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Report Date : |
28.06.2013 |
IDENTIFICATION DETAILS
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Name : |
FUKUDA CORPORATION |
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Registered Office : |
11-2 Akashicho Chuoku
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
July
1950 |
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Com. Reg. No.: |
0100-01-055557
(Tokyo-Chuoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export, wholesale of bearings, spindles, other
machinery parts |
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No. of Employees : |
114 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 372.0 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 – 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 |
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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 |
FUKUDA CORPORATION
Fukuda Koeki KK
11-2 Akashicho
Chuoku Tokyo 104-0044 JAPAN
Tel:
03-5565-6811 Fax: 03-5565-6816
URL: http://www.fukudaco.co.jp/
E-Mail address: intl-sales@fukudaco.co.jp
Import,
export, wholesale of bearings, spindles, other machinery parts
Osaka,
Nagoya, Hiroshima, Atsugi, Kanazawa, Fukuoka
Urayasu
(Chiba) (Inventory control center)
RYOZO
FUKUDA, PRES Hiroshi Kirita,
s/mgn dir
Ikuko
Tsuchiya, dir Takayuki
Fukuda, dir
Yen
Amount: In million Yen, unless otherwise
stated
FINANCES FAIR A/SALES Yen 8,709 M
PAYMENTS No Complaints
CAPITAL Yen 360 M
TREND STEADY WORTH Yen 7,372 M
STARTED 1950 EMPLOYES 114
IMPORTER
AND WHOLESALER SPECIALIZING IN BEARINGS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 372.0 MILLION, NORMAL 30 DAYS TERMS
The subject company was established originally in 1940 by Rakuo Fukuda
for importing bearings, auto/aircrafts parts, working tools, etc, on his
account. Incorporated in 1950 the firm
has been succeeded by his descendants.
This is a trading house for import, export and wholesale of bearings as
a mainline. Clients are such industries
as, machine tools, printing machines, robots, carmakers, chemical plants, can
mfg, molding machines. Electronics (LCD’s), construction machines, steel works,
other.
The sales volume for Mar/2012 fiscal term amounted to Yen 8,709 million,
a 16% up from Yen 7,506 million in the previous term. The recurring profit was posted at Yen 1,914
million and the net profit at Yen 563 million, respectively, compared with Yen
1,238 million recurring profit and Yen 673 million net profit, respectively, a
year ago.
For the term that ended Mar 2013 the recurring profit was projected at
Yen 1,850 million and the net profit at Yen 575 million respectively, on a 3%
rise in turnover, to Yen 8,970 million.
Final results are yet to be released.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 372.0 million, on normal 30 days terms.
Date Registered: Jul 1950
Regd No.: 0100-01-055557 (Tokyo-Chuoku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized:
31.6 million shares
Issued: 7.9
million shares
Sum: Yen 360 million
Major shareholders (%): RFC Co (37.7), Company’s
Treasury Stock (23.6), Employees’ S/Holding Assn (9.5), Takayuki Fukuda (7.6), Yusuke
Asakawa (4.1)
No. of shareholders: 17
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures,
imports and wholesales bearings (39%): inner/outer rings for deep groove ball
bearings, angular contact ball bearings, tapered roll bearings, turning rings
for bearings: spindles (27%), seals (11%), locknuts (8%), cutting tools,
working tools, material handlings (--15%), others (15%).
Clients: [Mfrs,
wholesalers] Tsugami Corp, Komatsu NTC, Makino Milling Machine, Dainippon
Screen Mfg Co, Taiyo Koki Co, Toyo Advanced Technologies Co, other
No. of accounts: 500
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs,
wholesalers] Scaeffler Japan Co, TIMKEN, Kimura Corp, GMN SYCOTEC OTT-Japan, Nachi
Tohoku Corp, other
.
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank
References:
MUFG
(Tsukiji)
Mizuho
Bank (Tsukiji)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
8,970 |
8,709 |
7,506 |
4,499 |
|
Recur.
Profit |
|
1,850 |
1,814 |
1,238 |
434 |
|
Net
Profit |
|
575 |
563 |
672 |
77 |
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Total
Assets |
|
|
10,368 |
10,090 |
9,147 |
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Current
Assets |
|
|
6,839 |
6,813 |
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Current
Liabs |
|
|
1,812 |
2,012 |
|
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Net
Worth |
|
|
7,372 |
6,876 |
6,266 |
|
Capital,
Paid-Up |
|
|
360 |
360 |
360 |
|
Div.P.Share(¥) |
|
|
10.00 |
10.00 |
7.50 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.00 |
16.03 |
66.84 |
-46.34 |
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Current Ratio |
|
.. |
377.43 |
338.62 |
.. |
|
N.Worth Ratio |
.. |
71.10 |
68.15 |
68.50 |
|
|
R.Profit/Sales |
|
20.62 |
20.83 |
16.49 |
9.65 |
|
N.Profit/Sales |
6.41 |
6.46 |
8.95 |
1.71 |
|
|
Return On Equity |
.. |
7.64 |
9.77 |
1.23 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.59 |
|
UK Pound |
1 |
Rs.92.92 |
|
Euro |
1 |
Rs.78.94 |
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 |
|
<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.