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Report Date : |
12.06.2014 |
IDENTIFICATION DETAILS
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Name : |
ASKA CORPORATION |
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Registered Office : |
458-1 Minoshocho Yamatokoriyama City
Nara-Pref 639-1103 |
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Country : |
Japan |
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Financials (as on) : |
31.07.2013 |
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Date of Incorporation : |
August 1974 |
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Com. Reg. No.: |
1500-01-005530 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of specialty valves |
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No. of Employees |
34 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 : |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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 |
ASKA CORPORATION
REGD NAME: Aska
Kogyo KK
MAIN OFFICE: 458-1
Minoshocho Yamatokoriyama City Nara-Pref 639-1103 JAPAN
Tel:
0743-54-6317 Fax: 0743-55-0128
E-Mail address: info@bb-ask.co.jp
Mfg of specialty
valves
Nara
At the caption
address
MICHIHARU TATSUMI, PRES Teruo Kitamura, ch Hitomi Kitamura, dir Hirofumi Sahei, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 1,424 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
32 M
TREND SLOW WORTH Yen
1,478 M
STARTED 1974 EMPLOYES 34
MFR OF SPECIALTY VALVES.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established by Teruo Kitamura, now ch, in order
to make most of his experience in the subject line of business. This is a specialized mfr of specialty
valves. It supplies large quantities of
valves to petrochemical, synthetic fiber, pharmaceutical, agricultural
chemicals, and power & energy companies in over 40 countries worldwide. Domestic clients include chemical mfrs,
engineering firms, textile makers, other, nationwide.
The sales volume for Jul/2013 fiscal term amounted to Yen 1,424 million,
a 5% down from Yen 1,492 million in the previous term. Construction works in China levelled off and
sales declined. The recurring profit was
posted at Yen 422 million and the net profit at yen 172 million, respectively,
compared with Yen 288 million recurring profit and Yen 139 million net profit,
respectively, a year ago. Profits
improved due to extraordinary profits coming from security holdings and foreign
currency exchange rates.
For the current term ending Jul 2014 the recurring profit is projected
at Yen 350 million and the net profit at Yen 150 million, respectively, on a 5%
rise in turnover, to Yen 1,500 million.
Weaker Yen may send exports/imports revenues upwards. Business is seen expanding steadily.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Aug
1974
Regd No.:
1500-01-005530 (Nara-Yamatokoriyama)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 262,400 shares
Issued: 65,600 shares
Sum: Yen 32.8 million
Major
shareholders (%): Aska Engineering (37), Employees’ S/Holding Assn (19), Hitomi Kitamura
(6)
No. of shareholders: 14
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
specialty valves (--100%)
(Mfg
items): flush bottom tank valve (disc type), piston valve, ram valve, ram-type
drain valve, sampling valves, drain valves, injection valves, other custom-made
special valves & products (--100%)
Clients: [Mfrs, wholesalers]
Toray Ind, Teijin Engineering, Toray Engineering, Toyobo Engineering, Asahi
Kasei Chemicals, Sumitomo Chemical, Mitsubishi Heavy Ind, Sumitomo Heavy Ind,
Mitsubishi Chemical, Toshiba Corp, Kuraray, Hitachi Ltd, Toyobo Corp, other
Exports to over 40 countries worldwide
No. of accounts:
300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Shinse Chu, Sanyo Stainless Ind, Daiwa Special Steel, Daito
Pharmaceutical Co, Satsuma Seisakusho, Osaka-Chukosho, Akatsuki Kinzoku Co, Sanwa Technos, Rotork Japan, other
Payment record: No complaints
Location: Business area in
Yamatokoriyama, Nara-Pref. Office
premises at the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank (Nara)
SMBC (Nara)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/07/2014 |
31/07/2013 |
31/07/2012 |
31/07/2011 |
|
|
Annual
Sales |
|
1,500 |
1,424 |
1,492 |
1,107 |
|
Recur.
Profit |
|
350 |
422 |
288 |
128 |
|
Net
Profit |
|
150 |
172 |
139 |
57 |
|
Total
Assets |
|
|
2,130 |
2,123 |
1,886 |
|
Current
Assets |
|
|
1,744 |
1,661 |
1,445 |
|
Current
Liabs |
|
|
348 |
389 |
224 |
|
Net
Worth |
|
|
1,478 |
1,285 |
1,154 |
|
Capital,
Paid-Up |
|
|
32 |
32 |
32 |
|
Div.Ttl
in Million (¥) |
|
|
8.1 |
7.9 |
7.6 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.34 |
-4.56 |
34.78 |
31.79 |
|
|
Current Ratio |
.. |
501.15 |
426.99 |
645.09 |
|
|
N.Worth Ratio |
.. |
69.39 |
60.53 |
61.19 |
|
|
R.Profit/Sales |
23.33 |
29.63 |
19.30 |
11.56 |
|
|
N.Profit/Sales |
10.00 |
12.08 |
9.32 |
5.15 |
|
|
Return On Equity |
.. |
11.64 |
10.82 |
4.94 |
|
Notes: Forecast (or
estimated) figures for the 31/07/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.33 |
|
|
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.80.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
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|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
|
|
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 |
|
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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.