MIRA INFORM REPORT
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Report Date : |
12.04.2012 |
IDENTIFICATION DETAILS
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Name : |
MIYAKAWA ELECTRIC WORKS LTD |
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Registered Office : |
6-20-23 Shimomeguro Meguroku |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
April
1948 |
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Com. Reg. No.: |
0132-01-005740
(Tokyo-Meguroku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of networking products, remote monitoring
systems |
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No. of Employees
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210 |
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 153.3 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
MIYAKAWA ELECTRIC WORKS LTD
KK Miyakawa
Seisakusho
6-20-23
Shimomeguro Meguroku Tokyo 153-0064 JAPAN
Tel:
03-3713-1151 Fax: 03-3714-6267
URL: http://www.msk.co.jp
E-Mail address: (thru the URL)
Mfg of
networking products, remote monitoring systems, other
Hong
Kong
Yokohama
KOTARO
MIYAKAWA, PRES
Shin’ichiro
Nishiyama, s/mgn dir
Sohei
Shiota, mgn dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen
2,607 M
PAYMENTS No
Complaints CAPITAL Yen 100 M
TREND UP WORTH Yen 1,730 M
STARTED 1948 EMPLOYES 210
MFR OF TELECOMMUNICATIONS EQUIPMENT.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 153.3 MILLION, 30 DAYS NORMAL TERMS
The subject company was established originally in 1945 by father of
Kotaro Miyakawa when he received orders for telecommunication equipment from
the former body of NTT. Incorporated in
1948, the firm has been succeeded by his descendants. This is a specialized mfr of
telecommunications equipment, data processing instruments, remote monitoring
systems, network products, terminals, other.
Clients include NTT and telecommunications carriers, nationwide.
The sales volume for Dec/2011 fiscal term amounted to Yen 2,607 million,
a 15% up from Yen 2,272 million in the previous term. This is attributed to a large lot of orders
from NTT East. The operations, however,
continued in the red to post Yen 60 million recurring loss and Yen 60 million
net losses, respectively, compared with Yen 98 million recurring loss and Yen
99 million net losses, respectively, a year ago.
For the current term ending Dec 2012 the operations are projected to
come back to profitability to post Yen 100 million recurring profit and Yen 100
million net profit, respectively, on a 4% rise in turnover, to Yen 2,700
million.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 153.3 million, on 30 days normal terms.
Date Registered: Apr 1948
Regd No.: 0132-01-005740 (Tokyo-Meguroku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
800,000 shares
Issued: 200,000 shares
Sum: Yen 100 million
Major shareholders (%): Kotaro Miyakawa (20),
Shin’ichiro Miyakawa (6)
No. of shareholders: 67
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
telecommunication equipment/instruments: remote monitoring systems, network
products, terminals, other (--100%)
Clients: [Telecommunications
carriers, electronics mfrs] NTT East Japan, NTT West Japan, NTT, NTT DoCoMo,
NEC, NEC Infrontia, Carecom Co, Nagano Japan Radio, other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Hong Kong Miyakawa, Miyakawa Tohoku, Tohoku Tsushin Co, Excel,
Tokyo Electron Device, Kyoei Electronics Co, Shinko Shoji Co, Wako Denshi Co,
other
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank
References:
MUFG
(Ebisu)
Mizuho
Bank (Meguro)
Relations:
Satisfactory
(In Million Yen)
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Terms Ending: |
31/12/2012 |
31/12/2011 |
31/12/2010 |
31/12/2009 |
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Annual
Sales |
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2,700 |
2,607 |
2,272 |
2,485 |
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Recur.
Profit |
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100 |
-60 |
-98 |
-45 |
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Net
Profit |
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100 |
-60 |
-99 |
-44 |
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Total
Assets |
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2,403 |
2,160 |
2,205 |
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Current
Assets |
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1,301 |
1,054 |
1,008 |
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Current
Liabs |
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673 |
370 |
318 |
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Net
Worth |
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1,730 |
1,790 |
1,889 |
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Capital,
Paid-Up |
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100 |
100 |
100 |
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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 |
3.57 |
14.74 |
-8.57 |
-0.44 |
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Current Ratio |
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.. |
193.31 |
284.86 |
316.98 |
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N.Worth Ratio |
.. |
71.99 |
82.87 |
85.67 |
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R.Profit/Sales |
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3.70 |
-2.30 |
-4.31 |
-1.81 |
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N.Profit/Sales |
3.70 |
-2.30 |
-4.36 |
-1.77 |
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Return On Equity |
.. |
-3.47 |
-5.53 |
-2.33 |
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Notes:
Forecast (or estimated) figures for the 31/12/2012 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.51.55 |
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UK Pound |
1 |
Rs.81.95 |
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Euro |
1 |
Rs.67.57 |
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.