|
Report Date : |
14.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
FXC INC |
|
|
|
|
Registered Office : |
Komagata TC Bldg 9F, 1-3-14 Komagata
Taitoku Tokyo 111-0043 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
January 2001 |
|
|
|
|
Com. Reg. No.: |
0105-01-029351 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Subject is a Provider of network solutions: Ethernet switches, fiber
optic CWDM systems |
|
|
|
|
No. of Employees |
51 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy
|
Source
: CIA |
FXC INC
REGD NAME: FXC
KK
MAIN OFFICE: Komagata
TC Bldg 9F, 1-3-14 Komagata Taitoku Tokyo 111-0043 JAPAN
Tel:
03-5827-0760 Fax: 03-5827-0717
URL: http://www.fxc.jp/
E-Mail address: (thru
the URL)
Provider of
network solutions: Ethernet switches, fiber optic CWDM systems
Shanghai (FXC
China Co Ltd), California (Future Communications Inc)
(subcontracted)
SHIGEYUKI TANIWA,
PRES Ken’ichi Tabata, dir
Kazuhiro Uchida,
dir Yoshiyuki Takahashi, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 886 M
PAYMENTSSLOW BUT
CORRECT CAPITAL Yen 100 M
TREND UP WORTH Yen 292 M
STARTED 2001 EMPLOYES 51
PROVIDER OF NETWORK EQUIPMENT
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS
The subject company was established by Shigeyuki Taniwa in order to make
most of his experience in the subject line of business. This is a trading firm, with mfg division,
for import, export and wholesale of network/multimedia equipment that includes
Layer 2 & Layer 3 Ethernet switches & fiber optic CWDM systems. Distributor of SMC Networks products in
Japan. Has offices in China & USA,
covering operations & clients in each market. Clients include major electronics mfrs,
network providers, other, nationwide.
The sales volume for Dec/2013 fiscal term
amounted to Yen 886 million, a 6% up from Yen 834 million in the previous
term. The operations, however, plunged
into the deficit to post Yen 35 million recurring loss and Yen 39 million net
losses, respectively, compared with Yen 15 million recurring profit and Yen 10
million net profit, respectively, a year ago.
For the current term ending Dec 2014 the operations are projected to
come back to profitability to post Yen 30 million recurring profit and Yen 20
million net profit, respectively, on a 3% rise in turnover, to Yen 915 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements
Date Registered:
Jan 2001
Regd No.:
0105-01-029351 (Tokyo-Taitoku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 8,000 shares
Issued: 2,000 shares
Sum: Yen 100 million
Major
shareholders (%): Shigeyuki Taniwa (32), Company’s Treasury Stock (13), Taiga-1
Investment (11), Technology Ventures Investment (9), NVCC No.2 Investment (9),
Satoru Kuwayama (6)
No.
of shareholders: 33
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports and
wholesales network/multi media equipment: management switches, Ethernet
switches, media converters, CWDM devices; provider of SMC Networks products in
Japan, cloud services, other (--100%).
(SMC
Networks products): CWDM “Light Edge” series, management switches,
media converters, micro MPEG4 recorder/player units, Ethernet switches, other.
Clients: [Electronic mfrs,
network firms] NTT Advance Technology, Net One Systems, Daiwabo Information
System, Sun Telephone, Mitsui Knowledge Ind, DNP Fine Electronics, Itochu
Techno Solutions, Fujitsu Business System, SoftBank BB, Daiwabo Information
Systems, Soliton Systems, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Repotec Co, Acton Technology Corp, Browave Corp, UDM International
Co, Packet Light Networks Ltd, Nobile Japan Ltd, Nitto Tsushinki, other.
Payment record: Slow but correct
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG
(Nihombashi-Chuo)
Tokyo Tomin Bank
(Fukagawa)
Relations:
Satisfactory
(In
Million Yen)
|
Terms Ending: |
31/12/2014 |
31/12/2013 |
31/12/2012 |
31/12/2011 |
|
|
Annual
Sales |
|
915 |
886 |
834 |
672 |
|
Recur.
Profit |
|
30 |
-35 |
15 |
-81 |
|
Net
Profit |
|
20 |
-39 |
10 |
-80 |
|
Total
Assets |
|
|
973 |
942 |
939 |
|
Current
Assets |
|
|
871 |
831 |
851 |
|
Current
Liabs |
|
|
298 |
292 |
230 |
|
Net
Worth |
|
|
292 |
333 |
327 |
|
Capital,
Paid-Up |
|
|
100 |
100 |
302 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.27 |
6.24 |
24.11 |
-25.58 |
|
|
Current Ratio |
|
.. |
292.28 |
284.59 |
370.00 |
|
N.Worth Ratio |
.. |
30.01 |
35.35 |
34.82 |
|
|
R.Profit/Sales |
|
3.28 |
-3.95 |
1.80 |
-12.05 |
|
N.Profit/Sales |
2.19 |
-4.40 |
1.20 |
-11.90 |
|
|
Return On Equity |
.. |
-13.36 |
3.00 |
-24.46 |
|
Notes: Forecast
(or estimated) figures for the 31/12/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.27 |
|
|
1 |
Rs.101.09 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.