Asahi Internal Combustor Co., Ltd., Tokyo, 1936-?
旭 内 燃 機 株 式
Much as with the Welby, there is very little data on this make and I've only found the one advertisement, along with a single mention of it on a site giving a history of tricyle machines (see this link). They offered machines under the Iwasaki (イワサキ号) brand. It featured water cooled engines in 650cc and 750cc displacements.