MIRA INFORM REPORT

 

 

Report Date :           

31.12.2011

 

IDENTIFICATION DETAILS

 

Name :

NIPPON ALEPH CORPORATION

 

 

Registered Office :

Toranomon 4-Chome MT Bldg 5F, 4-1-8 Toranomon Minatoku Tokyo 105-0001

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

February 1952

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of sensors, reed switches, security equipment

 

 

No. of Employees :

290

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

Yen 6.2 Million

 

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

----

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

NIPPON ALEPH CORPORATION

 

 

REGD NAME

 

KK Nippon Aleph

 

 

MAIN OFFICE

 

Toranomon 4-Chome MT Bldg 5F, 4-1-8 Toranomon Minatoku Tokyo 105-0001, JAPAN

Tel: 03-5733-2101     Fax: 03-5733-2106

 

URL:                             http://www.nippon-aleph.co.jp/

E-Mail address:                                    info@po.nippon-aleph.co.jp

 

 

ACTIVITIES  

 

Mfg of sensors, reed switches, security equipment

 

 

BRANCHES

 

Nagoya, Saitama, Suita (Osaka)

 

 

OVERSEAS

 

USA, UK, Hong Kong, Shenzhen (China), Netherlands (--subsidiaries)

 

 

FACTORIES

 

Kawasaki (2), Shibatagun (Miyagi), Fukushima

 

 

OFFICER(S)

 

TAMOTSU HORINOUCHI, PRES            

Ei Horinouchi, ch                                              

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    R/WEAK                       A/SALES          Yen 613 M

PAYMENTS                  No Complaints          CAPITAL           Yen 98 M

TREND             UP                                WORTH            Yen 107 M

STARTED                     1952                             EMPLOYES      290

 

 

COMMENT    

 

MFR SPECIALIZING IN SENSING DEVICES. 

 

FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS

 

MAX CREDIT LIMIT: YEN 6.2 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

 

The subject company was established originally in 1936 by father of Tamotsu Horinouchi in order to make most of his experience in the subject line of business.  Incorporated in 1952 and the firm succeeded by his descendants.  This is a specialized mfr of reed switches, precious metal plating, various type sensors, security equipment, other.  Products are widely used by mfrs of office automation (OA), equipment, home electric appliances, factory automation (FA) equipment, cars integrated circuit (IC) testers and measuring instruments, etc.  Operates four overseas offices in USA, UK, Netherlands, and China.  Placed 2nd globally in the production of reed switches.  In Jan 2011 the firm merged with a sister company, Ikuno Seisakusho KK to streamline operations.  Domestic clients include security offices, electronics mfrs, other. 

 

 

FINANCIAL INFORMATION

 

The sales volume for Dec/2010 fiscal term amounted to Yen 613 million, a 33% up from Yen 462 million in the previous term.  This is attributed to the said merger of a sister company.  Sales rose.  The operations continued in the red to post Yen 38 million recurring loss and Yen 38 million net losses, respectively, compared with Yen 57 million recurring loss and Yen 57 million net losses, respectively, a year ago.

 

For the current term ending Dec 2011 the operations are projected to come back to profitability to post Yen 50 million recurring profit and Yen 50 million net profit, respectively, on a 31% rise in turnover, to Yen 800 million.  The said merger will contribute in full term.

 

The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements.  Max credit limit is estimated at Yen 6.2 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  Feb 1952

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         780,000 shares

Issued:              196,000 shares

Sum:                   Yen 98 million

Major shareholders (%): AI Holdings Corp* (100)

*.. Holding company owned by the subject firm.

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Manufactures and imports reed switches, reed relays, including mercury wetted, high power, high voltage, high insulation resistance, low thermal EMF, RF relays, surface mounted relays (SMF), opto-sensors, (interrupter, reflective & actuator types), magnet resistive, inductive, thermal reed switches; security equipment (passive infrared detectors, photo-electric beams, magnetic contacts (for doors, windows, show windows, etc), precious metal plating (gold plating, silver plating, rhodium plating, nickel plating, solder plating, etc), others (--100%).

 

Clients: [Mfrs, wholesalers] SMC, Fuji Xerox, Sanwa Technos, TDK, Sohgo Security Service, TDK, Fuserashi Co, Showa Denko, Yokowo Co, Elematec Corp, Sanwa Technos Co, Bosch Japan, other

            No. of accounts: 1,000

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Futamatsu Electric, Takashima & Co, Kenden Co, Neomax Trading Tanaka Kikinzoku Kogyo, Toshiba Corp, other. 

Imports from Aleph Hong Kong, etc.

 

Payment record: No Complaints

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

Bank References:

·         SMBC (Kawasaki)

·         MUFG (Kawasaki)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/12/2011

31/12/2010

31/12/2009

31/12/2008

Annual Sales

　

800

613

462

760

Recur. Profit

　

50

-38

-57

-56

Net Profit

　

50

-38

-57

-56

Total Assets

　

　

806

710

862

Current Assets

　

　

721

631

675

Current Liabs

　

　

587

424

422

Net Worth

　

　

107

146

203

Capital, Paid-Up

　

　

98

98

98

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

30.51

32.68

-39.21

-24.38

    Current Ratio

 

..

122.83

148.82

159.95

    N.Worth Ratio

..

13.28

20.56

23.55

    R.Profit/Sales

 

6.25

-6.20

-12.34

-7.37

    N.Profit/Sales

6.25

-6.20

-12.34

-7.37

    Return On Equity

..

-35.51

-39.04

-27.59

 Notes: Forecast (or estimated) figures for 31/12/2011 fiscal term.

 

           


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.27

UK Pound

1

Rs.82.09

Euro

1

Rs.68.90

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.