MIRA
INFORM REPORT
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Report Date : |
06.08.2011 |
IDENTIFICATION DETAILS
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Name : |
KOUZIRO CO LTD |
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Registered Office : |
5984-1 Yanai Yanai City Yamaguchi-Pref
742-0021 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Year of Establishment : |
June 1981 |
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Com. Reg. No.: |
(Yamaguchi-Yanai) 012446 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacture of
PCs & peripherals |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Yen 64.8 Million, |
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Status : |
Moderate |
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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
|
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 |
Name and address
KOUZIRO CO LTD
REGD NAME: KK
Kouziro
MAIN OFFICE: 5984-1
Yanai Yanai City Yamaguchi-Pref 742-0021 JAPAN
Tel: 0820-24-2400 Fax: 0820-24-2425
URL: http//:www.frontier-k.co.jp
E-mail: info@frontier-k.co.jp
ACTIVITIES
Mfg of PCs &
peripherals
BRANCHES
Tokyo
FACTORIES
At the caption
address, Yamaguchi
OFFICER(S)
KOICHI TANAKA,
PRES Kensuke Yamada, ch
Kozo Kawasaki, s/mgn dir Michio Toritani, dir
Yasuharu Nakagawa,dir Hitoshi Ichiba, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 7,076 M
PAYMENTS REGULAR CAPITAL Yen 499 M
TREND SLOW WORTH Yen
368 M
STARTED 1981 EMPLOYES 120
COMMENT
MFR OF PC’S AND
PERIPHERALS, OWNED BY YAMADA DENKI CO LTD
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR CREDIT ENGAGEMENTS:US$ 600,000.00 / O/A 60 DAYS
MAX CREDIT LIMIT:
YEN 64.8 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established
originally in 1926 by Shoji Kouziro for selling radios, on his account. Incorporated in 1981 the firm has been
succeeded by his descendants.
Specializes in mfg PC’s and peripherals.
Original brand name is “Frontier”.
In 2004, following business tie-up with Yamada Denki Co Ltd, largest
mass discount electronics retailer, Tokyo (See REGISTRATION), the subject became the wholly owned consolidated
subsidiary of Yamada Denki Co. Products
are wholly shipped to the parent & group firms, other.
FINANCIAL INFORMATION
Financials are consolidated by the
parent, Yamada Denki Co Ltd, whose consolidated financials are attached (See SUPPLEEMENTS).
The sales volume for Feb/2011 fiscal term amounted to Yen 7,076 million,
a 13% down from Yen 8,154 million in the previous term, as affected by the
global economic downturn, particularly in the first half of the term. Consumer spending remained sluggish. PC’s market was exposed in harsh competition
over prices. The operations dipped into
the red to post Yen 44 million net losses for the term, compared with Yen 378
million net profit a year ago. .
For the current term ending Feb 2012 the operations
are projected to return to profitability to post Yen 100 million recurring
profit and Yen 100 million net profit, respectively, on a 2% rise in turnover,
to Yen 7,200 million.
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 64.8
million, on 30 days normal terms. The
proposed amount is considered within the firm’s financials capacities. Max credit limit of the parent, Yamada Denki
Co Ltd, is estimated at Yen 69,542.3 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jun
1981
Regd No.:
(Yamaguchi-Yanai) 012446
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 3.9 million shares
Issued: 998,000 shares
Sum: Yen 499 million
Major
shareholders (%): Yamada Denki Co Ltd* (71.0), Yamada Echo Solutions (10)
No. of shareholders: 14
* Yamada Denki Co Ltd, largest mass discount
home electronics retailer, Tokyo, founded 1983, listed Tokyo S/E, capital Yen
70,058 million, sales Yen 2,153,259 million, operating profit Yen 122,764
million, recurring profit Yen 137,847 million, net profit Yen 70,754 million,
total assets Yen 929,010 million, net worth Yen 470,849 million, employees
12,439, pres Tadao Ichimiya
Consolidated
Financials are attached (See SUPPLEMENTS).
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: Manufactures
PC’s (desktop, notebook), branded “Frontier” (60%), peripherals, other (--40%).
Clients: [Mfrs, wholesalers,
retailer, public agencies, universities] Yamada Denki Co, Yanai Municipal
Office, Ricoh Techno Systems, Daiwabo Information Systems, Kyoto University,
AT-YMC Corp, other
No. of accounts:
100
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Ricoh Techno Systems, Daiwabo Information System, Green House,
Ryoyo Electro Corp, Synnex Co, Catena Corp, SoftBank BB, System Produce, other
Payment record: Regular
Location: Business area in
Yanai City, Yamaguchi-Pref. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
Iyo Bank
(Tokuyama)
Mizuho Bank
(Maebashi)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
28/02/2012 |
28/02/2011 |
28/02/2010 |
28/02/2009 |
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Annual
Sales |
|
7,200 |
7,076 |
8,154 |
7,546 |
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Recur.
Profit |
|
100 |
|
379 |
-253 |
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Net
Profit |
|
100 |
-44 |
378 |
-272 |
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Total
Assets |
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2,387 |
2,982 |
2,749 |
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Current
Assets |
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2,002 |
2,480 |
2,333 |
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Current
Liabs |
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1,136 |
2,105 |
1,907 |
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Net
Worth |
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368 |
413 |
35 |
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Capital,
Paid-Up |
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|
499 |
499 |
499 |
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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 |
1.75 |
-13.22 |
8.06 |
34.03 |
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Current Ratio |
|
.. |
176.23 |
117.81 |
122.34 |
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N.Worth Ratio |
.. |
15.42 |
13.85 |
1.27 |
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R.Profit/Sales |
|
1.39 |
.. |
4.65 |
-3.35 |
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N.Profit/Sales |
1.39 |
-0.62 |
4.64 |
-3.60 |
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Notes: Forecast
(or estimated) figures for the 28/02/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT, YAMADA DENKI
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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2,153,259 |
2,016,140 |
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Cost of Sales |
1,646,528 |
1,504,418 |
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GROSS PROFIT |
506,730 |
511,721 |
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Selling & Adm Costs |
383,965 |
424,417 |
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OPERATING PROFIT |
122,764 |
87,303 |
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Non-Operating P/L |
15,083 |
14,283 |
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RECURRING PROFIT |
137,847 |
101,586 |
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NET PROFIT |
70,754 |
55,947 |
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BALANCE SHEET |
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Cash |
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113,268 |
98,258 |
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Receivables |
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48,465 |
41,301 |
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Inventory |
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152,513 |
170,278 |
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Securities, Marketable |
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Other Current Assets |
62,776 |
43,446 |
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TOTAL CURRENT ASSETS |
377,022 |
353,283 |
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Property & Equipment |
357,908 |
360,171 |
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Intangibles |
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32,129 |
30,590 |
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Investments, Other Fixed Assets |
161,951 |
155,568 |
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TOTAL ASSETS |
929,010 |
899,612 |
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Payables |
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58,466 |
84,940 |
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Short-Term Bank Loans |
1,550 |
2,350 |
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Other Current Liabs |
157,310 |
141,998 |
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TOTAL CURRENT LIABS |
217,326 |
229,288 |
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Debentures |
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129,134 |
129,204 |
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Long-Term Bank Loans |
66,474 |
99,298 |
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Reserve for Retirement Allw |
9,028 |
7,580 |
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Other Debts |
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36,198 |
27,861 |
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TOTAL LIABILITIES |
458,160 |
493,231 |
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MINORITY INTERESTS |
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Common
stock |
71,058 |
71,058 |
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Additional
paid-in capital |
70,977 |
70,977 |
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Retained
earnings |
351,050 |
287,011 |
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Evaluation
p/l on investments/securities |
(1,026) |
(1,152) |
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Others |
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1,835 |
1,532 |
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Treasury
stock, at cost |
(23,045) |
(23,045) |
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TOTAL S/HOLDERS` EQUITY |
470,849 |
406,381 |
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TOTAL EQUITIES |
929,010 |
899,612 |
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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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93,071 |
133,718 |
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Cash
Flows from Investment Activities |
-25,237 |
-108,218 |
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Cash
Flows from Financing Activities |
-45,940 |
8,555 |
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Cash,
Bank Deposits at the Term End |
|
104,814 |
83,045 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
470,849 |
406,381 |
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Current
Ratio (%) |
173.48 |
154.08 |
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Net
Worth Ratio (%) |
50.68 |
45.17 |
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Recurring
Profit Ratio (%) |
6.40 |
5.04 |
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Net
Profit Ratio (%) |
3.29 |
2.77 |
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Return
On Equity (%) |
15.03 |
13.77 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.80 |
|
|
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.63.11 |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
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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.