MIRA
INFORM REPORT
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Report Date : |
22.06.2007 |
IDENTIFICATION DETAILS
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Name : |
I WAVE
CORPORATION |
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Registered Office : |
UT Bldg 2F, 2-21-13 Higashiueno Taitoku |
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Country : |
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Financials (as on) : |
31.01.2007 |
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Date of Incorporation : |
Feb 2000 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, wholesale of telecom &
networking equipment |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
Yen 9.8 millions |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
I WAVE CORPORATION
REGD NAME
I Wave KK
MAIN OFFICE
UT Bldg 2F, 2-21-13
Higashiueno Taitoku
Tel : 03-5812-7401
Fax : 03-5812-7402
URL : http://www.i-waveco.com/
E-Mail address: sales@i-waveco.com
ACTIVITIES
Import, wholesale
of telecom & networking equipment
BRANCHES
OFFICER(S)
KOICHI SHIMADA,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 676 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND STEADY WORTH Yen
62 M
STARTED 2000 EMPLOYES 13
COMMENT
IMPORTER SPECIALIZING IN TELECOM & NETWORKING EQUIPMENT. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 9.8 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by Koichi Shimada in order
to make most of his experience in the subject line of business. This is a trading house specializing in
telecom & networking equipment, their parts and components. Goods are imported from
FINANCIAL INFORMATION
The sales volume for Jan/2007 fiscal term amounted to Yen 676 million, a 35% up from Yen 502 million in the previous term. This is attributed to the widespread optical fiber lines, demand for which is rising sharply. The recurring profit was posted at Yen 27 million and the net profit at6 Yen 16 million, respectively, compared with Yen 16 million recurring profit and Yen 10 million net profit, respectively, a year ago.
For the current term ending Jan 2008 the net profit is projected at Yen 18 million, on an 11% rise in turnover, to Yen 750 million. Business keeps on rising.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 9.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Feb 2000
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 800 shares
Issued: 200 shares
Sum: Yen 10 million
Major shareholders
(%): Koichi Shimada (100)
Nothing
detrimental is knows as to the commercial morality of executives.
OPERATION
Activities: Imports and wholesales telecommunications & networking equipment, parts, components (100%): fiber optic sources, laser diode drivers, temperature controllers, laser diodes, laser diode controllers, laser drivers, other.
Clients: [Telecom carriers, electronics mfrs, wholesalers]
KDDI, NEC Factory Engineering, NTT Electronics, NICT, Mitsubishi Electric,
Furukawa Electric, Fujikura Ltd, Oki Electric Ind, Tohoku Univ,
No. of accounts:
300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Imports from Avanex, Berkeley Varitronics Systems, Bivio Networks, Cernex, Chroma Technology, CoAdna Photonics, Covega, DiCon Fiberoptics, ESSEX, General Photonics, Helios OE, ILX Lightwave, Nufern, Simena (--USA), EXFO, OZ Optics, TeraXion (--Canada), HHI, u2t (--Germany), other.
Payment record:
Regular
Location: Business area in
Bank References
Chiba Bank (
Asahi Shinkin Bank
(Kotobuki)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/01/2008 |
31/01/2007 |
31/01/2006 |
31/01/2005 |
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Annual
Sales |
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750 |
676 |
502 |
427 |
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Recur.
Profit |
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27 |
16 |
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Net
Profit |
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18 |
16 |
10 |
6 |
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Total
Assets |
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276 |
210 |
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Current
Assets |
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262 |
197 |
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Current
Liabs |
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177 |
80 |
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Net
Worth |
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62 |
50 |
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Capital,
Paid-Up |
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10 |
10 |
10 |
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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 |
10.95 |
34.66 |
17.56 |
53.05 |
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Current Ratio |
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.. |
148.02 |
246.25 |
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N.Worth Ratio |
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22.46 |
23.81 |
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R.Profit/Sales |
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.. |
3.99 |
3.19 |
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N.Profit/Sales |
2.40 |
2.37 |
1.99 |
1.41 |
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Return On Equity |
.. |
25.81 |
20.00 |
.. |
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Note: Forecast (or
estimated) figures for the 31/01/2008 fiscal term.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)