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Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
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Name : |
Neis Co Ltd. |
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Registered Office : |
20-1 Kita-Daimotsucho Amagasaki Hyogo-Pref 660-0804 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
Jan. 1948 |
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Com. Reg. No.: |
1400-01-050350 (Hyogo-Amagasaki) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Welding Machines |
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No. of Employees : |
130 |
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 |
|
Maximum Credit Limit : |
YEN 170.5 Million |
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|
|
|
Status : |
Satisfactory |
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|
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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
NEIS CO LTD
REGD NAME:
Neis KK
MAIN OFFICE:
20-1 Kita-Daimotsucho Amagasaki Hyogo-Pref 660-0804 JAPAN
Tel: 06-6488-2700 Fax: 06-8488-5066
E-Mail address: soumu@neis-co.com
Mfg of
welding machines
Tokyo,
Shizuoka, Nagoya, Osaka, Hiroshima, other (Tot 6)
Thailand,
Korea
At the
caption address, other (Tot 7); Thailand
YOSHIKA
KANEKAWA, PRES Toshihiro Kishimoto, mgn
dir
Yoshio
Satoh, mgn dir Takashi
Miyauchi, dir
Ryuichi
Tomita, dir Akihito Ueda, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 5,342 M
PAYMENTSSLOW
BUT CORRECT CAPITAL Yen 150 M
TREND SLOW WORTH Yen 3,451 M
STARTED 1948 EMPLOYES 130
MFR OF WELDING MACHINES.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 170.5 MILLION, 30 DAYS NORMAL TERMS
The
subject company is an engineering and manufacturing firm specializing in
welding machines, fabrications & rebuilding, vacuum engineering,
other. Has a factory in Thailand and a
sales subsidiary in Korea. Factory in
Wakayama started operations in Oct/2012.
Clients include major heavy machinery makers, other.
The
sales volume for Mar/2013 fiscal term amounted to Yen 5,342 million, a 13% down
from Yen 6,156 million in the previous term.
Material prices were down and sales earnings were decreased. Factory in Thailand was damaged by the
flooding and production declined. The
recurring profit was posted at Yen 238 million and the net profit at Yen 181
million, respectively, compared with Yen 530 million recurring profit and Yen
267 million net profit, respectively, a year ago.
For
the current term ending Mar 2014 the recurring profit is projected at Yen 240
million and the net profit at Yen 190 million, respectively, on a 3% rise in
turnover, to Yen 5,500 million.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 170.5 million, on 30 days normal terms.
Date Registered: Jan
1948
Regd No.: 1400-01-050350
(Hyogo-Amagasaki)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 12
million shares
Issued:
3 million shares
Sum: Yen 150 million
Major shareholders
(%): Osaka Small & Medium Business Investment &
Consultation Co (16.6), Employees’ S/Holding Assn (12.3), Toyo Seiki Seisakusho
(7.1), Meiji Yasuda Life Ins (5.6), Hokuhoku Capital (5.5)
No. of shareholders: 57
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Engineering & manufacturing of:
welding machines, brazing consumables (51%), welding/brazing fabrications and
rebuilding (36%), vacuum engineering, supplying custom specific vacuum devices
& equipments assembled in vacuum furnace or by appropriate joining methods
(5%), others (8%)
Clients: [Mfrs, wholesalers] Mitsubishi Heavy
Ind, Nippon Steel & Sumitomo Metal Corp, Daido Kogyo Co, Daikin Ind, Rigaku
Corp, Taisei Ind Co, Tajima Inc, Toto Ltd, Sumitomo Heavy Ind, Kobe Steel,
other
No. of accounts: 500
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs, wholesalers] Ishifuku Metal
Ind, Izawa Metal, Kobe Steel, Nippon Steel & Sumikin Welding Co, Sanyo
Special Steel, Maruzen Chemicals Co, Japan New Metals, other
Payment record: Slow
but correct
Location:
Business area in Amagasaki, Hyogo-Pref.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References:
Hokuriku Bank (Osaka)
Mizuho Bank (Kobe)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
5,500 |
5,342 |
6,156 |
5,654 |
|
Recur.
Profit |
|
240 |
238 |
530 |
389 |
|
Net Profit |
|
190 |
181 |
267 |
281 |
|
Total
Assets |
|
|
6,492 |
6,183 |
6,300 |
|
Current
Assets |
|
|
3,642 |
3,857 |
3,918 |
|
Current
Liabs |
|
|
2,119 |
2,486 |
2,508 |
|
Net
Worth |
|
|
3,451 |
3,276 |
3,040 |
|
Capital,
Paid-Up |
|
|
150 |
150 |
150 |
|
Div.P.Share(¥) |
|
|
7.50 |
7.50 |
7.50 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.96 |
-13.22 |
8.88 |
23.10 |
|
|
Current Ratio |
|
.. |
171.87 |
155.15 |
156.22 |
|
N.Worth Ratio |
.. |
53.16 |
52.98 |
48.25 |
|
|
R.Profit/Sales |
|
4.36 |
4.46 |
8.61 |
6.88 |
|
N.Profit/Sales |
3.45 |
3.39 |
4.34 |
4.97 |
|
|
Return On Equity |
.. |
5.24 |
8.15 |
9.24 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.83.87 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.