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Report No. : |
304498 |
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Report Date : |
21.01.2015 |
IDENTIFICATION DETAILS
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Name : |
WAC DATA SERVICE CO LTD |
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Registered Office : |
2-12-8 Nishi-Mizuhodai Fujimi Saitama-Pref 354-0018 |
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Country : |
Japan |
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Financials (as on) : |
28.02.2014 |
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Date of Incorporation : |
September 1967 |
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Legal Form : |
Limited Company |
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Line of Business : |
Mfg of knitting machines, parts & components |
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No. of Employee : |
24 |
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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Maximum Credit Limit : |
Yen 24.7 Million |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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.
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Source
: CIA |
WAC
DATA SERVICE CO LTD
Wac Data Service KK
2-12-8 Nishi-Mizuhodai Fujimi Saitama-Pref
354-0018 JAPAN
Tel: 049-251-7777 Fax: 049-254-5080
E-Mail address: (thru the URL)
Mfg of knitting machines, parts
& components
Nil
China, Korea, Italy
China (6), Korea, Italy, Spain
At the caption address (2)
KAZUHISA WATANABE, PRES
Tatsuto Sawada, dir
Tomohiko Sato, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 1,693 M
PAYMENTS SLOW BUT CORRECT CAPITAL Yen 100 M
TREND STEADY WORTH Yen 280 M
STARTED 1967 EMPLOYES 24
MFR OF
KNITTING MACHINES.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 24.7 MILLION, 30 DAYS NORMAL TERMS
The
subject company was established by Rikio Watanabe in order to make most o his
experience in the subject line of business.
Kazuhisa is his son, who took the pres office in Mar 2001. This is a specialized mfr of
computer-controlled knitting machines & software. 95% of the products are exported to China,
Asia and Europe. Has 9 overseas business
partners.
The
sales volume for Feb/2014 fiscal term amounted to Yen 1,693 million, a 131% up
from Yen 734 million in the previous term.
Newly developed needle selector for circular knitting machines were in
good demand. Exports to China and
Europe rose steeply, particularly into China.
The recurring profit was posted at Yen 195 million and the net profit at
Yen 153 million, respectively, compared with Yen 20 million recurring profit
and Yen 50 million net profit, respectively, a year ago.
For
the current term ending Feb 2015the recurring profit is projected at Yen 200
million and the net profit at Yen 160 million, respectively, on a 3% rise in
turnover, to Yen 1,750 million. Exports
continue rising.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 24.7 million, on 30 days normal terms.
Date Registered:
Sept 1967
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 800,000
shares
Issued:
200,000 shares
Sum: Yen
100 million
Major shareholders (%): Kazuhisa Watanabe (50.7), Akira Enomoto (14.3), Takashi Enomoto
(14), Fujito
Matsushita
(5.2)
No. of shareholders: 11
Nothing detrimental is known as
to the commercial morality of executives.
Activities:
Manufactures microcomputer-controlled knitting machines & equipment:
high-speed actuators (76.9), high-speed controllers (3.7%), other parts &
components (-19.4%)
Exports (95%): China, S/E Asia, Europe, other
Clients:
[Makers, wholesalers] Santoni Shanghai, Santoni Corp, B & Plus KK, Tianjin
Zhong Hong Kong, Data Kong Enterprise Co, other
Exports to: China, S/E Asia, Europe, other
No. of accounts: 100
Domestic areas of activities:
Centered in greater-Tokyo
Suppliers:
[Mfrs, wholesalers] B & Plus KK, Nihon Ceratec Co, Maki Electronic
Resources, Shindengen Electric Mfg Ind, Henmi Slide Rule Co, other
Payment record: Slow But Correct
Location:
Business area in Fujimi City, Saitama-Pref.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References:
MUFG
(Ikebukuro-Higashiguchi)
Musashino
Bank (Mizuhodai)
Relations:
Satisfactory
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Terms Ending: |
28/02/2015 |
28/02/2014 |
28/02/2013 |
29/02/2012 |
|
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Annual Sales |
|
1,750 |
1,693 |
734 |
1,483 |
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Recur. Profit |
|
200 |
195 |
20 |
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Net Profit |
|
160 |
153 |
-50 |
-90 |
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Total Assets |
|
|
1,156 |
885 |
1,095 |
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Current Assets |
|
|
786 |
576 |
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Current Liabs |
|
|
532 |
294 |
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Net Worth |
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|
280 |
126 |
176 |
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Capital, Paid-Up |
|
|
100 |
100 |
100 |
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Div.P.Share(¥) |
|
|
50.00 |
0.00 |
0.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
3.37 |
130.65 |
-50.51 |
-33.77 |
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Current Ratio |
|
.. |
147.74 |
195.92 |
.. |
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N.Worth Ratio |
|
.. |
24.22 |
14.24 |
16.07 |
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R.Profit/Sales |
|
11.43 |
11.52 |
2.72 |
.. |
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N.Profit/Sales |
|
9.14 |
9.04 |
-6.81 |
-6.07 |
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Return On Equity |
|
.. |
54.64 |
-39.68 |
-51.14 |
Notes: Forecast (or estimated)
figures for the 29/02/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.84 |
|
|
1 |
Rs.93.26 |
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Euro |
1 |
Rs.71.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
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Report Prepared
by : |
DPT |
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.