MIRA
INFORM REPORT
|
Report Date : |
26.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KAWAMURA ELECTRIC INC |
|
|
|
|
Registered Office : |
3-86 Akatsukicho Seto City Aichi-Pref 489-0071 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
May 1948 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki
Kaisha) |
|
|
|
|
Line of Business : |
Manufacture of Electric
Appliances |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
YEN 1,161.4 Million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
name of the company
KAWAMURA ELECTRIC INC
REGD NAME: Kawamura Denki Sangyo KK
MAIN OFFICE: 3-86 Akatsukicho Seto City Aichi-Pref 489-0071 JAPAN
Tel: 0561-86-8111 Fax: 0561-86-9057
URL: http://www.kawamura.co.jp/
E-Mail address: info.kawamura.co.jp
ACTIVITIES
Mfg of electric appliances
BRANCHES
Tokyo, Osaka, Sapporo, Sendai,
Chiba, Yokohama, Toyama, Hiroshima, Fukuoka,
other (Tot 53)
OVERSEAS
Kawamura Electric (China) Co Ltd,
Shanghai Kawamura Electric Co Ltd, Kawamura Electric Appliance Mfg (Shanghai)
Co Ltd, Kawamura Electric Int’l (Shanghai) Inc, Hong Kong Kawamura Electric
Ltd, Kawamura Electric (Beijing) Inc (--subsidiaries)
FACTORY(IES)
At the caption address, Sapporo, Tsukuba, Seto, Kumamoto
OFFICER(S)
YUKITOSHI KAWAMURA, PRES
Seigo Kawamura, v pres
Yasunori Itoh, v pres
Eiji Kudoh, v pres
Fumiya Kai, mgn dir
Shoji Kobayashi, mgn dir
Yen Amount
In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 45,046 M
PAYMENTS REGULAR CAPITAL Yen 1,803 M
TREND STEADY WORTH Yen 13,435 M
STARTED 1948 EMPLOYES 1,173
COMMENT
MFR OF ELECTRIC APPLIANCES.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 1,161.4 MILLION, 30 DAYS
NORMAL TERMS
HIGHLIGHTS
The subject company was
established by Kou Kawamura in order to make most of his experi-ence in the subject
line of business. The firm has been
succeeded by his descendants.
Specializes in mfg electric
appliances. Stressing operations in
China where the firm has 3 factories and 2 swales offices. The firm has a
special division as Chinese business division.
FINANCIAL INFORMATION
The sales volume for Mar/2007
fiscal term amounted to Yen 45,046 million, a 14% up from Yen 39,568 million in
the previous term. Business
expanded. The hike in material prices
also contributed. The recurring profit
was posted at Yen 4,290 million and the net profit at Yen 2,701 million,
respectively, compared with Yen 3,586 million recurring profit and Yen 1,865
million net profit, respectively, a year ago.
For the current term ending Mar
2008 the recurring profit is projected at Yen 4,300 million and the net profit
at Yen 2,750 million, respectively, on a 4% rise in turnover, to Yen 47,000
million. Sales in China will grow.
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max credit limit is
estimated at Yen 1,161.4 million, on 30 days normal terms.
REGISTRATION
Date
Registered: May 1948
Legal
Status: Limited Company (Kabushiki
Kaisha)
Authorized: 14 million shares
Issued: 3.6 million shares
Sum:
Yen 1,803 million
Major shareholders (%)
River Investment (20), Shinwa KK
(2), Yukitoshi Kawamura (2), Mari Kawamura (2), Employees’ S/Holding Assn (2)
No. of shareholders: 108
Nothing detrimental is known as to
the commercial morality of executives.
OPERATION
Activities: Manufactures electric
distribution boards, residential distribution boards, high voltage receivers
& converters, circuit breakers & switches, rack cabinets, pump control
boards & alarm boards, cabinet boards, their parts & components
(--100%).
Goods are exported to worldwide
destinations.
Clients
[Mfrs, wholesalers] Inaba Denki
Sangyo, Mitsuwa Electric, Aiko Corp, Takeden Co, Kidsway Inc, other.
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Kawamura
Electric Sales Inc, Kawamura Logistic Service Inc, Asahi Denki, other.
Payment record
Regular
Location
Business area in Seto City,
Aichi-Pref. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References
Mizuho Bank (Nagoya)
Hyakujushi Bank (Nagoya)
Relations: Satisfactory
FINANCES: (In Million Yen)
|
Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
|
|
Annual
Sales |
|
47,000 |
45,046 |
39,568 |
35,035 |
|
Recur.
Profit |
|
4,300 |
4,290 |
3,586 |
|
|
Net
Profit |
|
2,750 |
2,701 |
1,865 |
1,252 |
|
Total
Assets |
|
|
30,932 |
28,975 |
|
|
Current
Assets |
|
|
16,679 |
14,663 |
|
|
Current
Liabs |
|
|
15,029 |
14,241 |
|
|
Net
Worth |
|
|
13,435 |
11,084 |
|
|
Capital,
Paid-Up |
|
|
1,803 |
1,803 |
1,803 |
|
Div.P.Share(¥) |
|
|
|
|
|
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.34 |
13.84 |
12.94 |
12.28 |
|
|
Current Ratio |
|
.. |
110.98 |
102.96 |
.. |
|
N.Worth Ratio |
.. |
43.43 |
38.25 |
.. |
|
|
R.Profit/Sales |
|
9.15 |
9.52 |
9.06 |
.. |
|
N.Profit/Sales |
5.85 |
6.00 |
4.71 |
3.57 |
|
|
Return On Equity |
.. |
20.10 |
16.83 |
.. |
|
Notes: Forecast (or estimated)
figures for the 31/03/2008 fiscal term.
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 |
|
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 |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)