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Report Date : |
12.06.2013 |
IDENTIFICATION DETAILS
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Name : |
FOR-A COMPANY LTD |
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Registered Office : |
3-8-1 Ebisu Shibuyaku Tokyo 150-0013 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2012 |
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Date of Incorporation : |
October 1971 |
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Com. Reg. No.: |
0110-01-030263 (Tokyo-Shibuyaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of broadcast & video equipment |
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No. of Employees : |
220 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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 – 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 |
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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
FOR-A COMPANY LTD
REGD NAME: KK
Hoei
MAIN OFFICE: 3-8-1
Ebisu Shibuyaku Tokyo 150-0013 JAPAN
Tel:
03-3446-3121 Fax: 03-3446-4451
E-Mail address: info@for-a.co.jp
Mfg of broadcast
& video equipment
Sakura, Sapporo,
Osaka, Sendai, Nagoya, Hiroshima, Fukuoka, Okinawa
USA (4), Canada,
UK, Italy, Korea, China, UAE (--subsidiaries)
(subcontracted)
KATSUAKI KIYOHARA,
PRES Keizo Kiyohara, ch
Shuji Terashima,
s/mgn dir Ryoichi Kitahara, dir
Masatoshi Kono,
dir Takeshi Enomoto, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 10,159 M
PAYMENTSREGULAR CAPITAL Yen
450 M
TREND STEADY WORTH Yen 11,656 M
STARTED 1971 EMPLOYES 220
MFR SPECIALIZING IN BRAODCASTING & VIDEO EQUIPMENT &
SYS-TEMS. FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established by Keizo
Kiyohara in order to make most of his experience in the subject line of
business. Katsuaki is his son. This is a specialized mfr of professional
broadcast & video equipment & systems, providing a full line of advanced
broadcast products, including video switches, converters, etc (See OPERATION). Covers worldwide markets. Imports modules, server systems, too. In Feb 2011, acquired YEM Eletex Co Ltd, mfr
of professional video equipment, and made it a consolidated subsidiary. Clients include leading broadcasting
companies, TV networks, other.
The sales volume for
Sept/2012 fiscal term amounted to Yen 10,159 million, a shade down from Yen
10,213 million in the previous term.
High Yen hurt export sales, reducing revenues and profits in Yen
terms. The recurring profit was posted
at Yen 7179 million and the net profit at Yen 109 million, respectively,
compared with Yen 793 million recurring profit and Yen 463 million net profit,
respectively, a year ago.
For the current
term ending Sept 2013 the recurring profit is projected at Yen 185 million and
the net profit at Yen 115 million, respectively, on a 3% rise in turnover, to
Yen 11,500 million. Business is seen
steadily expanding.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Oct
1971
Regd No.:
0110-01-030263 (Tokyo-Shibuyaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 3.6 million shares
Issued: 900,000 shares
Sum: Yen 450 million
Major shareholders (%): Employees’
S/Holding Assn (32), EXA International (26),
FOR-A Holdings Inc
(17), Keizo Kiyohara (15),
No. of
shareholders: 14
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures professional broadcasting
systems & equipment, CCTV equipment
(48%), imported electronic products & equipment (2%), other systems, equipment,
products, such as video switches, converters, others (50%).
Exports
(20%).
Clients: [Broadcasters,
telecommunications carriers, mfrs] NHK, NTT, TDK Core, Fujitsu Ltd, Toshiba
Corp, TV Tokyo, Nippon Television Network Corp, Mitsubishi Electric, Ikegami
Tsushinki, Panasonic Corp, TV Asahi, Sony EMCS, Hitachi Electric Inc, other.
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Itochu Techno Solutions, Tanaka Kikinzoku Hambai, Paltec Inc, Grass
Valley Corp, Kyodo Communications, DIS Solutions, Grass
Valley USA LLC, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank
References:
SMBC (Mitadori)
MUFG
(Shinagawa-Ekimae)
Relations:
Satisfactory.
(In Million Yen)
|
Terms Ending: |
30/09/2013 |
30/09/2012 |
30/09/2011 |
30/09/2010 |
|
|
Annual
Sales |
|
10,500 |
10,159 |
10,213 |
9,269 |
|
Recur.
Profit |
|
185 |
179 |
793 |
553 |
|
Net
Profit |
|
115 |
109 |
463 |
15,928 |
|
Total
Assets |
|
|
16,945 |
17,551 |
15,928 |
|
Current
Assets |
|
|
5,543 |
5,936 |
6,404 |
|
Current
Liabs |
|
|
1,631 |
2,721 |
2,232 |
|
Net
Worth |
|
|
11,656 |
11,614 |
11,195 |
|
Capital,
Paid-Up |
|
|
450 |
450 |
450 |
|
Div.P.Share(¥) |
|
|
50.00 |
75.00 |
50.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.36 |
-0.53 |
10.18 |
-10.85 |
|
|
Current Ratio |
|
.. |
339.85 |
218.16 |
286.92 |
|
N.Worth Ratio |
.. |
68.79 |
66.17 |
70.29 |
|
|
R.Profit/Sales |
|
1.76 |
1.76 |
7.76 |
5.97 |
|
N.Profit/Sales |
1.10 |
1.07 |
4.53 |
171.84 |
|
|
Return On Equity |
.. |
0.94 |
3.99 |
142.28 |
|
Note: Forecast (or
estimated) for the 30/09/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.92 |
|
|
1 |
Rs.91.80 |
|
Euro |
1 |
Rs.78.18 |
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.