MIRA INFORM REPORT

 

 

Report Date :           

31.10.2011

 

IDENTIFICATION DETAILS

 

Name :

SANYEI CORPORATION

 

 

Registered Office :

4-1-2 Kotobuki Taitoku Tokyo 111-8682

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

February 1950

 

 

Com. Reg. No.:

(Tokyo-Taitoku) 004662

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, Export of Furniture, 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 959.6 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 30th, 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

 

SANYEI CORPORATION

 

 

REGD NAME

 

KK Sanyei Corporation

 

 

MAIN OFFICE

 

4-1-2 Kotobuki Taitoku Tokyo 111-8682 JAPAN

Tel: 03-3847-3500     Fax: 03-3842-6901-

 

URL :http://www.sanyeicorp.com

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Import, export of furniture, consumer electronics

 

 

BRANCHES

 

Osaka, Nagoya

 

 

OVERSEAS   

 

Denmark, China (3), Vietnam, Thailand, Indonesia, Philippines, Germany

 

 

CHIEF EXEC

 

NORIYUKI KOBAYASHI, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                 　A/SALES       Yen 34,535 M

PAYMENTS      REGULAR         　CAPITAL        Yen 1,000 M

TREND             STEADY           　WORTH         Yen 6,320 M

STARTED                     1950                 　EMPLOYES   694

 

COMMENT

 

TRADING FIRM SPECIALIZING IN FURNITURE & HOUSEHOLD ITEMS 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 959.6 MILLION, 30 DAYS NORMAL TERMS

 

                        Forecast figures for the 31/03/2012 fiscal term.

 

 

HIGHLIGHTS

 

The subject company was established by Hiroyuki Mizutani in order to make most of his experience in the subject line of business.  This is a specialized trading firm mainly exporting household-related products, such as ceramics & porcelain kitchen equipment & small home electric appliances.  Sales to Ryohin Keikaku account for around 30%.  Has production base in China.  Also has overseas sales/purchasing subsidiaries in: Denmark, Vietnam, Thailand, Indonesia, Philippines, Germany, China, other.  Overseas sales ratio accounts for 31%.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar 2011 fiscal term amounted to Yen 34,535 million, a 10.4% up from Yen 31,280 million in the previous term.  Sales increased.  Exports rose.  By Divisions, Furniture & Household up 17.9% to Yen 16,380 million, as the domestic sales of living room furniture rose steeply; Accessories Div up 8.9% to Yen 8,302 million; Home Electronics up 1.6% to Yen 6,200 million.  The recurring profit was posted at Yen 1,654 million and the net profit at Yen 711 million, respectively, compared with Yen 1,278 million recurring profit and Yen 786 million net profit, respectively, a year ago. 

 

(Apr/Jun/2011 results): Sales Yen 7,477 million (up 4.5%), operating profit Yen 246 million (down 1.9%), recurring profit Yen 277 million (down 10.3%), net profit Yen 176 million (down 25.6%).  (% compared with the corresponding period a year ago).

           

For the current term ending Mar 2012 the recurring profit is projected at Yen 1,500 million and the net profit at Yen 870 million, on a 3% fall in turnover, to Yen 33,500 million.  High Yen may eat into earnings & profits in Yen terms.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 959.6 million, on 30 days normal terms.

 

 

REGISTRATION

           

Date Registered           :　Feb 1950

Regd No                       :  (Tokyo-Taitoku) 004662

Legal Status                :  Limited Company (Kabushiki Kaisha

Authorized                   :  41 million shares

Issued                          :  12,764,732 shares

Sum                             :  Yen 1,000 million

 

Major shareholders (%): Company’s Treasury Stock (9.4), Customers’ S/Holding Assn (5.9), MUFG (4.4), BOT Lease (4.3), Minami-Nippon Bank (3.2), SMBC Friend Securities (2.9), Aioi Nissan Dowa Ins (2.9), Group Employees’ S/Holding Assn (2.6), AMBC (2.4), Unimat Fudosan (1.8); foreign owners (0.3)

 

No. of shareholders: 1,339

 

Listed on the S/Exchange (s) of: JASDAQ

 

Managements: Hiroyuki Mizutani, ch; Noriyuki Kobayashi, pres; Eisuke Saji, s/mgn dir; Hitoshi Matsuura, mgn dir; Ryohei Takashima, mgn dir; Seiji Shimizu, dir; Wataru Shibata, dir

 

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

 

Related companies: Sanyei Corp China, other.

 

 

OPERATION

           

Activities: Trading firm for import, export and wholesale of: furniture & household-related items (47%), Accessories, apparel (24%), consumer electronics (1%); Overseas sales (31%)

           

Clients: [Mfrs, wholesalers] Ryohin Keikaku Co, Birkenstock Japan, Cuijinart Sanyei, Keiyo Co, Tostem Viva, Samco Inc, MH Enterprise, Actus Co, Fuji Kigyo Co, other

No. of accounts: 500

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Sanyei Corp Malaysia, Leifer Service, Conair Far East,        MEXTEAM, Yeh Brothers Wood Works, O&P Intertrade, other

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

MUFG (Asakusabashi)

SMBC (Asakusa)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

34,535

31,280

 

  Cost of Sales

25,510

23,097

 

      GROSS PROFIT

9,024

8,182

 

  Selling & Adm Costs

7,472

7,004

 

      OPERATING PROFIT

1,552

1,177

 

  Non-Operating P/L

102

101

 

      RECURRING PROFIT

1,654

1,278

　

      NET PROFIT

711

786

BALANCE SHEET

 

 

 

 

  Cash

　

1,786

1,710

 

  Receivables

 

4,411

3,512

 

  Inventory

 

3,005

2,825

 

  Securities, Marketable

　

13

 

  Other Current Assets

823

667

 

      TOTAL CURRENT ASSETS

10,025

8,727

 

  Property & Equipment

1,914

1,564

 

  Intangibles

 

363

384

 

  Investments, Other Fixed Assets

1,699

1,899

 

      TOTAL ASSETS

14,001

12,574

 

  Payables

 

1,301

1,460

 

  Short-Term Bank Loans

3,691

2,593

 

　

 

　

　

 

  Other Current Liabs

2,293

2,227

 

      TOTAL CURRENT LIABS

7,285

6,280

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

　

　

 

  Reserve for Retirement Allw

166

225

 

  Other Debts

　

229

276

 

      TOTAL LIABILITIES

7,680

6,781

 

      MINORITY INTERESTS

 

 

 

Common stock

1,000

1,000

 

Additional paid-in capital

645

645

 

Retained earnings

5,405

4,868

 

Evaluation p/l on investments/securities

(51)

(96)

 

Others

 

(367)

(313)

 

Treasury stock, at cost

(312)

(311)

 

      TOTAL S/HOLDERS` EQUITY

6,320

5,793

　

      TOTAL EQUITIES

14,001

12,574

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

-229

1,977

 

Cash Flows from Investment Activities

-597

-70

 

Cash Flows from Financing Activities

920

-1,422

　

Cash, Bank Deposits at the Term End

　

1,786

1,710

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

6,320

5,793

 

 

Current Ratio (%)

137.61

138.96

 

 

Net Worth Ratio (%)

45.14

46.07

 

 

Recurring Profit Ratio (%)

4.79

4.09

 

 

Net Profit Ratio (%)

2.06

2.51

 

 

Return On Equity (%)

11.25

13.57

 

 

           


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.82

UK Pound

1

Rs.78.56

Euro

1

Rs.69.28

 

 

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.