MIRA
INFORM REPORT
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Report Date : |
4th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
SAKURAI
GRAPHICS SYSTEMS CORPORATION |
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Registered Office : |
2-2-9 Fukuzumi Kotoku Tokyo 135-0032 JAPAN |
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Country : |
Japan |
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Date of Incorporation : |
October
1946 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer
of offset press, screen press |
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 329.5 MILLION |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Company name
SAKURAI
GRAPHICS SYSTEMS CORPORATION
REGD NAME
KK
Sakurai Graphics Systems
MAIN OFFICE
2-2-9
Fukuzumi Kotoku Tokyo 135-0032 JAPAN
Tel : 03-3643-1131
Fax : 03-3641-9663
URL : http://www.sakurai-gs.co.jp/
E-Mail address :
info@sakurai-gs.co.jp
ACTIVITIES
Mfg of offset press, screen press
BRANCHES
Osaka, Nagoya, Fukuoka
OVERSEAS
UK, USA (--subsidiaries)
FACTORY(IES)
Gifu
OFFICERS
Yoshikuni Sakurai, ch RYUTA
SAKURAI, PRES
Hideo Fujimoto, dir Hitoshi
Shimada, dir
Tatsushige Matsuo, dir Yoichi
Yoshimi, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 11,445 M
PAYMENTS REGULAR CAPITAL Yen 367 M
TREND STEADY WORTH Yen 9,518 M
STARTED 1946 EMPLOYES 278
COMMENT
MFR SPECIALIZING IN PRINTING PRESSES. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 329.5 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2007 fiscal term
HIGHLIGHTS
The subject company was established originally in 1928 by Ryuzo Sakurai for mfg printing press, on his account. Incorporated in 1946, the firm has been succeeded by his descendants. Yoshikuni is his son and Ryuta his grandson. This is a leading mfr of offset press, screen press & peripherals. Exports oriented with about 55% to 60% of the products exported to Europe, USA, S/E Asia, other. Two overseas offices, in UK and USA, function as marketing bases.
FINANCIAL INFORMATION
The sales volume for Mar/2006
fiscal term amounted to Yen 11,445 million, a 3.5% up from Yen 1,020 million in
the previous term. Exports surged. Weaker Yen against foreign currencies
contributed to increase sales in Yen terms, too The recurring profit was posted at Yen 1,455 million and the net
profit at Yen 626 million, respectively, compared with Yen 1,020 million
recurring profit and Yen 250 million net profit, respectively, a year ago.
For the current term ending Mar
2007 the recurring profit is projected at Yen 1,200 million and the net profit
at Yen 600 million, respectively, on a 5% rise in turnover, to Yen 12,000 million. Exports continue rising. Hike in materials & fuel prices may eat
into profits.
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 329.5 million,
on 30 days normal terms.
REGISTRATION
Date Registered : Oct 1946
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
29 million shares
Issued :
7.34 million shares
Sum :
Yen 367 million
Major shareholders (%)
Yoshikuni
Sakurai (38), Employees’ S/Holding Assn (10.7), Nobuyasu Nishibe (7), Juroku Bank (4.9)
No. of shareholders
191
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities:
Manufactures
offset press (70%), screen press (18%), peripherals, others (--12%). Exports
55%.
Clients
[Leasing
company, printing firms] Toshiba Finance, Sun Telephone, other. Also exports
to Europe, USA, S/E Asia, etc.
No. of accounts
700
Domestic areas of activities
Nationwide
Suppliers
[Mfrs,
wholesalers] Audio Technica, Uchida Techno, Fuji Kagaku Kikai, other.
Payment record
Regular
Location
Business
area in Tokyo. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References
Juroku
Bank (Tokyo)
Mizuho
Bank (Kyobashi)
Relations:
Satisfactory
FINANCES
(Non-Consolidated in million yen)
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME STATEMENT |
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Annual Sales |
11,445 |
11,058 |
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Cost of Sales |
8,037 |
8,086 |
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GROSS PROFIT |
3,408 |
2,972 |
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Selling & Adm Costs |
2,312 |
2,036 |
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OPERATING PROFIT |
1,095 |
935 |
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Non-Operating P/L |
360 |
85 |
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RECURRING PROFIT |
1,455 |
1,020 |
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NET PROFIT |
626 |
250 |
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BALANCE SHEET |
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Cash |
3,325 |
1,666 |
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Receivables |
4,447 |
5,109 |
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Inventory |
5,003 |
4,494 |
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Securities, Marketable |
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Other Current Assets |
698 |
839 |
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TOTAL CURRENT ASSETS |
13,473 |
12,108 |
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Property & Equipment |
4,619 |
4,761 |
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Intangibles |
46 |
51 |
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Investments, Other Fixed Assets |
1,211 |
1,146 |
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TOTAL ASSETS |
19,349 |
18,066 |
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Payables |
2,180 |
2,156 |
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Short-Term Bank Loans |
870 |
1,091 |
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Other Current Liabs |
3,496 |
2,503 |
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TOTAL CURRENT LIABS |
6,546 |
5,750 |
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Debentures |
1,360 |
1,400 |
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Long-Term Bank Loans |
1,365 |
1,445 |
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Reserve for Retirement Allw |
248 |
236 |
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Other Debts |
162 |
159 |
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TOTAL LIABILITIES |
9,681 |
8,990 |
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MINORITY INTERESTS |
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Common stock |
367 |
367 |
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Additional paid-in capital |
254 |
254 |
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Retained earnings |
8,898 |
8,394 |
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Evaluation p/l on investments/securities |
149 |
61 |
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Others |
(149) |
(60) |
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Treasury stock, at cost |
(1) |
(2) |
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TOTAL S/HOLDERS` EQUITY |
9,518 |
9,014 |
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TOTAL EQUITIES |
19,349 |
18,066 |
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ANALYTICAL RATIOS
Terms ending: |
31/03/2006 |
31/03/2005 |
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Net Worth (S/Holders' Equity) |
9,518 |
9,014 |
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Current Ratio (%) |
205.82 |
210.57 |
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Net Worth Ratio (%) |
49.19 |
49.89 |
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Recurring Profit Ratio (%) |
12.71 |
9.22 |
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Net Profit Ratio (%) |
5.47 |
2.26 |
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Return On Equity (%) |
6.58 |
2.77 |
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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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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