MIRA INFORM REPORT
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Report Date : |
05.08.2011 |
IDENTIFICATION DETAILS
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Name : |
DX ANTENNA CO LTD
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Registered Office : |
2-15 Hamazakidori Hyogoku Kobe 652-0807 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
September 1956 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of TV’s, antenna, CATV optical systems, other |
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 739.6 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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Litigation : |
---- |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Japan |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
DX ANTENNA CO LTD
REGD NAME
DX Antenna KK
MAIN OFFICE
2-15 Hamazakidori
Hyogoku Kobe 652-0807 JAPAN
Tel:
078-682-0001 Fax: 078-651-9527
URL: http://www.dxantenna.co.jp
E-Mail address: (thru
the URL)
ACTIVITIES
Mfg of
TV’s, antenna, CATV optical systems, other
BRANCHES
Tokyo,
other (Tot 48)
FACTORIES
At the
caption address, (subcontracted)
OFFICERS
MINORU
YONEYAMA, PRES Shigemi
Inoue, s/mgn dir
Toshiaki
Masuda, dir Fusao
Satoh, dir
Akihiro
Endo, dir Yoshikazu
Shiroyangi, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 35,288 M*
PAYMENTS REGULAR CAPITAL Yen 363 M
TREND STEADY WORTH Yen
6,138 M*
STARTED 1956 EMPLOYES 639
*.. All figures of
Feb/2010 term, as Feb/2011 figures are only partially disclosed.
COMMENT
MFR OF TV, ANTENNA, OTHER RELATED EQUIPMENT.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$50,000 / O/A 30 DAYS.
MAX
CREDIT LIMIT: YEN 739.6 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a trading division separated from Funai Electric Co Ltd (See REGISTRATION). This is a trading company, with mfg division, for import, export and wholesale of TV’s, TV antenna, other equipment (See OPERATION). Operates a total 48 branch offices nationwide. Domestic clients include major electronics mfrs, home electronics wholesalers, chain stores, other.
FINANCIAL INFORMATION
The sales volume for Feb/2011 fiscal term amounted to Yen 47,063 million, a 33% up from Yen 35,288 million in the previous term. Demand for LCD TVs continued strong in China and other emerging markets. In Japan demand was also strong for digital capable TV’s prior to the transition to terrestrial digital broadcasting in Aug 2011. The net profit is reported posted at Yen 3,100 million, compared with Yen 2,368 million a year ago. For this term the financials are only partially disclosed.
For the current term ending Feb 2012 the net profit is projected at Yen 3,300 million, on a 4% rise in turnover, to Yen 49,000 million. Demand continues robust.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 739.6 million, on 30 days normal terms. The proposed amount is considered well within the firm’s financial capacities.
REGISTRATION
Date Registered: Sept 1956
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
2.9 million shares
Issued:
726,000 shares
Sum: Yen 363 million
Major shareholders (%): Funai Electric Co Ltd* (91.8), Bic Camera (2.5), Mitsuo Watanabe (0.7), Susumu Okumura (0.7), Eiji Tanaka (0.7)
No. of shareholders: 32
*.. Medium-size mfr of AV equipment & TV’s, Osaka, founded 1961, listed Tokyo, Osaka S/E’s, capital Yen 31,300 million, sales Yen 295,923 million, operating profit Yen 772 million, recurring profit Yen 1,290 million, net losses Yen 1,169 million, total assets Yen 193,910 million, net worth Yen 131,228 million, employees 2,861, pres Tomonori Hayashi
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures, imports, exports and wholesales TV reception/information communication equipment, visual equipment, security system equipment; consulting/maintenance for MATV reception, information communication system, security system other (--100%).
(Handling Items):
Mfg & Sales: optical transmitter/receiver, BS antenna, CS antenna, CS/BS multi-beam antenna, wireless LAN antenna, CS/BS receiver, head-end device, two way CATV amplifier, channel proper amplifier, converter, level controller, UHF antenna, VHF antenna, FM antenna, amateur radio antenna, power supply device, pilot signal generator, home terminal, cable modem, cables, DVD recorder, CCTV security system products, wireless intercom, home security products, other;
Consulting/Maintenance Services for: optical communication system, CATV system, satellite communication system, mobile communication system, wireless LAN system, CCTV security system, other.
Clients: [Mfrs, wholesalers, chain stores] Yamada Denki Co, Aeon Co, Jupiter Telecom, Joshin Electric, Edion Corp, Kakuta Radio & Electric Co, Inaba Denki Sangyo, Best Denki Co, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Funai Electric Co (91.3%), URO Electronic Ind, Fuji Electronics, Uniden Corp, Okamoto Electronics Corp, Takachiho Koheki Co, other
Payment record: Regular
Location: Business area in Kobe. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
Resona
Bank (Kobe)
SMBC
(Kobe)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
28/02/2011 |
28/02/2010 |
28/02/2009 |
29/02/2008 |
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Annual
Sales |
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47,063 |
35,288 |
29,122 |
32,443 |
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Recur.
Profit |
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3,531 |
1,541 |
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Net
Profit |
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3,100 |
2,368 |
2,105 |
2,022 |
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Total
Assets |
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23,238 |
17,003 |
19,684 |
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Current
Assets |
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19,811 |
14,096 |
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Current
Liabs |
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14,393 |
11,162 |
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Net
Worth |
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6,138 |
3,737 |
1,678 |
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Capital,
Paid-Up |
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363 |
363 |
363 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
33.37 |
21.17 |
-10.24 |
14.51 |
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Current Ratio |
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.. |
137.64 |
126.29 |
.. |
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N.Worth Ratio |
.. |
26.41 |
21.98 |
8.52 |
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R.Profit/Sales |
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.. |
10.01 |
5.29 |
.. |
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N.Profit/Sales |
6.59 |
6.71 |
7.23 |
6.23 |
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Return On Equity |
.. |
38.58 |
56.33 |
120.50 |
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Notes:
Financials are only partially disclosed for the Feb/2011 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT, FUNAI
ELECTRIC CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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295,923 |
314,911 |
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Cost of Sales |
255,614 |
257,442 |
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GROSS PROFIT |
40,308 |
57,469 |
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Selling & Adm Costs |
39,536 |
46,321 |
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OPERATING PROFIT |
772 |
11,148 |
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Non-Operating P/L |
518 |
536 |
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RECURRING PROFIT |
1,290 |
11,684 |
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NET PROFIT |
-1,169 |
10,328 |
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BALANCE SHEET |
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Cash |
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70,076 |
86,045 |
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Receivables |
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36,367 |
35,154 |
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Inventory |
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43,837 |
38,417 |
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Securities, Marketable |
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Other Current Assets |
8,540 |
7,539 |
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TOTAL CURRENT ASSETS |
158,820 |
167,155 |
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Property & Equipment |
16,290 |
15,654 |
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Intangibles |
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3,720 |
4,874 |
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Investments, Other Fixed Assets |
15,080 |
16,374 |
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TOTAL ASSETS |
193,910 |
204,057 |
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Payables |
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28,938 |
31,305 |
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Short-Term Bank Loans |
10,096 |
6,338 |
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Other Current Liabs |
19,892 |
18,565 |
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TOTAL CURRENT LIABS |
58,926 |
56,208 |
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Debentures |
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Long-Term Bank Loans |
33 |
566 |
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Reserve for Retirement Allw |
2,392 |
2,428 |
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Other Debts |
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1,330 |
2,075 |
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TOTAL LIABILITIES |
62,681 |
61,277 |
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MINORITY INTERESTS |
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Common
stock |
31,300 |
31,280 |
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Additional
paid-in capital |
33,265 |
33,246 |
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Retained
earnings |
116,738 |
119,272 |
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Evaluation
p/l on investments/securities |
612 |
470 |
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Others |
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(26,346) |
(17,149) |
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Treasury
stock, at cost |
(24,341) |
(24,340) |
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TOTAL S/HOLDERS` EQUITY |
131,228 |
142,779 |
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TOTAL EQUITIES |
193,910 |
204,057 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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-5,165 |
3,640 |
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Cash
Flows from Investment Activities |
4,070 |
-2,713 |
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Cash
Flows from Financing Activities |
2,465 |
-7,870 |
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Cash,
Bank Deposits at the Term End |
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33,745 |
34,063 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
131,228 |
142,779 |
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Current
Ratio (%) |
269.52 |
297.39 |
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Net Worth
Ratio (%) |
67.67 |
69.97 |
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Recurring
Profit Ratio (%) |
0.44 |
3.71 |
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Net
Profit Ratio (%) |
-0.40 |
3.28 |
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Return
On Equity (%) |
-0.89 |
7.23 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.42 |
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UK Pound |
1 |
Rs.72.70 |
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Euro |
1 |
Rs.63.55 |
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 |
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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NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.