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Report Date : |
24.04.2014 |
IDENTIFICATION DETAILS
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Name : |
FURUKAWA AUTOMOTIVE SYSTEMS INC |
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Registered Office : |
1000 Amago Kouracho Inukamigun Shiga-Pref 522-0242 |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
November
1950 |
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Com. Reg. No.: |
1600-01-008106
(Shiga-Inukaigun) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of Wire Harnesses (Cable Assembly for Automobiles),
Electronic Products and Other In-Car Functional Products as well as Vehicle
Connectors |
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No of Employees : |
1,570 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 |
FURUKAWA AUTOMOTIVE SYSTEMS INC
Furukawa AS KK
1000 Amago Kouracho Inukamigun Shiga-Pref 522-0242
JAPAN
Tel:
0749-38-4150 Fax: 0749-38-4160
URL: http://www.furukawaas.co.jp
E-Mail address: (thru the URL)
Manufacturer of Wire Harnesses (Cable Assembly for
Automobiles), Electronic Products and Other In-Car Functional Products as well
as Vehicle Connectors
Tokyo,
Osaka, Hiratsuka, Hamamatsu,
Toyota, Hiroshima, other (Tot 21)
UK, Czech, France, USA, Mexico, Korea, Philippines (3), Malaysia,
Indonesia, Vietnam, Thailand, India, China (8)
Mie, Shiga (3), Yamaguchi; China (4),
Mexico, Taiwan, Philippines, India
KATSUHIKO
MUROTA, PRES Takamitsu
Kozuka, v pres
Koichiro Matsumoto, v pres Katsumi Shibata, s/mgn
dir
Michitoyo Kurokawa,
dir Tomokazu
Takagi, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 101,588 M
PAYMENTS REGULAR CAPITAL Yen 3,000 M
TREND UP WORTH Yen 8,778 M
STARTED 1950 EMPLOYES 1,570
MFR OF AUTOMOTIVE HARNESSES.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established by Furukawa Electric Co Ltd (See REGISTRATION) as its associated plant
in Shiga-Pref.
This is a specialized mfr of wire harnesses (cable assembly for
automobiles) and related electronic products, others (See OPERATION). Products are
manufactured at its domestic plants as well as overseas plants. Products are supplied to the parent and its
group firms for delivery to car makers.
Purchased car connector business operations from Mitsubishi Electric Co
and sales rose.
The sales volume for Mar/2013 fiscal term amounted to Yen 101,588
million, a 27% up from Yen 80,289 million in the previous term. This is thanks to the said purchase of car
connector business operations and sales rose.
The recurring profit was posted at Yen 6,812 million and the net profit
at Yen 4,206 million, respectively, compared with Yen 3,647 million recurring
profit and Yen 2,387 million net profit, respectively, a year ago.
For the term that ended Mar 2014 the recurring profit was projected at
Yen 7,000 million and the net profit at Yen 4,500 million, respectively, on a
5% rise in turnover, to Yen 106,500 million.
Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY business
engagements.
Date Registered: Nov 1950
Regd No.: 1600-01-008106 (Shiga-Inukaigun)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
44.4 million shares
Issued: 11,107,200 shares
Sum: Yen 3,000 million
Major shareholders (%): Furukawa Electric Co Ltd* (100)
*.. One of 3 largest
mfrs of electric wires and cables, Tokyo, founded 1896, listed Tokyo S/E,
capital Yen 69,395 million, sales Yen 924,717 million, operating profit Yen
17,763 million, recurring profit Yen 17,612 million, net profit Yen 3,576
million, total assets Yen 736,457 million, net worth Yen 184,804 million,
employees 46,940, pres Mitsuyoshi Shibata
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures
wire harnesses (cable assembly for automobiles), electronic products and other
in-car functional products as well as vehicle connectors (--100%)
(Mfg
products):
(Harnesses):
wire harnesses for EV/HEV, automotive aluminum wire harnesses,
sliding door harnesses;
(Connectors):
optical MOST connectors, smart connectors, steering roll connectors;
(Functional
Components for Automobiles): junction boxes/relay boxes, metal core
PCB, electronic control units (ECU), products utilizing flat cables, other
Clients:
[Mfrs, wholesalers] Furukawa Electric Co, Toyota Motor, Daihatsu Motor, Honda
Motor, Suzuki Motor, Isuzu Motor, Mazda Motor, Fuji Heavy Ind,
Nissan Motor, Tokai Rika Co, Denso Corp, other
No. of
accounts: 800
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Furukawa Electric Co, Sumitomo wiring Systems, Yazaki Corp, Tyco Electronics Japan, Furukawa Sangyo
Kaisha, other
Payment
record: Regular
Location:
Business area in Shiga-Pref. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References:
Shiga
Bank (Toyosato)
Shoko Chukin Bank (Hikone)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
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Annual
Sales |
|
106,500 |
101,588 |
80,289 |
78,556 |
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Recur.
Profit |
|
7,000 |
6,812 |
3,647 |
5,086 |
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Net
Profit |
|
4,500 |
4,206 |
2,387 |
2,527 |
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Total
Assets |
|
|
54,173 |
44,606 |
33,772 |
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Current
Assets |
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|
37,895 |
32,666 |
24,956 |
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Current
Liabs |
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|
38,372 |
32,162 |
23,344 |
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Net
Worth |
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8,778 |
7,319 |
6,778 |
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Capital,
Paid-Up |
|
|
3,000 |
3,000 |
3,000 |
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Div.P.Share(¥) |
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|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.84 |
26.53 |
2.21 |
11.50 |
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Current Ratio |
|
.. |
98.76 |
101.57 |
106.91 |
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N.Worth Ratio |
.. |
16.20 |
16.41 |
20.07 |
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R.Profit/Sales |
|
6.57 |
6.71 |
4.54 |
6.47 |
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N.Profit/Sales |
4.23 |
4.14 |
2.97 |
3.22 |
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Return On Equity |
.. |
47.92 |
32.61 |
37.28 |
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Notes:
Forecast (or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.07 |
|
UK Pound |
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.