MIRA INFORM REPORT
|
Report No. : |
332829 |
|
Report Date : |
21.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
NIDEC COPAL CORPORATION |
|
|
|
|
Registered Office : |
2-18-10 Shimura Itabashiku Tokyo 174-0056 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
May, 1949 |
|
|
|
|
Com. Reg. No.: |
0114-01-007178 (Tokyo-Itabashiku) |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Manufacturer of Optical Equipment. |
|
|
|
|
No. of Employees : |
740 |
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 |
|
Maximum Credit Limits : |
Yen 1,317.6 Million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 |
Company
Name and address
NIDEC COPAL CORPORATION
REGD NAME: Nihon
Densan Copal KK
MAIN OFFICE: 2-18-10
Shimura Itabashiku Tokyo 174-0056 JAPAN
Tel: 03-3965-1111 Fax: 03-3965-2831
URL: http://www.nidec-copal.com
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of optical
equipment
BRANCHES
Osaka, Koriyama,
other
OVERSEAS
China, Vietnam,
Thailand, Vietnam, Malaysia, Hong Kong, Korea, USA, Germany
FACTORIES
At the caption
address; Iwate, Shiojiri
OFFICERS
TOSHIHIRO KIMURA,
PRES Akira Sato, ch
Yoshinori
Fukasaku, mgn dir Takaaki Okazaki,
mgn dir
Tomohiko Hatori,
dir Hiroshi Iizuka, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 26,534 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 11,080 M
TREND SLOW WORTH Yen 30,522 M
STARTED 1949 EMPLOYES 740
COMMENT
MFR OF OPTICAL EQUIPMENT, OWNED BY NIDEC CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: ESTIMATED AT YEN 1,317.6
MILLION, ON 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject
company is a specialized mfr of optical equipment, such as shutters, lenses
& camera module for mobile phones, etc.
Once listed on the Tokyo S/E, but was delisted 2014 when the firm became
a 100% owned subsidiary of NIDEC Corp (See REGISTRATION).
Goods are widely exported and imported, utilizing its subsidiaries & agents
overseas.
FINANCIAL
INFORMATION
The sales volume
for Mar/2015 fiscal term amounted to Yen 26,534 million, an 11% down from Yen
29,665 million in the previous term. The
recurring profit was posted at Yen 2,440 million and the net profit at Yen
3,650 million, respectively, compared with Yen 1,755 million recurring profit
and Yen 3,016 million net profit, respectively, a year ago.
For the current
term ending Mar 2016 the recurring profit is projected at Yen 2,550 million and
the net profit at Yen 3,800 million, respectively, on a 5% rise in turnover, to
Yen 27,850 million.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max
credit limit is estimated at Yen 1,317.6 million, on 30 days normal terms.
REGISTRATION
Date
Registered: May 1949
Regd
No.: 0114-01-007178 (Tokyo-Itabashiku)
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized:
88.6 million shares
Issued:
22.16 million shares
Sum:
Yen 11,080 million
Major shareholders (%): NIDEC Corp* (100)
*.. Mfr of precision motors, Kyoto, founded 1973, listed Tokyo, New York
S/E’s, capital Yen 77,071 million, sales Yen 1,028,385 million, operating
profit Yen 111,218 million, recurring
profit Yen 107,371 million, net profit Yen 76,216 million, total assets
Yen 1,355,139 million, net worth Yen 745,171 million, employees 98,439, pres
Shigenobu Nagamori
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures
optical equipment, such as shutters, lenses & camera module for mobile
phones, precision instruments, other (--100%)
Clients: [Mfrs,
wholesalers] Itochu Corp, Samson Japan, NIDEC Copal Thailand, Niigata NIDEC
Copal, Chugai Corp, Mitsui Kinzoku Instrumentations Technology Corp, other
No. of accounts:
400
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs,
wholesalers] Niigata NIDEC Copal, NIDEC Copal Vietnam, Thailand, Philippines,
other
Payment record: No complaints
Location: Business area in
Tokyo. Office premises at the caption address
are owned and maintained satisfactory.
Bank References:
Mizuho Bank (H/O)
SMBC (Hakusan)
Relations: Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
31/03/2016 |
31/03/2015 |
31/03/2014 |
31/03/2013 |
|
|
Annual
Sales |
|
27,850 |
26,534 |
29,665 |
29,635 |
|
Recur.
Profit |
|
2,550 |
2,440 |
1,755 |
804 |
|
Net
Profit |
|
3,800 |
3,655 |
2,016 |
5,243 |
|
Total
Assets |
|
|
45,869 |
40,857 |
39,874 |
|
Current
Assets |
|
|
19,100 |
16,970 |
15,950 |
|
Current
Liabs |
|
|
14,401 |
17,861 |
12,243 |
|
Net
Worth |
|
|
30,522 |
26,986 |
26,434 |
|
Capital,
Paid-Up |
|
|
11,080 |
11,080 |
11,080 |
|
Div.Ttl
in Million (¥) |
|
|
0.00 |
0.00 |
930 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.96 |
-10.55 |
0.10 |
-26.15 |
|
Current Ratio |
|
.. |
132.63 |
95.01 |
130.28 |
|
N.Worth Ratio |
|
.. |
66.54 |
66.05 |
66.29 |
|
R.Profit/Sales |
|
9.16 |
9.20 |
5.92 |
2.71 |
|
N.Profit/Sales |
|
13.64 |
13.77 |
6.80 |
17.69 |
|
Return On Equity |
|
.. |
11.97 |
7.47 |
19.83 |
Notes: Forecast (or estimated) figures for the
31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.55 |
|
|
1 |
Rs.99.10 |
|
Euro |
1 |
Rs.68.83 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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.