|
Report Date : |
26.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
NAGANO ELECTRONICS INDUSTRIAL CO LTD |
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|
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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) : |
28.02.2013 |
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Date of Incorporation : |
August 1964 |
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Com. Reg. No.: |
1000-01-006206 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of
semiconductor silicon wafers |
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No. of Employees : |
590 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 |
|
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
NAGANO ELECTRONICS
INDUSTRIAL CO LTD
REGD NAME: 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
Tadaichi Yamazaki, dir Masao Kodaira, dir
Tokio Takei, dir Hisashi Komiyama, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 15,474 M
PAYMENTS SLOW BUT CORRECT CAPITAL Yen 80 M
TREND SLOW WORTH Yen 20,536 M
STARTED 1964 EMPLOYES 590
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/2013 fiscal term amounted to Yen 15,474 million, a 19% down from Yen 19,082 million in the previous term. Due to slow activity in the semiconductor industry the sales of silicon wafers declined sharply. The recurring profit was posted at Yen 664 million and the net profit at Yen 407 million, respectively, compared with Yen 1,505 million recurring profit and yen 1,120 million net profit, respectively, a year ago.
For the current term ending Feb 2014 the recurring profit is projected at Yen 680 million and the net profit at Yen 420 million, respectively, on a 3% rise in turnover, to Yen 16,000 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
Regd No.: 1000-01-006206 (Nagano-Chikuma)
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 1,025,409 million, operating profit Yen 157,043 million, recurring profit Yen 170,207 million, net profit Yen 105,714 million, total assets Yen 1,985,676 million, net worth Yen 1,631,594 million, employees 17,711, 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 (99%), other
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, Asahi Diamond Ind, Fujikoshi Machinery Ind, Mirai Chemical, other
Payment record: Slow but correct
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)
|
Terms Ending: |
28/02/2014 |
28/02/2013 |
29/02/2012 |
28/02/2011 |
|
|
Annual
Sales |
|
16,000 |
15,474 |
19,082 |
22,545 |
|
Recur.
Profit |
|
680 |
664 |
1,505 |
2,015 |
|
Net
Profit |
|
420 |
407 |
1,120 |
1,163 |
|
Total
Assets |
|
|
25,275 |
28,922 |
32,890 |
|
Current
Assets |
|
|
7,915 |
8,560 |
23,320 |
|
Current
Liabs |
|
|
4,440 |
8,471 |
10,104 |
|
Net
Worth |
|
|
20,536 |
20,160 |
19,073 |
|
Capital,
Paid-Up |
|
|
80 |
80 |
80 |
|
Div.Ttl
in Million (¥) |
|
|
32 |
32 |
32 |
|
<Analytical
Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.40 |
-18.91 |
-15.36 |
27.11 |
|
|
Current Ratio |
|
.. |
178.27 |
101.05 |
230.80 |
|
N.Worth Ratio |
.. |
81.25 |
69.70 |
57.99 |
|
|
R.Profit/Sales |
|
4.25 |
4.29 |
7.89 |
8.94 |
|
N.Profit/Sales |
2.63 |
2.63 |
5.87 |
5.16 |
|
|
Return On Equity |
.. |
1.98 |
5.56 |
6.10 |
|
Notes: Forecast (or estimated) figures for the 28/02/2014
fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.58 |
|
|
1 |
Rs.101.42 |
|
Euro |
1 |
Rs.84.70 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.