MIRA
INFORM REPORT
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Report Date : |
21.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SUMISHO COMPUTER SYSTEMS CORPORATION |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Oct 1969 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Software developer |
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 6978.3 millions |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name
SUMISHO COMPUTER SYSTEMS CORPORATION
REGD NAME
Sumisho Joho
System KK
MAIN OFFICE
Tel : 03-5166-1764
Fax : 03-5166-1789
URL : http://www.scs.co.jp/
E-Mail
address: info@scs.co.jp
ACTIVITIES
Software
developer
BRANCH(ES)
OVERSEAS
FACTORY(IES)
CHIEF EXEC
YASUYUKI
ABE, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 137,344 M
PAYMENTS REGULAR CAPITAL Yen 21,152 M
TREND STEADY WORTH Yen
91,254 M
STARTED 1969 EMPLOYES 2,999
COMMENT
SOFTWARE DEVELOPER, OWNED BY SUMITOMO CORP. FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 6,978.3 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated)
figures for 31/03/2008 fiscal term
HIGHLIGHTS
The subject company was established on the basis of IT division
separated from Sumitomo Corp, leading general trading house of
Sumitomo group orders account about 30% of total sales. Holds expertise in large software
systems. Known for borrowing-free
management. Studying to setup of
footholds in SE Asia, following
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 137,344 million, a 14.2% up from Yen 120,290 million in the previous term. Mainline software & system development were brisk, while cable broadcasting set boxes slowed. The recurring profit was posted at Yen 8,892 million and the net profit at Yen 4,377 million, respectively, compared with Yen 6,716 million recurring profit and Yen 2,722 million net profit, respectively, a year ago.
For the current term ending Mar 2008 the recurring profit is projected
at Yen 10,000 million and the net profit at Yen 5,100 million, on a 7.6% rise
in turnover, to Yen 148,000 million.
Mainline software development will rise further for financial sector. New business application software will start
contribution. Cutting unit costs with
consignment development in
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 6,978.3 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Oct 1969
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 200 million shares
Issued: 54,291,447 shares
Sum: Yen 21,152 million
Major shareholders (%): Sumitomo Corp (55.7), Master Trust Bank of Japan T (5.1), Japan Trustee Services T
(4.1), Company’s Treasury Stock (2.2), HSBC Bank Clients UK Tax Treaty (1.6), Morgan
Stanley Int’l (1.4), Employees’ S/Holding Assn (1.2), Northern Trust (AVFC) British (0.8),
Nikko Citi Trust Dept (0.7), Pictet & Cie (0.7); foreign owners (13.2).
No. of
shareholders: 8,264
Listed
on the S/Exchange (s) of:
Managements: Atsushi Nishijo, ch; Yasuyuki Abe, pres; Nobuhiko Ishizaka, dir; Hidekazu Sakurai, dir;
Mitsuhiro Ohtsuki, dir; Izumi Yutani, dir; Tatsuya Fukunaga, dir; Hiroaki Kamata, dir;
Osamu Kojima, dir; Yoshio Osawa, dir
Related companies
SCS
Solutions, VA Linux Systems, other
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Software development (35%), data processing (25%), Systems (40%).
Clients: [Business firms, banks] NTT group firms, Sumitomo Corp group firms, NEC, Toyota Motor group, IBM Japan group, Daiwa Securities group, Sumitomo Trust Bank, other.
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, software developers] IBM Japan, NEC, SAS
Institute
Payment
record: Regular
Location: Business area in
Bank References
Sumitomo
Trust Bank (
SMBC
(Ningyocho)
Relations:
Satisfactory
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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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137,344 |
120,290 |
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Cost of Sales |
106,648 |
99,057 |
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GROSS PROFIT |
30,696 |
21,232 |
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Selling & Adm Costs |
22,136 |
14,701 |
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OPERATING PROFIT |
8,560 |
6,531 |
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Non-Operating P/L |
332 |
185 |
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RECURRING PROFIT |
8,892 |
6,716 |
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NET PROFIT |
4,377 |
2,722 |
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BALANCE SHEET |
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Cash |
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3,542 |
4,658 |
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Receivables |
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29,195 |
29,841 |
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Inventory |
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4,701 |
5,761 |
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Securities, Marketable |
700 |
1,899 |
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Other Current Assets |
33,305 |
31,925 |
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TOTAL CURRENT ASSETS |
71,443 |
74,084 |
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Property & Equipment |
28,819 |
29,173 |
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Intangibles |
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2,935 |
2,927 |
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Investments, Other Fixed Assets |
13,021 |
18,880 |
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TOTAL ASSETS |
116,218 |
125,064 |
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Payables |
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12,644 |
14,828 |
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Short-Term Bank Loans |
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Other Current Liabs |
11,655 |
11,896 |
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TOTAL CURRENT LIABS |
24,299 |
26,724 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
388 |
665 |
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Other Debts |
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277 |
2,397 |
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TOTAL LIABILITIES |
24,964 |
29,786 |
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MINORITY INTERESTS |
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514 |
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Common
stock |
21,152 |
21,152 |
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Additional
paid-in capital |
31,299 |
31,299 |
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Retained
earnings |
40,395 |
37,450 |
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Evaluation
p/l on investments/securities |
1,284 |
5,142 |
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Others |
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307 |
(85) |
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Treasury
stock, at cost |
(3,183) |
(195) |
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TOTAL S/HOLDERS` EQUITY |
91,254 |
94,763 |
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TOTAL EQUITIES |
116,218 |
125,064 |
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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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5,989 |
7,518 |
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Cash
Flows from Investment Activities |
-1,632 |
-2,780 |
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Cash Flows
from Financing Activities |
-4,538 |
-1,398 |
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Cash,
Bank Deposits at the Term End |
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31,412 |
31,558 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
91,254 |
94,763 |
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Current
Ratio (%) |
294.02 |
277.22 |
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Net
Worth Ratio (%) |
78.52 |
75.77 |
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Recurring
Profit Ratio (%) |
6.47 |
5.58 |
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Net
Profit Ratio (%) |
3.19 |
2.26 |
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Return
On Equity (%) |
4.80 |
2.87 |
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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. |
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%)