MIRA INFORM REPORT

 

 

Report Date :

07.11.2013

 

IDENTIFICATION DETAILS

 

Name :

NAMICS CORPORATION

 

 

Registered Office :

3993 Nigorikawa Kitaku Niigata 950-3131

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

February 1947

 

 

Com. Reg. No.:

1100-01-004394 (Niigata-Kitaku)

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Manufacturing of Electro-Chemical products.

 

 

No. of Employees :

340

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

Payment Behaviour :

Regular

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

Moderate

 

B1

High

 

B2

Very High

 

C1

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 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

 

Company Name

 

NAMICS CORPORATION

 

 

REGD NAME

 

Namics KK

 

 

MAIN OFFICE

 

3993 Nigorikawa Kitaku Niigata 950-3131 JAPAN

Tel: 025-258-5577     

Fax: 025-258-5511

 

URL:                 http://www.namics.co.jp

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Mfg of electro-chemical products

 

 

BRANCHES   

 

Tokyo, Osaka

 

OVERSEAS

 

USA, Germany, Singapore, Korea, China, Taiwan (--subsidiaries)

 

 

FACTORIES  

 

At the caption address, Shibata (Niigata)

 

OFFICERS

 

TOSHINOBU ODAJIMA, PRES  

Shoichi Tanaka, dir

           

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        GOOD              A/SALES          Yen 24,828 M

PAYMENTS      REGULAR         CAPITAL           Yen 80 M

TREND             UP                    WORTH            Yen 27,668 M

STARTED         1947                 EMPLOYES      340

 

 

COMMENT

 

MFR OF ELECTRO-CHEMICAL PRODUCTS.

FINANCIAL SITUATION CONSIDERED GOOD AND RESPONSIBLE FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

 

HIGHLIGHTS

           

The subject company was established by Toshikazu Odajima in order to make most of his experience in the subject line of business.  Toshinobu is his son, who took the pres office in Jun 2006.  This is a specialized mfr of electro-chemical products: chipcoat, overcoat, other (See OPERATION).  Goods are actively exported.  Operates 5 overseas subsidiaries: Germany, Singapore, Korea, China and Taiwan,  Domestic clients include major electronics makers.

 

 

FINANCIAL INFORMATION

           

Financials are only partially disclosed.

 

The sales volume for Mar/2013 fiscal term amounted to Yen 24,828 million, a shade down from Yen 24,832 million in the previous term.  High Yen hurt both import/export, reducing revenues in Yen terms.  The net profit was posted at Yen 2,383 million, compared with Yen 2,086 million a year ago.

 

For the current term ending Mar 2014 the net profit is projected at Yen 2,400 million, on a 3% rise in turnover, to Yen 25,500 million. 

 

The financial situation is considered GOOD and responsible for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:                      Feb 1947

Regd No.:                                 1100-01-004394 (Niigata-Kitaku)

Legal Status:                           Limited Company (Kabushiki Kaisha)

Authorized:                              640,000 shares

Issued:                                     160,000 shares

Sum:                                        Yen 80 million

Major shareholders (%):           Tokyo Small & Medium Business Investment & Promotion Assn (25.5), Toshinobu Odajima (17), Toshikazu Odajima (15.8), Employees’ S/Holding Assn (11.7)

No. of shareholders:                 24

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

           

Activities: Manufactures electro-chemical products, others (--100%)

 

(Mfg Items):

 

Chipcoat (insulating material of high purity to seal semiconductor IC): flip chip underfill, chip-on-film underfill, CSP/BGA board level underfill, dam-and-fill encapsulant, camera module adhesive, B-stage adhesives, low-temperature curable adhesives, die attach adhesives, pre-applied non-conductive underfill paste;

 

Overcoat (insulating material for passive components): chip resistor protective coating;

 

Unimec (thermosetting resin materials): pastes for terminal electrodes of passive components, surface mounting adhesives, die attach adhesives, flip chip adhesives;

 

Hemec: pastes for internal electrodes of passive components, pastes for terminal electrodes of passive components, pastes for electrodes on the back/front of solar cells;

 

Adflema Films (non-conductive thermal cure thin adhesive films): insulting resin films for circuits & substrates, insulating resin film for electronic components & module adhesion, non-conductive film for semiconductor encapsulant, other

 

Clients:            [Mfrs, wholesalers] Murata Mfg Co, Panasonic Corp, TDK, Panasonic Corp, Fujitsu Ltd, Sony Corp, Kyocera Corp, Toshiba Corp, Hitachi Ltd, NEC, Taiyo Yuden Co, Ko-A Co, other 

 

No. of accounts: 500

Domestic areas of activities: Nationwide

 

Suppliers:        [Mfrs, wholesalers] Toyo Chemical Ind, Kisco Ltd, Kanae Co, Kongo Yakuhin Co, Kanamori Co, other

 

 

Payment record: Regular

 

Location: Business area in Niigata.  Office premises at the caption address are owned leased and maintained satisfactorily.

 

Bank References:

           

Hokuetsu Bank (Niigata)

Shoko Chukin Bank (Niigata)                 

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

 

Terms Ending:

　

31/03/2014

31/03/2013

31/03/2012

31/03/2011

Annual Sales

　

25,500

24,828

24,832

23,234

Recur. Profit

　

..

..

..

..

Net Profit

　

2,400

2,383

2,086

1,900

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

27,668

26,000

24,640

Capital, Paid-Up

　

　

80

80

80

Div.P.Share(¥)

　

　

0.00

0.00

0.00

 

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

2.71

-0.02

6.88

28.05

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

..

..

..

    N.Profit/Sales

9.41

9.60

8.40

8.18

 

Notes: Financials are only partially disclosed.

Forecast (or estimated) figures for the 31/03/2014 fiscal term.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.92

UK Pound

1

Rs.99.60

Euro

1

Rs.83.64

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIA

 

 

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

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

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.