MIRA INFORM REPORT
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Report Date : |
13.05.2013 |
IDENTIFICATION DETAILS
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Name : |
S I Electronics Co Ltd |
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Registered Office : |
906-6 Ohyagicho Takasaki Gunma-Pref 370-0072 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2012 |
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Date of Incorporation : |
Oct, 1990 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Switch Board, Power Controller, Other |
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No. of Employees : |
37 |
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) |
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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
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
S I ELECTRONICS CO LTD
REGD NAME: KK
S I Electronics
MAIN OFFICE: 906-6
Ohyagicho Takasaki Gunma-Pref 370-0072 JAPAN
Tel:
027-370-1661 Fax: 027-370-1663
URL: N/A
Mfg of switch
board, power controller, other
Nil
At the caption
address
KEIJI KAWASHIMA,
PRES Kazuyoshi Imai, ch
Akimitsu Itoh, dir Kazuya Imai, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 2,700 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 20 M
TREND SLOW WORTH Yen 159 M
STARTED 1990 EMPLOYES 37
MFR OF SWITCH BOARD, OTHER.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject
company was established by Kazuyoshi Imai, now ch, in order to make most of his
experience in the subject line of business.
Keiji Kawashima took the pres office in Nov 2009. This is a specialized mfr of panel board,
power controller, other. Clients include
major electronic/electric makers, other
Financials are only partially disclosed.
The sales volume for Sept/2012 fiscal term amounted to Yen 2,700
million, a similar amount in the previous term.
The operations plunged into the red to post Yen 300 million net loses
for the term. This is referred to the
extraordinary losses coming from payments of directors’ retirement fees.
For the current term ending Sept 2013 the operations are expected to
come back to profitability to post Yen 100 million net profit, on a 7% rise in
turnover, to Yen 2,900 million. Sales
are expected to increase in Yen terms thanks to the weakening Yen.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Oct
1990
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 1,600
shares
Issued: 400
shares
Sum: Yen
20 million
Major shareholders (%): Kazuyoshi Imai (47.5), Kazuya Imai (13.7)
No. of shareholders: 7
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures switchboard,
power controller, automatic controllers, other (--100%)
Clients: [Mfrs, wholesalers] Sanyo Electric Co (37%),
Fuji Electric Ind (35%), Kubota Corp (10%), Seidensha Co, other
No. of
accounts: 300
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Sanyo Electric Co, Sanwa Technos, Seidensha Co, Hikari Alfax Inc,
Toho Trade Co, Koa Corp, Okamoto Electronics Corp, Ryoyo Electro Corp, other
Payment record: No Complaints
Location: Business area in Takasaki,
Gunma-Pref. Office premises at the
caption address are owned and maintained satisfactorily.
Bank
References:
Ashikaga
Bank (Shibukawa)
Gunma Bank
(Nakaizumi)
Relations:
Satisfactory
(In Million Yen)
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Terms Ending: |
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30/09/2013 |
30/09/2012 |
30/09/2011 |
30/09/2010 |
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Annual
Sales |
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2,900 |
2,700 |
2,700 |
2,959 |
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Recur.
Profit |
|
.. |
.. |
.. |
.. |
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Net
Profit |
|
100 |
-300 |
60 |
45 |
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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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|
159 |
189 |
129 |
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Capital,
Paid-Up |
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|
20 |
20 |
20 |
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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 |
7.41 |
0.00 |
-8.75 |
9.59 |
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Current Ratio |
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|
.. |
.. |
.. |
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N.Worth Ratio |
|
.. |
.. |
.. |
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N.Profit/Sales |
3.45 |
-11.11 |
2.22 |
1.52 |
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Notes: Financials
are only partially disclosed.
Forecast (or
estimated) figures for the 30/09/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
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|
1 |
Rs.84.19 |
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Euro |
1 |
Rs.71.11 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.