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Report Date : |
07.01.2013 |
IDENTIFICATION DETAILS
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Name : |
NAGANO ELECTRONICS INDUSTRIAL CO LTD |
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Registered Office : |
1393 Yashiro Chikuma City Nagano-Pref 387-0007 |
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Country : |
Japan |
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Financials (as on) : |
29.02.2012 |
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Date of Incorporation : |
August, 1964 |
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Legal Form : |
Limited Company |
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Line of Business : |
Mfg of semiconductor silicon wafers |
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No. of Employees : |
564 |
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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
NAGANO ELECTRONICS
INDUSTRIAL CO LTD
Nagano Denshi Kogyo KK
MAIN OFFICE
1393 Yashiro Chikuma City Nagano-Pref 387-0007 JAPAN
Tel: 026-261-3100 Fax:
026-261-3131
URL: http://www.naganodenshi.com
E-Mail address: (thru the URL)
Mfg of semiconductor silicon wafers
Tokyo, Osaka
At the caption address
KAZUNARI ICHIKAWA, PRES Jun’ichi
Kiyono, ch
Hirofumi Nakajima, mgn dir Tadaichi
Yamazaki, mgn dir
Masao Kodaira, dir Tokio
Takei, dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 19,082 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
80 M
TREND SLOW WORTH Yen 20,160 M
STARTED 1964 EMPLOYES 564
MFR OF SILICON WAFERS, AFFILIATED TO SHIN-ETSU CHEMICAL CO.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
The subject company was established by Shin-Etsu Chemical Co Ltd (See REGISTRATION) as a JV with Fuji Kikai
Kogyo Co Ltd. This is a specialized mfr
of semiconductor silicon wafers. It is
virtually a division of Shin-Etsu Chemical Co and the goods are wholly supplied
to the parent and its group firms,
The sales volume for Feb/2012 fiscal term amounted to Yen 19,082
million, a 15% down from Yen 22,545 million in the previous term. Due to effects of the Great East Japan Earthquake,
the flood damage in Thailand and the additional headwind resulting from the
progression in the rapid appreciation of the Japanese Yen, overall, the severe
situation of the Japanese economy continued.
In the latter half the silicon business was slow. Overseas business was strongly affected by
sluggish market prices in the Asian region, such as in China. The recurring profit was posted at Yen 1,505
million and the net profit at Yen 1,120 million, respectively, compared with
Yen 2,015 million recurring profit and yen 1,163 million net profit,
respectively, a year ago.
For the current term ending Feb 2013 the recurring profit is projected
at Yen 1,550 million and the net profit at Yen 1,150 million, respectively, on
a 2% rise in turnover, to Yen 19,500 million.
In semiconductor wafer business, sales volume will recover but
profitability will be low.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Aug 1964
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized:
640,000 shares
Issued:
160 shares
Sum: Yen 80 million
Major shareholders
(%): Shin-Etsu Chemical Co Ltd* (90), Fuji Kikai Kogyo Co Ltd (10)
No. of
shareholders: 2
*.. World’s largest mfr of PVC, and semiconductor wafers, Tokyo, founded
1926, listed Tokyo S/E, capital Yen 119,419 million, sales Yen 1,047,731
million, operating profit Yen 149,632 million, recurring profit Yen 165,237
million, net profit Yen 100,643 million, total assets Yen 1,820,946 million,
net worth Yen 1,492,845 million, employees 16,742, pres Shunzo Mori
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures
semiconductor silicon wafers (100%)
Clients: [Mfrs, wholesalers]
Shin-Etsu Handotai Co (Handotai means semiconductor), and group firms
No. of accounts: 20
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Shin-Etsu Chemical Co, Fuji Kikai Kogyo, Mabuchi S&T, Nabelin
Co, Shinano Electric Refining Co, other
Payment record: No Complaints
Location: Business area in
Chikuma City, Nagano-Pref. Office
premises at the caption address are owned and maintained satisfactorily.
Bank References:
Hachijuni Bank (Matsushiro)
Shoko Chukin Bank (Nagano)
Relations: Satisfactory
(In Million Yen)
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Terms Ending: |
28/02/2013 |
29/02/2012 |
28/02/2011 |
28/02/2010 |
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Annual Sales |
|
19,500 |
19,082 |
22,545 |
17,737 |
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Recur. Profit |
|
1,550 |
1,505 |
2,015 |
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Net Profit |
|
1,150 |
1,120 |
1,163 |
515 |
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Total Assets |
|
|
28,922 |
32,890 |
35,780 |
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Current Assets |
|
|
8,560 |
13,320 |
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Current Liabs |
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8,471 |
10,104 |
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Net Worth |
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20,160 |
19,073 |
17,941 |
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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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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.19 |
-15.36 |
27.11 |
-22.61 |
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Current Ratio |
|
.. |
101.05 |
131.83 |
.. |
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N.Worth Ratio |
.. |
69.70 |
57.99 |
50.14 |
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R.Profit/Sales |
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7.95 |
7.89 |
8.94 |
.. |
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N.Profit/Sales |
5.90 |
5.87 |
5.16 |
2.90 |
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Return On Equity |
.. |
5.56 |
6.10 |
2.87 |
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Notes: Forecast (or estimated) figures for the 28/02/2013 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
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UK Pound |
1 |
Rs.88.16 |
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Euro |
1 |
Rs.71.54 |
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.