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Report No. : |
317685 |
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Report Date : |
26.05.2015 |
IDENTIFICATION DETAILS
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Name : |
NEC SPACE TECHNOLOGIES LTD |
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Formerly Known As : |
NEC TOSHIBA SPACE SYSTEMS |
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Registered Office : |
NEC Fuchu Works, 1-10 Nisshincho Fuchu City Tokyo-Metrop 183-0036 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
April 2001 |
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Com. Reg. No.: |
0124-01-3 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures space craft systems, software, other (--100%) |
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No. of Employees : |
515 |
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 754.6 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 – 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.
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Source
: CIA |
NEC SPACE
TECHNOLOGIES LTD (Name changed)
NEC Space Technologies KK
NEC Fuchu Works, 1-10 Nisshincho Fuchu City Tokyo-Metrop 183-0036 JAPAN
Tel: 042-354-4000 Fax:
042-354-4009
*.. The is of the parent, NEC Corp
**.. Name changed in Apr/2015 from NEC Toshiba Space Systems, as given
URL: http://www.necspace.co.jp
E-Mail address: (thru the URL)
ACTIVITIES: Mfg of space craft systems
BRANCHES: Kanagawa
FACTORIES: At the caption address, Yokohama
OFFICERS: SUSUMU YAMAGUCHI, PRES Ichizo Kobayashi dir
Makoto Nishidate,
dir Shinji Suzuki, dir
Masanori
Adachi, dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 21,582 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
3,530 M
TREND SLOW WORTH Yen 8,993 M
STARTED 2001 EMPLOYES 515
COMMENT: MFR OF SPACE CRAFT SYSTEMS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR
ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: ESTIMATED AT YEN 754.6 MILLION, ON 30 DAYS NORMAL TERMS.
The subject company was established originally as a JV between NEC Corp
(60%) and Toshiba Corp (40%) as NEC Toshiba Space Systems Ltd, and in Apr 2015
NEC Corp acquired Toshiba stock portion and the firm became a wholly owned
subsidiary of NEC Corp (See REGISTRATION),
and renamed as captioned. This is a
specialized mfr of space craft systems: payload equipment, bus equipment, antennas,
other (See OPERATION). Products are wholly shipped to the parent,
NEC Corp.
The sales volume for Mar/2014 fiscal term amounted to Yen 21,582
million, a 13% down from Yen 24,771 million in the previous term. The recurring profit was posted at Yen 1,478
million and the net profit at Yen 1,432 million, respectively, compared with
Yen 430 million recurring profit and Yen 348 million net profit, respectively,
a year ago.
For the term that ended Mar 2015 the recurring profit was projected at
Yen 1,550 million and the net profit at Yen 1,500 million, respectively, on a
5% rise in turnover, to Yen 22,650 million.
Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 754.6 million, on 30 days normal terms.
Date Registered: Apr
2001
Regd No.: 0124-01-3
(Tokyo-Fuchu)
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 282,400 shares
Issued:
70,600 shares
Sum: Yen
3,530 million
Major shareholders
(%): NEC Corp* (100)
*.. NEC Corp, high-tech power house, Tokyo, founded 1899, listed Tokyo
S/E, capital Yen 397,199
million, sales 2,935,517 million, net profit Yen 57,302 million, total assets
Yen 2,620,652 million, net worth Yen
884,192 million, employees 100,914, pres N. Endo
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures
space craft systems, software, other (--100%)
(Mfg items):
Payload Equipment:
low
noise amplifiers (LNA), converters (CONV), solid state power amplifiers (SAPA),
other
Bus Equipment: TCR transponder
(TCR), earth sensor assemblies (ESA), solar array panels (SAP), GPS receivers
(GPSR), other
Others: antennas, space
borne radars, other
Clients: [Mfrs,
wholesalers] NEC Corp, Toshiba Corp, other
No. of accounts: 2 (for distribution nationwide)
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] NEC Corp, NEC Engineering, NEC Network & System Integration,
Toshiba Corp, HIREC, Sec Co, OK Print, other
Payment record: No Complaints
Location: Business area in
Fuchu City, Tokyo-Metrop. Office premises
at the caption address are owned by the parent, NEC Corp, and maintained
satisfactory.
Bank References:
SMBC (Tokyo)
Relations: Satisfactory
(In Million Yen)
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Terms
Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
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Annual Sales |
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22,650 |
21,582 |
24,771 |
24,077 |
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Recur. Profit |
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1,550 |
1,478 |
430 |
-95 |
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Net Profit |
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1,500 |
1,432 |
348 |
-574 |
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Total Assets |
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19,593 |
19,973 |
23,238 |
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Current Assets |
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17,444 |
17,457 |
20,453 |
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Current Liabs |
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10,594 |
12,335 |
15,708 |
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Net Worth |
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8,993 |
7,630 |
7,282 |
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Capital, Paid-Up |
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3,530 |
3,530 |
3,530 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
|
4.95 |
-12.87 |
2.88 |
4.47 |
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Current Ratio |
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.. |
164.66 |
141.52 |
130.21 |
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N.Worth Ratio |
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.. |
45.90 |
38.20 |
31.34 |
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R.Profit/Sales |
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6.84 |
6.85 |
1.74 |
-0.39 |
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N.Profit/Sales |
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6.62 |
6.64 |
1.40 |
-2.38 |
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Return On Equity |
|
.. |
15.92 |
4.56 |
-7.88 |
Notes: Forecast (or estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.62 |
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|
1 |
Rs.98.51 |
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Euro |
1 |
Rs.69.93 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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.