MIRA
INFORM REPORT
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Report Date : |
13.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SYNCLAYER INC |
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Registered Office : |
2-21-18 Chiyoda Nakaku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
May 1962 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Builder of CATV startups &
manufacturing of systems |
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 136.1 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
SYNCLAYER INC
REGD NAME
Synclayer KK
MAIN OFFICE
2-21-18 Chiyoda
Nakaku
Tel : 050-2000-8885
Fax : 052-238-5655
*.. The given
address is its
URL : http://www.synclayer.co.jp/
E-Mail address: planning@synclayer.co.jp;
ir@syncalyer.co.jp
ACTIVITIES
Builder of CATV
startups & mfg of systems
BRANCHES
FACTORY(IES)
Kani
(Gifu-Pref) (
OVERSEAS
Hong Kong,
CHIEF EXEC
MASAHIRO
YAMAGUCHI, PRES & CEO
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 8,821 M
PAYMENTS REGULAR CAPITAL Yen 411 M
TREND SLOW WORTH Yen
2,501 M
STARTED 1962 EMPLOYES 373
COMMENT
CABLE TV OPERATION CONSULTANT & SYSTEM SETUP. FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 136.1 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated)
figures for 31/03/2007 fiscal term
HIGHLIGHTS
The subject company was established by Masaki Yamaguchi, now
ch, as Aichi Electronics Co Ltd, for mfg of TV equipment (Wall Outlet
Unit). Renamed as captioned in Jul
2002. First in
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 8,821 million, a 7.5% down from Yen 9,531 million in the previous term. Total system integration division was down 10.5% to Yen 6,086 million, as facilities reconstruction and area expansion works were slow in large cities; plus some of the order units were slipped for completion in the next term. Equipment integration division was inched up to Yen 2,735 million. The recurring profit was posted at Yen 43 million and the net profit at Yen 57 million, respectively, a sharp improvement from the deficit operations a year ago, when posted Yen 91 million recurring loss and Yen 32 million net loss, respectively. For this term, posted Yen 140 million extraordinary incomes from assets disposal & stockholding sales.
For the current term ending Mar 2008 the recurring profit is projected at Yen 122 million and the net profit at Yen 62 million, on an 11.3% rise in turnover, to Yen 9,821 million. In big cities high-speed CATV Internet and primary telephone services will continue rising. High demand is expected from condominiums, offices, etc of high-speed communications infrastructure start-ups.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 136.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: May 1962
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 11,735,120 shares
Issued: 74,033,780 shares
Sum: Yen 411 million
Major shareholders (%): Masahiro Yamaguchi (19.6), Employees’ S/Holding Assn (12.0), Masaki Yamaguchi
(10.8),
Yamaguchi (2.2), Aiko Yamaguchi (2.0), Motohiko Isogai (1.8), Ryozo Yamashita (1.6)
No. of
shareholders: 407
Listed on the
S/Exchange (s) of: JASDAQ
Managements: Masaki Yamaguchi, ch; Masahiro Yamaguchi, pres & CEO; Yoshiteru Watanabe, mgn
dir; Shigeyuki Aoyama, dir; Osamu Yamada, dir; Satoshi Kunie, dir; Takayuki Yamada,
dir; Motohiko Isogai, dir. (All to take offices officially by approval of shareholders’ meeting
scheduled on 28/06/2007.
Nothing
detrimental is known as to the commercial morality of executives.
Related companies
Cable System Construction Co Ltd, Aichi Electronics (Zhong
Shan) Ltd (
OPERATION
Activities: CATV equipment mfr, startup service consulting fro CATV operators, system setup, management & maintenance:
(Sales breakdown by divisions):
Total Integration Div (71%): System integration for entire CATV network, including system design, engineering, equipment procurement, network management, etc; turn-key project construction for entire cable plant from headend to customer premises;
Equipment Integration
Div (29%): CATV Internet solutions, representing the products of ARRIS
International, including sales & support for CMTS and cable modems; cable-networking
for convention halls, offices, MDU, and campus LAN applications.
Clients: [CATV operators, electronics mfrs] Matsushita Electric Ind, Broadnet Max, Hakui Cable Net, JWAY, C-Tech Corp, Himi City Office, other.
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Aichi Electric Ltd (
Payment record:
Regular
Location: Business area in
Bank References
MUFG (Yanagibashi)
Jyuroku Bank (
Relations: Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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8,821 |
9,531 |
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Cost of Sales |
6,625 |
7,429 |
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GROSS PROFIT |
2,196 |
2,101 |
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Selling & Adm Costs |
2,079 |
2,103 |
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OPERATING PROFIT |
116 |
-2 |
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Non-Operating P/L |
-73 |
-89 |
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RECURRING PROFIT |
43 |
-91 |
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NET PROFIT |
57 |
-32 |
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BALANCE SHEET |
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Cash |
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996 |
1,009 |
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Receivables |
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2,966 |
3,773 |
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Inventory |
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2,303 |
2,101 |
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Securities, Marketable |
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Other Current Assets |
272 |
279 |
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TOTAL CURRENT ASSETS |
6,537 |
7,162 |
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Property & Equipment |
2,242 |
2,343 |
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Intangibles |
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61 |
65 |
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Investments, Other Fixed Assets |
1,308 |
1,543 |
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TOTAL ASSETS |
10,148 |
11,113 |
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Payables |
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3,153 |
2,016 |
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Short-Term Bank Loans |
1,495 |
2,903 |
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Other Current Liabs |
1,229 |
1,490 |
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TOTAL CURRENT LIABS |
5,877 |
6,409 |
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Debentures |
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Long-Term Bank Loans |
675 |
1,097 |
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Reserve for Retirement Allw |
1,094 |
1,059 |
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Other Debts |
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1 |
2 |
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TOTAL LIABILITIES |
7,647 |
8,567 |
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MINORITY INTERESTS |
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Common
stock |
411 |
411 |
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Additional
paid-in capital |
386 |
386 |
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Retained
earnings |
1,610 |
1,555 |
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Evaluation
p/l on investments/securities |
34 |
134 |
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Others |
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69 |
59 |
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Treasury
stock, at cost |
(9) |
0 |
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TOTAL S/HOLDERS` EQUITY |
2,501 |
2,545 |
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TOTAL EQUITIES |
10,148 |
11,113 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash
Flows from Operating Activities |
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1,933 |
363 |
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Cash Flows
from Investment Activities |
292 |
-313 |
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Cash
Flows from Financing Activities |
-2,018 |
-131 |
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Cash,
Bank Deposits at the Term End |
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996 |
779 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
2,501 |
2,545 |
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Current
Ratio (%) |
111.23 |
111.75 |
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Net
Worth Ratio (%) |
24.65 |
22.90 |
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Recurring
Profit Ratio (%) |
0.49 |
-0.95 |
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Net
Profit Ratio (%) |
0.65 |
-0.34 |
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Return
On Equity (%) |
2.28 |
-1.26 |
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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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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%)