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Report Date : |
08.10.2014 |
IDENTIFICATION DETAILS
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Name : |
FASIC CO LTD |
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Registered Office : |
63-1 Gosai Sanjo Ichinomiya Aichi-Pref 494-0003 |
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Country : |
Japan |
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Financials (as on) : |
30.06.2013 |
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Date of Incorporation : |
September 1974 |
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Com. Reg. No.: |
1800-01-083560 |
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Legal Form : |
Limited Company |
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Line of Business : |
Imports and wholesales men’s apparel: suits, formal wear, bulzons, trousers,
pants, jackets, slacks, other (--100%) |
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No of Employees : |
24 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 58.0 Million |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 |
FASIC CO LTD
KK Fasic
63-1 Gosai Sanjo Ichinomiya Aichi-Pref 494-0003 Japan
Tel: 0586-63-2300 Fax:
0586-63-2322
E-Mail address: (thru the URL)
ACTIVITIES: Import, wholesale of men’s apparel,
accessories
BRANCHES: Tokyo (agent)
OVERSEAS: China, Indonesia
FACTORIES: China (3), Indonesia (opened in 2011)
OFFICERS: ISSEI SHIBATA, PRES
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 6,867 M
PAYMENTS NO COMPLAINTS CAPITAL Yen 25 M
TREND UP WORTH Yen
672 M
STARTED 1974 EMPLOYES 24
COMMENT: TRADING
FIRM SPECIALIZING IN MEN’S CLOTHING.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT
LIMIT: YEN 58.0 MILLION, 30 DAYS NORMAL TERMS
This is a trading firm, with mfg division, for import and wholesale of
men’s apparel: dresses, suits, slacks, other (See OPERATION). Mfg is all
subcontracted to its subsidiaries in China (3) and Indonesia. The Indonesian Factory was opened in 2011,
producing 450,000 men’s suits & shirts.
Clothing include shape memorized suits & shirts (wash-and-wear
clothes). Goods are imported. Main client is Aoki Corp, men’s apparel chain
stores, where 80& of products are supplied.
.
The sales volume for Jun/2013 fiscal term amounted to Yen 6,867 million,
an 8% up from Yen 6,347 million in the previous term. Stable and increased orders received from the
main client, Aoki International Corp.
The recurring profit was posted at Yen 136 million and the net profit at
Yen 62 million, respectively, compared with Yen 132 million recurring profit
and Yen 28 million net profit, respectively, a year ago.
For the term that ended Jun 2014 the recurring profit was projected at
Yen 150 million and the net profit at Yen 70 million, respectively, on a 5%
rise in turnover, to Yen 7,200 million.
Weaker Yen may have contributed to raise revenues in Yen terms. Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 58.0 million, on 30 days normal terms.
Date Registered: Sept
1974
Regd No.: 1800-01-083560
(Aichi-Ichinomiya)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 200,000 shares
Issued:
40,000 shares
Sum: Yen
25 million
Major shareholders
(%): Kazunari Shibata (37), Kinji Adachi (36), Kayoko Adachi (15), Fashion
Sewing (11), Alta Moda Co (10)
No. of
shareholders: 8
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Imports and
wholesales men’s apparel: suits, formal wear, bulzons, trousers, pants,
jackets, slacks, other (--100%)
Goods are manufactured at its subsidiary factories in China (3) and
Indonesia
Clients: [Apparel chain
store] Aoki International (80%), supermarkets, other
No. of accounts: 100
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Takisada Nagoya, Toyama & Co, Takaoka & Co, Homeostyle Co,
other
Imports from China, Indonesia, other
Payment record: No Complaints
Location: Business area in
Ichinomiya, Aichi-Pref. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG (Ichinomiya)
Shoko Chukin Bank (Nagoya)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
30/06/2014 |
30/06/2013 |
30/06/2012 |
30/06/2011 |
|
|
Annual Sales |
|
7,200 |
6,867 |
6,347 |
5,390 |
|
Recur. Profit |
|
150 |
136 |
132 |
163 |
|
Net Profit |
|
70 |
62 |
28 |
16 |
|
Total Assets |
|
|
5,672 |
5,152 |
4,056 |
|
Current Assets |
|
|
4,823 |
4,249 |
3,200 |
|
Current Liabs |
|
|
3,909 |
2,943 |
2,244 |
|
Net Worth |
|
|
672 |
613 |
587 |
|
Capital, Paid-Up |
|
|
25 |
25 |
25 |
|
Div.Ttl in Million (¥) |
|
|
2.5 |
2.5 |
2.5 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.85 |
8.19 |
17.76 |
13.64 |
|
Current Ratio |
|
.. |
123.38 |
144.38 |
142.60 |
|
N.Worth Ratio |
|
.. |
11.85 |
11.90 |
14.47 |
|
R.Profit/Sales |
|
2.08 |
1.98 |
2.08 |
3.02 |
|
N.Profit/Sales |
|
0.97 |
0.90 |
0.44 |
0.30 |
|
Return On Equity |
|
.. |
9.23 |
4.57 |
2.73 |
Notes: Forecast (or estimated) figures for the 30/06/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.35 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.77.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
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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 |
|
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.