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MIRA INFORM REPORT
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Report No. : |
488769 |
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Report Date : |
29.01.2018 |
IDENTIFICATION DETAILS
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Name : |
PASCAL CORPORATION |
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Registered Office : |
2-14-7 Konoike Itami Hyogo-Pref 664-0006 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2017 |
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Date of Incorporation : |
May, 1974 |
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Com. Reg. No.: |
1400-01-1077910
(Hyogo-Itami) |
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Legal Form : |
Limited Company
(Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Factory Automation
Equipment & Systems. |
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No. of Employees : |
84 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
Yen 183.9 million |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
JAPAN - ECONOMIC OVERVIEW
Over the past 70 years, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (slightly less than 1% of GDP) have helped Japan develop an advanced economy. Two notable characteristics of the post-World War II 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 have significantly eroded under the dual pressures of global competition and domestic demographic change.
Measured on a purchasing power parity basis that adjusts for price differences, Japan in 2016 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. For three postwar decades, overall real economic growth was impressive - a 10% average in the 1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the aftereffects of inefficient investment and the collapse of an asset price bubble in the late 1980s, which entailed considerable 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.
Japan enjoyed an 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. Led by the Bank of Japan’s aggressive monetary easing, Japan is making modest progress in ending deflation, but demographic decline – a low birthrate and an aging, shrinking population – poses a major long-term challenge for the economy. The government currently faces the quandary of balancing its efforts to stimulate growth and institute economic reforms with the necessity of addressing its sizable public debt, which stands at 235% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate. However, the first such increase, in April 2014, led to another recession, so Prime Minister ABE has twice postponed the next increase, now scheduled for October 2019. Structural reforms to unlock productivity are seen as central to strengthening the economy in the long-run.
Scarce in critical natural resources, Japan has long been dependent on imported energy and raw materials. After the complete shutdown of Japan’s nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than before on imported fossil fuels. However, ABE’s government is seeking to restart nuclear power plants that meet strict new safety standards and is emphasizing nuclear energy’s importance as a base-load electricity source. In August 2015, Japan successfully restarted one nuclear reactor at the Sendai Nuclear Power Plant in Kagoshima prefecture, and several other reactors around the country have since resumed operations; however, opposition from local governments has delayed several more restarts that remain pending. Reforms of the electricity and gas sectors, including full liberalization of Japan’s energy market in April 2016 and gas market in April 2017, constitute an important part of Prime Minister Abe’s economic program.
In October 2015, Japan and 11 trading partners reached agreement on the Trans-Pacific Partnership (TPP), a pact that had promised to open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Japan was the second country to ratify the TPP in December 2016; the United States signaled its withdrawal from the TPP on January 23, 2017, and as of April 2017 the agreement has not gone into effect.
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Source
: CIA |
Company
name and address
PASCAL CORPORATION
REGD NAME: Pascal
KK
MAIN OFFICE: 2-14-7
Konoike Itami Hyogo-Pref 664-0006 JAPAN
Tel:
072-777-4555 Fax: 072-777-3520
URL: http://www.pascaleng.co.jp
E-Mail address: info@pascaleng.co.jp
ACTIVITIES
Mfg of factory
automation equipment & systems
BRANCHES
Kumagaya, Atsugi,
Nagoya, Osaka, other (Tot 9)
OVERSEAS
USA, Germany,
China (5), Taiwan, Thailand, & Korea
FACTORIES
Yamagata, Oita;
Dalian (China)
OFFICERS
ICHIRO KITAURA,
PRES
Taiichiro Kitaura,
dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 10,200 M
PAYMENTS REGULAR CAPITAL Yen 99 M
TREND UP WORTH Y5n 2,300 M
STARTED 1974 EMPLOYES 84
COMMENT
MFG OF FA EQUIPMENT & SYSTEMS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 183.9 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject
company was established by Ichiro Kitaura in order to make most of his experience
in the subject line of business.
Originally named as Aioi Seiki Inc and renamed as captioned in
1986. This is a specialized mfr of
factory automation equipment & systems: machine tools, pressing machines,
metal working machines, precision instruments, other (See OPERATION). Has overseas
subsidiaries & offices in USA, Germany, China, Korea, Thailand, and
Taiwan. Factory in Dalian (China)
supplies to the local market as well as exports. Clients include major automakers, engineering
firms, machine mfrs, other, nationwide.
FINANCIAL
INFORMATION
Financial are only
partially disclosed. Profits are not
precisely disclosed and only estimated.
The sales volume
for Mar/2017 fiscal term amounted to Yen 10,200 million, a similar turnover in
the previous term. The net profit is
estimated posted at Yen 150 million, similarly in a year ago.
For the current
term ending Mar 2018 the net profit is projected at Yen 160 million, on a 3%
rise in turnover, to Yen 10,500 million.
Business is seen expanding steadily.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit is
estimated at Yen 183.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: May 1974
Regd No.:
1400-01-1077910
(Hyogo-Itami)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 800,000
shares
Issued: 199,980
shares
Sum: Yen
99.99 million
Major
shareholders (%): Ichiro Kitaura & families (--100)
No. of shareholders: 7
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures
factory automation equipment & systems: work clamping system, expansion
clamp, gas springs, mini gas spring, molding machine system, octagonal locate
ring, magnetic ejector rod, machine tool system, Pal coupling, press machine
system, mag clamp, die casting machine system, C-plate mag clamp, robot tool
changer WVR, Pascal pumps, other (--100%)
Clients: [Mfrs,
wholesalers] Toyota Motor, Aida Engineering, Fuji Heavy Ind, Toshiba Machine,
Mitsubishi Heavy Ind, Komatsu Ltd, DMG Mori Seiki, Fanuc Corp, Toyota Tsusho
Corp, Nissan Motor, Honda Motor, Mitsubishi Motor, Aida Engineering, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Pascal Yamagata, Pascal Oita, Pascal Trading, other
Payment
record: Regular
Location: Business area in Itami City, Hyogo-Pref.
Office premises at the caption address are owned and maintained satisfactorily.
Bank
References:
SMBC
(Itami)
Mizuho
Bank (Kobe)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
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31/03/2018 |
31/03/2017 |
31/03/2016 |
31/03/2015 |
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Annual
Sales |
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10,500 |
10,200 |
10,200 |
9,300 |
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Recur.
Profit |
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.. |
.. |
.. |
.. |
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Net
Profit |
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160 |
150 |
150 |
140 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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2,300 |
2,150 |
2,000 |
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Capital,
Paid-Up |
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99 |
99 |
99 |
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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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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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2.94 |
0.00 |
9.68 |
5.68 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
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1.52 |
1.47 |
1.47 |
1.51 |
Notes: Financials are only partially
disclosed. Profits are not disclosed
and only estimated.
Forecast (or
estimated) figures for the 31/03/2018 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.50 |
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1 |
INR 90.92 |
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Euro |
1 |
INR 79.07 |
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Yen |
1 |
INR 0.59 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
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Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.