MIRA
INFORM REPORT
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Report Date : |
30.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUZUDEN CORPORATION |
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Registered Office : |
2-2-2 Yushima Bunkyoku Tokyo 113-0034 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
December 1952 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of electronic & FA-use control
equipment |
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 1,698.2 MILLION |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
COMPANY NAME & ADDRESS
SUZUDEN CORPORATION
REGD NAME: Suzuden KK
MAIN OFFICE: 2-2-2 Yushima
Bunkyoku Tokyo 113-0034 JAPAN
Tel : 03-5689-8011
Fax : 03-5689-8055
URL : http://www.suzuden.co.jp/
E-Mail :
kaigai@suzuden.co.jp
ACTIVITIES
Import, export, wholesale of electronic & FA-use control
equipment
BRANCH(ES)
Sapporo, Sendai, Maebashi, Saitama, Tsuchiura, Chiba, Tokyo,
Yokohama, Kofu, Matsumoto, Hiroshima, Kumamoto, other (Tot 50)
OVERSEAS
Suzuden Singapore Ltd; Suzuden Hong Kong Ltd; Suzuden
Trading
(Shanghai) Co Ltd (--subsidiaries)
CHIEF EXEC
TOSHIO SUZUKI, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 44,169 M
PAYMENTS REGULAR CAPITAL Yen 1,819 M
TREND STEADY WORTH Yen 14,448 M
STARTED 1952 EMPLOYES 373
COMMENT
TRADING HOUSE SPECIA.LIZING IN ELECTRONIC & FA-USE
CONTROL EQUIPMENT.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 1,698.2 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated)
figures for 31/03/2008 fiscal term
HIGHLIGHTS
This is a specialized trader, founded by T Suzuki, on his
account, of electric and electronic equipment with FA-use control equipment as
mainline. Present executives are his descendants. Handles industrial equipment-embedded boards and electric
facility materials, too. Strong in
automated equipment for plant use.
Special distribution contract with Omron Corp with largest number of
agencies. Reportedly considering new
sales office openings in Chubu area in second-half Mar 08 term. Has three overseas subsidiaries in Shanghai,
Hong Kong and Singapore. In Oct 1960
commenced FA business. Listed on the JASDAQ
in Dec 1995, and in Jul 2007 relisted on Tokyo S/E First Section. Singapore Office was opened in Dec 1984;
Hong Kong Office in Aug 2002 and Shanghai Office in Aug 2004.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen
44,169 million, a 6.6% up from Yen 41,439 million in the previous term. By divisions, FA equipment up 8.5% to Yen 23,073
million with sensors, controllers, PLC, transformers selling well into
electronics industries; Information & Communications equipment down 3.4% to
Yen 5,264 million as PC hard disk, memory sales declined; Electronic &
Device equipment up 15.6% to Yen 3,347 million as connectors and electric
powers were increased; Electrical Equipment Materials up 5.5% to Yen 12,483
million with electric wires, cable accessories, electric transformers
rose. The recurring profit was posted
at Yen 1,778 million and the net profit at Yen 1,169 million, respectively,
compared with Yen 1,567 million recurring profit and Yen 733 million net
profit, respectively, a year ago.
(Apr/Sept/2007 results): Sales Yen 20,391 million (down
7.7%), operating profit Yen 680 million (down 20%), recurring profit Yen 777
million (down 19.1%), net profit Yen 439 million (up from Yen 39 million profit
loss). (% compared with the
corresponding period a year ago).
Electronics & semiconductor mfg industries rather slow due to
inventory adjustment because of slower development. Cost-cutting efforts could not make up for the decline in sales.
For the current term ending Mar 2008 the recurring profit is
projected at Yen 1,680 million and the net profit at Yen 997 million, on a 2.9%
fall in turnover, to Yen 42,900 million.
Mainline FA equipment sales struggling to LCD makers. Electrical equipment materials leveling
off. Electronic equipment and devices
inching up. Housing starts may slow due
to the new Housing Law Standards Law, giving stricter standards for new
buildings.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max credit limit is estimated at Yen 1,698.2
million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1952
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
47,590,000 shares
Issued :
15,152,600 shares
Sum :
Yen 1,819 million
Major shareholders (%): Toshio Suzuki (16.5), Bell Corp
(9.7), Omron Corp (8.7), Taeko Okano (4.9), Tatsuo Suzuki (4.9), Taka Suzuki (4.6),
Company’s Treasury Stock (4.2), Employees’ S/Holding Assn (1.6), Katsushi
Kijiyama (1.6), Atsushi Okano
No. of shareholders: 4.994
Listed on the S/Exchange (s) of: Tokyo
Managements: Toshio Suzuki, pres; Kenji Usuda, v pres;
Toshiharu Hirano, dir; Shigeru Suzuki, dir; Yoshinobu Imaizumi, dir; Soichiro
Matsuzaki, dir
Nothing detrimental is known as to the commercial morality
of executives.
Related companies: Suzuden Singapore Pte Ltd, Suzuden Hong
Kong Ltd, Suzuden Trading (Shanghai) Co Ltd, other (Tot 4)
OPERATION
Activities: Trading house for import, export and wholesale
of mechanical & electronic parts (Sales breakdown by divisions):.FA
equipment (52%), Information & Communications equipment (12%), Electronic
& device equipment (8%), Electrical equipment materials (28%).
(Handling Items): Air
cylinders, Breakers, Bridges, Cables, Conduit Pipes, Connectors, Fans, Input
Devices, Lights & Lamps, Magnets, Monitors, Semiconductors, Sensors, Servo
meters, Single Board Computers, Transducers, Transformers, Trimmers, UPS,
Valves, Wires, PC peripherals, Networking equipment, others.
Clients: [Mfrs, wholesalers] Tokyo Electron AT, Tokyo
Electron Kyushu, Sony Manufacturing Systems, Sumitomo Heavy Ind, NHK Spring, Nippon
Otis Elevator, Kodensha Co, Nidec Sankyo Corp, Kurihara Ind, Taiyo Nippon Sanso
Corp, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Omron Corp, IDEC, CKD, Nitto
Kogyo, Matsushita Electric Works, Fuji EIC Co, Narasaki Sangyo, Daiwabo
Information System, Digital Electronics Corp, Cosel Co, other..
Payment record
Regular
Location
Business area in Tokyo.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
MUFG (Kanda-Ekimae)
Mizuho Bank (Ueno)
Relations: Satisfactory
Financials
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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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44,169
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41,439
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Cost of Sales |
37,250
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35,040
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GROSS PROFIT |
6,918
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6,398
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Selling & Adm Costs |
5,359
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5,062
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OPERATING PROFIT |
1,559
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1,336
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Non-Operating P/L |
219 |
231 |
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RECURRING PROFIT |
1,778
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1,567
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NET PROFIT |
1,169
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733 |
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BALANCE
SHEET |
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Cash |
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4,277
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3,423
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Receivables |
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13,334
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12,614
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Inventory |
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1,394
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1,323
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Securities, Marketable |
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Other Current Assets |
822 |
419 |
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TOTAL CURRENT ASSETS |
19,827
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17,779
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Property & Equipment |
4,836
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6,269
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Intangibles |
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185 |
136 |
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Investments, Other Fixed Assets |
1,561
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1,232
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TOTAL ASSETS |
26,409
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25,416
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Payables |
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7,051
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6,449
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Short-Term Bank Loans |
459 |
1,050
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Other Current Liabs |
1,611
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1,096
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TOTAL CURRENT LIABS |
9,121
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8,595
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Debentures |
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Long-Term Bank Loans |
1,662
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1,912
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Reserve for Retirement Allw |
1,025
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1,175
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Other Debts |
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153 |
124 |
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TOTAL LIABILITIES |
11,961
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11,806
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MINORITY INTERESTS |
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Common stock |
1,819
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1,819
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Additional paid-in capital |
1,534
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1,535
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Retained earnings |
11,246
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10,428
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Evaluation p/l on
investments/securities |
113 |
139 |
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Others |
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3 |
(3) |
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Treasury stock, at cost |
(267) |
(309) |
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TOTAL S/HOLDERS` EQUITY |
14,448
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13,609
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TOTAL EQUITIES |
26,409
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25,416
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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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954 |
164 |
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Cash Flows from Investment
Activities |
1,123
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-1,011 |
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Cash Flows from Financing Activities |
-1,231
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428 |
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Cash, Bank Deposits at the Term End |
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4,277
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3,423 |
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ANALYTICAL
RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
14,448
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13,609
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Current Ratio (%) |
217.38
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206.85
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Net Worth Ratio (%) |
54.71
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53.55
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Recurring Profit Ratio (%) |
4.03 |
3.78 |
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Net Profit Ratio (%) |
2.65 |
1.77 |
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Return On Equity (%) |
8.09 |
5.39 |
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%)