MIRA INFORM REPORT
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Report Date : |
08.02.2012 |
IDENTIFICATION DETAILS
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Name : |
MACNICA INC |
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Registered Office : |
1-6-3
Shin-Yokohama Kohokuku Yokohama 222-8561 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
October 1972 |
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Com. Reg. No.: |
(Yokohama-Kohokuku)
032286 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export,
wholesale of electronics
devices: semiconductors, ICs |
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No. of Employees
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1646 |
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 7,764.2 Million |
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Status : |
Good |
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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 30th, 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
MACNICA INC
REGD NAME
KK Macnica
MAIN OFFICE
1-6-3
Shin-Yokohama Kohokuku Yokohama 222-8561 JAPAN
Tel:
045-470-9821 Fax: 045-470-9822-
URL: http://www.macnica.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Import,
export, wholesale of electronics devices: semiconductors, ICs
BRANCHES
Osaka,
Nagoya, Utsunomiya, Fukuoka, Matsumoto
OVERSEAS
Hong Kong (2), Singapore (2), Taiwan (2), China (2), Thailand, Korea,
USA (3), Germany (--subsidiaries)
CHIEF EXEC
KIYOSHI
NAKASHIMA, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 188,440 M
PAYMENTS REGULAR CAPITAL Yen 11,194 M
TREND STEADY WORTH Yen 59,719 M
STARTED 1972 EMPLOYES 1,646
COMMENT
TRADING FIRM SPECIALIZING IN ELECTRONIC DEVICES
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 7,764.2 MILLION, 30 DAYS NORMAL TERMS
Forecast figures for the 31/03/2012
fiscal term.
HIGHLIGHTS
This is the independent semiconductor trading house, with major
electronics mfrs as main clients. Know
for strong competitiveness in technology.
Has strength in ICs for telecommunications equipment. Operates 14 subsidiaries overseas. The company expands sales mainly to do mestic
makers. It plans to develop new information
security software aimed at data centers and demand for cloud services.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 188,440
million, a 26.2% up from Yen 149,263 million in the previous term. The Japanese economy showed a recovery trend
in the first half, backed by the increasing exports to Asian countries and
favorable effects of domestic policies.
By Divisions, ICs & Electronics Devices up 27.7% to Yen 175,958
million, reflecting the favorable sales of programmable logic devices (PLDs) in
booming mobile phone base stations in China and the expansion of communication
systems for these stations; Network-related Products up 9.4% to 12,504
million. The recurring profit was posted
at Yen 6,395 million and the net profit at Yen 4,476 million, compared with Yen
3,350 million recurring profit and Yen 1,767 million net profit, respectively,
a year ago.
(Apr/Dec/2011 results): Sales Yen 143,195 million (up 0.2%), operating
profit Yen 5,428 million (up 15.1%), recurring profit Yen 5,428 million (up 11.3%),
net profit Yen 2,674 million (down 17.9%).
(% compared with the corresponding period a year ago).
For the current term ending Mar 2012 the recurring profit is projected
at Yen 6,400 million and the net profit at Yen 3,480 million, on a 6.1% rise in
turnover, to Yen 200,000 million. Industrial
equipment-use IC’s are in good shape, backed by robust domestic capital
spending. Car-mounted products are
rallying more than expected. Foreign
exchange loss in the nonoperating account will be added.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 7,764.2 million, on 30 days normal terms.
REGISTRATION
Date Registered: Oct 1972
Regd No.: (Yokohama-Kohokuku) 032286
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 70 million shares
Issued: 18,110,252 shares
Sum: Yen 11,194
million
Major shareholders
(%):
Haruki Kamiyama (41.8), Japan Trustee Services T (15.5), Master Trust Bank of
Japan T (4.7), CBNY Fidelity Small Cap Value F (3.7), Hiroko Kamiyama (3.4),
State Street Bank & Trust (2.2), Chase London SL Omnibus Acct (1.8), JTSH
(SMBC) (1.5), Nomura Trust Inv T (1.4); foreign owners (15.1)
No. of
shareholders: 5,050
Listed on the
S/Exchange (s) of: Tokyo
Managements: Haruki Kamiyama,
ch; Kiyoshi Nakashima, pres; Shigeyuki Sano, dir; Fumihiko Arai, dir; David
Daekyung Seu, dir
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Imports, exports
and wholesalers electronics components: semiconductor devices, IC’s, other:
IC’s & electronic devices (93%), network-related products (7%)
Overseas Sales
Ratio (29.3%): Asia (29.1%), others (0.2%)
Component
Products: PLD, ASSP, ASIC, Analog IC & other IC’s;
Network Products: Network equipment
& internet application software and related.
Clients: [Mfrs,
wholesalers] Canon Inc, Fujitsu Ltd, Mitsubishi Electric, Murata Mfg,
Sanyo Electric, other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Analog Device Inc, Braodcom, Kawasaki Micro Electronics, Texas
Instruments Japan, Ricoh Corp, other
Payment record: Regular
Location: Business area in
Yokohama. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
· SMBC (Yokohama)
· MUFG (Yokohama)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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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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188,440 |
149,263 |
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Cost of Sales |
161,171 |
127,575 |
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GROSS PROFIT |
27,268 |
21,688 |
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Selling & Adm Costs |
20,908 |
18,373 |
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OPERATING PROFIT |
6,360 |
3,314 |
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Non-Operating P/L |
35 |
36 |
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RECURRING PROFIT |
6,395 |
3,350 |
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NET PROFIT |
4,476 |
1,767 |
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BALANCE SHEET |
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Cash |
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11,910 |
15,141 |
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Receivables |
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35,665 |
38,567 |
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Inventory |
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35,491 |
28,338 |
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Securities, Marketable |
622 |
757 |
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Other Current Assets |
5,343 |
5,671 |
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TOTAL CURRENT ASSETS |
89,031 |
88,474 |
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Property & Equipment |
7,958 |
6,909 |
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Intangibles |
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3,131 |
3,499 |
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Investments, Other Fixed Assets |
3,185 |
2,925 |
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TOTAL ASSETS |
103,305 |
101,807 |
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Payables |
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15,184 |
22,632 |
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Short-Term Bank Loans |
11,500 |
12 |
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Other Current Liabs |
9,459 |
9,728 |
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TOTAL CURRENT LIABS |
36,143 |
32,372 |
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Debentures |
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Long-Term Bank Loans |
4,500 |
10,000 |
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Reserve for Retirement Allw |
2,288 |
2,088 |
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Other Debts |
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654 |
659 |
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TOTAL LIABILITIES |
43,585 |
45,119 |
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MINORITY INTERESTS |
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Common
stock |
11,194 |
11,194 |
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Additional
paid-in capital |
19,476 |
19,476 |
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Retained
earnings |
30,419 |
26,406 |
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Evaluation
p/l on investments/securities |
(30) |
(75) |
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Others |
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(251) |
775 |
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Treasury
stock, at cost |
(1,089) |
(1,089) |
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TOTAL S/HOLDERS` EQUITY |
59,719 |
56,687 |
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TOTAL EQUITIES |
103,305 |
101,807 |
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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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-2,842 |
-4,702 |
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Cash
Flows from Investment Activities |
-4,842 |
24 |
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Cash
Flows from Financing Activities |
5,012 |
-642 |
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Cash,
Bank Deposits at the Term End |
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11,910 |
15,044 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
59,719 |
56,687 |
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Current
Ratio (%) |
246.33 |
273.30 |
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Net
Worth Ratio (%) |
57.81 |
55.68 |
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Recurring
Profit Ratio (%) |
3.39 |
2.24 |
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Net
Profit Ratio (%) |
2.38 |
1.18 |
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Return
On Equity (%) |
7.50 |
3.12 |
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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.48.92 |
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UK Pound |
1 |
Rs.77.31 |
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Euro |
1 |
Rs.64.12 |
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.