|
Report Date : |
08.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
SEIKO INSTRUMENTS INC - 238289 |
|
|
|
|
Registered Office : |
1-8 Nakase Mihamaku Chiba 261-8507 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
Sept 1937 |
|
|
|
|
Com. Reg. No.: |
012089 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Manufacturer of watches, electronic
dictionaries, electronic instruments |
|
|
|
|
No. of Employees : |
1,924 |
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 : |
Satisfactory |
|
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
SEIKO INSTRUMENTS INC
REGD NAME: Seiko Instruments KK
MAIN OFFICE: 1-8 Nakase Mihamaku Chiba 261-8507 JAPAN
Tel: 043-211-1111
URL: http://www.sii.co.jp
E-Mail address: (thru the URL)
Mfg of watches, electronic
dictionaries, electronic instruments
Tokyo, Chiba (Matsudo, Ichikawa),
Sendai, Osaka, Akita
Thailand, China (7), Hong Kong,
Singapore, Taiwan, Malaysia, USA, Germany
At the caption address, Tochigi,
Sendai, Akita
China, Thailand, Malaysia,
Singapore
HITOSHI MURAKAMI, PRES Kunio Kamata, ch
Shuntro Ishii, v pres Masayoshi Kanno, s/mgn dir
Hiroaki Sahara, s/mgn dir Shinji Nureki, s/mgn dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 96,842 M
PAYMENTS REGULAR CAPITAL Yen 9,756 M
TREND SLOW WORTH Yen 20,520 M
STARTED 1937 EMPLOYES 1,924
MFR OF WATCHES, ELECTRONIC
DEVICES, OTHER, OWNED BY SEIKO
HOLDINGS CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR
AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
The subject company was
established on the basis of a watch mfg division separated from Seiko Watch Co
Ltd (now Seiko Holdings Corp) (See REGISTRATION).. This is a specialized mfr of watches, thermal
printers, quartz crystals, electronic dictionaries, other electronic
products. Has mfg bases in China,
Thailand, Singapore and Malaysia. In
Sept/2013 transferred mfg of licensed watches to a group firm.
The sales volume for Mar/2013
fiscal term amounted to Yen 96,842 million, a 7% down from Yen 104,021 million
in the previous term. This is referred
to the said transfer of licensed watch mfg to a group firm. Sales thus declined. The recurring profit was posted at Yen 1,569
million and the net profit at Yen 1,487 million, respectively, compared with
Yen 4,500 million recurring loss and Yen 14,281 million net losses,
respectively, a year ago.
For the current term ending Mar
2014 the recurring profit is projected at Yen 1,600 million and the net profit
at Yen 1,600 million, respectively, on a 5% rise in turnover, to Yen 101,600
million.
The financial situation is
considered FAIR and good for ORDINARY business engagements.
Date Registered: Sept 1,937
Regd No.: (Chiba-Mihamaku) 012089
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized:
78 million shares
Issued:
19.5 million shares
Sum: Yen 9,756 million
Major shareholders (%): Seiko Holdings Corp* (100)
*.. Holding Company of Seiko group
firms, founded 1917, listed Tokyo S/E, capital Yen 10,000 million, sales Yen
283,790 million, operating profit Yen 5,523 million recurring profit Yen 3,243 million
net profit Yen 5,527 million, total assets Yen 355,308 million, net worth Yen
39,013, employees 17,354, pres Yoshinobu Nakamura
Nothing detrimental is known as to
the commercial morality of executives.
Activities:
Manufactures Mechatronics, electronics components, system applications,
scientific instruments, other:
(Sales Breakdown by Divisions):
Mechatronics Div (25%): watches,
hard disk components, thermal printers, compact precision components, machine
tools, FA, other;
Electronics Components Div (62%): CMOS IC’s, quartz crystals, micro batteries, LCD devices,
inkjet printer heads, other;
System Applications Div (13%): order entry systems, electronic dictionaries, color
printers, wireless data communication devices, musical instrument accessories,
network servers, other;
Clients: [Mfr,
wholesalers] Seiko Holdings Corp and group firms, SI HK Ltd, Ryoden Shoji,
Seiko Watch, SI Taiwan Inc, Sony Erikson, other
No.
of accounts: 500
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Morioka Seiko Ind and other group firms, SI Singapore, AE
Technology, SII Mobile Communications, Asian Electronic Technology, Seiko
Instruments (HK) Ltd, other
Payment record: Regular
Location: Business
area in Chiba. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References: Mizuho Corporate Bank (Ohtemachi)
MUFG
(Kyobashi)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
101,600
|
96,842 |
104,021
|
115,957
|
|
Recur.
Profit |
|
1,600 |
1,569 |
-4,500 |
2,822 |
|
Net
Profit |
|
1,600 |
1,487 |
-14,281
|
1,324 |
|
Total
Assets |
|
|
130,859
|
153,775
|
169,949
|
|
Current
Assets |
|
|
63,690 |
70,357 |
76,503 |
|
Current
Liabs |
|
|
67,753 |
87,841 |
101,689
|
|
Net
Worth |
|
|
20,520 |
21,591 |
31,384 |
|
Capital,
Paid-Up |
|
|
9,756 |
9,756 |
9,756 |
|
Div.Ttl
in Million (¥) |
|
|
0.00 |
0.00 |
2,150 |
|
<Analytical
Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.91 |
-6.90 |
-10.29 |
0.15 |
|
|
Current Ratio |
|
.. |
94.00 |
80.10 |
75.23 |
|
N.Worth Ratio |
.. |
15.68 |
14.04 |
18.47 |
|
|
R.Profit/Sales |
|
1.57 |
1.62 |
-4.33 |
2.43 |
|
N.Profit/Sales |
1.57 |
1.54 |
-13.73 |
1.14 |
|
|
Return On Equity |
.. |
7.25 |
-66.14 |
4.22 |
|
Notes: Forecast (or estimated)
figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.78 |
|
|
1 |
Rs.99.06 |
|
Euro |
1 |
Rs.83.84 |
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.