MIRA INFORM REPORT
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Report Date : |
28.01.2012 |
IDENTIFICATION DETAILS
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Name : |
NISSHO ELECTRONICS CORPORATION |
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Registered Office : |
7-3-1 Tsukiji Chuoku Tokyo 104-8444 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
February 1969 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Export, Wholesale of electronic products, computer
systems |
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No. of Employees
: |
1191 |
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 1,946.7 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
NISSHO ELECTRONICS CORPORATION
REGD NAME
Nissho Electronics
KK
MAIN OFFICE
7-3-1 Tsukiji
Chuoku Tokyo 104-8444 JAPAN
Tel:
03-3544-8311 Fax: 03-3542-3335
URL: http://www.nissho-ele.co.jp/
E-Mail address: info@nissho-ele.co.jp
ACTIVITIES
Import,
export, wholesale of electronic products, computer systems
BRANCHES
Osaka, Nagoya, Sapporo, Sendai, Toyota, Shizuoka, Hiroshima, Fukuoka
OVERSEAS
(Subsidiaries): Nissho Electronics (USA) Corp; Nissho Electronics (Asia) Co Ltd (Hong Kong); Nissho Electronics (Guangdong) Co Ltd (China)
OFFICERS
SHINICHI
KAWARATANI, PRES Fumio Ohashi, ch
Koji
Makino, mgn dir Masayoshi
Ito, mgn dir
Toru
Suzuki, mgn dir Kazuyoshi
Suwa, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 46,390 M
PAYMENTS REGULAR CAPITAL Yen 14,336 M
TREND UP WORTH Yen 33,167 M
STARTED 1969 EMPLOYES 1,191
COMMENT
DEVELOPER OF COMPUTER SYSTEMS; WHOLESALE OF ELECTRONIC
PRODUCTS, OWNED BY SOJITZ CORP.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 1,946.7 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established originally on the basis of Electronics Div separated from Nissho Iwai Corp, which later in 2003 merged with Nichimen Corp to become Sojitz Corp, and the subject became the subsidiary of the Sojitz group. This is a specialized trader of electronic products, core firm of Sojitz’s IT business. Mainly engaged in import and marketing of computers and peripherals. Offers IT solution services, too. Actively advancing into software development. Strong in network equipment. In 2005, succeeded the network business of Kanematsu Communications Ltd. Broadening new materials, mainly produced by foreign firms. Reinforcing data management-related staff training following customer information leak in preceding term.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 46,390 million, a 15% up from Yen 40,475 million in the previous term. The recurring profit was posted at Yen 1,447 million and the net profit at Yen 368 million, respectively, compared with Yen 1,380 million recurring profit and Yen 1,117 million net profit, respectively, a year ago.
For the current term ending Mar 2012 the recurring profit is projected at Yen 1,500 million and the net profit at Yen 375 million, respectively, on a 3% rise in turnover, to Yen 48,000 million. Business is seen steady expanding.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,946.7 million, on 30 days normal terms.
REGISTRATION
Date Registered: Feb 1969
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
100 million shares
Issued:
29,551,000 shares
Sum: Yen 14,336 million
Major shareholders (%): Sojitz Corp*(70), Sumitomo
Corp (30)
No. of shareholders: 2
*.. Sojitz Corp, sixth ranked general trading house, Tokyo, founded 2003, listed Tokyo, Osaka S/E’s, capital Yen 160,339 million, sales Yen 4,014,639 million, operating profit Yen 37,519 million, recurring profit Yen 45,316 million, net profit Yen 15,981 million, total assets Yen 2,116,960 million, net worth Yen 355,510 million, employees 16,240, pres Yutaka Kase
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Next Gen Inc, IP City Corp, NGC Corp, Net Move Corp, Tech Matrix Corp, other.
OPERATION
Activities: Imports, exports and wholesales electronic products: solution services (63%), Electronics products, others (37%).
(Outline of business
operations):
Enterprise Business: computing, storage, solution (network, security, server), visual (graphic systems), IA server business assumed HP Blade server as core, HP Storage Works EVA/NetValut for Enterprise storage, IP Network optimization, network security,internal security of information leakage measures, security solution for IT governance;
Financial Institutions & BPM (Business process management): BPM, ECM (Enterprise Content Management), EIM (Enterprise Information Management), ERP (Enterprise Resources Management), outsourcing business;
Service Providers Business: next generation carrier network solutions, VolP networks solutions, access network solutions, VolP by wireless LAN, DSL/PoDSL for industrial Private DSL system;
Innovative Electronics Business: digital consumer electronic solutions, digital camera solutions, PC/Server, information processing solutions, optical communication solutions, nanofilm solutions, others.
Clients: [Mfrs, wholesalers] NTT Communications, National Diet Library, NTT Data, other
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Hewlett Packard Japan, Otsuka Corp, Daiwabo Information Systems, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References:
· MUFG (Tokyo)
· Mizuho Bank (Ginzadori)
Relations:
Satisfactory
Financials
(In Million Yen)
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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48,000 |
46,390 |
40,475 |
48,140 |
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Recur.
Profit |
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1,500 |
1,447 |
1,380 |
2,335 |
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Net
Profit |
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375 |
368 |
1,117 |
93 |
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Total
Assets |
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50,390 |
51,394 |
49,482 |
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Current
Assets |
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32,961 |
33,074 |
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Current
Liabs |
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14,176 |
13,704 |
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Net
Worth |
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33,167 |
34,592 |
34,336 |
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Capital,
Paid-Up |
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14,336 |
14,336 |
14,336 |
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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 |
3.47 |
14.61 |
-15.92 |
-11.52 |
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Current Ratio |
|
.. |
232.51 |
241.35 |
.. |
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N.Worth Ratio |
.. |
65.82 |
67.31 |
69.39 |
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R.Profit/Sales |
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3.13 |
3.12 |
3.41 |
4.85 |
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N.Profit/Sales |
0.78 |
0.79 |
2.76 |
0.19 |
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Return On Equity |
.. |
1.11 |
3.23 |
0.27 |
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Notes: Forecast figures for the 31/03/2012
Fiscal Term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
SOJITZ CORP
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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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4,014,639 |
3,844,418 |
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Cost of Sales |
3,821,914 |
3,666,215 |
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GROSS PROFIT |
192,725 |
178,203 |
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Selling & Adm Costs |
155,205 |
162,074 |
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OPERATING PROFIT |
37,519 |
16,128 |
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Non-Operating P/L |
7,797 |
-2,426 |
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RECURRING PROFIT |
45,316 |
13,702 |
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NET PROFIT |
15,981 |
8,794 |
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BALANCE SHEET |
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Cash |
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415,694 |
455,728 |
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Receivables |
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478,880 |
462,233 |
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Inventory |
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243,210 |
248,629 |
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Securities, Marketable |
5,437 |
6,131 |
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Other Current Assets |
123,408 |
112,556 |
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TOTAL CURRENT ASSETS |
1,266,629 |
1,285,277 |
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Property & Equipment |
215,774 |
222,665 |
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Intangibles |
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132,595 |
114,445 |
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Investments, Other Fixed Assets |
501,962 |
538,531 |
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TOTAL ASSETS |
2,116,960 |
2,160,918 |
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Payables |
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414,984 |
377,468 |
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Short-Term Bank Loans |
247,656 |
256,652 |
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Other Current Liabs |
227,904 |
207,413 |
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TOTAL CURRENT LIABS |
890,544 |
841,533 |
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Debentures |
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82,719 |
123,647 |
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Long-Term Bank Loans |
723,926 |
763,098 |
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Reserve for Retirement Allw |
13,136 |
13,280 |
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Other Debts |
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51,124 |
41,956 |
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TOTAL LIABILITIES |
1,761,449 |
1,783,514 |
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MINORITY INTERESTS |
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Common
stock |
160,339 |
160,339 |
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Additional
paid-in capital |
162,160 |
152,160 |
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Retained
earnings |
159,358 |
146,489 |
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Evaluation
p/l on investments/securities |
12,310 |
14,845 |
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Others |
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(138,487) |
(96,260) |
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Treasury
stock, at cost |
(170) |
(169) |
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TOTAL S/HOLDERS` EQUITY |
355,510 |
377,404 |
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TOTAL EQUITIES |
2,116,960 |
2,160,918 |
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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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67,863 |
107,222 |
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Cash
Flows from Investment Activities |
-19,903 |
28,439 |
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Cash
Flows from Financing Activities |
-72,054 |
-102,597 |
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Cash,
Bank Deposits at the Term End |
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415,261 |
454,262 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
355,510 |
377,404 |
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Current
Ratio (%) |
142.23 |
152.73 |
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Net
Worth Ratio (%) |
16.79 |
17.46 |
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Recurring
Profit Ratio (%) |
1.13 |
0.36 |
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Net
Profit Ratio (%) |
0.40 |
0.23 |
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Return
On Equity (%) |
4.50 |
2.33 |
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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.49.65 |
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UK Pound |
1 |
Rs.77.80 |
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Euro |
1 |
Rs.65.05 |
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 |
|
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.