MIRA INFORM REPORT

 

 

Report Date :

29.11.2011

 

IDENTIFICATION DETAILS

 

Name :

Logitec Corporation

 

 

Registered Office :

2-3-14 Kudan-Minami Chiyodaku Tokyo 102-0074

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

April, 1992

 

 

Com. Reg. No.:

0100-01-089564

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufactures and fabricates storage, networking products, AVD, PC’s, other peripherals

 

 

No. of Employees :

94

 

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 156.4 Million

Status :

Satisfactory

Payment Behaviour :

Regular

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 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

LOGITEC CORPORATION

 

 

REGD NAME

 

Logitec KK

 

 

MAIN OFFICE

 

2-3-14 Kudan-Minami Chiyodaku Tokyo 102-0074 JAPAN

Tel: 03-3514-1421     Fax: 03-3514-1555

 

* The given address 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), as given

 

 

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)

othing 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)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

8,400

7,703

6,437

7,430

Recur. Profit

　

500

462

334

132

Net Profit

　

400

368

28

123

Total Assets

　

　

2,886

2,494

2,679

Current Assets

　

　

2,584

1,790

1,779

Current Liabs

　

　

1,882

1,512

1,992

Net Worth

　

　

921

895

583

Capital, Paid-Up

　

　

200

200

200

Div.P.Share(Ą)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

9.05

19.67

-13.36

-9.88

    Current Ratio

 

..

137.30

118.39

89.31

    N.Worth Ratio

..

31.91

35.89

21.76

    R.Profit/Sales

 

5.95

6.00

5.19

1.78

    N.Profit/Sales

4.76

4.78

0.43

1.66

    Return On Equity

..

39.96

3.13

21.10

 

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

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

52,309

48,438

 

  Cost of Sales

33,411

31,534

 

      GROSS PROFIT

18,898

16,903

 

  Selling & Adm Costs

13,146

12,901

 

      OPERATING PROFIT

5,752

4,002

 

  Non-Operating P/L

-383

-411

 

      RECURRING PROFIT

5,369

3,591

　

      NET PROFIT

2,777

735

BALANCE SHEET

 

 

 

 

  Cash

　

16,206

6,086

 

  Receivables

 

7,446

7,235

 

  Inventory

 

6,676

5,343

 

  Securities, Marketable

　

　

 

  Other Current Assets

1,872

909

 

      TOTAL CURRENT ASSETS

32,200

19,573

 

  Property & Equipment

1,026

851

 

  Intangibles

 

919

430

 

  Investments, Other Fixed Assets

1,203

868

 

      TOTAL ASSETS

35,348

21,722

 

  Payables

 

7,485

7,312

 

  Short-Term Bank Loans

10,506

1,325

 

　

 

　

　

 

  Other Current Liabs

6,007

3,892

 

      TOTAL CURRENT LIABS

23,998

12,529

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

50

50

 

  Reserve for Retirement Allw

642

603

 

  Other Debts

　

100

70

 

      TOTAL LIABILITIES

24,790

13,252

 

      MINORITY INTERESTS

 

 

 

Common stock

707

707

 

Additional paid-in capital

678

678

 

Retained earnings

9,642

7,225

 

Evaluation p/l on investments/securities

8

18

 

Others

 

(234)

86

 

Treasury stock, at cost

(244)

(244)

 

      TOTAL S/HOLDERS` EQUITY

10,557

8,470

　

      TOTAL EQUITIES

35,348

21,722

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

2,814

3,014

 

Cash Flows from Investment Activities

-1,570

-424

 

Cash Flows from Financing Activities

8,901

-1,995

　

Cash, Bank Deposits at the Term End

　

16,206

6,086

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

10,557

8,470

 

 

Current Ratio (%)

134.18

156.22

 

 

Net Worth Ratio (%)

29.87

38.99

 

 

Recurring Profit Ratio (%)

10.26

7.41

 

 

Net Profit Ratio (%)

5.31

1.52

 

 

Return On Equity (%)

26.30

8.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.93

UK Pound

1

Rs.80.62

Euro

1

Rs.69.36

 

 

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.