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Report Date : |
12.08.2013 |
IDENTIFICATION DETAILS
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Name : |
MIDORIYA ELECTRIC CO LTD |
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Registered Office : |
Nihombashi Daiei Bldg, 1-2-6 Nihombashi-Muromachi Chuoku Tokyo 103-8301 |
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Country : |
Japan |
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Financials (as on) : |
31.05.2012 |
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Date of Incorporation : |
November 1946 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of electronics devices. |
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No. of Employees : |
333 |
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan 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 and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy his government's top priority; he has pledged to reconsider his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus and regulatory reform and has said he will press the Bank of Japan to loosen monetary policy. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2012 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 2012. The new government will continue a longstanding debate 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
MIDORIYA ELECTRIC CO LTD
REGD NAME: Midoriya
Denki KK
MAIN OFFICE: Nihombashi
Daiei Bldg, 1-2-6 Nihombashi-Muromachi Chuoku Tokyo 103-8301
JAPAN
Tel:
035200-4600 Fax: 03-5200-4625
URL: http://www.midoriya.co.jp
E-Mail address: (thru the URL)
Import, export, wholesale
of electronics devices
Yokohama, Sendai,
Kumagaya, Nagoya, Soka, Kanazawa, Fukuoka
China (3), Hong
Kong, Korea, Thailand, Singapore
MAKOTO KUROHA,
PRES Motoyuki Sasaki, mgn dir
Shigehiro Yokota,
dir Masafumi Muroya, dir
Hiromitsu Sekine,
dir Yoshimune Watanabe,
dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 69,048 M
PAYMENTS REGULAR CAPITAL Yen 321 M
TREND UP WORTH Yen 22,042 M
STARTED 1946 EMPLOYES 333
TRADING FIRM SPECIALIZING IN ELECTRONIC DEVICES.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was
established in Nov 1946 with the support of Toshiba Corporation, Oki Electric
Ind and NEC Corp. This is a trading firm
specializing in electronic devices: semiconductors, factory automation,
broadcast products, others (See OPERATION).
Goods are imported from and exported to USA, China, S/E Asian countries,
other Domestic clients include major
electronics makers, film makers, other
The sales volume for
May/2012 fiscal term amounted to Yen 69,048 million, a 7% up from Yen 64,637 million
in the previous term. Newly opened China
Office contributed. Exports
increased. The recurring profit was
posted at Yen 1,869 million and the net profit at Yen 659 million,
respectively, compared with Yen 1,218 million recurring profit and Yen 656
million net profit, respectively, a year ago.
For the term that ended
May 2013 the recurring profit was projected at Yen 1,900 million and the net
profit at Yen 670 million, respectively, on a 3% rise in turnover, to Yen
71,000 million. Final results are yet to
be released.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Nov
1946
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 2.5 million shares
Issued: 642,000 shares
Sum: Yen 321 million
Major
shareholders (%): Makoto Kuroha, others (Details not disclosed)
No. of shareholders: 15
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports
and wholesales electronic devices (100%); domestic (88%), import/export (10%),
mfg (subsidiary) (2%)
(Handling
Items):
Semiconductors/Electronic
Devices: discrete semiconductors, optical semiconductors, memories, storage
devices, other;
Factory
Automation: control components, control equipment, sensors, industrial power
supplies, other;
Defense
Electronics/Communication Networks: microwave components, amplifiers for
satellite communications, optical communication devices, other;
Electronic
Materials; semiconductor encapsulation materials, liquid encapsulant, functional
coatings, functional films, other;
Assembly
& Test Equipment/Measuring Instruments: assembly & test equipment, measuring
instruments, video equipment, other;
Broadcast
Products: commercial broadcast devices, broadcast studio lighting equipment,
stage & entertainment lighting, other;
IT
Equipment/WEB Application: PBX (business telephone system), network
equipment, WEB technology, other;
Facilities
& Equipment: smart grid, LONWORKS, air conditioning equipment, security equipment,
other.
Clients: [Mfrs,
wholesalers] Toshiba Corp, Omron Corp, Oki Electric Ind, Fuji Xerox, Casio
Computer, Fujii Film, Kyocera Corp, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Toshiba Corp, Omron Corp, Fuji Film, Rohm Co, Oki Electric Ind,
Panasonic Corp, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank
References:
Mizuho Bank
(Ginza)
SMBC (Kyobashi)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/05/2013 |
31/05/2012 |
31/05/2011 |
31/05/2010 |
|
|
Annual
Sales |
|
71,000 |
69,048 |
64,637 |
61,797 |
|
Recur.
Profit |
|
1,900 |
1,869 |
1,218 |
1,193 |
|
Net
Profit |
|
670 |
659 |
656 |
622 |
|
Total
Assets |
|
|
38,261 |
35,014 |
33,686 |
|
Current
Assets |
|
|
27,072 |
23,860 |
|
|
Current
Liabs |
|
|
9,181 |
8,181 |
|
|
Net
Worth |
|
|
22,042 |
21,510 |
20,982 |
|
Capital,
Paid-Up |
|
|
321 |
321 |
321 |
|
Div.P.Share(¥) |
|
|
20.00 |
20.00 |
20.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.83 |
6.82 |
4.60 |
-15.15 |
|
|
Current Ratio |
|
.. |
294.87 |
291.65 |
.. |
|
N.Worth Ratio |
.. |
57.61 |
61.43 |
62.29 |
|
|
R.Profit/Sales |
|
2.68 |
2.71 |
1.88 |
1.93 |
|
N.Profit/Sales |
0.94 |
0.95 |
1.01 |
1.01 |
|
|
Return On Equity |
.. |
2.99 |
3.05 |
2.96 |
|
Notes: Forecast
(or estimated) figures for the 31/05/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
|
1 |
Rs.94.77 |
|
Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.