.
|
Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
FUSO CHEMICAL CO LTD |
|
|
|
|
Registered Office : |
4-3-10 Koraibashi
Chuoku |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
June 1957 |
|
|
|
|
Com. Reg. No.: |
1200-01-088372 (Osaka-Chuoku) |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer of fruit acid & electronics
materials. |
|
|
|
|
No. of Employees : |
786 |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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. 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 |
FUSO CHEMICAL CO LTD
Fuso Kagaku Kogyo
KK
4-3-10 Koraibashi
Chuoku Osaka 541-0043 JAPAN
Tel:
06-6203-4771 Fax: 06-6203-1455
URL: http://www.www.fusokk.co.jp/
E-Mail address: info@fusokk.co.jp
Manufacturer
of fruit acid & electronics materials.
Tokyo,
Fukuoka, Shin-Osaka
China
(2), USA, Thailand
At the
caption address, Osaka (2), Kyoto (2); Qingdao (China)
RYOTA
AKAZAWA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 27,355 M
PAYMENTSNo Complaints
CAPITAL Yen 1,180 M
TREND SLOW WORTH Yen 23,404 M
STARTED 1957 EMPLOYES 786
MFR OF FRUIT ACID & ELECTRONICS MATERIALS.
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
29,798 |
2,410 |
1,435 |
(%) |
16,653 |
|
(Consolidated) |
31/03/2011 |
30,251 |
4,355 |
2,331 |
1.52 |
18,271 |
|
|
31/03/2012 |
28,247 |
3,826 |
2,508 |
-6.62 |
20,719 |
|
|
31/03/2013 |
27,355 |
3,231 |
1,903 |
-3.16 |
23,404 |
|
|
31/03/2014 |
30,000 |
3,400 |
2,000 |
9.67 |
.. |
Unit: In Million Yen
Forecast
(or estimated) figures for 31/03/2014 fiscal term
The subject company was established originally in 1952 by Shozo Akazawa, researcher at the Faculty of Medicine in Osaka Univ, for conducting pharmaceutical research. Incorporated in 1957 in Osaka, and began mfg chlorine compounds and fatty acid chloride. This is a comprehensive fruit acid producer having largest market share in malic & citric acids in Japan. Maintains 50% global market share in apple acid. Also major maker of electronic materials, including silicon wafer abrasive agents. In 2003 purchased the domestic chemical business and total shares of its subsidiary “PMP Fermentation Products Inc” in the US from Astellas Pharma Inc.
The sales volume for Mar/2013 fiscal term amounted to Yen 27,355 million, a 3.2% down from Yen 28,247 million in the previous term. The recurring profit was posted at Yen 3,231 million and the net profit at Yen 1,903 million, respectively, compared with Yen 3,826 million recurring profit and Yen 2,508 million net profit, respectively, a year ago.
(Apr/Sept/2013 results): Sales Yen 14,311 million (up 4.2%), operating profit Yen 1,429 million (down 23.3%), recurring profit Yen 1,444 million (down 18.8%), net profit Yen 828 million (down 21.6%). (% as compared with the corresponding period a year ago).
For the current term ending Mar 2014 the recurring profit is projected at Yen 3,400 million and the net profit at Yen 2,000 million, on a 9.7% rise in turnover, to Yen 30,000 million. Business is seen expanding steadily.
The financial situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Jun
1957
Regd No.: 1200-01-088372 (Osaka-Chuoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 19
million shares
Issued:
6,302,200 shares
Sum: Yen 1,180
million
Major shareholders (%): Teikoku Seiyaku (10.5), Shozo Akazawa (9.7), Osaka Small Business Investment (5.0), Teisan Co (4.3), Nippon Shokubai (3.7), Hyakujushi Bank (3.5), Goldman Sachs International (3.5), Misako Fujioka (2.9), Resona Bank (2.5); foreign owners (8.1)
No. of shareholders: 1,499
Listed on the S/Exchange (s) of: JASDAQ
Managements: Shozo Akazawa, ch; Ryota Akazawa, pres; Shuzo Enomoto, mgn dir; Haruo Masauji, dir; Takehiko Mukawa, dir; Misako Fujioka, dir; Tomomi Tada, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Fuso Corporation, Qingdao Fuso Refining & Processing Co, other
Activities: Manufactures fruit acid & electronic materials:
(Sales Breakdown by
Divisions):
Life Science (69%): Food applications (fruit acids, antioxidants, antioxidant preparations, preparations for noodles, preparations for daily dishes, preparations for tofu, others); Agricultural applications (feed additives, mixed feeds, soil conditioners); Industrial applications (fruits acids, water-soluble reducing agents, water-soluble corrosion inhibitors, water-soluble grinding fluids, water-soluble cutting fluids, rubber processing aids, plastic processing aids);
Electronic Materials & Functional Chemical Products (31%): Electronic Materials (silica-related derivatives: ultra-high-purity colloidal silica, high-purity spherical silica); Functional Chemicals (fine chemicals: intermediates for photographic chemicals, intermediates for pharmaceuticals cu, raw materials for cosmetics, plastic additives, pigments);
Overseas Sales Ratio (30%)
Clients: [Mfrs, wholesalers] Fujimi Inc, Kirin Foodtec, Nagase Corp, Kao Corp, Maruzen Chemicals, NOF Corp, Sumitomo Shoji Chemical, Kirin Kyowa Foods, other
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] NOF Corp, Nippon Shokubai, Sojitz Corp, Exxon Mobile, Marubeni Chemix, Inabata & Co, Kawasaki Chemical, other
Payment record: No Complaints
Location: Business area in Osaka. Office premises at the caption address are leased and maintained satisfactorily.
Bank References:
Resona Bank (Osaka)
SMBC
(Bingomachi)
Relations:
Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||
|
|
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
|
INCOME STATEMENT |
|
|
||
|
|
Annual Sales |
|
27,355 |
28,247 |
|
|
Cost of Sales |
16,946 |
17,137 |
|
|
|
GROSS PROFIT |
10,409 |
11,109 |
|
|
|
Selling & Adm Costs |
7,186 |
7,201 |
|
|
|
OPERATING PROFIT |
3,223 |
3,908 |
|
|
|
Non-Operating P/L |
8 |
-82 |
|
|
|
RECURRING PROFIT |
3,231 |
3,826 |
|
|
|
NET PROFIT |
1,903 |
2,508 |
|
|
BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
4,606 |
4,124 |
|
|
Receivables |
|
7,198 |
7,188 |
|
|
Inventory |
|
6,824 |
6,389 |
|
|
Securities, Marketable |
|
|
|
|
|
Other Current Assets |
685 |
1,092 |
|
|
|
TOTAL CURRENT ASSETS |
19,313 |
18,793 |
|
|
|
Property & Equipment |
12,570 |
12,909 |
|
|
|
Intangibles |
|
386 |
446 |
|
|
Investments, Other Fixed Assets |
1,514 |
1,708 |
|
|
|
TOTAL ASSETS |
33,783 |
33,856 |
|
|
|
Payables |
|
1,282 |
1,454 |
|
|
Short-Term Bank Loans |
3,047 |
3,637 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
2,640 |
1,958 |
|
|
|
TOTAL CURRENT LIABS |
6,969 |
7,049 |
|
|
|
Debentures |
|
|
|
|
|
Long-Term Bank Loans |
1,974 |
4,822 |
|
|
|
Reserve for Retirement Allw |
1,157 |
1,014 |
|
|
|
Other Debts |
|
279 |
251 |
|
|
TOTAL LIABILITIES |
10,379 |
13,136 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common
stock |
1,180 |
1,180 |
|
|
|
Additional
paid-in capital |
1,667 |
1,667 |
|
|
|
Retained
earnings |
19,908 |
18,195 |
|
|
|
Evaluation
p/l on investments/securities |
228 |
162 |
|
|
|
Others |
|
423 |
(483) |
|
|
Treasury
stock, at cost |
(2) |
(2) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
23,404 |
20,719 |
|
|
|
TOTAL EQUITIES |
33,783 |
33,856 |
|
|
CONSOLIDATED CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/03/2013 |
31/03/2012 |
|
|
Cash
Flows from Operating Activities |
|
4,266 |
1,838 |
|
|
Cash Flows
from Investment Activities |
-322 |
-882 |
|
|
|
Cash
Flows from Financing Activities |
-3,637 |
-4,063 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
4,606 |
4,057 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
23,404 |
20,719 |
|
|
|
Current
Ratio (%) |
277.13 |
266.61 |
|
|
|
Net
Worth Ratio (%) |
69.28 |
61.20 |
|
|
|
Recurring
Profit Ratio (%) |
11.81 |
13.54 |
|
|
|
Net
Profit Ratio (%) |
6.96 |
8.88 |
|
|
|
Return
On Equity (%) |
8.13 |
12.10 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.99 |
|
UK Pound |
1 |
Rs.104.61 |
|
Euro |
1 |
Rs.86.17 |
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.