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Report Date : |
10.04.2014 |
IDENTIFICATION DETAILS
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Name : |
PICO INC |
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Registered Office : |
Aqua City Shibaura 9F, 4-16-23 Shibaura Minatoku Tokyo 108-0023 |
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Country : |
Japan |
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Financials (as on) : |
31.10.2013 |
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Date of Incorporation : |
September, 1977 |
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Com. Reg. No.: |
0104-01-024826 (Tokyo-Minatoku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, wholesale of electronics communication equipment &
components |
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No. of Employees : |
52 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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. Prime Minister Shinzo ABE has declared the economy his
government's top priority; he has overturned his predecessor's plan to
permanently close nuclear power plants and is pursuing an economic revitalization
agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined
the Trans Pacific Partnership negotiations in 2013, a pact that would open
Japan's economy to increased foreign competition and create new export
opportunities for Japanese businesses. Measured on a purchasing power parity
(PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of GDP. To
help raise government revenue and reduce public debt, Japan decided in 2013 to
gradually increase the consumption tax to a total of 10% by the year 2015.
Japan is making progress on ending deflation due to a weaker yen and higher
energy costs, but reliance on exports to drive growth and an aging, shrinking
population pose other major long-term challenges for the economy.
|
Source
: CIA |
PICO INC
REGD NAME: Pico KK
MAIN OFFICE: Aqua City Shibaura 9F, 4-16-23 Shibaura
Minatoku Tokyo 108-0023 JAPAN
Tel:
03-3418-7671
Fax: 03-5418-7680
URL: http://www.picodenshi.com/
E-Mail address: (thru the URL)
Import, wholesale of electronics communication equipment &
components
Osaka, Nagoya
China (2), Singapore, Malaysia, Thailand, Hong Kong, Taiwan, USA
KOICHI OHSHIMA, PRES
Akihisa Ohshima, s/mg dir
Takae Ohshima, dir
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 1,605 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
60 M
TREND UP WORTH Yen 1,846 M
STARTED 1977 EMPLOYES 52
IMPORTER OF ELECTRONIC COMMUNICATION EQUIPMENT.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
The subject company was established by Akiyoshi Ohshima, in order to
make most of his experience in the subject line of business. Koichi is his son, who took the pres office
in Oct 2003. This is a trading firm,
wholly owned and operated by the Ohshima family, for import and wholesale of
electronic communication equipment and components: fuses, test probes,
switches, LED analyzers, and other tools.
Operates overseas offices in China (2), Taiwan, Thailand, Singapore,
USA, other. Clients include major
electronics mfrs nationwide.
The sales volume for Oct/2013 fiscal term amounted to Yen 1,605 million,
a 9% up from Yen 1,472 million in the previous term. Fuses for solar cell systems fared well. The recurring profit was posted at Yen 139
million and the net profit at Yen 88 million, respectively, compared with Yen
65 million recurring profit and Yen 63 million net profit, respectively, a year
ago.
For the current term ending Oct/2014 the recurring profit is projected
at Yen 145 million and the net profit at Yen 90 million, respectively, on a 3%
rise in turnover, to Yen 1,650 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Sept 1977
Regd No.: 0104-01-024826 (Tokyo-Minatoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
480,000 shares
Issued:
120,000 shares
Sum: Yen 60 million
Major shareholders
(%): Koichi Ohshima (51), Akihisa Ohshima (30), Takae Ohshima (16)
No. of shareholders: 5
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Imports and
wholesales electronic communication equipment & components: fuses, test
probes, switches, LED analyzers, and related goods (--100%)
Domestic sales (65%), Exports (33.2%), Commission revenues (1.7%),
Royalty income (0.1%)
Clients: [Electronics
mfrs] Sony Corp, Toshiba Corp, Cannon Inc, Sanyo Electric, Sharp Corp, IBM
Japan, Hitachi Ltd, Kyocera Corp, JVC, Panasonic Corp, other.
No. of accounts: 300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Panasonic Corp (8%), Sony Corp, Toshiba Corp, Sharp, Cannon Inc,
other.
Payment record: No complaints
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
SMBC
(Shimbashi)
Resona Bank
(Tamachi)
Relations:
Satisfactory
|
Terms Ending: |
31/10/2014 |
31/10/2013 |
31/10/2012 |
31/10/2011 |
|
|
Annual Sales |
|
1,650 |
1,605 |
1,472 |
1,547 |
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Recur. Profit |
|
145 |
139 |
65 |
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Net Profit |
|
90 |
88 |
63 |
66 |
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Total Assets |
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|
1,846 |
1,738 |
N/A |
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Current Assets |
|
|
1,630 |
1,485 |
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Current Liabs |
|
|
508 |
500 |
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Net Worth |
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|
868 |
810 |
747 |
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Capital, Paid-Up |
|
|
60 |
60 |
60 |
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Div.P.Share(¥) |
|
|
10.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.80 |
9.04 |
-4.85 |
.. |
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Current Ratio |
.. |
320.87 |
297.00 |
.. |
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N.Worth Ratio |
.. |
47.02 |
46.61 |
.. |
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R.Profit/Sales |
8.79 |
8.66 |
4.42 |
.. |
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N.Profit/Sales |
5.45 |
5.48 |
4.28 |
4.27 |
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Return On Equity |
.. |
10.14 |
7.78 |
8.84 |
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Notes: Financials are only partially disclosed for the Oct/2011 fiscal
term.
Forecast (or estimated) figures for the 31/10/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.07 |
|
|
1 |
Rs.100.56 |
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Euro |
1 |
Rs.82.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NNA |
RATING EXPLANATIONS
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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.