MIRA INFORM REPORT
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Report No. : |
325127 |
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Report Date : |
06.06.2015 |
IDENTIFICATION DETAILS
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Name : |
WACOM CO LTD |
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Registered Office : |
2-510-1 Toyonodai Kazo City Saitama-Pref 349-1148 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
July, 1983 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Pen-Tablets for Computer Input Units, Other. |
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No. of Employees : |
1,045 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 2,440.5 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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. Since the
complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami
disaster in 2011, Japan's industrial sector has become 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 four 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. A sales tax increase caused
the economy to contract during the 2nd and 3rd quarters of 2014. The economy
has largely recovered in the three years since the disaster, but reconstruction
in the Tohoku region has been uneven due to labor shortages. 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 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. The government will continue a
longstanding debate on restructuring the economy and reining in Japan's huge
government debt, which amounts to more than 240% 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 2015, although the government
in 2014 decided to postpone the final phase of the increase until 2017 to give
the economy time to recover from the 2014 increase. 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 |
Company
Name and address
WACOM CO LTD
REGD NAME: KK
Wacom
MAIN OFFICE: 2-510-1
Toyonodai Kazo City Saitama-Pref 349-1148 JAPAN
Tel: 0480-78-1211 Fax: 0480-78-1220 -
URL: http://www.wacom.com
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of pen-tablets
for computer input units, other
BRANCHES
Tokyo, Nagoya,
Osaka, Fukuoka
FACTORIES
At the caption
address
CHIEF
EXEC
MASAHIKO YAMADA,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 74,557 M
PAYMENTSREGULAR CAPITAL Yen
4,203 M
TREND UP WORTH Yen
33,859 M
STARTED 1983 EMPLOYES 1,045
COMMENT
MFR OF PEN-TABLETS FOR COMUPTER INPUT UNITS
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 2,440.5 MILLION, 30 DAYS NORMAL TERMS
Unit: In Million Yen
Forecast
figures for the 31/10/2016 fiscal term.
HIGHLIGHTS
This is the
world’s largest maker of pen-tablets for computer input units, with strength in
its patents. Pen-tablet products acknowledged
globally as standard tool in movie film, design and game industries. Developed
electronic pen-system for other maker’s PC’s and mobile terminals.
FINANCIAL
INFORMATION
The sales volume
for Mar/2015 fiscal term amounted to Yen 74,557 million, a 5.2% fall from Yen
78,615 million in the previous term. The
recurring profit was posted at Yen 6,065 million and the net profit at Yen
3,473 million, respectively, compared with Yen 8,282 million recurring profit
and Yen 5,249 million net profit, respectively, a year ago.
For the current
term ending Mar 2016 the recurring profit is projected at Yen 5,350 million and
the net profit at Yen 3,530 million, respectively, on a 12.7% rise in turnover,
to Yen 84,000 million. Sales of electronic
pen systems for Samsung will rebound, and those for other companies’ tablet
terminals will expand.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max
credit limit is estimated at Yen 2,440.5 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Jul 1983
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized:
552 million shares
Issued: 169,046,900
shares
Sum: Yen
4,203 million
Major shareholders
(%):
Samsung Asia (4.9), Master Bank of Japan T (3.8), Wilnau Co (2.8), Eto Yoji
Office (2.8), Yoji Eto (2.6), BNYML Nontreaty Acct (2.5), Japan Trustee
Services T (2.3), Masahiko Yamada (2.2), Japan Trustee Services T9 (2.1);
foreign owners (22.5)
No. of
shareholders: 41,708
Listed
on the S/Exchange (s) of: Tokyo
Managements: Masahiko Yamada,
pres; Shigeki Komiyama, dir; Wataru Hasegawa, dir; Sadao Yamamoto, dir;
Yasuyuki Fujishima, dir
Nothing detrimental is known as to the
commercial morality of executives.
Related
companies: WTC, WEG, WCC, WKR, WAU, WSP, other.
OPERATION
Activities: Manufactures
electronic pen-tablets for computer input units: Brand name products (50%),
components (50%)
Overseas
Sales Ratio (83%)
Clients: [Mfrs,
wholesalers] Samsung Japan, Wacom Technology, Wacom Europe, other
No. of accounts:
300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Takahata Precision,
Primax Electronics, Muto Electric, other
Payment record: Regular
Location: Business area in
Kazo City, Saitama-Pref. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank (Shinjuku-Minamiguchi)
MUFG (Shinjuku-Fukutoshin)
Relations: Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2015 |
31/03/2014 |
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INCOME STATEMENT |
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Annual Sales |
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74,557 |
78,615 |
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Cost of Sales |
44,507 |
48,684 |
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GROSS PROFIT |
30,050 |
29,931 |
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Selling & Adm Costs |
23,907 |
21,268 |
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OPERATING PROFIT |
6,142 |
8,663 |
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Non-Operating P/L |
-78 |
-381 |
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RECURRING PROFIT |
6,064 |
8,282 |
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NET PROFIT |
3,473 |
5,248 |
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BALANCE SHEET |
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Cash |
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16,686 |
15,393 |
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Receivables |
9,875 |
11,388 |
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Inventory |
10,215 |
9,328 |
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Securities, Marketable |
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Other Current Assets |
3,411 |
3,964 |
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TOTAL CURRENT ASSETS |
40,187 |
40,073 |
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Property & Equipment |
4,608 |
5,332 |
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Intangibles |
5,441 |
3,221 |
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Investments, Other Fixed Assets |
1,220 |
2,233 |
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TOTAL ASSETS |
51,456 |
50,859 |
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Payables |
9,203 |
9,429 |
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Short-Term Bank Loans |
600 |
600 |
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Other Current Liabs |
6,077 |
6,210 |
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TOTAL CURRENT LIABS |
15,880 |
16,239 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
813 |
768 |
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Other Debts |
|
904 |
1,052 |
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TOTAL LIABILITIES |
17,597 |
18,059 |
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MINORITY INTERESTS |
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Common
stock |
4,203 |
4,203 |
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Additional
paid-in capital |
7,550 |
7,563 |
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Retained
earnings |
22,318 |
21,710 |
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Evaluation
p/l on investments/securities |
27 |
416 |
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Others |
1,215 |
445 |
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Treasury
stock, at cost |
(1,455) |
(1,538) |
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TOTAL S/HOLDERS` EQUITY |
33,858 |
32,799 |
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TOTAL EQUITIES |
51,456 |
50,859 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2015 |
31/03/2014 |
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Cash
Flows from Operating Activities |
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11,455 |
15,076 |
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Cash
Flows from Investment Activities |
-9,875 |
-8,111 |
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Cash
Flows from Financing Activities |
-273 |
2,324 |
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Cash,
Bank Deposits at the Term End |
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51,109 |
49,246 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2015 |
31/03/2014 |
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Net Worth
(S/Holders' Equity) |
33,858 |
32,799 |
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Current
Ratio (%) |
253.07 |
246.77 |
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Net
Worth Ratio (%) |
65.80 |
64.49 |
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Recurring
Profit Ratio (%) |
8.13 |
10.53 |
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Net
Profit Ratio (%) |
4.66 |
6.68 |
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Return
On Equity (%) |
10.26 |
16.00 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.90 |
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|
1 |
Rs.97.98 |
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Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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 |
-- |
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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.