MIRA INFORM REPORT
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Report Date : |
16.07.2011 |
IDENTIFICATION DETAILS
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Name : |
SEIKO INSTRUMENTS INC |
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Registered Office : |
1-8 Nakase Mihamaku Chiba 261-8507 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
September 1,937 |
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Com. Reg. No.: |
(Chiba-Mihamaku) 012089 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of watches, electronic dictionaries, electronic
instruments |
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 1,626.8 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Japan |
a1 |
a1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
SEIKO INSTRUMENTS INC
REGD NAME
Seiko Instruments
KK
MAIN OFFICE
1-8 Nakase
Mihamaku Chiba 261-8507 JAPAN
Tel:
043-211-1111
URL: http://www.sii.co.jp
E-Mail address: (thru
the URL)
ACTIVITIES
Mfg of
watches, electronic dictionaries, electronic instruments
BRANCHES
Osaka
OVERSEAS
Thailand,
China (7), Hong Kong, Singapore, Taiwan, Malaysia, USA, Germany
FACTORIES
At the
caption address, Tochigi, Sendai, Akita
OVERSEAS
China,
Thailand, Malaysia, Singapore
OFFICERS
MASAFUMI
SHIMBO, PRES Yoshinobu
Hirata, v pres
Masayoshi
Kanno, v pres Hiroaki
Sahara, s/mgn dir
Shinji
Nureki, s/mgn dir Tetsu
Kobayashi, s/mgn dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 115,778 M
PAYMENTS REGULAR CAPITAL Yen 7,256 M
TREND SLOW WORTH Yen
32,368 M
STARTED 1937 EMPLOYES 2,762
COMMENT
MFR OF WATCHES, ELECTRONIC DEVICES, OTHER, OWNED BY SEIKO
HOLDINGS CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 1,626.8 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a watch mfg division
separated from Seiko Watch Co Ltd (now Seiko Holdings Co Ltd). This is a specialized mfr of watches, thermal
printers, quartz crystals, electronic dictionaries, other electronic
products. Has mfg bases in China,
Thailand, Singapore and Malaysia.
FINANCIAL INFORMATION
The sales volume for Mar/2010 fiscal term amounted to Yen 115,778
million, a 15% down from Yen 136,474 million in the previous term, as
substantially affected by the global economic downturn, particularly in the
first half of the term. Exports were
hurt by the high, reducing revenues & profits in Yen terms. The recurring profit was posted at Yen 2,142
million, while posting net losses of Yen 49 million, writing off Yen 1,523
million extraordinary losses coming from the damage of North East Japan
Earthquake. This compares with Yen 4,960
million recurring profit and Yen 2,728 million net profit, respectively, a year
ago.
For the term that ended Mar 2011 the recurring profit was projected at
Yen 2,200 million and the net profit at Yen 2,000 million, respectively, on a
4% rise in turnover, to Yen 120,000 million.
Main profit-earner watches were in a good shape growth both at home and
abroad. Final results are yet to be
released.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 1,626.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Sept 1,937
Regd No.: (Chiba-Mihamaku) 012089
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
11 million shares
Issued: 2.75 million shares
Sum: Yen 7,256 million
Major shareholders (%): Seiko Holdings Co Ltd* (100)
*.. Holding Company of Seiko group firms, founded 1917, listed Tokyo
S/E, capital Yen 10,000 million, sales Yen 2313,881 million, operating profit
Yen 11,856 million recurring profit Yen 8,585 million net profit Yen 2,181 million,
total assets Yen 400,457 million, net worth Yen 46,270, employees 18,442, pres
Shinji Hattori
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as
to the commercial morality of executives.
OPERATION
Activities: Manufactures
Mechatronics, electronics components, system applications, scientific
instruments, other:
(Sales Breakdown
by Divisions):
Mechatronics Div
(35%): watches, hard disk components, thermal printers, compact precision components,
machine tools, FA, other;
Electronics
Components Div (37%): CMOS IC’s, quartz crystals, micro batteries, LCD
devices, inkjet printer heads, other;
System
Applications Div (18%): order entry systems, electronic dictionaries,
color printers, wireless data communication devices, musical instrument
accessories, network servers, other;
Scientific
Instruments Div (10%): measurement & analysis instruments, radiation
detection and measurement systems, other
Clients: [Mfr,
wholesalers] Seiko Holdings Co and group firms
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Morioka Seiko Ind and other group firms
Payment record: Regular
Location: Business area in
Chiba. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Mizuho
Corporate Bank (Ohtemachi)
MUFG
(Kyobashi)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2011 |
31/03/2010 |
31/03/2009 |
31/03/2008 |
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Annual
Sales |
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120,000 |
115,778 |
136,474 |
249,756 |
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Recur.
Profit |
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2,200 |
2,142 |
4,960 |
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Net
Profit |
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2,000 |
-49 |
2,728 |
2,009 |
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Total
Assets |
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167,396 |
178,211 |
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Current
Assets |
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74,139 |
79,371 |
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Current
Liabs |
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79,119 |
87,191 |
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Net
Worth |
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32,368 |
34,185 |
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Capital,
Paid-Up |
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7,256 |
7,256 |
7,256 |
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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 |
3.65 |
-15.16 |
-45.36 |
-0.10 |
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Current Ratio |
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.. |
93.71 |
91.03 |
.. |
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N.Worth Ratio |
.. |
19.34 |
19.18 |
.. |
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R.Profit/Sales |
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1.83 |
1.85 |
3.63 |
.. |
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N.Profit/Sales |
1.67 |
-0.04 |
2.00 |
0.80 |
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Return On Equity |
.. |
-0.15 |
7.98 |
.. |
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Notes:
Forecast (or estimated) figures for the 31/03/2011 fiscal term.
SUPPLEMENTS
CONSOLIDTATED FINANCIALS OF THE PARENT,
SEIKO HOLDINGS CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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313,881 |
230,766 |
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Cost of Sales |
217,242 |
154,464 |
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GROSS PROFIT |
96,638 |
76,302 |
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Selling & Adm Costs |
84,981 |
74,323 |
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OPERATING PROFIT |
11,656 |
1,979 |
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Non-Operating P/L |
-5,071 |
-2,018 |
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RECURRING PROFIT |
6,585 |
-1,940 |
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NET PROFIT |
2,181 |
-3,632 |
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BALANCE SHEET |
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Cash |
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51,958 |
56,548 |
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Receivables |
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50,897 |
50,918 |
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Inventory |
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60,973 |
57,771 |
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Securities, Marketable |
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Other Current Assets |
10,826 |
11,064 |
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TOTAL CURRENT ASSETS |
174,654 |
176,301 |
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Property & Equipment |
162,866 |
136,249 |
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Intangibles |
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21,545 |
24,381 |
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Investments, Other Fixed Assets |
41,392 |
69,029 |
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TOTAL ASSETS |
400,457 |
405,960 |
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Payables |
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45,175 |
40,798 |
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Short-Term Bank Loans |
75,306 |
102,276 |
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Other Current Liabs |
85,682 |
83,170 |
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TOTAL CURRENT LIABS |
206,163 |
226,244 |
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Debentures |
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Long-Term Bank Loans |
103,952 |
93,016 |
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Reserve for Retirement Allw |
25,241 |
26,398 |
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Other Debts |
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18,831 |
17,747 |
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TOTAL LIABILITIES |
354,187 |
363,405 |
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MINORITY INTERESTS |
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Common
stock |
10,000 |
10,000 |
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Additional
paid-in capital |
7,521 |
14,770 |
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Retained
earnings |
23,140 |
13,262 |
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Evaluation
p/l on investments/securities |
740 |
1,388 |
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Others |
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5,879 |
6,118 |
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Treasury
stock, at cost |
(1,010) |
(2,984) |
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TOTAL S/HOLDERS` EQUITY |
46,270 |
42,554 |
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TOTAL EQUITIES |
400,457 |
405,960 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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20,498 |
15,658 |
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Cash
Flows from Investment Activities |
-6,270 |
11,314 |
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Cash
Flows from Financing Activities |
-14,394 |
-14,104 |
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Cash,
Bank Deposits at the Term End |
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51,910 |
55,331 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
46,270 |
42,554 |
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Current
Ratio (%) |
84.72 |
77.93 |
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Net
Worth Ratio (%) |
11.55 |
10.48 |
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Recurring
Profit Ratio (%) |
2.10 |
-0.84 |
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Net
Profit Ratio (%) |
0.69 |
-1.57 |
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Return
On Equity (%) |
4.71 |
-8.54 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.53 |
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UK Pound |
1 |
Rs.71.91 |
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Euro |
1 |
Rs.62.98 |
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 |
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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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.