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Report Date : |
12.10.2012 |
IDENTIFICATION DETAILS
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Name : |
NAMICS CORPORATION |
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Registered Office : |
3993 Nigorikawa Kitaku Niigata 950-3131 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
February 1947 |
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Com. Reg. No.: |
1100-01-004394 (Niigata-Kitaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of electro-chemical products |
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No. of Employees : |
400 |
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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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
JAPAN - ECONOMIC OVERVIEW
In the years following World War
II, government-industry cooperation, a strong work ethic, mastery of high
technology, and a comparatively small defense allocation (1% of GDP) helped
Japan develop a technologically advanced economy. Two notable characteristics
of the post-war economy were the close interlocking structures of
manufacturers, suppliers, and distributors, known as keiretsu, and the
guarantee of lifetime employment for a substantial portion of the urban labor
force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A tiny agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. Usually self-sufficient in rice, Japan imports about 60% of its
food on a caloric basis. Japan maintains one of the world's largest fishing
fleets and accounts for nearly 15% of the global catch. For three decades,
overall real economic growth had been spectacular - a 10% average in the 1960s,
a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed
markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s that
required a protracted period of time for firms to reduce excess debt, capital,
and labor. Measured on a purchasing power parity (PPP) basis that adjusts for
price differences, Japan in 2011 stood as the fourth-largest economy in the
world after second-place China, which surpassed Japan in 2001, and third-place
India, which edged out Japan in 2011. A sharp downturn in business investment
and global demand for Japan's exports in late 2008 pushed Japan further into
recession. Government stimulus spending helped the economy recover in late 2009
and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude
earthquake in March disrupted manufacturing. Electricity supplies remain tight
because Japan has temporarily shut down almost all of its nuclear power plants
after the Fukushima Daiichi nuclear reactors were crippled by the earthquake
and resulting tsunami. Estimates of the direct costs of the damage - rebuilding
homes, factories, and infrastructure - range from $235 billion to $310 billion,
and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has
proposed opening the agricultural and services sectors to greater foreign
competition and boosting exports through membership in the US-led Trans-Pacific
Partnership trade talks and by pursuing free-trade agreements with the EU and
others, but debate continues on restructuring the economy and reining in
Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation,
reliance on exports to drive growth, and an aging and shrinking population are
other major long-term challenges for the economy.
Source : CIA
NAMICS CORPORATION
REGD NAME: Namics
KK
MAIN OFFICE: 3993
Nigorikawa Kitaku Niigata 950-3131 JAPAN
Tel:
025-258-5577 Fax: 025-258-5511
E-Mail address: (thru the URL)
Mfg of
electro-chemical products
Tokyo, Osaka
USA, Germany,
Singapore, Korea, China (--subsidiaries)
At the caption
address, Shibata (Niigata)
TOSHINOBU ODAJIMA,
PRES Toshikazu Odajima, ch
Masaharu Sudoh,
s/mgn dir Taeko Kobayashi, dir
Toshihiro Odajima,
dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES GOOD A/SALES Yen 24,832 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 80 M
TREND UP WORTH Yen 26,000 M
STARTED 1947 EMPLOYES 400
MFR OF ELECTRO-CHEMICAL PRODUCTS.
FINANCIAL SITUATION CONSIDERED GOOD AND
RESPONSIBLE FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established
by Toshikazu Odajima in order to make most of his experience in the subject
line of business. Toshinobu is his son,
who took the pres office in Jun 2006.
This is a specialized mfr of electro-chemical products: chipcoat,
overcoat, other (See OPERATION). Goods are actively exported. Domestic clients include major electronics
makers.
Financials are only partially
disclosed.
The sales volume for Mar/2012 fiscal term amounted to Yen 24,832
million, a 7% up from Yen 23,234 million in the previous term. Price hike of the products contributed, while
the profits decreased due to the hike in gold and other metals. The net profit was posted at Yen 1,360
million, compared with Yen 1,900 million a year ago.
For the current term ending Mar 2013
the net profit is projected at Yen 1,500 million, on a 9% rise in turnover, to
Yen 27,000 million. Materials price hike
is passed onto the clients, and sales will increase.
The financial situation is considered GOOD
and responsible for ORDINARY business engagements.
Date Registered: Feb
1947
Regd No.:
1100-01-004394 (Niigata-Kitaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 640,000 shares
Issued: 160,000 shares
Sum: Yen 80 million
Major
shareholders (%): Tokyo Small & Medium Business Investment & Promotion Assn
(25.5), Toshinobu Odajima (17), Toshikazu Odajima (15.8), Employees’ S/Holding
Assn (11.7)
No. of shareholders: 25
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
electro-chemical products, others (--100%)
(Mfg
Items):
Chipcoat
(insulating
material of high purity to seal semiconductor IC): flip chip underfill, chip-on-film
underfill, CSP/BGA board level underfill, dam-and-fill encapsulant, camera
module adhesive, B-stage adhesives, low-temperature curable adhesives, die
attach adhesives, pre-applied non-conductive underfill paste;
Overcoat
(insulating
material for passive components): chip resistor protective coating;
Unimec
(thermosetting
resin materials): pastes for terminal electrodes of passive components, surface
mounting adhesives, die attach adhesives, flip chip adhesives;
Hemec:
pastes
for internal electrodes of passive components, pastes for terminal electrodes
of passive components, pastes for electrodes on the back/front of solar cells;
Adflema
Films (non-conductive thermal cure thin adhesive films): insulting resin films
for circuits & substrates, insulating resin film for electronic components
& module adhesion, non-conductive film for semiconductor encapsulant, other
Clients: [Mfrs,
wholesalers] Murata Mfg Co, TDK, Panasonic Corp, Fujitsu Ltd, Sony Corp, Kyocera
Corp, Toshiba Corp, Hitachi Ltd, NEC, Taiyo Yuden Co, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Toyo Chemical Ind (20%), Kisco Ltd, Kanae Co, Kongo Yakuhin Co,
other
Payment record: No Complaints
Location: Business area in
Niigata. Office premises at the caption
address are owned leased and maintained satisfactorily.
Bank References:
Hokuetsu Bank
(Niigata)
Shoko Chukin Bank
(Niigata)
Relations:
Satisfactory
(In Million
Yen)
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31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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27,000 |
24,832 |
23,234 |
18,144 |
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Recur.
Profit |
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Net
Profit |
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1,500 |
1,360 |
1,900 |
1,340 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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26,000 |
24,640 |
22,740 |
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Capital,
Paid-Up |
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80 |
80 |
80 |
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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 |
8.73 |
6.88 |
28.05 |
15.73 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
5.56 |
5.48 |
8.18 |
7.39 |
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Notes: Financials
are only partially disclosed.
Forecast (or estimated)
figures for the 31/03/2013 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.53.07 |
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1 |
Rs.84.95 |
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Euro |
1 |
Rs.68.24 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.