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Report Date : |
04.01.2013 |
IDENTIFICATION DETAILS
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Name : |
MIYAKAWA CORPORATION |
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Registered Office : |
Nichirei Akashicho Bldg, 6-4 Akashi Chuoku Tokyo 104-0044 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
March, 1958 |
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Legal Form : |
Limited Company |
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Line of Business : |
Mfg of LED lamps, ultraviolet lamps, LED, other electrical goods |
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No. of Employees : |
31 |
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 : |
Slow but correct |
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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
|
Country Name |
Previous Rating (31.03.2012) |
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.
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Source : CIA |
MIYAKAWA
CORPORATION
KK Miyakawa
Nichirei Akashicho Bldg, 6-4 Akashi Chuoku Tokyo 104-0044 JAPAN
Tel: 03-3543-8491 Fax:
03-3545-9219
URL: http://www.mcp.hybec.co.jp
E-Mail address: (thru the URL)
Mfg of LED lamps, ultraviolet lamps, LED, other electrical goods
Nil
USA, UK
(subcontracted)subcontracted)
TAKASHI HAYAKAWA, PRES
Futomi Hayakawa, ch
Hiroshi Mitsuhashi, dir
Yen Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 2,400 M
PAYMENTS SLOW BUT CORRECT CAPITAL Yen
40 M
TREND SLOW WORTH Yen 229 M
STARTED 1958 EMPLOYES 31
MFR OF ELECTRIC LAMPS AND INSTRUMENTS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
The subject company was established by F Hayakawa in order to make most
of his experience in the subject line of business. This is a specialized mfr of electrical lamps:
LED, Infrared lamps, Ultra-violate lamps, optical goods, health care goods,
other. Goods are actively exported to
China, USA, UK, Thailand, Taiwan, other.
Financials are only partially disclosed.
The sales volume for Mar/2012 fiscal term amounted to Yen 2,400 million,
an 11% down from Yen 2,700 million in the previous term. Exports were hurt by the high Yen, reducing
earnings & profits in Yen terms. The
net profit was posted at Yen 10 million, compared with Yen 5 million a year
ago.
For the current term ending Mar 2013 the net profit is projected at Yen
11 million, on a 2% rise in turnover, to Yen 2,450 million. Exports continue rising.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 42.9 million, on 30 days normal terms.
Date Registered: Mar
1958
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 320,000 shares
Issued:
80,000 shares
Sum: Yen
40 million
Major shareholders
(%): Hayakawa families (--100)
No. of
shareholders: 6
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures halogen
lamps, LED lights, infrared lamps, ultra-violet lamps, optical goods, health
care goods, other (--100%)
Clients: [Mfrs,
wholesalers] Exports to China, Thailand, USA, UK, Indonesia, Taiwan, Hong Kong,
Russia, South Africa, Korea, other
No. of accounts:
Unavailable
Domestic areas of
activities: Centered in greater-Tokyo
Suppliers: [Mfrs,
wholesalers] Hitachi Lighting, Ever Spring Hong Kong Ltd, Shanghai Electronic
Engineering, other
Payment record: Slow but Correct
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Mizuho Bank (Ginza-Chuo)
MUFG (Ginza)
Relations: Satisfactory
(In Million Yen)
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31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
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Annual Sales |
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2,450 |
2,400 |
2,700 |
3,700 |
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Recur. Profit |
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Net Profit |
|
11 |
10 |
5 |
4 |
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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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|
229 |
222 |
219 |
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Capital, Paid-Up |
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|
40 |
40 |
40 |
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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 |
2.08 |
-11.11 |
-27.03 |
2.78 |
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Current Ratio |
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|
.. |
.. |
.. |
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N.Worth Ratio |
|
.. |
.. |
.. |
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N.Profit/Sales |
0.45 |
0.42 |
0.19 |
0.11 |
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Notes: Financials are only partially disclosed.
Forecast (or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.42 |
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UK Pound |
1 |
Rs.88.29 |
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Euro |
1 |
Rs.71.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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.