MIRA INFORM REPORT

 

 

Report Date :

22.09.2014

 

IDENTIFICATION DETAILS

 

Name :

CHIYODA ELECTRONIC CO LTD

 

 

Registered Office :

3-3-9 Sotokanda Chiyodaku Tokyo 101-0021

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

September 1958

 

 

Com. Reg. No.:

0100-01-022895 (Tokyo-Chiyodaku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, export, wholesale of electronics equipment, parts, components

 

 

No. of Employees :

100

 

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 :

No complaints

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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. 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

 

 

 

 

Company name and address

 

CHIYODA ELECTRONIC CO LTD

REGD NAME:    Chiyoda Denshi Kiki KK

MAIN OFFICE:  3-3-9 Sotokanda Chiyodaku Tokyo 101-0021 JAPAN

      Tel: 03-3253-9561      Fax: 03-5256-2988

 

URL:                 http://www.cec-chiyoda.co.jp

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Import, export, wholesale of electronics equipment, parts, components

 

 

BRANCHES   

 

Fuchu (Tokyo), Utsunomiya

 

 

OVERSEAS   

 

Hong Kong, Singapore, China

 

 

OFFICERS

 

KEIJI MIYAKE, PRES                            Akira Sakamoto, mgn dir

Kazuya Komine, mgn dir                        Keiko Kakuta, dir                      

                       

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                 A/SALES          Yen 7,600 M

PAYMENTSREGULAR   CAPITAL           Yen 98 M

TREND UP                    WORTH            Yen 1,036 M     

STARTED         1958                 EMPLOYES      100

 

COMMENT    

 

TRADING FIRM SPECIALIZING IN ELECTRONICS EQUIPMENT & PARTS.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

           

 

HIGHLIGHTS

           

            The subject company was established on the basis of a division separated from Kakuta Radio & Electronic Co Ltd, a trading firm specializing in electronics equipment, Tokyo.  This is a trading company specializing in electronic equipment, components & parts, other (See OPERATION).  Has operation basis in Hong Kong, Singapore and China.  Sales agents of Panasonic Corporation, NKK Switches, other.  Active in development/designing of ASIC (application specific integrated circuit) and EMS (electronics mfg service) operations.  Clients include electronics makers, wholesalers, other

 

 

FINANCIAL INFORMATION

           

            Financials are disclosed only partially.

 

            The sales volume for Mar/2014 fiscal term amounted to Yen 7,600 million, a 3% up from Yen 7,410 million in the previous term.  Sales of electronic products fared well for semiconductor inspection equipment.  The net profit was posted at Yen 210 million, compared with Yen 138 million a year ago.

 

            For the current term ending Mar 2015 the net profit is projected at Yen 220 million, on a 3% rise in turnover, to Yen 7,800 million.  Business is seen expanding steadily.

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:  Sept 1958

Regd No.:         0100-01-022895 (Tokyo-Chiyodaku)

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         784,000 shares

Issued:                196,000 shares

Sum:                   Yen 98 million

Major shareholders (%): Kakuta Radio & Electronics, Employees’ S/Holding Assn, Takako Kakuta, Akiyo Koseki, other (Breakdown unavailable)

 No. of shareholders: 36

 

Nothing detrimental is known as to the commercial morality of executives.

 

OPERATION

           

Activities: Trading firm for import, export and wholesale of electronic equipment, components, parts, other (--100%)

 

(Handling Items): AC adaptors, antenna, piezoelectric ceramics, EMI filters, mobile communication modules, inductors, liquid crystals, SD cards, encoders, basis, coils, high-frequency units, connectors, condensers, compressors, switches, ceramic tuners, batteries, hybrid IC’s, micro phones, magnetrons, memory cards, motor fans, modules, lamps, remote controllers, derivative filters, lenses, aspheric lenses, other

 

Clients: [Mfrs, wholesalers] Micronics Japan, Juki Corp, Wacom Corp, Toshiba Corp,  Azbil Corp, Foster Electric Co, Amada Co, Ikegami Tsushinki Co, Yokogawa Electric, CARECOM Co, other

No. of accounts: 500

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Panasonic Corp, NKK Switches, TEAC Corp, Cosel Co, Marantz Electronics Corp, other

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactory.

 

Bank References:

SMBC (Ueno)

Mizuho Bank (Kanda)

Relations: Satisfactory

 

FINANCES

 

(In Million Yen)

Terms Ending:

　

31/03/2015

31/03/2014

31/03/2013

31/03/2012

Annual Sales

　

7,800

7,600

7,410

8,200

Recur. Profit

　

..

..

..

..

Net Profit

　

220

210

138

138

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

1,036

889

792

Capital, Paid-Up

　

　

98

98

98

Div.P.Share(¥)

　

　

100.00

100.00

100.00

<Analytical Data>

　

(%)

(%)

(%)

(%)

    S.Growth Rate

　

2.63

2.56

-9.63

1.23

    Current Ratio

　

　

..

..

..

    N.Worth Ratio

　

　

..

..

..

    N.Profit/Sales

　

2.82

2.76

1.86

1.68

 

Notes: Financials are only partially disclosed.

Forecast (or estimated) figures for the 31/03/2015 fiscal term.

 

           

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.80

UK Pound

1

Rs.100.06

Euro

1

Rs.78.46

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

PDT

 

               

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.