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Report No. : |
347587 |
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Report Date : |
28.10.2015 |
IDENTIFICATION DETAILS
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Name : |
FRP SERVICE & COMPANY |
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Registered Office : |
FRP Service Bldg, 1-15-9 Awaza Nishiku Osaka 550-0011 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
October 1972 |
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Com. Reg. No.: |
1200-01-042822 (Osaka-Nishiku) |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Import, export, wholesale of FRP (fiber-reinforced plastics) materials & intermediates |
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No. of Employee : |
54 |
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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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) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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.
|
Source
: CIA |
FRP SERVICE & COMPANY
REGD NAME: FRP
Service KK
FRP Service Bldg,
1-15-9 Awaza Nishiku Osaka 550-0011 JAPAN
Tel: 06-6535-1933
Fax: 06-6535-1674
URL: http://www.frpservices.com
E-Mail
address: info@frpservices.com
Import,
export, wholesale of FRP (fiber-reinforced plastics) materials &
intermediates
Tokyo,
Yokohama, Hamamatsu, other (Tot 11)
Taipei,
Hanoi, Ukraine, Mumbai, Moscow, Karachi, Sri Lanka, Australia
USA, Singapore,
Shanghai, UAE, France, other (--subsidiaries)
TSUNEAKI YANAGIDA, PRES Hiroshi Shinohara, dir
Johan K Cooke, dir Kenta Yanagida, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 12,532 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 144 M
TREND STEADY WORTH Yen 729 M
STARTED 1972 EMPLOYES 54
TRADER SPECIALIZING IN FRP AND OTHER INDUSTRIAL CHEMICALS. FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established by Tsuneaki Yanagida in
order to make most of his experience in
the subject line of business. This is a
trading house specializing in FRP (fiber-reinforced plastics) materials &
intermediates, used as parts for aircrafts, space shuttles, artificial
satellites, etc. CFRP (carbonic
fiber-reinforced plastics) and BFRP (boric fiber-reinforced plastics) materials
have recently become core of its business transactions. Also handles synthetic resins and other
industrial chemicals. Goods are widely
imported and exported through its overseas subsidiaries and rep offices
worldwide. Clients include such industries as aircraft, aerospace, and
related.
The
sales volume for Mar/2015 fiscal term amounted to Yen 12,532 million, a 6% up
from Yen 11,876 in the previous term.
Imports & exports rose. The
weaker Yen contributed to earnings growth in Yen terms. The recurring profit was posted at Yen 232
million and the net profit at Yen 148 million, respectively, compared with
Yen195 million recurring profit and Yen 96 million net profit, respectively, a
year ago.
For
the current term ending Mar 2016 the recurring profit is projected at Yen 240
million and the net profit at Yen 160 million, respectively, on a 5% rise in
turnover, to Yen 13,160 million.
Business is seen expanding steadily.
The financial
situation is considered maintained FAIR and good for ORDINARY business
engagements.
Date Registered: Oct
1972
Regd No.: 1200-01-042822
(Osaka-Nishiku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 1 million shares
Issued:
288,000 shares
Sum: Yen
144 million
Major shareholders (%): Tsuneaki Yanagida (23.5), Employees’ S/Holding Assn (14.5),
Mitsuo Iwamoto (12.5), Hiroshi Shinohara (6.0)
No. of shareholders:
58
Nothing
detrimental is known as to the commercial morality of executives.
Activities:
Imports, exports and wholesales FRP materials & intermediates (--70%),
resins, other industrial chemicals,
textiles, other (--30%).
Exports (70%)
(Handling items by divisions):
FRP Div: Glass fiber, Alkali Resistant products,
glass flake, carbon fiber, core material, polyesterresin,
Chemicals for FRP, polyester color paste, mold release, filters & admixtures, tools & equipment;
Engineering plastics: ABS resin,
PA (polyamide), PBT pure resin, PBT compound, PC (polycarbonate), POM
(polyacetal), PP, PET, other;
Chemicals Div: organic/inorganic chemicals,
intermediates & APIs, polymers & resins;
Textile Div: Apparels for men/women/juniors/babies;
home textiles (bedding, blanket, curtains,
patchwork quilt, throw, towel, shower curtains); fabrics; yarns (cotton,
nylon, polyester, acrylic, rayon, blended); non-woven yarns; accessories
(zippers, buttons, ribbons, buckles, interlining, etc).
Clients: [Mfrs, wholesalers] FRP Services America,
FRP Services Europe, FRP
Services Asia, Farassan Mfg,
Chem Search Corp, Amiantit Fiberglass, Planet, Success Kansai, other.
No. of accounts: 500 (Domestic)
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs, wholesalers] Singapore Highpolymer,
BFG Philippines, Laurenthal Enterprises,
FRP Services America, FRP Composite, Japan Composite, BASF Inoac Polyuretan, other.
Domestically, Showa Highpolymer, Tokuyama Corp, Mitsui
Chemical, Nippon Light Metal, Nippon Electric Glass, other.
Payment record: No
complaints
Location: Business area in Osaka. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References:
MUFG
(Osaka-Nishi)
SMBC
(Semba)
Relations:
Satisfactory
(In
Million Yen)
|
Terms Ending: |
31/03/2016 |
31/03/2015 |
31/03/2014 |
31/03/2013 |
|
|
Annual
Sales |
|
13,160 |
12,532 |
11,876 |
9,730 |
|
Recur.
Profit |
|
240 |
232 |
195 |
|
|
Net
Profit |
|
160 |
148 |
96 |
-67 |
|
Total
Assets |
|
|
4,026 |
3,774 |
3,740 |
|
Current
Assets |
|
|
2,822 |
2,533 |
|
|
Current
Liabs |
|
|
2,168 |
2,052 |
|
|
Net
Worth |
|
|
729 |
639 |
542 |
|
Capital,
Paid-Up |
|
|
144 |
144 |
144 |
|
Div.Ttl
in Million (¥) |
|
|
8.64 |
0.00 |
3.6 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
5.01 |
5.52 |
22.06 |
99.22 |
|
Current Ratio |
|
.. |
130.17 |
123.44 |
.. |
|
N.Worth Ratio |
|
.. |
18.11 |
16.93 |
14.49 |
|
R.Profit/Sales |
|
1.82 |
1.85 |
1.64 |
.. |
|
N.Profit/Sales |
|
1.22 |
1.18 |
0.81 |
-0.69 |
|
Return On Equity |
|
.. |
20.30 |
15.02 |
-12.36 |
Note:
Forecast (or estimated) for the 31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.96 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
ASH |
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 |
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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.