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Report No. : |
332835 |
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Report Date : |
17.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
MISAKI ELECTRONICS CO LTD |
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Registered Office : |
38-6 Shinmeicho Aoiku Shizuoka 420-0 |
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Country : |
Japan |
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Financials (as on) : |
31.05.2014 |
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Date of Incorporation : |
August 1964 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures switches: tact switches, slide
switches DC, jack earphone, electric charters, other (--100) |
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No. of Employees : |
21 |
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 |
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Maximum Credit Limit : |
Yen 28.5 Million |
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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
|
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 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.
|
Source
: CIA |
MISAKI ELECTRONICS CO LTD
REGD NAME: Misaki
Denshi Kogyo KK
MAIN OFFICE: 38-6
Shinmeicho Aoiku Shizuoka 420-0 JAPAN
Tel: 054-271-2155
Fax: 054-271-2159
E-Mail address: (thru the URL)
ACTIVITIES: Mfg
of switches (for electric power), jack, other
BRANCHES: Chiba,
Osaka
OVERSEAS: China,
Taiwan
FACTORIES: China
OFFICERS: HARUMI
OHATA, PRES
Makoto Sato, dir
Takashi Imazawa, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES R/WEAK A/SALES Yen 1,550 M
PAYMENTSREGULAR CAPITAL Yen 63 M
TREND UP WORTH Yen 1,750 M
STARTED 1964 EMPLOYES 21
COMMENT: MFR OF ELECTRIC POWER SWITCHES.
FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: ESTIMATED AT YEN 28.5 MILLION, ON 30 DAYS NORMAL TERMS.
This is a specialized mfr of electronic switches: tact switches, slide
switches, jack (earphone DC), electric chargers, other. Goods are manufactured at a subsidiary China
Factory. Clients include major
electronic maker, wholesalers, other.
Financials are disclosed only partially.
The sales volume for May/2014 fiscal term amounted to Yen 1,550 million, a 3% up from
Yen 1,500 million in the previous term. The net profit was posted at Yen 65 million, compared with Yen 63 million a year ago.
For the term that ended May 2015 the net profit was projected at Yen 70 million, on a 5% rise in turnover, to Yen 1,630 million. Final results are yet to be released.
The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements.
Date Registered: Aug 1964
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 504,000
shares
Issued: 126,000
shares
Sum: Yen
63 million
Major
shareholders (%): Harumi Ohata, other (Breakdown unavailable)
No.
of shareholders: 7
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
switches: tact switches, slide switches DC, jack earphone, electric charters,
other (--100)
Clients: [Mfrs,
wholesalers] Sony Group, Sharp Group, Canon Group, Olympus Corp, Sanyo
Electric, Kyocera Corp, Nikon, Yaesu Musen, Nippon Lock Co, other
No. of accounts:
350
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Takano Precision Ind, Meioh Precision, Yamagen Co, Suzuki Chemical
Ind, Miyuki Precision, Eikaku Co, other
Payment record: No Complaints
Location: Business area in
Shizuoka. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
MUFG
(Shizuoka-Chuo)
Shizuoka Bank
(H/O)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
|
31/05/2015 |
31/05/2014 |
31/05/2013 |
31/05/2012 |
|
Annual
Sales |
|
1,630 |
1,550 |
1,500 |
1,383 |
|
Recur.
Profit |
|
.. |
.. |
.. |
.. |
|
Net Profit |
|
70 |
65 |
63 |
58 |
|
Total
Assets |
|
|
N/A |
N/A |
N/A |
|
Net
Worth |
|
|
1,750 |
1,685 |
1,622 |
|
Capital,
Paid-Up |
|
|
63 |
63 |
63 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
5.16 |
3.33 |
8.46 |
28.41 |
|
Current Ratio |
|
|
.. |
.. |
.. |
|
N.Worth Ratio |
|
|
.. |
.. |
.. |
|
N.Profit/Sales |
|
4.29 |
4.19 |
4.20 |
4.19 |
Notes: Financials are
only partially disclosed.
Forecast (or
estimated) figures for the 31/05/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.50 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.69.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.