MIRA
INFORM REPORT
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Report Date : |
29.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
I WAVE CORPORATION |
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Registered Office : |
Nakarin Auto Bldg 5F, 2-8-4 Shinkawa Chuoku Tokyo 104-0033 |
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Country : |
Japan |
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Financials (as on) : |
31.01.2007 |
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Date of Incorporation : |
February 2000 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Wholesale of Telecom and 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. |
Small |
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Maximum Credit Limit : |
YEN 11.8 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
I WAVE CORPORATION
REGD NAME: I Wave KK
MAIN OFFICE: Nakarin Auto Bldg 5F,
2-8-4 Shinkawa Chuoku Tokyo 104-0033 JAPAN
Tel:
03-3537-1771 Fax: 03-3537-1777
* Moved to the
caption address in Jan 2008 from the former as given at: UT Bldg 2F, 2-21-13 Higashiueno Taitoku Tokyo
E-Mail address:sales@i-waveco.com
ACTIVITIES
Import, wholesale of telecom & networking equipment
BRANCHES
Kashiwa (Chiba)
OFFICER(S)
KOICHI SHIMADA, PRES
Naohiro Ohgushi, dir
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 11.8 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 USA centrally and supplied to telecom carriers,
electronics mfrs, etc, nationwide.
Business is seen upswing on the back of rising demand from the related
industries.
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 at Yen 16 million,
respectively, compared with Yen 16 million recurring profit and Yen 10 million
net profit, respectively, a year ago.
For
the term ended Jan 2008 the net profit was projected and believed posted at Yen
18 million, on an 11% rise in turnover, to Yen 750 million. Business kept on rising.
The
financial situation is considered maintained FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 11.8 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, Tokyo Univ,
Yokogawa Electric, Hamamatsu Photonix, other.
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), LiComm, Ray Can (--Korea), Le Croy (Japan), other.
Payment record
Regular
Location
Business
area in Tokyo. Office premises at the
caption address are leased and maintained satisfactorily.
Bank References
Chiba Bank (Kashiwa)
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. |
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%)