MIRA INFORM REPORT

 

 

Report Date :

17.03.2012

 

IDENTIFICATION DETAILS

 

Name :

INTERNIX INCORPORATED

 

 

Registered Office :

Shinjuku Island Tower 8F, 6-5-1 Nishi-Shinjuku Shinjukuku Tokyo 163-1378

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

September 1970

 

 

Com. Reg. No.:

0111-01-001928 (Tokyo-Shinjukuku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, export, wholesale of semiconductors

 

 

No. of Employees :

281

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 971.9 Million

Status :

Good

Payment Behaviour :

Regular

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

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

INTERNIX INCORPORATED

REGD NAME:    Internix KK

MAIN OFFICE:  Shinjuku Island Tower 8F, 6-5-1 Nishi-Shinjuku Shinjukuku Tokyo 163-1378

JAPAN

Tel: 03-5322-1702    

Fax: 03-5322-1712-

 

URL:                 http://www.internix.co.jp

E-Mail address: contact@internix.co.jp

 

 

ACTIVITIES

 

Import, export, wholesale of semiconductors

 

BRANCHES   

 

Hachioji, Nagano, Osaka, Nagoya, Kyoto, Fukuoka

 

OVERSEAS   

 

China (2), Singapore, Thailand

 

 

CHIEF EXEC 

 

HIDEYUKI YUI, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES                    FAIR                 　A/SALES       Yen 21,292 M

PAYMENTS                  REGULAR         　CAPITAL        Yen 1,157 M

TREND             UP                    　WORTH         Yen 9,335 M

STARTED                     1970                 　EMPLOYES   281

 

 

COMMENT

 

TRADING FIRM SPECIALIZING IN SEMICONDUCTORS 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 971.9 MILLION, 30 DAYS NORMAL TERMS

 

                        Forecast figures for the 31/03/2012 fiscal term.

 

 

HIGHLIGHTS

 

This is an independent semiconductor trading firm, particularly strong in sales of analog circuits produced by US and other overseas mfrs.  Clients range from large-scale to mall- & medium-scale firms.  Has 4 overseas subsidiaries.  Con subsidiary Tesmic Inc is engaged in IC contract testing.  In Thailand, the impact of the flood damages is relatively small as EMS, a major direct-sales customer, was escaped from the damages.  The Nagoya sales office was relocated to a high earthquake-resistant building.

 

 

FINANCIAL INFORMATION

 

            The sales volume for Mar/2011 fiscal term amounted to Yen 21,292 million, a 29.3% up from Yen 16,470 million in the previous term.  Sales increased.  Demand for electric power units to airplanes rose.  Lithium batteries were much in demand after the Earthquake.  The recurring profit was posted at Yen 432 million and the net profit at Yen 477 million, respectively, compared with Yen 213 million recurring loss and Yen 28 million net losses, respectively, a year ago. 

 

            (Apr/Dec/2011 results): Sales Yen 15,795 million (down 4.3%), operating profit Yen 202 million (down 47.5%), recurring profit Yen 193 million (down 47.7%), net loss Yen 68 million (previously Yen 465 million profit).  (% & figures compared with the corresponding period a year ago)

           

            For the current term ending Mar 2012 the recurring profit is projected at Yen 178 million and the net loss at Yen 80 million, on a 2.7% fall in turnover, to Yen 20,710 million.  Sales of ICs & semiconductors for car-mounting information equipment are recovering from the impact of the earthquake.  Its subsidiary in Thailand resumed sales operations in November 2011.  The increased models of smartphones, on which electronic parts are mounted, thanks to the merger of customers, are providing an additional plus factor.   

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 971.9 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:　Sept 1970

Regd No.:         0111-01-001928 (Tokyo-Shinjukuku)

Legal Status:      Limited Company (Kabushiki Kaisha

Authorized:       24 million shares

Issued:                9,903,800 shares

Sum:                   Yen 1,157 million

 

Major shareholders (%): Yoshiharu Fujisawa (10.1), Employees’ S/Holding Assn (4.3), Japan Trustee Services T (3.1), Yasutaka Iwahori (2.6), Wahei Takeda (2.6), Chiaki Sato (2.5), Chikako Fujisawa (2.5), Toho Bank (2.5), Mizuho Bank (2.4), Company’s Treasury Stock (2.2); foreign owners (2.4)

 

No. of shareholders: 3,826

Listed on the S/Exchange (s) of: Tokyo

 

Managements: Hideyuki Yui, pres; Takao Kato, s/mgn dir; Setsuo Ogura, s/mgn dir; Tatsuya Uetani, dir; Mitsuya Ihara, dir

 

Nothing detrimental is known as to the commercial morality of executives.

 

Related companies: Internix Hong Kong, Internix Thai, other.

 

 

OPERATION

           

Activities: Imports and wholesales ICs & semiconductors (82%), electronic parts (9%), electronic equipment (9%)

Overseas Sales Ratio (16.7%): Asia 16.6%, others 0.1%

 

(Sales by Divisions):

IC & Semiconductor Div: analog & mixed signal ICs, digital IC lines;

Electronic Parts Div: batteries, crystal oscillator products, connectors, other;

Electronic Equipment Div: board computers, displays, peripherals & networking modules & equipment

 

Clients: [Mfrs, wholesalers] Panasonic Corp, Toshiba Corp, NEC Corp and their group firms, other

No. of accounts: 300

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Asahi Kasei Electronics, Maxim Integrated Products, Ricoh Co, other

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

Bank References:

Mizuho Bank (Shinjuku-Nishiguchi)

Toho Bank (Shinjuku)

Relations: Satisfactory

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

21,292

16,470

 

  Cost of Sales

17,392

13,443

 

      GROSS PROFIT

3,899

3,027

 

  Selling & Adm Costs

3,464

3,129

 

      OPERATING PROFIT

435

-102

 

  Non-Operating P/L

-3

-111

 

      RECURRING PROFIT

432

-213

　

      NET PROFIT

477

-28

BALANCE SHEET

 

 

 

 

  Cash

　

2,413

2,566

 

  Receivables

 

5,141

5,327

 

  Inventory

 

2,687

1,962

 

  Securities, Marketable

199

1,099

 

  Other Current Assets

1,553

1,100

 

      TOTAL CURRENT ASSETS

11,993

12,054

 

  Property & Equipment

725

786

 

  Intangibles

 

163

217

 

  Investments, Other Fixed Assets

1,040

1,296

 

      TOTAL ASSETS

13,921

14,353

 

  Payables

 

1,637

2,219

 

  Short-Term Bank Loans

807

846

 

　

 

　

　

 

  Other Current Liabs

1,191

581

 

      TOTAL CURRENT LIABS

3,635

3,646

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

100

707

 

  Reserve for Retirement Allw

505

475

 

  Other Debts

　

346

369

 

      TOTAL LIABILITIES

4,586

5,197

 

      MINORITY INTERESTS

 

 

 

Common stock

1,157

1,157

 

Additional paid-in capital

1,340

1,340

 

Retained earnings

6,758

6,397

 

Evaluation p/l on investments/securities

269

432

 

Others

 

(63)

(45)

 

Treasury stock, at cost

(126)

(126)

 

      TOTAL S/HOLDERS` EQUITY

9,335

9,155

　

      TOTAL EQUITIES

13,921

14,353

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

-765

268

 

Cash Flows from Investment Activities

-74

-112

 

Cash Flows from Financing Activities

-236

-104

　

Cash, Bank Deposits at the Term End

　

2,413

3,516

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

9,335

9,155

 

 

Current Ratio (%)

329.93

330.61

 

 

Net Worth Ratio (%)

67.06

63.78

 

 

Recurring Profit Ratio (%)

2.03

-1.29

 

 

Net Profit Ratio (%)

2.24

-0.17

 

 

Return On Equity (%)

5.11

-0.31

 

 

           


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.31

UK Pound

1

Rs.79.04

Euro

1

Rs.65.82

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

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

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.