MIRA INFORM REPORT
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Report Date : |
12.12.2011 |
IDENTIFICATION DETAILS
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Name : |
LOGITEC CORPORATION |
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Registered Office : |
Hitotsubashi Bldg 8F, 2-6-3 Hitotsubashi Chiyodaku Tokyo 101-0003 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
April 1992 |
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Com. Reg. No.: |
0100-01-089564
(Tokyo-Chiyodaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of PC peripherals |
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No. of Employees
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94 persons |
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 156.4 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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
LOGITEC CORPORATION
REGD NAME
Logitec KK
MAIN OFFICE
Hitotsubashi Bldg 8F, 2-6-3 Hitotsubashi Chiyodaku Tokyo 101-0003 JAPAN
Tel: 03-3514-1421 Fax: 03-3514-1555
*.. The is its Osaka Headquarters
URL: http://www.logitec.co.jp/
E-Mail address: wesmaster@logitec.co.jp
ACTIVITIES
Mfr of
PC peripherals
BRANCHES
Osaka
(as given)
FACTORIES
Ina
(Nagano) (2) (subsidiary)
OFFICER(S)
JUNJI
HADA, PRES Koji Kajiura,
mgn dir
Shiun’ichi Hirasawa, mgn dir Masaki Tanaka, dir
Osamu Shintaku, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 7,703 M
PAYMENTS REGULAR CAPITAL Yen
200 M
TREND STEADY WORTH Yen
921 M
STARTED 1992 EMPLOYES 94
COMMENT
MFR OF PC PERIPHERALS, WHOLLY OWNED BY ELECOM CO LTD
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$1,000,000 / O/A 90 DAYS.
MAX CREDIT
LIMIT: YEN 156.4 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established originally in 1992 jointly by Kanto Electronics Corp, PC & peripherals wholesaler, Tokyo, and Marubeni Corp, leading general trading house, Tokyo, for mfg PC peripherals. Later Marubeni and group firms took over the firm, with Marubeni Infotec Corp as the major shareholder. In Dec 2004, Elecom Co Ltd (See REGISTRATION) bought the whole of the Marubeni shares by MBO to make the subject a wholly owned subsidiary. This is virtually Mfg Division of the parent, specializing in fabricating PC peripherals: DVD, HD, MO, LCD, FDD, HDD CD-R/RW, modem, PC switches, adapters, USB cables, LAN cables, USB flash memory, memory card, other PC peripherals. Products are shipped to major electronics mfrs, wholesalers, etc, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 7,703 million,
a 20% up from Yen 6,437 million in the previous term. The popularity of smartphones raised revenues
sharply. Corporate demand for PC’s
increased, together with switch to terrestrial digital broadcasting. The recurring profit was posted at Yen 462
million and the net profit at Yen 368 million, respectively, compared with Yen
334 million recurring profit and Yen 28 million net profit, respectively, a
year ago.
For the current term ending Mar 2012 the recurring profit is projected
at Yen 500 million and the net profit at Yen 400 million, respectively, on a 9%
rise in turnover, to Yen 8,400 million.
The growing popularity of smartphones continues. Elecom Co Ltd, the parent, plans to expand
its line of smartphone products more than fivefold versus last year, offering 1,000-1,400
items by the end of 2011.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 156.4 million, on 30 days normal terms. The proposed amount for 90 day terms is considered
well within the firm’s financial capacities.
REGISTRATION
Date Registered: Apr 1992
Regd No.: 0100-01-089564 (Tokyo-Chiyodaku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
46,000 shares
Issued: 11,500 shares
Sum: Yen 200
million
Major shareholders (%):
Elecom Co Ltd* (100)
* Fabless mfr of PC peripherals, ranking top in production of mice &
keyboards, founded 1948, listed JASDAQ, Capital Yen 707 million, turnover Yen
52,309 million, operating profit Yen 5,752 million, recurring profit Yen 8,369
million, net profit Yen 2,777 million, total assets Yen 35,348 million, net
worth Yen 10,557 million, employees 605, pres Junji Hada, concurrently,
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Manufactures and
fabricates storage, networking products, AVD, PC’s, other peripherals (--100%).
(Mfg Items):
Storage: HDD drive,
NAS/RAID, Blu-Ray disk drive, DVD drive, CD-R/RW drive, MO drive, interface;
Networking
Products: wireless LAN, LAN adaptor, switching hub, broadband rooter, print
server;
AV Related
Products: headphones, earphones, speakers, MP3/4 accessories, AV related cables,
HDMI cables, Bluetooth related products;
PC’s: mfg for the
customers’ need/standard/requirement for FA automation, commercial and
educational institutions.
Clients: [PC &
electronics mfrs, wholesalers] Elecom Co, other
No. of accounts: 200
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Quantana Storage, Tec View Int’l, Tomen Devices Corp, Chemic Co,
Itochu Taiwan, Takebishi Corp, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
·
SMBC (Bingomachi)
·
MUFG (Osaka)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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8,400 |
7,703 |
6,437 |
7,430 |
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Recur.
Profit |
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500 |
462 |
334 |
132 |
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Net
Profit |
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400 |
368 |
28 |
123 |
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Total
Assets |
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2,886 |
2,494 |
2,679 |
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Current
Assets |
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2,584 |
1,790 |
1,779 |
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Current
Liabs |
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1,882 |
1,512 |
1,992 |
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Net
Worth |
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921 |
895 |
583 |
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Capital,
Paid-Up |
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200 |
200 |
200 |
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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 |
9.05 |
19.67 |
-13.36 |
-9.88 |
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Current Ratio |
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.. |
137.30 |
118.39 |
89.31 |
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N.Worth Ratio |
.. |
31.91 |
35.89 |
21.76 |
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R.Profit/Sales |
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5.95 |
6.00 |
5.19 |
1.78 |
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N.Profit/Sales |
4.76 |
4.78 |
0.43 |
1.66 |
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Return On Equity |
.. |
39.96 |
3.13 |
21.10 |
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Notes: Financials are consolidated by the parent, Elecom Co Ltd,
and disclosed only in digested form. Forecast (or estimated) figures for
31/03/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED
FINANCIAL OF THE PARENT, ELECOM 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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52,309 |
48,438 |
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Cost of Sales |
33,411 |
31,534 |
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GROSS PROFIT |
18,898 |
16,903 |
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Selling & Adm Costs |
13,146 |
12,901 |
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OPERATING PROFIT |
5,752 |
4,002 |
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Non-Operating P/L |
-383 |
-411 |
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RECURRING PROFIT |
5,369 |
3,591 |
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NET PROFIT |
2,777 |
735 |
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BALANCE SHEET |
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Cash |
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16,206 |
6,086 |
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Receivables |
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7,446 |
7,235 |
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Inventory |
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6,676 |
5,343 |
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Securities, Marketable |
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Other Current Assets |
1,872 |
909 |
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TOTAL CURRENT ASSETS |
32,200 |
19,573 |
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Property & Equipment |
1,026 |
851 |
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Intangibles |
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919 |
430 |
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Investments, Other Fixed Assets |
1,203 |
868 |
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TOTAL ASSETS |
35,348 |
21,722 |
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Payables |
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7,485 |
7,312 |
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Short-Term Bank Loans |
10,506 |
1,325 |
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Other Current Liabs |
6,007 |
3,892 |
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TOTAL CURRENT LIABS |
23,998 |
12,529 |
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Debentures |
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Long-Term Bank Loans |
50 |
50 |
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Reserve for Retirement Allw |
642 |
603 |
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Other Debts |
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100 |
70 |
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TOTAL LIABILITIES |
24,790 |
13,252 |
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MINORITY INTERESTS |
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Common
stock |
707 |
707 |
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Additional
paid-in capital |
678 |
678 |
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Retained
earnings |
9,642 |
7,225 |
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Evaluation
p/l on investments/securities |
8 |
18 |
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Others |
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(234) |
86 |
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Treasury
stock, at cost |
(244) |
(244) |
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TOTAL S/HOLDERS` EQUITY |
10,557 |
8,470 |
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TOTAL EQUITIES |
35,348 |
21,722 |
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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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2,814 |
3,014 |
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Cash Flows
from Investment Activities |
-1,570 |
-424 |
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Cash
Flows from Financing Activities |
8,901 |
-1,995 |
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Cash,
Bank Deposits at the Term End |
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16,206 |
6,086 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
10,557 |
8,470 |
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Current
Ratio (%) |
134.18 |
156.22 |
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Net
Worth Ratio (%) |
29.87 |
38.99 |
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Recurring
Profit Ratio (%) |
10.26 |
7.41 |
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Net Profit
Ratio (%) |
5.31 |
1.52 |
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Return
On Equity (%) |
26.30 |
8.68 |
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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.52.23 |
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UK Pound |
1 |
Rs.81.55 |
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Euro |
1 |
Rs.69.60 |
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 |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.