|
Report No. : |
355433 |
|
Report Date : |
16.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SOLAR FRONTIER KK |
|
|
|
|
Registered Office : |
Daiba Frontier Bldg, 2-3-2 Daiba Minatoku Tokyo 135-0091 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.12.214 |
|
|
|
|
Date of Incorporation : |
August 1994 |
|
|
|
|
Com. Reg. No.: |
0104-01-014534 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufactures of CIS solar cells, CIS solar
modules, systems, other (--100%). |
|
|
|
|
No. of Employees : |
7500 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 an 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. Scarce in many natural resources, Japan has long been dependent on imported raw materials. Since the complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than it was previously on imported fossil 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 impressive - 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 aftereffects 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 four times since 2008. 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 of that year disrupted manufacturing. The economy has largely recovered in the four years since the disaster, although reconstruction in the affected Tohoku region has lagged, in part due to a shortage of labor in the construction sector. Japan enjoyed a sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Abe’s government has replaced the preceding administration’s plan to phase out nuclear power with a new policy of seeking to restart nuclear power plants that meet strict new safety standards, and emphasizing nuclear energy’s importance as a base-load electricity source. Japan joined the Trans-Pacific Partnership (TPP) 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 2014 stood as the fourth-largest economy in the world after first-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. While seeking to stimulate and reform the economy, the government must also devise a strategy for reining in Japan's huge government debt, which amounts to more than 230% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8% implemented in April 2014. That increase had a contractionary effect on GDP, however, so PM Abe in late 2014 decided to postpone the final phase of the increase until April 2017 to give the economy more time to recover. Led by the Bank of Japan’s aggressive monetary easing, Japan is making progress in ending deflation, but demographics - low birthrate and an aging, shrinking population - pose major long-term challenges for the economy.
|
Source
: CIA |
REGD
NAME: Solar Frontier
KK
MAIN
OFFICE: Daiba Frontier
Bldg, 2-3-2 Daiba Minatoku Tokyo 135-0091 JAPAN
Tel:
03-5531-5855 Fax: 03-5531-5767
URL: http://www.solar-frontier.com
E-Mail
address: (thru
the URL)
Mfg of solar cell, CIS solar modules
Osaka, Nagoya, Fukuoka
Germany, USA, & Saudi Arabia
Miyazaki (4)
ATSUHIKO HIRANO, PRES Satoru Kuriyagawa, v pres
Tomoaki Ito, v pres Judy Lee, v pres
Haruo Kogita, dir Katsumi Kushiya, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 99,560 M
PAYMENTS REGULAR CAPITAL Yen
35,120 M
TREND SLOW WORTH Yen 49,263 M
STARTED 1994 EMPLOYES 7500
MFR OF SOLAR CELLS, OWNED BY SHOWA SHELL
SEKIYU KK.
FINANCIAL SITUATION CONSIDERED FAIR TO GOOD
AND RESPONSIBLE FOR ORDINARY BUSINESS ENGAGEMENTS.
The
subject company was established on the basis of a solar cell division separated
from Showa Shell Sekiyu KK, major oil distributor of Royal Dutch/Shell Group
(See REGISTRATION). Originally named as
Showa Shell Solar KK and in Apr/2010 renamed as captioned. This is a specialized mfr of CIS solar cell,
CIS solar modules, systems. Operates 4
plants in Miyazaki. Has three overseas
subsidiaries: Germany, USA and Saudi Arabia.
With regard to R&D activities, the firm has signed an agreement to
jointly develop thin film solar cell technology with IBM based on the elements
copper, zinc, tin, Sulphur and selenium (CZTS) as next generation solar
technology without using rate metals.
Goods are distributed domestically thru appointed dealership nationwide.
The sales
volume for Dec/2014 fiscal term amounted to Yen 99,560 million, a 13% down from
Yen 114,920 million in the previous term.
The recurring profit was posted at Yen 17,196 million and the net profit
at Yen 11,649 million, respectively, compared with Yen 17,552 million recurring
profit and Yen 22,679 million net profit, respectively, a year ago
For the
current term ending Dec 2015 the recurring profit is projected at Yen 18,000
million and the net profit at Yen 12,500 million, respectively, on a 5% rise in
turnover, to Yen 104,500 million.
The
financial situation is considered FAIR to GOOD and responsible for ORDINARY
business engagements.
Date Registered: Aug
1994
Regd No.: 0104-01-014534
(Tokyo-Minatoku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 2,800
million shares
Issued: 702
million shares
Sum: Yen
35,120 million
Major shareholders (%): Showa Shell Sekiyu*
(100)
*.. Major
oil distributor of Royal Dutch/Shell Group, founded 1942, listed Tokyo S/E,
capital Yen 34,197 million, sales Yen 2,997,984 million, operating loss Yen
18,057 million, recurring loss Yen 16,724 million, net loss Yen 9,703 million,
total assets Yen 1,073,410 million, net worth Yen 244,126 million, employees
6,039, pres Douglas Wood
Nothing detrimental is known as to the
commercial morality of executives.
Activities: Manufactures CIS solar cells,
CIS solar modules, systems, other (--100%).
Clients: [Mfrs, wholesalers] Solar
Frontier America, Solar Frontier Europe, other.
Domestically
distributed through appointed dealerships nationwide
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: Mfrs, wholesalers, other
Payment
record: Regular
Location: Business area in Tokyo. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References:
Mizuho Bank (H/O)
Relations:
Satisfactory
(In
Million Yen)
|
Terms Ending: |
31/12/2015 |
31/12/2014 |
31/12/2013 |
31/12/2012 |
|
|
Annual
Sales |
|
104,500 |
99,560 |
114,920 |
51,606 |
|
Recur.
Profit |
|
18,000 |
17,196 |
17,552 |
-14,128 |
|
Net
Profit |
|
12,500 |
11,649 |
22,679 |
-14,687 |
|
Total
Assets |
|
|
121,496 |
119,051 |
125,199 |
|
Current
Assets |
|
|
43,515 |
42,622 |
38,629 |
|
Current
Liabs |
|
|
60,404 |
87,688 |
117,143 |
|
Net
Worth |
|
|
49,263 |
29,697 |
7,017 |
|
Capital,
Paid-Up |
|
|
35,120 |
35,120 |
35,120 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.96 |
-13.37 |
122.69 |
27.76 |
|
Current Ratio |
|
.. |
72.04 |
48.61 |
32.98 |
|
N.Worth Ratio |
|
.. |
40.55 |
24.94 |
5.60 |
|
R.Profit/Sales |
|
17.22 |
17.27 |
15.27 |
-27.38 |
|
N.Profit/Sales |
|
11.96 |
11.70 |
19.73 |
-28.46 |
|
Return On Equity |
|
.. |
23.65 |
76.36 |
.. |
|
Notes: Forecast (or estimated) figures for
the 31/12/2015 fiscal term. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.04 |
|
|
1 |
Rs.101.67 |
|
Euro |
1 |
Rs.73.93 |
|
YEN |
1 |
Rs.0.55 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
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.