MIRA
INFORM REPORT
|
Report Date : |
19.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SANYO ELECTRIC LOGISTICS CO LTD |
|
|
|
|
Registered Office : |
3-3-1 Minami-Nakafuri Hirakata City Osaka 573-0094 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
October, 1963 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Warehousing, Logistics,
Transportation |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
YEN 1,374.9 Million |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
name of the company
SANYO ELECTRIC LOGISTICS CO LTD
REGD NAME: Sanyo Denki Logistics KK
MAIN OFFICE
3-3-1 Minami-Nakafuri Hirakata City Osaka 573-0094 JAPAN
Tel: 072-831-3441 Fax: 072-882-5371
* The given address is one of its 3 logic centers in Gunma-Pref
URL
E-Mail address
ACTIVITIES
Warehousing, logistics,
transportation
BRANCH(ES)
Tokyo, Gunma (3), Miyagi, Saitama
(2), Yokohama, Nagoya, Gifu,
Osaka,
Shiga, Tottori, Hiroshima, Kagawa, Fukuoka (2), other (Tot24)
OVERSEAS
Shanghai (China)
CHIEF EXEC
HIDEO YANASE, PRES & CEO
Yen Amount
In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 44,231 M
PAYMENTS REGULAR CAPITAL Yen 1,362 M
TREND STEADY WORTH Yen 11,200 M
STARTED 1963 EMPLOYES 392
COMMENT
LOGIC CENTER AFFILIATED TO SANYO
ELECTRIC CO LTD.
FINANCIAL SITUATION COSIDERED FAIR
AND GOOD FOR CREDIT ENGAGEMENTS: US$250,000 / O/A 15 DAYS.
MAX CREDIT LIMIT
YEN 1,374.9 MILLION, 30 DAYS
NORMAL TERMS.
Forecast (or estimated) figures
for 31/03/2008 fiscal term
HIGHLIGHTS
The subject company was established by Sanyo Electric Co (See REGISTRATION) as a warehousing and transport service division. Gradually expanded operations into international transport services, stevedoring operations, other. Three major operating divisions: Logistic solutions; International Distribution and Domestic General Distribution. 60% of sales relied on to Sanyo Electric and group firms. Strength in third-party logistics (3PL) providing services, specially for mass merchandizing of home electronics & mfrs of business equipment.
FINANCIAL INFORMATION:
The sales volume for Mar/2007
fiscal term amounted to Yen 44,231 million, a similar amount in the previous
term. By divisions, Logistics Solutions
up 14.1% to Yen 13,396 million; International Logistics similarly at Yen 8,452
million; Domestic Distribution down 6.9% to Yen 22,382 million. The decrease is referred to the decreased
transport volume of white goods such as refrigerators, air conditioners and
commercial equipment. Sales from
customers outside SANYO group slowed.
Sluggish sales of winter appliances.
The recurring profit was posted at Yen 1,790 million and the net profit
at Yen 937 million, respectively, compared with Yen 2,082 million recurring
profit and Yen 1,241 million net profit, respectively, a year ago.
(Apr/Sept/2007 results): Sales Yen
19,404 million (down 12.8%), operating profit Yen 772 million (down 5.7%),
recurring profit Yen 834 million (down 5.9%), net profit Yen 429 million (down
8.8%). (% compared with the same period
a year ago). While 3PL business
continued strong thanks to increased businesses with existing customers,
Domestic Logistics remained low from customers outside SANYO group, because of
bad start of home electric appliances for winter. International Logistics Business curt sales for commercial
distribution of Yen 6,000 million with accounting change.
For the current term ending Mar
2008 the recurring profit is projected at Yen 1,930 million and the net profit
at Yen 1,090 million, on a 13.2% fall in turnover, to Yen 38,400 million.
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max
credit limit is estimated at Yen 1,374.9 million, on 30 days normal terms. The proposed amount for 15 days terms is
considered well within the firm’s financial capabilities.
REGISTRATION
Date
Registered:Oct 1963
Legal
Status: Limited Company (Kabushiki
Kaisha)
Authorized: 41,200,000 shares
Issued: 10,300,000 shares
Sum:
Yen 1,362 million
Major shareholders (%): Sanyo
Electric*(57.5), Mitsui OSK Lines (9.7), Golden Sachs International (5.3),
Deutsche Bank London PB 613 (4.9), Employees’ S/Holding Assn (2.1), HSBC Fund
Services Clients 500 (1.4), Societe Generale (1.4), Master Trust Bank of Japan
T (1.3), SMBC (1.1), Mitsui Life Ins (1.0); foreign owners (14.6).
* Sanyo Electric Co Ltd, major mfr
of consumer electronics, founded 1950, listed Tokyo, Osaka S/E’s, capital Yen
322,242 million, sales Yen 2,308,626 million, operating profit Yen 49,568
million, recurring loss Yen 13,070 million, net loss Yen 45,362 million, total
assets Yen 1,970,940 million, net worth Yen 312,008 million, employees 94,906,
pres Seiichiro Sano
No. of shareholders: 2,154
Listed on the S/Exchange (s) of:
JASDAQ
Managements: Hideo Yamase, pres
& CEO; Masao Kobayashi, s/mgn dir; Takeshi Hamamoto, dir; Shigeo Fujimura,
dir; Katsuyoshi Watanabe, dir; Tatsuichi Matsumura, dir
Nothing detrimental is known as to
the commercial morality of executives.
Related companies: SANYO Logitech
Services, Hokkaido SANYO Logistics (2)
OPERATION
Activities: Logistic distribution
services, affiliated to Sanyo Electric Co Ltd:
(Sales Breakdown by Divisions):
Logistics Solutions Division
(30%): 3PL business & services
(home-delivery and installation for consumers) for mass merchandisers of home
electronics & mfrs of business equipment;
International Logistics
Division (19%): import/export business,
consolidation of cargoes imported/exported, sea/land/air transport services,
others;
Domestic Distribution/Transport
Division (51%): inland transport,
warehousing, storage, distribution, trucking, harbor transport, other.
Clients
[Electronics mfrs, chain stores]
Sanyo Electric, Sanyo Consumer Marketing, Yamada Denki Co, Best Denki, Tottori
Sanyo Electric, other.
No. of accounts: 500
Domestic areas of activities:
Nationwide
Suppliers
[Transport firms, warehousing, mfrs]
SANYO Logitech Services, Nippon Express, Enshu Trucks, Tobu Butsuryu Services,
Art Van Line, other..
Payment record
Regular
Location
Business area in Osaka. Office premises at the caption address are
leased and maintained satisfactorily.
Bank References
SMBC
(Osaka)
Resona
Bank (Osaka)
Relations:
Satisfactory
Financials
|
FINANCES:
(Consolidated
in million yen) |
|
|||
|
|
|
Terms
Ending: |
31/03/2007 |
31/03/2006 |
|
INCOME
STATEMENT |
|
|
||
|
|
Annual Sales |
|
44,231 |
44,228 |
|
|
Cost of Sales |
39,975 |
39,603 |
|
|
|
GROSS PROFIT |
4,255 |
4,625 |
|
|
|
Selling & Adm Costs |
2,576 |
2,438 |
|
|
|
OPERATING PROFIT |
1,679 |
2,186 |
|
|
|
Non-Operating P/L |
111 |
-104 |
|
|
|
RECURRING PROFIT |
1,790 |
2,082 |
|
|
|
NET PROFIT |
937 |
1,241 |
|
|
BALANCE
SHEET |
|
|
|
|
|
|
Cash |
|
1,361 |
1,579 |
|
|
Receivables |
|
8,917 |
9,424 |
|
|
Inventory |
|
38 |
95 |
|
|
Securities, Marketable |
|
|
|
|
|
Other Current Assets |
1,937 |
2,926 |
|
|
|
TOTAL CURRENT ASSETS |
12,253 |
14,024 |
|
|
|
Property & Equipment |
9,673 |
9,676 |
|
|
|
Intangibles |
|
508 |
773 |
|
|
Investments, Other Fixed Assets |
4,703 |
4,904 |
|
|
|
TOTAL ASSETS |
27,137 |
29,377 |
|
|
|
Payables |
|
9,005 |
8,770 |
|
|
Short-Term Bank Loans |
3,661 |
2,031 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
1,596 |
2,605 |
|
|
|
TOTAL CURRENT LIABS |
14,262 |
13,406 |
|
|
|
Debentures |
|
|
|
|
|
Long-Term Bank Loans |
475 |
4,136 |
|
|
|
Reserve for Retirement Allw |
1,084 |
1,128 |
|
|
|
Other Debts |
|
115 |
116 |
|
|
TOTAL LIABILITIES |
15,936 |
18,786 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common
stock |
1,362 |
1,362 |
|
|
|
Additional
paid-in capital |
1,273 |
1,273 |
|
|
|
Retained
earnings |
8,565 |
7,885 |
|
|
|
Evaluation
p/l on investments/securities |
0 |
70 |
|
|
|
Others |
|
0 |
1 |
|
|
Treasury
stock, at cost |
|
|
|
|
|
TOTAL S/HOLDERS` EQUITY |
11,200 |
10,591 |
|
|
|
TOTAL EQUITIES |
27,137 |
29,377 |
|
|
CONSOLIDATED
CASH FLOWS |
|
|
||
|
|
|
Terms
ending: |
31/03/2007 |
31/03/2006 |
|
|
Cash
Flows from Operating Activities |
|
2,256 |
1,479 |
|
|
Cash
Flows from Investment Activities |
-1,169 |
1,342 |
|
|
|
Cash
Flows from Financing Activities |
-2,289 |
-1,693 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
2,675 |
3,878 |
|
ANALYTICAL
RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
11,200 |
10,591 |
|
|
|
Current
Ratio (%) |
85.91 |
104.61 |
|
|
|
Net
Worth Ratio (%) |
41.27 |
36.05 |
|
|
|
Recurring
Profit Ratio (%) |
4.05 |
4.71 |
|
|
|
Net
Profit Ratio (%) |
2.12 |
2.81 |
|
|
|
Return
On Equity (%) |
8.37 |
11.72 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)