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Report No. : |
303265 |
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Report Date : |
21.01.2015 |
IDENTIFICATION DETAILS
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Name : |
MIYAKAWA ELECTRIC WORKS LTD |
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Registered Office : |
6-20-23 Shimomeguro Meguroku Tokyo 153-0064 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
April, 1948 |
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Com. Reg. No.: |
0132-01-005740 (Tokyo-Meguroku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Networking Products, Remote Monitoring Systems, Other. |
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No. of Employees : |
206 |
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 : |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
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 |
MIYAKAWA ELECTRIC WORKS LTD
REGD NAME: KK
Miyakawa Seisakusho
MAIN OFFICE: 6-20-23
Shimomeguro Meguroku Tokyo 153-0064 JAPAN
Tel: 03-3713-1151 Fax: 03-3714-6267
URL: http://www.msk.co.jp
E-Mail address: (thru
the URL)
Mfg of networking
products, remote monitoring systems, other
Hong Kong
Yokohama
KOTARO MIYAKAWA,
PRES
Hitoshi Kajita,
dir
Shin’ichi
Takakura, mgn dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 2,936 M
PAYMENTSREGULAR CAPITAL Yen 100 M
TREND SLOW WORTH Yen 1,948 M
STARTED 1948 EMPLOYES 206
MFR OF TELECOMMUNICATIONS EQUIPMENT.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
The subject
company was established originally in 1945 by father of Kotaro Miyakawa when he
received orders for telecommunication equipment from the former body of
NTT. Incorporated in 1948, the firm has
been succeeded by his descendants. This
is a specialized mfr of telecommunications equipment, data processing instruments,
remote monitoring systems, network products, terminals, other. Clients include NTT and telecommunications
carriers, nationwide.
The sales volume
for Dec/2013 fiscal term amounted to Yen 2,936 million, a 2% down from Yen 3,009
million in the previous term. The
monitory system was in good demand, though.
The firm posted Yen 178 recurring loss, while resulted in Yen 303
million net profit, however, compared with Yen 84 million recurring profit and
Yen 83 million net profit, respectively, a year ago.
For the term ended
Dec 2014 the recurring profit was projected at Yen 180 million and the net
profit at Yen 100 million, respectively, on a 5% rise in turnover, to Yen 3,080
million. Final results are yet to be
released.
The financial
situation is considered maintained FAIR and good for ORDINARY business
engagements.
Date Registered: Apr
1948
Regd No.:
0132-01-005740
(Tokyo-Meguroku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 800,000
shares
Issued: 200,000
shares
Sum: Yen
100 million
Major shareholders (%): Kotaro Miyakawa (20), Shin’ichiro
Miyakawa (5)
No. of shareholders: 65
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
telecommunication equipment/instruments: remote monitoring systems, network
products, terminals, other (--100%)
Clients:
[Telecommunications carriers, electronics mfrs] NTT East Japan, NTT West Japan,
NTT, NTT DoCoMo, NEC, NEC Infrontia, Carecom Co, Nagano Japan Radio, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Hong Kong Miyakawa, Miyakawa Tohoku, Tohoku Tsushin Co, Excel,
Tokyo Electron Device, Kyoei Electronics Co, Shinko Shoji Co, Wako Denshi Co,
other
Payment record: Slow but correct
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
MUFG (Ebisu)
Mizuho Bank (Meguro)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/12/2014 |
31/12/2013 |
31/12/2012 |
31/12/2011 |
|
|
Annual
Sales |
|
3,080 |
2,936 |
3,009 |
2,607 |
|
Recur.
Profit |
|
180 |
-178 |
-83 |
-60 |
|
Net
Profit |
|
100 |
303 |
-83 |
-60 |
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Total
Assets |
|
|
2,668 |
2,423 |
2,403 |
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Current
Assets |
|
|
1,810 |
1,363 |
1,301 |
|
Current
Liabs |
|
|
720 |
777 |
673 |
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Net
Worth |
|
|
1,948 |
1,646 |
1,730 |
|
Capital,
Paid-Up |
|
|
100 |
100 |
100 |
|
Div.Ttl
in Million (¥) |
|
|
1.9 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.90 |
-2.43 |
15.42 |
14.74 |
|
Current Ratio |
|
.. |
251.39 |
175.42 |
193.31 |
|
N.Worth Ratio |
|
.. |
73.01 |
67.93 |
71.99 |
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R.Profit/Sales |
|
5.84 |
-6.06 |
-2.76 |
-2.30 |
|
N.Profit/Sales |
|
3.25 |
10.32 |
-2.76 |
-2.30 |
|
Return On Equity |
|
.. |
15.55 |
-5.04 |
-3.47 |
Notes: Forecast
(or estimated) figures for the 31/12/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.85 |
|
|
1 |
Rs.93.27 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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 |
-- |
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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.