|
Report No. : |
313561 |
|
Report Date : |
30.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
FALTEC CO LTD |
|
|
|
|
Registered Office : |
580 Horikawacho Saiwaiku Kawasaki city Kanagawa 212-0013 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
April 2004 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Mfg/Selling of automotive parts |
|
|
|
|
No of Employees : |
989 |
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 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
FALTEC
CO LTD
FALTEC KK
580 Horikawacho Saiwaiku Kawasaki city
Kanagawa 212-0013 JAPAN
Tel: 044-520-0019 Fax: 044-520-0018
URL: http://www.faltec.co.jp
E-Mail address: (thru the URL)
Mfg/Selling of automotive parts
Sapporo, Sendai, Kawasaki, Higashi Osaka,
Fukuoka
U.K., Thailand, U.S.A., China
Iwaki (Fukushima), Tatebayashi (Gunma),
Fukuoka, other
KAZUHIKO TOIDA, PRES
Yen Amount: In
million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 77,393 M
PAYMENTSNO COMPLAINTS CAPITAL Yen
2,183 M
TREND UP WORTH Yen
14,968 M
STARTED 2004 EMPLOYES 989
MANUFACTURER OF AUTOMOTIVE PARTS.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
70,218 |
1,383 |
2,245 |
(%) |
7,498 |
|
(Consolidated) |
31/03/2012 |
75,555 |
3,435 |
1,309 |
7.60 |
8,255 |
|
31/03/2013 |
72,018 |
3,147 |
2,038 |
-4.68 |
12,962 |
|
|
31/03/2014 |
77,393 |
3,502 |
2,084 |
7.46 |
14,968 |
|
|
31/03/2015 |
80,000 |
4,000 |
2,200 |
3.37 |
17,168 |
Unit: In Million Yen
Forecast
figures for the 2015 fiscal term.
The subject company was founded in 2004. Altia Co.,Ltd.(former Nissan
Jidosha Hanbai Co.,Ltd, established in 1937.) entered into a corporate combination
agreement with Hashimoto Forming Industries Co., Ltd. (former Hashimoto
Ironworks, established in 1917.) to form FALTEC Co., Ltd. a holding company
owned by the two respective companies. It handles six major categories of
products: plastic exteriors, metal products, moldings, electrical/electronic
components, textiles and chemicals. Its major customers are automobile
manufactures in Japan and abroad.
The sales volume for March /2014 fiscal term amounted to Yen 77,393 million,
a 7.5% up from Yen 72,018 million in the previous term. The recurring profit was posted at Yen 3,502
million and the net profit at Yen 2,084 million, respectively, compared with
Yen 3,147 million recurring profit and Yen 2,038 million net profit, respectively,
a year ago.
For the current term ending March
2015 the recurring profit is projected at Yen 4,000 million and the net profit
at Yen 2,200 million, respectively, on a 3.4% rise in turnover, to Yen 80,000
million. Final results are yet to be released.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Date Registered: April 2004
Legal
Status: Limited
Company (Kabushiki Kaisha)
Authorized: 11 million shares
Issued:
3 million shares
Sum: Yen
2,183 million
Major shareholders
(%):
TPR(55.5), Guangdong Tgpma Utomotive Industry Group(4.8), Srg Grobal Inc.(4.1),
Takashi Kotegawa(3.4), Japan Trustee Service Bank(2.3),other
No. of
shareholders: 1,252
Listed
on the S/Exchange (s) of: Tokyo, the 1st section
Managements:
KAZUHIKO TOIDA,
pres; Katsuhiro Takamatsu, v.pres;
Hiroshi Miki,dir; Tatsuro Sato,
dir; Hiroshi Kato, dir,
Nothing detrimental is known as to the
commercial morality of executives.
Related companies: Altia Corp,
Technosash Corp, Faltec service Corp, Ishikawa Faltec Corp, other
Activities: Mfg/Selling of
automotive parts such as plastic exteriors, metal products, moldings,
electrical/electronic components, textiles and chemicals.
Plastic Exteriors: They supply
plastic exterior parts that are installed on automotive production lines. Our
major clients in this category are auto manufacturers in Japan and abroad.
Metal Products: They supply metal sashes for doors in automobiles, as
well as roof rails and other parts that are installed as options on automotive
production lines.
Moldings: They combine roll forming, extrusion molding and stamping
technologies to provide moldings that are installed together with the doors and
window glass in automobiles.
Electrical and Electronic components: They offer products that help
create more stylish cars, such as our original interior illumination kits and
exterior/electrical products.
Textiles: They help customers create elegant, comfortable interior
spaces with our carpeting and other textile products.
Chemicals: They offer chemical products to give safety, security and
comfort to drivers. Their chemical products are used by automobile
manufacturers, repair service providers and general car users.
Clients: [Mfrs,
wholesalers] Nissan Motor Corp, Nissan Shatai Corp, Honda Motor Corp, Fuji
Heavy Industry Corp, Daihatsu Motor Corp, Mitsubishi Motor Corp, Mazda Motor Corp,
other
No.
of accounts: Unavailable
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Technosash Corp, Daikyo Nishikawa Corp, Platec Corp, other
Payment
record: No Complaints
Location: Business area in
Kanagawa. Office premises at the caption
address are leased and maintained satisfactorily.
Bank
References:
Muzuho
Bank (Yokohamaekimae)
Bank
of Yokohama (Kawasaki)
Relations:
Satisfactory
|
FINANCES: (Consolidated in million yen) |
|
|||
|
|
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
|
|||
|
|
Annual Sales |
77,393 |
72,018 |
|
|
|
Cost of Sales |
65,047 |
59,813 |
|
|
|
GROSS PROFIT |
12,346 |
12,205 |
|
|
|
Selling & Adm Costs |
9,019 |
8,989 |
|
|
|
OPERATING PROFIT |
3,327 |
3,216 |
|
|
|
Non-Operating P/L |
175 |
-69 |
|
|
|
RECURRING PROFIT |
3,502 |
3,147 |
|
|
|
NET PROFIT |
2,084 |
2,038 |
|
|
BALANCE SHEET |
|
|||
|
|
Cash |
|
2,761 |
3,889 |
|
|
Receivables |
16,063 |
13,961 |
|
|
|
Inventory |
3,202 |
2,753 |
|
|
|
Securities, Marketable |
0 |
0 |
|
|
|
Other Current Assets |
4,149 |
3,835 |
|
|
|
TOTAL CURRENT ASSETS |
26,175 |
24,438 |
|
|
|
Property & Equipment |
21,804 |
19,362 |
|
|
|
Intangibles |
1,308 |
1,541 |
|
|
|
Investments, Other Fixed Assets |
3,898 |
2,737 |
|
|
|
TOTAL ASSETS |
53,185 |
48,078 |
|
|
|
Payables |
11,834 |
13,142 |
|
|
|
Short-Term Bank Loans |
3,726 |
1,270 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
9,648 |
7,373 |
|
|
|
TOTAL CURRENT LIABS |
25,208 |
21,785 |
|
|
|
Debentures |
|
|
|
|
|
Long-Term Bank Loans |
2,749 |
4,204 |
|
|
|
Reserve for Retirement Allw |
7,671 |
6,547 |
|
|
|
Other Debts |
2,589 |
2,580 |
|
|
|
TOTAL LIABILITIES |
38,217 |
35,116 |
|
|
|
MINORITY INTERESTS |
|
||
|
|
Common stock |
2,183 |
2,183 |
|
|
|
Additional paid-in capital |
500 |
500 |
|
|
|
Retained earnings |
8,824 |
7,138 |
|
|
|
Evaluation p/l on
investments/securities |
|
|
|
|
|
Others |
3,461 |
3,141 |
|
|
|
Treasury stock, at cost |
|
|
|
|
|
TOTAL S/HOLDERS` EQUITY |
14,968 |
12,962 |
|
|
|
TOTAL EQUITIES |
53,185 |
48,078 |
|
|
CONSOLIDATED CASH FLOWS |
|
|||
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
|
Cash Flows from Operating Activities |
|
3,676 |
1,687 |
|
|
Cash Flows from Investment
Activities |
-3,178 |
-2,980 |
|
|
|
Cash Flows from Financing Activities |
-1,985 |
-735 |
|
|
|
Cash, Bank Deposits at the Term End |
|
2,760 |
3,888 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
|
Net Worth (S/Holders' Equity) |
14,968 |
12,962 |
|
|
|
Current Ratio (%) |
103.84 |
112.18 |
|
|
|
Net Worth Ratio (%) |
28.14 |
26.96 |
|
|
|
Recurring Profit Ratio (%) |
4.52 |
4.37 |
|
|
|
Net Profit Ratio (%) |
2.69 |
2.83 |
|
|
|
|
Return On Equity (%) |
13.92 |
15.72 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.60 |
|
|
1 |
Rs. 92.95 |
|
Euro |
1 |
Rs. 68.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.