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Report No. : |
345024 |
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Report Date : |
14.10.2015 |
IDENTIFICATION DETAILS
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Name : |
FUSOH AVIATION CO LTD |
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Registered Office : |
Sasazuka Soei Bldg 3F, 1-56-10 Sasazuka Shibuyaku Tokyo 151-0073 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
July 1976 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Subject is engaged in Imports and wholesales stainless/special
metal parts and components for aircrafts, aerospace, helicopters, other
vehicles. |
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No. of Employee : |
16 |
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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Maximum Credit Limit : |
YEN 35.6 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 an 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. Scarce in many natural resources, Japan has long been dependent on imported raw materials. Since the complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than it was previously on imported fossil 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 impressive - 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 aftereffects 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. 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 of that year disrupted manufacturing. The economy has largely recovered in the four years since the disaster, although reconstruction in the affected Tohoku region has lagged, in part due to a shortage of labor in the construction sector. Japan enjoyed a sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Abe’s government has replaced the preceding administration’s plan to phase out nuclear power with a new policy of seeking to restart nuclear power plants that meet strict new safety standards, and emphasizing nuclear energy’s importance as a base-load electricity source. Japan joined the Trans-Pacific Partnership (TPP) 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 first-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. While seeking to stimulate and reform the economy, the government must also devise a strategy for reining in Japan's huge government debt, which amounts to more than 230% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8% implemented in April 2014. That increase had a contractionary effect on GDP, however, so PM Abe in late 2014 decided to postpone the final phase of the increase until April 2017 to give the economy more time to recover. Led by the Bank of Japan’s aggressive monetary easing, Japan is making progress in ending deflation, but demographics - low birthrate and an aging, shrinking population - pose major long-term challenges for the economy.
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Source
: CIA |
FUSOH AVIATION CO LTD
REGD NAME: Fusoh
Aviation KK
Sasazuka Soei Bldg
3F, 1-56-10 Sasazuka Shibuyaku Tokyo 151-0073 JAPAN
Tel:
03-5371-0411 Fax: 03-5371-0415
URL: http://www.fusoh-aviation.co.jp/
E-Mail
address: tanabe@fusoh-aviation.co.jp
Import,
wholesale of special metal parts & components for aircrafts
Osaka;
Frankfurt (--rep office)
Fusoh Aviation
USA, Fusoh Aviation Europe (Germany) (--subsidiary purchasing companies)
MAKIKO
MARUYAMA, PRES
Akira
Tanabe, dir
Naofumi
Machida, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 1,092 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 50 M
TREND STEADY WORTH Yen 524 M
STARTED 1976 EMPLOYES 16
TRADING FIRM SPECIALIZING IN AIRCRAFT METAL PARTS &
COMPO-NENTS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 35.6 MILLION, 30 DAYS NORMAL TERMS.
The
subject company was established by father of Shoichi Mochizuki in order to
import and wholesale metal parts for aircrafts.
Makiko Maruyama took the pres office in Jan 2007. This is a specialized
trading FIRM, owned and managed by the Mochizuki family, for import and
wholesale of stainless steel & special metal parts & components for
aircrafts, aerospace, helicopters, other.
Clients include National Defense Agency, heavy machinery mfrs, &
airlines, other, nationwide.
(Brief
History):
In
1977, launched import of fertilizer spray equipment for helicopters. In 1978, imported Bell Helicopter G4A rebuilt
craft. In 1979, started import and
supply of aluminum parts and materials to Self Defense Agency. In 1984, imports started of aluminum
extrusion materials from Tiernay Metal, USA.
Opened USA office in 1989. In
1990, started business with Ulbrich Stainless Steel & Special Metals Inc,
USA.
The
sales volume for Dec/2014 fiscal term amounted to Yen 1,092 million, a 5% up
from Yen 1,043 million in the previous term.
The recurring profit was posted at Yen 56 million and the net profit at
Yen 35 million, respectively, compared with Yen 26 million a year ago. Financials are disclosed in digested form
only.
For
the current term ending Dec 2015 the recurring profit is projected at Yen 60
million and the net profit at Yen 37 million, respectively, on a 5% rise in
turnover, to Yen 1,145 million.
The
financial situation is considered maintained FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 35.6 million, on 30 days normal terms.
Date Registered: Jul 1976
Legal Status:
Limited Company (Kabushiki
Kaisha)
Authorized:
400,000 shares
Issued:
100,000 shares
Sum: Yen
50 million
Major shareholders (%): Mochizuki Trading KK*(75), Makiko
Maruyama (10), Michishi Maruyama (7%), Takashi Nakajima (2)
*.. Holding company wholly owned
by the Mochizuki family.
No. of
shareholders: 7
Nothing detrimental is known as
to the commercial morality of executives.
Activities:
Imports and wholesales stainless/special metal parts and components for
aircrafts, aerospace, helicopters, other vehicles (--100%):
(Handling items):
stainless steel, nickel, titanium, cobalt alloys, ferrite, martensite, and other special metal plates & wires,
high-intensity LED panels, edge light panels, cable as- semblies, helmets, other.
Clients:
[Defense Agency, aircraft mfrs, machinery mfrs] National Defense Agency, Synfonia Technology (11.8%), Global New
Clear, Fuel Japan, Toshiba Corp, KYB Japan,
other.
No. of accounts: 300
Domestic areas of activities:
Nationwide
Suppliers:
[Mfrs, wholesalers] Custom Products (61%), Aelfric (20%), Vacuumhme Ize GmbH
(11%), other.
Payment record: No Complaints
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
MUFG (Sasazuka)
Mizuho
Bank (Shinjuku-Nishiguchi)
Relations:
Satisfactory
(In
Million Yen)
|
Terms Ending: |
|
31/12/2015 |
31/12/2014 |
31/12/2013 |
31/12/2012 |
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Annual
Sales |
|
1,145 |
1,092 |
1,043 |
878 |
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Recur.
Profit |
|
60 |
56 |
.. |
13 |
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Net
Profit |
|
37 |
35 |
26 |
8 |
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Total
Assets |
|
|
984 |
N/A |
849 |
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Net
Worth |
|
|
524 |
493 |
475 |
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Capital,
Paid-Up |
|
|
50 |
50 |
50 |
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Div.P.Share(¥) |
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|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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4.85 |
4.70 |
18.79 |
9.34 |
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Current Ratio |
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|
.. |
.. |
.. |
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N.Worth Ratio |
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|
53.25 |
.. |
55.95 |
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N.Profit/Sales |
|
3.23 |
3.21 |
2.49 |
0.91 |
Notes:
Financials are only partially disclosed。
Forecast
(or estimated) figures for the 31/12/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.02 |
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|
1 |
Rs.99.89 |
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Euro |
1 |
Rs.73.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
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Report Prepared
by : |
ASH |
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 |
-- |
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.