MIRA
INFORM REPORT
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Report Date : |
30.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
NEC AVIO INFRARED TECHNOLOGIES CO LTD |
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Registered Office : |
Gotanda Kowa Bldg, 8-1-5 Nishigotanda Shinagawaku Tokyo 141-0031 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
April 2008 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Infrared Products (Infrared Modules,
Infrared Cameras), Measuring Instruments., Other |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
YEN 224 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
NEC AVIO INFRARED TECHNOLOGIES CO LTD
REGD NAME: NEC Avio Sekigaisen
Technology KK
MAIN OFFICE: Gotanda Kowa Bldg,
8-1-5 Nishigotanda Shinagawaku Tokyo 141-0031 JAPAN
Tel:
03-5436-0600 Fax: 03-5436-1619
* The given address at Tachikawa City
Tokyo-Metrop is that of NEC San-Ei Instruments Ltd, just merged into one entity
on 01/Apr/2008.
URL: http://www.nec-avio.co.jp/
E-Mail address:osd@nec-avio.co.jp
ACTIVITIES
Mfg of infrared products (infrared modules, infrared
cameras), measuring instruments., other
BRANCH(ES)
Fuchu, Sapporo, Sendai, Ohmiya, Yokohama, Nagoya, Osaka,
Fukuoka
FACTORY(IES)
At the caption address
EXECUTIVES
SHUN’ICHI SUZUKI, PRES
Tetsuo Hosokawa, s/mgn dir
Yoshiaki Nitta, dir
Etsuo Masuyama, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 12,800 M*
PAYMENTS REGULAR CAPITAL Yen 342 M
TREND STEADY WORTH Yen 342 M**
STARTED 1960 EMPLOYES About 200
* Target sales for the initial
term ending Mar/2009
**
Expressed by the paid-up capital
COMMENT
MFR OF INFRARED MODULES & CAMERAS, AFFILIATED TO NEC CORPGROUP.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
ASSUMED TO BE YEN 224 MILLION, 30 DAYS NORMAL TERMS, BASED ON PAST AND FINANCIAL STRENGTH OF THE PARENT GROUP.
HIGHLIGHT
This is a brand-new company established by the merger of infrared mfg division of Nippon Avionics Co Ltd and its subsidiary NEC San-Ei Instruments Ltd* on 01/Apr/2000. Theinfrared business of Nippon Avionics accounted for 33% of total group sales. Nippon Avionics was as a JV with NEC Corp and the then Hughes Aircraft (USA). Nippon Avionics makes information systems and industrial equipment. The merger was conducted in order to streamline and strengthen infrared system business as a group. It also develops & manufactures industrial measuring instruments, and offers system solutions service utilizing these products.
* Mfr of measuring instruments, at the given address, founded 1977, capital Yen 342 million, sales Yen 6,507 million, net profit Yen 226 million, employees 183, pres Tsuneo Shitara (--all Mar/2007 term figures)
FINANCIAL INFORMATION
The sales volume for the initial accounting term ending Maqr/2009 the recurring profit is projected at Yen 590 million and the net profit at Yen 430 million, respectively, on projected turnover, of Yen 12,800 million. These are target estimates only and not guaranteed.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 224.0 million, on 30 days normal terms, based on the past records and financial strength of the group firms.
REGISTRATION
Date Registered: Apr 2008
Legal Status: Limited Company (Kabushiki Kaisha)
Sum: Yen 384 million
Major shareholders (%)
Nippon Avionics Co Ltd*(100)
* Nippon Avionics Co Ltd, major mfr of defense electronics equipment, at the caption address, founded 1960, listed Tokyo S/E Second Section, capital Yen 5,145 million, sales Yen 35,640 million, operating profit Yen 1,811 million, recurring profit Yen 1,540 million, net profit Yen 1,182 million, total assets Yen 35,609 million, net worth Yen 10,152 million, employees 1,281, pres Shun’ichi Suzuki concurrently
Full Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures infrared products, such as infrared modules, infrared cameras, other; also industrial measuring systems; offering system solutions service utilizing these products (--100%).
Clients
[Mfrs, automakers, wholesalers] NEC Corp & group firms, Mitsubishi Electric, Sumitomo Corp, Toyota Motor, Mitsubishi Heavy Ind, Toshiba Corp, Tokyo Electric Power, Sumitomo Metal Ind, other.
No. of accounts
1,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] NEC Wireless Networks, NEC Corp, Showa Optronics, Techno Works, other..
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
SMBC (Tokyo)
Sumitomo Trust Bank (Tokyo-Chuo)
Relations: Satisfactory
Financials
NOT AVAILABLE UNTIL THE FIRST FISCAL TERM ENDING MAR/2009.
SUPPLEMENTS:
CONSOLIDATED FINANCILS OF THE OWNER, NIPPON AVIONICS CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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35,640 |
30,253 |
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Cost of Sales |
26,717 |
23,110 |
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GROSS PROFIT |
8,922 |
7,142 |
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Selling & Adm Costs |
7,111 |
5,561 |
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OPERATING PROFIT |
1,811 |
1,581 |
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Non-Operating P/L |
-271 |
-311 |
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RECURRING PROFIT |
1,540 |
1,270 |
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NET PROFIT |
1,182 |
2,935 |
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BALANCE SHEET |
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Cash |
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1,526 |
2,007 |
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Receivables |
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10,712 |
8,300 |
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Inventory |
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10,916 |
10,953 |
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Securities, Marketable |
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Other Current Assets |
1,407 |
1,161 |
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TOTAL CURRENT ASSETS |
24,561 |
22,421 |
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Property & Equipment |
8,814 |
8,745 |
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Intangibles |
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481 |
110 |
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Investments, Other Fixed Assets |
1,753 |
193 |
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TOTAL ASSETS |
35,609 |
31,469 |
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Payables |
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6,082 |
5,092 |
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Short-Term Bank Loans |
7,270 |
3,840 |
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Other Current Liabs |
3,802 |
3,388 |
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TOTAL CURRENT LIABS |
17,154 |
12,320 |
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Debentures |
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Long-Term Bank Loans |
4,375 |
5,660 |
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Reserve for Retirement Allw |
1,604 |
1,073 |
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Other Debts |
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2,322 |
1,275 |
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TOTAL LIABILITIES |
25,455 |
20,328 |
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MINORITY INTERESTS |
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Common
stock |
5,145 |
5,145 |
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Additional
paid-in capital |
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Retained
earnings |
3,206 |
4,143 |
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Evaluation
p/l on investments/securities |
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Others |
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1,810 |
1,858 |
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Treasury
stock, at cost |
(8) |
(6) |
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TOTAL S/HOLDERS` EQUITY |
10,153 |
11,140 |
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TOTAL EQUITIES |
35,609 |
31,469 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash
Flows from Operating Activities |
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2,321 |
3,226 |
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Cash
Flows from Investment Activities |
-1,666 |
-645 |
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Cash Flows
from Financing Activities |
-1,135 |
-2,586 |
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Cash,
Bank Deposits at the Term End |
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1,526 |
2,007 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
10,153 |
11,140 |
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Current
Ratio (%) |
143.18 |
181.99 |
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Net
Worth Ratio (%) |
28.51 |
35.40 |
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Recurring
Profit Ratio (%) |
4.32 |
4.20 |
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Net
Profit Ratio (%) |
3.32 |
9.70 |
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Return
On Equity (%) |
11.64 |
26.35 |
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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. |
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%)