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Report Date : |
09.01.2013 |
IDENTIFICATION DETAILS
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Name : |
I WAVE CORPORATION |
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Registered Office : |
Nakarin Auto Bldg 5F, 2-8-4 Shinkawa Chuoku Tokyo 104-0033 |
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Country : |
Japan |
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Financials (as on) : |
31.01.2012 |
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Date of Incorporation : |
February 2000 |
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Com. Reg. No.: |
(Tokyo-Chuoku) 115285 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, wholesale of information & telecommunications network equipment |
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No. of Employees : |
14 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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
I WAVE CORPORATION
REGD NAME: I
Wave KK
MAIN OFFICE: Nakarin
Auto Bldg 5F, 2-8-4 Shinkawa Chuoku Tokyo 104-0033 JAPAN
Tel:
03-3537-1771 Fax: 03-3537-1777
E-Mail address: sales@i-waveco.com
Import, wholesale
of information & telecommunications network equipment
Kashiwa (Chiba)
KOICHI SHIMADA,
PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 1,095 M
PAYMENTS SLOW
CAPITAL Yen 16 M
TREND STEADY WORTH Yen
76 M
STARTED 2000 EMPLOYES 14
IMPORTER SPECIALIZING IN TELECOM & NETWORKING EQUIPMENT.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
The subject
company was established by Koichi Shimada in order to make most of his
experience in the subject line of business.
This is a trading firm specializing in telecom & networking
equipment, their parts & components (See OPERATION). Goods are
imported from USA centrally and supplied to telecom carriers, electronics mfrs,
etc, nationwide. Acts as sole agent in
Japan for Fiber Instrument Sales Inc (USA).
Business is seen upswing on the back of rising demand from the related
industries.
The sales volume for Jan/2012
fiscal term amounted to Yen 1,095 million, an 8% up from Yen 1,013 million in
the previous term. Demand rose from the
related industries, says the firm. The
recurring profit was posted at Yen 66 million and the net profit at Yen 1
million, respectively, compared with Yen 1 million recurring profit and Yen 1
million net profit, respectively, a year ago.
For the current
term ending Jan 2013 the recurring profit is projected at Yen 70 million and
the net profit at Yen 3 million, respectively, on a 5% rise in turnover, to Yen
1,150 million. Foreign currency exchange
losses may incur.
The financial
situation is considered maintained FAIR and good for ORDINARY business
engagements.
Date Registered:
Feb 2000
Regd No.:
(Tokyo-Chuoku) 115285
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 800 shares
Issued: 320 shares
Sum: Yen 16 million
Major shareholders (%): Koichi Shimada
(78), Mika Murayama (13), Makoto Ichizuka (9)
No. of
shareholders: 3
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports and
wholesales telecommunications & networking equipment, parts, components (100%): fiber optic sources, laser
diode drivers, temperature controllers, laser diodes,
laser diode controllers, laser drivers, polarization components, light sources,
optical measurement, optical passive
components, optical sensor products, accessories, optical EYE-Monitoring system,
tunable FBG filter, millimeter wave phase shifter, 3 stage polarization
controller, ultra micro light analyzer photon counter, other.
Clients: [Telecom
carriers, electronics mfrs, wholesalers] KDDI, NTT, NHK, NICT, Mitsubishi
Electric, Furukawa Electric, Fujikura Ltd, Oki Electric Ind, Tohoku Univ, Tokyo
Univ, Yokogawa Electric, Hamamatsu Photonix, Fujitsu, NHK, Nikon, Tokyo Univ,
Osaka Univ, NICT, AIST (--National Institute), other.
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Chrome Technology,
Civcom D&S, DiCon Fiberoptics, General Photonics, LeCroy Japan, LiComm, OZ
Optics, TeraXion, u2t Photonics, other.
Payment record: Slow
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Chiba Bank
(Kashiwa)
MUFG (Yaesudori)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/01/2013 |
31/01/2012 |
31/01/2011 |
31/01/2010 |
|
|
Annual
Sales |
|
1,150 |
1,095 |
1,013 |
906 |
|
Recur.
Profit |
|
70 |
66 |
1 |
1 |
|
Net
Profit |
|
3 |
1 |
1 |
1 |
|
Total
Assets |
|
|
648 |
528 |
578 |
|
Current
Assets |
|
|
620 |
498 |
540 |
|
Current
Liabs |
|
|
303 |
277 |
279 |
|
Net
Worth |
|
|
76 |
76 |
75 |
|
Capital,
Paid-Up |
|
|
16 |
16 |
16 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.02 |
8.09 |
11.81 |
33.83 |
|
|
Current Ratio |
|
.. |
204.62 |
179.78 |
193.55 |
|
N.Worth Ratio |
.. |
11.73 |
14.39 |
12.98 |
|
|
R.Profit/Sales |
|
6.09 |
6.03 |
0.10 |
0.11 |
|
N.Profit/Sales |
0.26 |
0.09 |
0.10 |
0.11 |
|
|
Return On Equity |
.. |
1.32 |
1.32 |
1.33 |
|
Note: Forecast (or estimated) figures for the
31/01/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.33 |
|
|
1 |
Rs.89.05 |
|
Euro |
1 |
Rs.72.57 |
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 |
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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 |
|
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 |
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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 |
|
<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.