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Report Date : |
17.06.2013 |
IDENTIFICATION DETAILS
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Name : |
VISCAS CORPORATION |
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Registered Office : |
Shinagawa Seaside West Tower 4F, 4-12-2 Higashi-Shinagawa Shinagawaku
Tokyo 140-0002 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
September, 2001 |
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Com. Reg. No.: |
0107-01-013430 |
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Legal Form : |
Limited Company |
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Line of Business : |
Engineering of transmission cables, others |
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No. of Employees : |
818 |
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 – 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 |
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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 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 |
VISCAS CORPORATION
KK Viscas
Shinagawa Seaside West Tower 4F, 4-12-2 Higashi-Shinagawa Shinagawaku
Tokyo 140-0002 JAPAN
Tel: 03-5783-1850
Fax: 03-5783-1870
E-Mail address: info@viscas.com
Engineering of transmission cables, others
Sapporo, Sendai, Nagoya, Osaka, Toyama, Hiroshima,
Takamatsu, Okinawa
China, Taiwan, Singapore, India
Hiratsuka, Numazu, Suzuka, Ichihara, Ishioka, Nikko, Tokyo
(Kotoku)
SHUN’ICHI SHINDO, PRES Isao
Miura, v pres
Motoo Shimada, mgn dir Masaichi
Suwa, dir
Susumu Sakuma, dir Takanori
Hida, dir
Yen Amount: In
million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 60,147 M
PAYMENTS NO
COMPLAINTS CAPITAL Yen 12,100 M
TREND SLOW WORTH Yen 17,760 M
STARTED 2002 EMPLOYES 818
ENGINEERING COMPANY OF TRANSMISSION WIRES, OTHERS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
The subject company was established jointly by Fujikura Ltd
and Furukawa Electric Co Ltd (See REGISTRATION)
as a company for underground power cable engineering and overseas sales &
marketing businesses. On Jan 1, 2005,
the firm reshaped itself as a total power transmission & distribution
system company. This is an engineering
firm of underground transmission cables, overhead transmission, other (See OPERATION). Has overseas offices in China, India, Taiwan
and Singapore. Goods are exported. Clients include electric power companies,
Japan Railways, electric makers, other.
The sales volume for May/2012 fiscal term amounted to Yen 60,147
million, a 1% down from Yen 60,712 million in the previous term. The operations plunged into the red to post
Yen 850 million recurring loss and Yen 412 million net losses, respectively,
compared with Yen 767 million recurring profit and Yen 590 million net profit,
respectively, a year ago.
For the term that ended May 2013 the recurring profit was
projected at Yen 800 million and the net profit at Yen 650 million,
respectively, on a 3% rise in turnover, to Yen 62,000 million. Final results are yet to be released.
The financial situation is considered FAIR and good for
ORDINARY business engagements.
Date
Registered: Sept 2001
Regd
No.: 0107-01-013430
(Tokyo-Shinagawaku)
Legal
Status: Limited
Company (Kabushiki Kaisha)
Authorized: 968,000 shares
Issued:
242,000 shares
Sum: Yen
12,100 million
Major
shareholders (%):
Furukawa Electric Co Ltd* (50), Fujikura Ltd** (50)
No. of
shareholders: 2
*.. Furukawa Electric Co Ltd, one of 3 largest mfrs of
electric wires & cables, Tokyo, founded 1895, listed Tokyo S/E, capital Yen
69,395 million, sales Yen 924,717 million, operating profit Yen 17,763 million,
recurring profit Yen 17,612 million, net profit Yen 3,576 million, total assets
Yen 819,702 million, net worth Yen 222,843 million, employees 49,484, pres
Mitsuyoshi Shibata
**.. Fujikura Ltd, one of 3 largest mfrs of electric wires
& cables, Tokyo, founded1910, listed Tokyo S/E, capital Yen 53,075 million,
sales 491,118 million, operating profit Yen 6,499 million, recurring profit Yen
1,279 million, net profit Yen 3,049 million, total assets Yen 528,900 million,
net worth Yen 204,771 million, employees 52,838, pres Yoichi Nagahama
Nothing detrimental is known as to the commercial morality
of executives.
Activities:
Engineering of power transmission & distribution systems, others (--100%)
(Business
Items):
Underground
Transmission: power cables, accessories, installation of power cable
system, maintenance & monitoring system;
Overhead
Transmission: electric wire, overhead ground wire, accessories, ecology
products;
Distribution:
installation cable, cables, recycles, other
Clients:
[Electric powers, railways, electric mfrs] Japan Railways, Furukawa Electric,
Fujikura Ltd, other
No. of
accounts: 500
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Furukawa Electric Co, Fujikura Ltd, other
Payment
record: No Complaints
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank
References:
Mizuho Bank (Oimachi)
SMBC (H/O)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual Sales |
|
62,000 |
60,147 |
60,712 |
80,563 |
|
Recur. Profit |
|
800 |
-850 |
767 |
|
|
Net Profit |
|
650 |
-412 |
590 |
3,664 |
|
Total Assets |
|
|
54,282 |
57,903 |
62,035 |
|
Current Assets |
|
|
37,448 |
40,162 |
|
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Current Liabs |
|
|
26,290 |
28,641 |
|
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Net Worth |
|
|
17,760 |
29,043 |
29,886 |
|
Capital, Paid-Up |
|
|
12,100 |
12,100 |
12,100 |
|
Div.P.Share(¥) |
|
|
295.00 |
1832.00 |
682.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.08 |
-0.93 |
-24.64 |
-17.85 |
|
|
Current Ratio |
|
.. |
142.44 |
140.23 |
.. |
|
N.Worth Ratio |
.. |
32.72 |
50.16 |
48.18 |
|
|
R.Profit/Sales |
|
1.29 |
-1.41 |
1.26 |
.. |
|
N.Profit/Sales |
1.05 |
-0.68 |
0.97 |
4.55 |
|
|
Return On Equity |
.. |
-2.32 |
2.03 |
12.26 |
|
Notes: Forecast (or estimated) figures for the 31/05/2013
fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.74 |
|
|
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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 |
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<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.