|
Report No. : |
335118 |
|
Report Date : |
07.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
FURUKAWA ROCK DRILL CO LTD |
|
|
|
|
Registered Office : |
Nihombashi Nishikawa Bldg 8F, 1-5-3 Nihombashi Chuoku Tokyo 103-0027 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
June 1961 |
|
|
|
|
Com. Reg. No.: |
0100-01-027945 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacture of rock drills
& breakers |
|
|
|
|
No. of Employees : |
426 |
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 |
|
Maximum Credit Limit : |
Yen 124.4 Million |
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
FURUKAWA ROCK DRILL CO LTD
REGD NAME: Furukawa
Rock Drill KK
MAIN OFFICE: Nihombashi
Nishikawa Bldg 8F, 1-5-3 Nihombashi Chuoku Tokyo 103-0027
JAPAN
Tel: 03-3231-6931
Fax: 03-3132-6992
*.. The is its Gunma Factory
URL: http://www.furukawarockdrill.co.jp
E-Mail
address: (thru the URL)
Mfg of
rock drills & breakers
Hokkaido,
Miyagi, Gunma, other (Tot 13)
USA,
Panama, Netherlands, Korea, India, China
Gunma
(4)
SEIJI
MIMURA, PRES Saburo
Takahashi, ch
Hiroyuki
Abe, s/mgn dir Atsushi Otani,
s/mgn dir
Yoshinori Kubo, s/mgn dir Susumu Tanaka, mgn dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 20,999 M
PAYMENTS no complaints CAPITAL Yen 400 M
TREND UP WORTH Yen 2,154 M
STARTED 1961 EMPLOYES 426
MFR OF PNEUMATIC BREAKERS & DRILLS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARYBUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: ESTIMATED AT YEN 124.4 MILLION, ON 30 DAYS NORMAL TERMS.
The subject company was established on the basis of a division separated from Furukawa Co Ltd (See REGISTRATION). This is a specialized mfr of rock drills & breakers, other (See OPERATION). Goods are exported. Clients include construction firms, construction machinery makers, other
The sales volume for Mar/2014 fiscal term amounted to Yen 20,999 million, a 7% up from Yen 19,579 million in the previous term. Exports decreased, but domestically demand rose after the North Japan Earthquake. The recurring profit was posted at Yen 383 million and the net profit at Yen 175 million, respectively, compared with Yen 212 million recurring profit and Yen 141 million net profit, respectively, a year ago.
For the current term ending Mar 2015 the recurring profit is projected at Yen 400 million and the net profit at Yen 200 million, respectively, on a 5% rise in turnover, to Yen 22,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 124.4 million, on 30 days normal terms.
Date Registered: Jun 1961
Regd No.: 0100-01-027945
(Tokyo-Chuoku)
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 3.2 million shares
Issued:
800,000 shares
Sum: Yen
400 million
Major shareholders (%): Furukawa
Co Ltd* (100)
*.. Mfr of civil engineering machinery & copper smelting,
Tokyo, founded 1918, listed Tokyo S/E, capital Yen 28,208 million, sales Yen
163,026 million, operating profit Yen 6,886 million, recurring profit Yen 6,150
million, net profit Yen 3,976 million, total assets Yen 199,408 million, net
worth Yen 54,694 million, employees 2,413, pres Naohisa Miyakawa
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures rock drills &
breakers: hydraulic breaker, hydraulic crusher, crawler drill, down the hole
drill, tunnel machines, mining machines, pneumatic tools, wheel loader, other (--100%)
Clients: [Mfrs, wholesalers] Marubeni Corp, Itochu
Construction Machinery, Shimizu Corp, Taisei Corp, Obayashi Corp, Komatsu
Rental, other
No. of
accounts: 500
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsubishi Materials,
Caterpillar Inc, Hitachi Construction Machinery, Daido Special Steel, FRD
Iwaki, other
Payment record: no
complaints
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactory.
Bank References:
Mizuho
Bank (Marunouchi)
SMBC
(Marunouchi)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual
Sales |
|
22,000 |
20,999 |
19,579 |
22,643 |
|
Recur.
Profit |
|
400 |
383 |
212 |
|
|
Net
Profit |
|
200 |
175 |
141 |
144 |
|
Total
Assets |
|
|
23,938 |
22,427 |
21,958 |
|
Current
Assets |
|
|
13,837 |
12,413 |
|
|
Current
Liabs |
|
|
12,400 |
12,823 |
|
|
Net
Worth |
|
|
2,154 |
1,883 |
1,759 |
|
Capital,
Paid-Up |
|
|
400 |
400 |
400 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.77 |
7.25 |
-13.53 |
0.75 |
|
Current Ratio |
|
.. |
111.59 |
96.80 |
.. |
|
N.Worth Ratio |
|
.. |
9.00 |
8.40 |
8.01 |
|
R.Profit/Sales |
|
1.82 |
1.82 |
1.08 |
.. |
|
N.Profit/Sales |
|
0.91 |
0.83 |
0.72 |
0.64 |
|
Return On Equity |
|
.. |
8.12 |
7.49 |
8.19 |
Notes:
Forecast (or estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.76 |
|
|
1 |
Rs.99.60 |
|
Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
|
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.