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Report Date : |
25.03.2014 |
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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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 |
|
|
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 |
|
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 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 exceeds 225% 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 |
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
Yen Amount: 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: Regular
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
(In Million Yen)
|
Terms Ending: |
31/10/2014 |
31/10/2013 |
31/10/2012 |
31/10/2011 |
|
|
Annual Sales |
|
1,650 |
1,605 |
1,472 |
1,547 |
|
Recur. Profit |
|
145 |
139 |
65 |
|
|
Net Profit |
|
90 |
88 |
63 |
66 |
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Total Assets |
|
|
1,846 |
1,738 |
N/A |
|
Current Assets |
|
|
1,630 |
1,485 |
|
|
Current Liabs |
|
|
508 |
500 |
|
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Net Worth |
|
|
1,846 |
1,738 |
1,675 |
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Capital, Paid-Up |
|
|
60 |
60 |
60 |
|
Div.Ｔｔｌ in Million ¥) |
|
|
10 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.80 |
9.04 |
-4.85 |
.. |
|
|
Current Ratio |
.. |
320.87 |
297.00 |
.. |
|
|
N.Worth Ratio |
.. |
100.00 |
100.00 |
.. |
|
|
R.Profit/Sales |
8.79 |
8.66 |
4.42 |
.. |
|
|
N.Profit/Sales |
5.45 |
5.48 |
4.28 |
4.27 |
|
|
Return On Equity |
.. |
4.77 |
3.62 |
3.94 |
|
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.60.70 |
|
|
1 |
Rs.100.10 |
|
Euro |
1 |
Rs.83.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
|
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 |
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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 |
|
<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.