 |
25 |
25 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.20 |
17.76 |
13.64 |
1.48 |
|
|
Current Ratio |
|
.. |
144.38 |
142.60 |
.. |
|
N.Worth Ratio |
.. |
11.90 |
14.47 |
15.95 |
|
|
R.Profit/Sales |
|
2.06 |
2.08 |
3.02 |
.. |
|
N.Profit/Sales |
0.46 |
0.44 |
0.30 |
0.34 |
|
|
Return On Equity |
.. |
4.57 |
2.73 |
2.79 |
|
Notes: Forecast (or
estimated) figures for the 30/06/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.36 |
|
|
1 |
Rs.89.69 |
|
Euro |
1 |
Rs.77.98 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.