MIRA INFORM REPORT

 

 

Report Date :           

06.07.2011

 

IDENTIFICATION DETAILS

 

Name :

SANYO ELECTRIC CO LTD

 

 

Registered Office :

2-5-5 Keihan-Hondori Moriguchi City Osaka-Pref 570-8677

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

April 1950

 

 

Com. Reg. No.:

(Osaka-Moriguchi) 155854

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer  of consumer electronics

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 7,105.8 Million

Status :

Satisfactory

Payment Behaviour :

Usually Correct

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)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Company name

 

SANYO ELECTRIC CO LTD

(INTRA COMPANY – ENERGY DIVISION COMPANY, as given)

 

 

REGD NAME

 

Sanyo Denki KK

*.. The given name “Energy Division Company” is its intra-company

 

 

MAIN OFFICE

 

2-5-5 Keihan-Hondori Moriguchi City Osaka-Pref 570-8677

Tel: 06-6991-1811     Fax: 06-6991-5411

                                               

URL:                             http://www.jp-sanyo.com

E-Mail address:                        (thru the URL)

 

ACTIVITIES  

 

Mfg of consumer electronics

 

 

BRANCHES

 

Tokyo, Osaka, Gifu, other (Tot 9)

 

 

OVERSEAS

 

Worldwide

 

 

FACTORIES

 

Gunma, Gifu, Otsu, Sumoto (Energy Devices Co, as given), other

 

OFFICERS

 

SEIICHIRO SANO, PRES                       Susumu Koike, s/mgn dir

Mitsuru Honma, mgn dir                         Junji Esaka, mgn dir

Masato Ito, mgn dir                                Morihiro Kubo, mgn dir              

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                             A/SALES          Yen 1,489,497 M

PAYMENTS                  REGULAR                     CAPITAL           Yen 322,242 M

TREND             SLOW                          WORTH            Yen 77,926 M

STARTED                     1950                             EMPLOYES      92,675

 

 

COMMENT

 

MFR OF CONSUMER ELECTRONICS, WHOLLY OWNED BY PANASONIC CORPORATION.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

MAX CREDIT LIMIT: YEN 7,105.8 MILLION, 30 DAYS NORMAL TERMS

 

 

 

              Forecast (or estimated) figures for the 31/03/2012 fiscal term

 

 

HIGHLIGHTS 

 

This is a major comprehensive mfr of consumer electronics.  Top-ranked maker of lithium-ion batteries in Japan.  The firm was placed under the auspices of Panasonic Corp in Dec 2009 following Panasonic’s completion of TOB and conversion of preferred shares to common shares.  In Apr 2011 the firm became a wholly-owned subsidiary of Panasonic Corp.  And was delisted from the Tokyo S/E at end of Mar 2011.  The firm manufactures: consumer electronics, electric devices, digital systems, energy-related products, other.  Sanyo brand home appliances will disappear in Apr 2012 onwards.  It will supply lithium-ion batteries for eco-friend cars to six automakers, including Volkswagen in Germany and Suzuki Motor.  The given name “Sanyo Electric Co Ltd – Energy Devices Company” is an intra mfg company making lithium ion batteries, photovoltaic modules, other (See OPERATION). 

 

 

FINANCIAL INFORMATION

           

The sales volume for Mar/2011 fiscal term amounted to Yen 1,489,497 million, a 4.3% down from Yen 1,556,596 million in the previous term.  Sales volume of solar and second batteries increased.  Sales of car navigation systems fared well.  By Divisions, Energy down 5.2% to Yen 426,341 million; Electronics Devices down 5.5% to Yen 204,231 million; Digital Systems down 14.4% to Yen 280,437 million; Commercial down 5.2% to Yen396,076 million; Consumer Electronics up 0.9% to Yen 242,351 million.  The recurring profit was posted at Yen 20,628 million and the net losses at Yen 35,161 million, compared with Yen 28,981 million recurring loss and Yen 48,789 million net losses, respectively, a year ago.  Net account loss emerged, due to the special loss on sale of subsidiary.

 

For the current term ending Mar 2012 the recurring profit is projected at Yen 21,000 million and the net profit at Yen 10,000 million, respectively, on a 3% rise in turnover, to Yen 1,530,000 million. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 7,105.8 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  Apr 1950

Regd No.:            (Osaka-Moriguchi) 155854

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         7,489,000,000 shares

Issued:                6,158,053,099 shares

Sum:                   Yen 322,242 million

Major shareholders (%): Panasonic Corp* (100)

 

*.. Top-ranked comprehensive consumer electronics mfr, core company of Panasonic Corp group, Osaka, founded 1935, listed Tokyo S/E, capital Yen 258,750 million, sales Yen 8,692,672 million, operating profit Yen 305,254 million, recurring profit Yen 178,807 million, net profit Yen 74,017 million, total assets Yen 2,885,768 million, net worth Yen 1,026,033 million, employees 366,938, pres Fumio Ohtsubo

           

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

           

Activities: Manufactures consumer electronics: Energy (25%), electronic devices (19%), digital systems (18%), commercial (24%), consumer products (14%), others (14%).

 

(Mfg products): solar power generating systems, lithium-ion batteries, eneloop, virus washer, multimedia projectors, digital cameras, TV’s & components, other.

 

(Mfg products of Energy Devices Company): photovoltaic modules, lithium-ion batteries, lithium polymer batteries, cadnica batteries, chargers, rechargeable batteries for environmentally friendly automobiles, large-scale storage battery system, lithium-ion standard battery system for power storage, electric motors, other

 

Clients: [Mfrs, wholesalers] Sanyo Electronic Parts Sales, Sanyo North America, Sanyo Solar Energy Systems, Sanyo Energy, Sanyo Electric Sales, other

            No. of accounts: 1,000

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Sanyo Jayaya Electronics Parts, Sanyo Energy Devices Co, Sanyo DI Solutions Vietnam, Sanyo Semiconductors, other.

 

Payment record: Regular

 

Location: Business area in Moriguchi City, Osaka-Pref.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

SMBC (Osaka)

MUFG (Osaka)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

1,489,497

1,556,596

 

  Cost of Sales

1,222,363

1,254,417

 

      GROSS PROFIT

267,134

302,179

 

  Selling & Adm Costs

233,559

261,822

 

      OPERATING PROFIT

33,575

40,357

 

  Non-Operating P/L

-12,947

-11,376

 

      RECURRING PROFIT

20,628

-28,981

　

      NET PROFIT

-35,161

-48,789

BALANCE SHEET

 

 

 

 

  Cash

　

73,881

123,635

 

  Receivables

 

240,002

290,702

 

  Inventory

 

175,029

233,981

 

  Securities, Marketable

　

　

 

  Other Current Assets

115,790

224,810

 

      TOTAL CURRENT ASSETS

604,702

873,128

 

  Property & Equipment

358,188

383,895

 

  Intangibles

 

　

　

 

  Investments, Other Fixed Assets

83,298

70,490

 

      TOTAL ASSETS

1,117,093

1,391,273

 

  Payables

 

234,161

293,765

 

  Short-Term Bank Loans

70,177

54,730

 

　

 

　

　

 

  Other Current Liabs

350,054

370,749

 

      TOTAL CURRENT LIABS

654,392

719,244

 

  Debentures

 

191,165

324,372

 

  Long-Term Bank Loans

　

　

 

  Reserve for Retirement Allw

　

　

 

  Other Debts

　

193,610

218,085

 

      TOTAL LIABILITIES

1,039,167

1,261,701

 

      MINORITY INTERESTS

 

 

 

Common stock

322,242

322,242

 

Additional paid-in capital

781,221

781,956

 

Retained earnings

(786,367)

(751,202)

 

Evaluation p/l on investments/securities

(246,467)

(238,162)

 

Others

 

13,837

21,264

 

Treasury stock, at cost

(6,540)

(6,526)

 

      TOTAL S/HOLDERS` EQUITY

77,926

129,572

　

      TOTAL EQUITIES

1,117,093

1,391,273

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

35,757

72,891

 

Cash Flows from Investment Activities

-55,778

-80,810

 

Cash Flows from Financing Activities

-137,977

68,766

　

Cash, Bank Deposits at the Term End

　

114,947

282,476

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

77,926

129,572

 

 

Current Ratio (%)

92.41

121.40

 

 

Net Worth Ratio (%)

6.98

9.31

 

 

Recurring Profit Ratio (%)

1.38

-1.86

 

 

Net Profit Ratio (%)

-2.36

-3.13

 

 

Return On Equity (%)

-45.12

-37.65

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.50

UK Pound

1

Rs.71.25

Euro

1

Rs.64.40

 

 

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

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

----

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.