MIRA INFORM REPORT
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Report No. : |
326711 |
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Report Date : |
15.06.2015 |
IDENTIFICATION DETAILS
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Name : |
FUJI SEAL INTERNTIONAL INC |
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Registered Office : |
Shin-Osaka Front Bldg, 4-1-9 Miyahara Yodogawaku Osaka 532-0003 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
October 1958 |
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Com. Reg. No.: |
1200-01-002503 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures shrinkage labels (58%), adhesive labels (22%), soft pouch (5%), machinery (7%), other labels (1%), others (7%). |
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No. of Employees : |
17 |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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.
Since the complete shutdown of Japan’s nuclear reactors after the earthquake
and tsunami disaster in 2011, Japan's industrial sector has become 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 four 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. A sales tax increase caused
the economy to contract during the 2nd and 3rd quarters of 2014. The economy
has largely recovered in the three years since the disaster, but reconstruction
in the Tohoku region has been uneven due to labor shortages. 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 2014 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 government will continue a
longstanding debate on restructuring the economy and reining in Japan's huge
government debt, which amounts to more than 240% 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 2015, although the government
in 2014 decided to postpone the final phase of the increase until 2017 to give
the economy time to recover from the 2014 increase. 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.
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Source
: CIA |
Company
name
FUJI SEAL INTERNTIONAL INC
REGD NAME: KK
Fuji Seal International
MAIN OFFICE: Shin-Osaka
Front Bldg, 4-1-9 Miyahara Yodogawaku Osaka 532-0003 JAPAN
Tel: 06-6350-1080
Fax: 06-6350-3053 -
URL: http://www.fujiseal.co.jp
E-Mail address: (thru the URL)
ACTIVITIES: Mfg
of labels, pouches, plastic films, other
BRANCHES: Tokyo,
Nagoya, Sapporo, Fukuoka (Tot 4 including group firms)
OVERSEAS: USA,
Europe, Asia, Oceania, Pago
FACTORIES: Tsukuba,
Yuki (Ibaraki), Nabari (Mie), Hyogo (Technical Center);
USA, Europe, Asia,
other
CHIEF EXEC: SHIGEKO
OKAZAKI, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 131,008 M
PAYMENTSREGULAR CAPITAL Yen 5,990 M
TREND UP WORTH Yen 79,035 M
STARTED 1958 EMPLOYES 17
COMMENT: MFR OF LABELS, POUCHES, OTHER FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast figures for the 31/03/2016 fiscal term.
HIGHLIGHTS
This is the pioneer in development of shrink-wrap labels. Ranks top as specialist in the industry, with
the 50%-plus market share. Has
production bases overseas. Highly competitive
in wrapping films for cup noodles and heat-resistant labels for hot beverage
containers. New product such as soft
pouches expanding. The firm itself has
become a pure holding company of the group firms and the production/making is
all done by group companies.
FINANCIAL
INFORMATION
The sales volume for Mar/2015 fiscal term amounted to Yen 131,008
million, an 8.3% up from Yen 121,015 million in the previous term. The recurring profit was posted at Yen 10,054
million and the net profit at Yen 4,486 million, respectively, compared with
Yen 10,047 million recurring profit and Yen 5,410 million net profit,
respectively, a year ago.
For the current term ending Mar 2016 the recurring profit is projected
at Yen 9,200 million and the net profit at Yen 4,300 million, respectively, on
a 5.0% rise in turnover, to Yen 137,500 million. Sales of soft pouches have room for further
growth on the domestic market.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 5,270.8 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Oct 1958
Regd
No.:
1200-01-002503 (Osaka-Yodogawaku)
Legal Status: Limited
Company (Kabushiki Kaisha
Authorized:
100 million shares
Issued: 30,080,978
shares
Sum: Yen
5,990 million
Major
shareholders (%): Soho Co (10.3), Master Trust Bank of Japan T (5.9), Company’s Treasury
Stock (5.3), Fuji Seal Packaging Foundation (4.9), Northern Trust (AVFC) (3.4),
Shigeko Okazaki (2.4), Nomura Trust, Trust Acct (2.9), Masaaki Fujio (2.9),
Hiroko Fujio (2.9), Japan Trustee Services T (2.9); foreign owners (35.4)
No.
of shareholders: 2,655
Listed on the S/Exchange (s) of: Tokyo
Managements: Shigeko Okazaki,
pres; Takato Sonoda, dir; Takayuki Ueda, dir; Yasuhiro Shibata, dir; Koji
Arima, dir; Shin’ichiro Kose, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Fuji Seal, Fuji Tack, Fuji Flex, other.
OPERATION
Activities: Manufactures shrinkage
labels (58%), adhesive labels (22%), soft pouch (5%), machinery (7%), other
labels (1%), others (7%).
Overseas
Sales Ratio (43%)
Clients: Mfrs of:
beverages, foods, medicals, cosmetics, toiletries, battery, other
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Fuji Tack, Fuji Flex,
Fuji Astec, other (--group firms)
Payment record: Regular
Location: Business area in
Osaka. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG (Osaka)
Mizuho Bank
(Semba)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (CONSOLIDATED IN MILLION YEN) |
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TERMS ENDING: |
31/03/2015 |
31/03/2014 |
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INCOME STATEMENT |
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Annual Sales |
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131,008 |
121,015 |
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Cost of Sales |
104,865 |
95,424 |
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GROSS PROFIT |
26,142 |
25,591 |
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Selling & Adm Costs |
9,546 |
9,603 |
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OPERATING PROFIT |
16,596 |
15,987 |
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Non-Operating P/L |
-6,542 |
-5,940 |
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RECURRING PROFIT |
10,054 |
10,047 |
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NET PROFIT |
4,486 |
5,410 |
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BALANCE SHEET |
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Cash |
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7,908 |
9,261 |
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Receivables |
30,465 |
29,224 |
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Inventory |
16,303 |
13,705 |
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Securities, Marketable |
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Other Current Assets |
9,375 |
4,530 |
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TOTAL CURRENT ASSETS |
64,051 |
56,720 |
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Property & Equipment |
56,251 |
53,280 |
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Intangibles |
1,555 |
1,487 |
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Investments, Other Fixed Assets |
9,179 |
7,765 |
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TOTAL ASSETS |
131,036 |
119,252 |
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Payables |
14,468 |
13,279 |
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Short-Term Bank Loans |
4,130 |
3,835 |
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Other Current Liabs |
19,818 |
15,653 |
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TOTAL CURRENT LIABS |
38,416 |
32,767 |
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Debentures |
5,000 |
5,000 |
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Long-Term Bank Loans |
2,230 |
3,549 |
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Reserve for Retirement Allw |
3,125 |
2,202 |
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Other Debts |
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3,229 |
3,656 |
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TOTAL LIABILITIES |
52,000 |
47,174 |
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MINORITY INTERESTS |
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Common
stock |
5,990 |
5,990 |
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Additional
paid-in capital |
6,233 |
6,233 |
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Retained
earnings |
60,575 |
57,328 |
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Evaluation
p/l on investments/securities |
1,136 |
535 |
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Others |
8,402 |
5,372 |
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Treasury
stock, at cost |
(3,301) |
(3,380) |
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TOTAL S/HOLDERS` EQUITY |
79,035 |
72,078 |
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TOTAL EQUITIES |
131,036 |
119,252 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2015 |
31/03/2014 |
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Cash
Flows from Operating Activities |
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9,498 |
9,636 |
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Cash
Flows from Investment Activities |
-8,540 |
-11,518 |
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Cash Flows
from Financing Activities |
-2,296 |
-602 |
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Cash,
Bank Deposits at the Term End |
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7,807 |
9,085 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2015 |
31/03/2014 |
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Net
Worth (S/Holders' Equity) |
79,035 |
72,078 |
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Current
Ratio (%) |
166.73 |
173.10 |
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Net
Worth Ratio (%) |
60.32 |
60.44 |
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Recurring
Profit Ratio (%) |
7.67 |
8.30 |
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Net
Profit Ratio (%) |
3.42 |
4.47 |
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Return
On Equity (%) |
5.68 |
7.51 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.03 |
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1 |
Rs.99.27 |
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Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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 |
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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.