MIRA
INFORM REPORT
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Report Date : |
24.10.2011 |
IDENTIFICATION DETAILS
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Name : |
LOGICS CORPORATION |
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Registered Office : |
Nitto Bldg 3F, 1-61 Motoshirocho Toyota
Aichi-Pref 471-0024 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2010 |
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Date of Incorporation : |
December 1998 |
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Com. Reg. No.: |
(Aichi-Toyota) 019581 |
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Legal Form : |
Limited Company |
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Line of Business : |
Trading firm for
import, export machinery, vehicle parts, tools & dies |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 10.6 Million |
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Status : |
Moderate |
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 and address
LOGICS CORPORATION
REGD NAME: KK
Logics
MAIN OFFICE: Nitto
Bldg 3F, 1-61 Motoshirocho Toyota Aichi-Pref 471-0024 JAPAN
Tel: 0565-37-8277 Fax: 0565-37-8288
E-Mail address: Info@logics.co.jp
ACTIVITIES
Trading firm for
import, export machinery, vehicle parts, tools & dies
BRANCHES
Nil
OVERSEAS
India
OFFICERS
MITSURU OKAYA,
PRES
Inkeol Song, die
Namyoung Kong, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 425 M
PAYMENTS REGULAR CAPITAL Yen 16 M
TREND SLOW WORTH Yen 56 M
STARTED 1998 EMPLOYES 6
COMMENT
TRADING FIRM SPECIALIZING IN MACHINERY, TOOL & DIES, BEHICLE
PARTS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS:
US$50,000 / O/Q 30DAYSORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 10.6 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established
by Mitsuru Okaya in order to make most of his experience in the subject line of
business. This is a trading firm
exporting Japanese machinery, dies & tools, and importing vehicle parts
from India. Established a mfg company in
India in 2011 jointly with Tokai Machinery Mfr.
Imports vehicle parts, dies from China, Korea, Taiwan, Thailand and
India.
FINANCIAL INFORMATION
The sales volume for Sept 2010 fiscal term amounted to Yen 425 million,
a 35% up from Yen 314 million in the previous term. Imports of vehicle parts were brisk. Japanese machinery was also in good
demand. The recurring profit was posted
at Yen 20 million and the net profit at Yen 12 million, respectively, compared
with Yen 5 million recurring profit and Yen 2 million net profit, respectively,
a year ago.
For the term ended Sept 2011 the
recurring profit was projected at Yen 25 million and the net profit at Yen 15
million, respectively, on a 6% rise in turnover, to Yen 450 million. 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 10.6 million, on 30 days normal
terms. The proposed amount for 30 days
terms is considered within the firm’s financial capacities.
REGISTRATION
Date Registered: Dec
1998
Regd No.:
(Aichi-Toyota) 019581
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 1,320 shares
Issued: 330 shares
Sum: Yen 16.5 million
Major
shareholders (%): Mitsuru Okaya (82), COMCO Co (18)
No. of shareholders: 2
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports vehicle
parts, tools & dies from China, Korea, Taiwan, Thailand & India;
exports Japanese machinery, dies & tools, aluminum pipes, sheet, other
(--100%
Clients: [Mfrs,
wholesalers] COMCO Co, Tokai Machinery Mfg, AAA, Daiwa Radiator Factory, other
No. of accounts:
3000
Domestic areas of
activities: Centered in Aichi-Pref
Suppliers: [Mfrs,
wholesalers] COMCO Co, Kuddootek, Mitsubishi Heavy Ind, Yuasa Trading, other
Payment record: Regular
Location: Business area in
Toyota City. Office premises at the
caption address are leased and maintained satisfactorily.
Bank References:
Toyota Shinkin Bank
(Takaoka)
Aichi Bank (Toyota)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
30/09/2011 |
30/09/2010 |
30/09/2009 |
30/09/2008 |
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Annual
Sales |
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450 |
425 |
314 |
638 |
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Recur.
Profit |
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25 |
20 |
5 |
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Net Profit |
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15 |
12 |
2 |
12 |
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Total
Assets |
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155 |
120 |
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Current
Assets |
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140 |
111 |
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Current
Liabs |
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67 |
43 |
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Net
Worth |
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56 |
45 |
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Capital,
Paid-Up |
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16 |
16 |
16 |
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Div.P.Share(¥) |
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2.50 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.88 |
35.35 |
-50.78 |
76.73 |
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Current Ratio |
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.. |
208.96 |
258.14 |
.. |
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N.Worth Ratio |
.. |
36.13 |
37.50 |
.. |
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R.Profit/Sales |
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5.56 |
4.71 |
1.59 |
.. |
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N.Profit/Sales |
3.33 |
2.82 |
0.64 |
1.88 |
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Return On Equity |
.. |
21.43 |
4.44 |
.. |
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Notes: Forecast
(or estimated) figures for the 30/09/2011 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.06 |
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1 |
Rs.79.15 |
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Euro |
1 |
Rs.69.03 |
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 |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.