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Report No. : |
330425 |
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Report Date : |
02.07.2015 |
IDENTIFICATION DETAILS
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Name : |
NAGANO ELECTRONICS INDUSTRIAL CO LTD |
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Registered Office : |
1393 Yashiro Chikuma City Nagano-Pref 387-0007 |
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Country : |
Japan |
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Financials (as on) : |
29.02.2016 |
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Date of Incorporation : |
August 1964 |
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Com. Reg. No.: |
1000-01-006206 |
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Legal Form : |
Limited Company |
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Line of Business : |
Subject is manufacturer of semiconductor silicon wafers |
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No. of Employee : |
554 |
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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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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 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 second-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.
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Source
: CIA |
NAGANO ELECTRONICS INDUSTRIAL CO LTD
Nagano Denshi Kogyo KK
1393 Yashiro Chikuma City Nagano-Pref 387-0007 JAPAN
Tel: 026-261-3100 Fax:
026-261-3131
E-Mail address: (thru
the URL)
Mfg of semiconductor silicon wafers
Tokyo, Osaka
At the caption address (4)
KAZUSHIGE ICHIKAWA, PRES Jun’ichi
Kiyono, ch
Tadaichi Yamazaki, dir Masao
Kodaira, dir
Tokio Takei, dir Hisashi
Komiyama, dir
Yen Amount: In
million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 16,889 M
PAYMENTS REGULAR CAPITAL Yen
80 M
TREND SLOW WORTH Yen 21,646 M
STARTED 1964 EMPLOYES 554
MFR OF SILICON WAFERS, AFFILIATED TO SHIN-ETSU CHEMICAL CO.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
The subject company was established jointly by Shin-Etsu
Chemical Co Ltd (See REGISTRATION) and Fuji Kikai Kogyo Co Ltd. This is a specialized mfr of semiconductor
silicon wafers. It is virtually a
division of Shin-Etsu Chemical Co and the produced goods are wholly supplied to
the parent and its group firms,
The sales volume for Feb/2015 fiscal term amounted to Yen
16,889 million, an 11% up from Yen 1555,214 million in the previous term. The recurring profit was posted at Yen 837
million and the net profit at Yen 624 million, respectively, compared with Yen
762 million recurring profit and yen 541 million net profit, respectively, a
year ago.
For the current term ending Feb 2016 the recurring profit is
projected at Yen 850 million and the net profit at Yen 670 million,
respectively, on a 5% rise in turnover, to Yen 17,700 million.
The financial situation is considered FAIR and good for
ORDINARY business engagements.
Date Registered: Aug 1964
Regd No.: 1000-01-006206 (Nagano-Chikuma)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 640,000
shares
Issued: 160,000
shares
Sum: Yen
80 million
Major shareholders (%): Shin-Etsu Chemical Co Ltd* (90),
Fuji Kikai Kogyo Co Ltd (10)
No. of shareholders: 2
*.. World’s largest mfr of PVC, and semiconductor wafers,
Tokyo, founded 1926, listed Tokyo S/E, capital Yen 119,419 million, sales Yen
1,255,543 million, operating profit Yen 185,329 million, recurring profit Yen
198,025 million, net profit Yen 128,606 million, total assets Yen 2,452,306
million, net worth Yen 1,960,329 million, employees 18,276, pres Shunzo Mori
Nothing detrimental is known as to the commercial morality
of executives.
Activities: Manufactures semiconductor silicon wafers (100%)
Clients: [Mfrs, wholesalers] Shin-Etsu Handotai Co (Handotai
means semiconductor), and group firms (99%), other
No. of accounts: 20
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Shin-Etsu Chemical Co, Fuji
Kikai Kogyo, Mabuchi S&T, Nabelin Co, Shinano Electric Refining Co, Asahi
Diamond Ind, Fujikoshi Machinery Ind, Mirai Chemical, Japan Fine Steel, other
Payment record: Regular
Location: Business area in Chikuma City, Nagano-Pref. Office premises at the caption address are owned
and maintained satisfactorily.
Bank References:
Hachijuni Bank (Matsushiro)
Shoko Chukin Bank (Nagano)
Relations: Satisfactory
(In Million Yen)
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Terms Ending: |
29/02/2016 |
28/02/2015 |
28/02/2014 |
28/02/2013 |
|
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Annual Sales |
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17,700 |
16,889 |
15,214 |
15,474 |
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Recur. Profit |
|
850 |
837 |
762 |
664 |
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Net Profit |
|
670 |
624 |
541 |
407 |
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Total Assets |
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29,254 |
26,340 |
25,275 |
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Current Assets |
|
|
12,334 |
10,847 |
7,915 |
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Current Liabs |
|
|
7,320 |
5,012 |
4,440 |
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Net Worth |
|
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21,646 |
21,046 |
20,536 |
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Capital, Paid-Up |
|
|
80 |
80 |
80 |
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Div.Ttl in Million (¥) |
|
|
32 |
32 |
32 |
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<Analytical
Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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4.80 |
11.01 |
-1.68 |
-18.91 |
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Current Ratio |
|
.. |
168.50 |
216.42 |
178.27 |
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N.Worth Ratio |
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.. |
73.99 |
79.90 |
81.25 |
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R.Profit/Sales |
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4.80 |
4.96 |
5.01 |
4.29 |
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N.Profit/Sales |
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3.79 |
3.69 |
3.56 |
2.63 |
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Return On Equity |
|
.. |
2.88 |
2.57 |
1.98 |
Notes: Forecast (or estimated) figures for the 29/02/2016
fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.62 |
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|
1 |
Rs.99.89 |
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Euro |
1 |
Rs.70.77 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
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Report Prepared
by : |
ASH |
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.