|
Report Date : |
02.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
FORWARD CORPORATION |
|
|
|
|
Registered Office : |
No. 1315, 4-7-1 Minami Horie, Nishi Ku
Osaka |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
January 1990 |
|
|
|
|
Com. Reg. No.: |
1200-01-046922 (Osaka-Nishiku) |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Import, export, wholesale of
electric appliances, tatami mattress |
|
|
|
|
No. of Employees : |
09 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 |
FORWARD CORPORATION
Forward KK
3-9-7 Saiwaimachi
Naniwaku Osaka 556-0021 JAPAN
Tel: 06-6568-1555
Fax: 06-6568-1554
*.. The is its registered address
URL: http://www.forward-corp.co.jp
E-Mail address: (thru
the URL)
Import,
export, wholesale of electric appliances, tatami mattress, other
Nil
Taipei
YOSHIHIRO
TAKAOKA, PRES
Yachiyo
Takaoka, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES R/WEAK A/SALES Yen 1,046 M
PAYMENTS Slow
but Correct CAPITAL Yen 40 M
TREND SLOW WORTH Yen 2 M
STARTED 1990 EMPLOYES 9
TRADING FIRM SPECIALIZING IN ELECTRIC APPLIANCES.
FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
The subject company was established by Yoshihiro Takaoka in order to make most of his experience in the subject line of business. This is a family-based trading firm specializing in import, export and wholesale of electric appliances, tatami mattress, other. Goods are exported to African countries, Taiwan, USA, other.
Financials are only partially disclosed.
The sales volume for Dec/2011 fiscal term amounted to Yen
1,046 million, a 20% down from Yen 1,321 million in the previous term. Exports were hurt by the high Yen, reducing
earnings and profits in Yen terms. The
operations plunged into the red to register Yen 31 million net losses, compared
with Yen 9 million net profit a year ago.
For the term that ended Dec 2012 the operations were projected to come back to profitability but still limited to a minimum amount post-taxes, on a similar turnover, at Yen 1,050 million. Final results are yet to be released.
The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements.
Date Registered: Jan 1990
Regd No.: 1200-01-046922 (Osaka-Nishiku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
3,200 shares
Issued:
800 shares
Sum: Yen 40 million
Major shareholders (%): Yoshihiro Takaoka (60), Yachiyo
Takaoka (40)
No. of shareholders: 2
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports and wholesales electric appliances, tatami mattress, others (--100%)
Clients: [Mfrs, wholesalers] Exports to African countries, Taiwan, USA, other.
Domestically: Sanyo Electric, Super Hotel, other
No. of accounts: 200
Domestic areas of activities: Centered in greater-Osaka
Suppliers: [Mfrs, wholesalers] Echo System, Sumitomo Metal Ind, Sanyo Electric, Panasonic Corp, other.
Imports from Taiwan, other
Payment record: Slow but Correct
Location: Business area in Osaka. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG
(Semba)
Osaka
Shinkin Bank (Nipponbashi)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
|
31/12/2012 |
31/12/2011 |
31/12/2010 |
31/12/2009 |
|
Annual
Sales |
|
1,050 |
1,046 |
1,321 |
1,224 |
|
Recur.
Profit |
|
0 |
13 |
6 |
.. |
|
Net
Profit |
|
0 |
-31 |
10 |
3 |
|
Total
Assets |
|
|
405 |
421 |
N/A |
|
Net
Worth |
|
|
2 |
33 |
23 |
|
Capital,
Paid-Up |
|
|
40 |
40 |
40 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
0.38 |
-20.82 |
7.92 |
-50.02 |
|
|
Current Ratio |
|
|
.. |
.. |
.. |
|
N.Worth Ratio |
|
0.49 |
7.84 |
.. |
|
|
N.Profit/Sales |
0.00 |
-2.96 |
0.76 |
0.25 |
|
Notes:
Financials are only partially disclosed.
Forecast
(or estimated) figures for the 31/12/2012 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.82 |
|
UK Pound |
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.71.27 |
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 |
|
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.