MIRA INFORM REPORT

 

 

Report Date :           

12.04.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

ELECOM CO LTD

 

 

Registered Office :

Meiji Yasuda Seimei Osaka-Midosuji Bldg 9F, 4-1-1 Fushimimachi Chuoku Osaka 541-8765

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

June 1948

 

 

Com. Reg. No.:

1200-01-094974 (Osaka-Chuoku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of PC peripheral equipment

 

 

No. of Employees :

661

 

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 830.7 Million

Status :

Good

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 – March 31st, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

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

 

ELECOM CO Ltd

 

 

REGD NAME

 

Elecom KK

 

 

MAIN OFFICE

 

Meiji Yasuda Seimei Osaka-Midosuji Bldg 9F, 4-1-1 Fushimimachi Chuoku Osaka 541-8765 JAPAN

Tel: 06-6229-1418     Fax: 06-6229-8030-

 

URL:                 http://www.elecom.co.jp

E-Mail address:            (thru the URL)

 

ACTIVITIES

 

Mfg of PC peripheral equipment

 

 

BRANCHES

 

Tokyo, Sapporo, Sendai, Kyoto, Hiroshima, Fukuoka, other (Tot 15)

 

 

OVERSEAS

 

Germany, China, Korea

 

 

FACTORIES

 

(subsidiaries/subcontracted)

 

CHIEF EXEC

 

JUNJI HADA, PRES

Yukio Shibata, mgn dir

Koji Kajiura, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR     A/SALES             Yen 52,309 M

PAYMENTS      REGULAR         　CAPITAL        Yen 707 M

TREND             UP                    　WORTH         Yen 10,557 M

STARTED         1948　 EMPLOYES           661

 

 

COMMENT

 

FABLESS MFR OF PC PERIPHERALS 

 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 830.7 MILLION, 30 DAYS NORMAL TERMS

 

                        Unit: In Million Yen

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

 

 

HIGHLIGHTS

 

This is a fables mfr of PC peripheral equipment.  Ranked top in production of mice & keyboards.  Has subsidiary Logistic Corp.  Also produces digital camera accessories.  Products include keyboards, mice for PCs, displays, printers, speakers, etc for output devices.  Clients include electronics chain stores, electronics mfrs, other, nationwide.

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2011 fiscal term amounted to Yen 52,309 million, an 8% up from Yen 48,438 million in the previous term.  Supply constituted the highest percentage of sales, while storage & memory remained roughly unchanged, due to relatively low sales contribution partly due to the firm having once pulled out of the business due to inventory control issues.  The firm reentered the segment in the mid-200s, yet occupies a relatively low share in the industry.  The recurring profit was posted at Yen 5,369 million and the net profit at Yen 2,777 million, respectively, compared with Yen 3,591 million recurring profit and Yen 735 million net profit, respectively, a year ago.

 

(Apr/Dec/2011 results): Sales Yen 46,482 million (up 21.4%), operating profit Yen 5,493 million (up 26.6%), recurring profit Yen 5,099 million (up 26.7%), net profit Yen 2,127 million (up 6.4%).  (% compared with the corresponding period a year ago).  Sales of peripheral equipment & accessories, such as smartphone charges, are growing sharply.

 

For the term that ended Mar 2012 the recurring profit was projected at Yen 5,800 million and the net profit at Yen 2,950 million, on an 11% rise in turnover, to Yen 58,000 million.  Sales of peripheral equipment grew sharply.  Final results are yet to be released.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 830.7 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:　Jun 1948

Regd No.:             1200-01-094974 (Osaka-Chuoku)

Legal Status:      Limited Company (Kabushiki Kaisha

Authorized:         30,576,000 million shares

Issued:                20,438,699 shares

Sum:                   Yen 707 million

 

Major shareholders (%): Junji Hada (30.5), Suns Ltd (27.5), Justin Co (9.6), Employees’ S/Holding Assn (4.6), Company’s Treasury Stock (2.4), MUFG (2.2), SMBC (1.2), Mizuho Corporate Bank (1.2), Yukio Shibata (0.8), Itsuno Hada (0.8); foreign owners (1.3)

 

No. of shareholders: 1,382

 

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

 

Managements: Junji Hada, pres; Yukio Shibata, mgn dir; Koji Kajiura, dir

 

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

 

Related companies: Logitec Corp, Elecom Korea, Elecom Shanghai, Elecom Germany, other.

 

OPERATION

           

Activities: Manufactures PC peripheral equipment & accessories:

 

(Sales Breakdown by Divisions):

 

Supply (34%): PC consumables, such as paper, ink refills, cleaners, PC cases, bags, racks, mouse pads, smartphone-related accessories;

 

Storage & Memory (14%): HDD, Network-Attached Storage (NAS), USB memory devices, memory modules, memory cards for digital cameras & mobile phones, compact flash memories, other;

 

IO Devices (Input-Output Devices) (13%): mice, keyboards, numerical keypads, game pads, other;

 

Digital Home Appliances (27%): This segment is split into AVD & Network; AVD consists of headphones for portable audio devices, audio-visual accessories, and peripheral products for digital electric appliances; Network covers products that support PC-network functionality, such as wireless LAN, LAN adapters and switching hubs;

 

Others (13): cables, monitors, other

           

Clients: [Mfrs, wholesalers] Yamada Denki Co, Bic Camera, K’s Denki, Edion Co, Kojima, other

            No. of accounts: 500

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Logitec Corp, A-Data Technology, SS Electronics, Smoothi Co, Mitsuma Kagaku Kogyo, other

 

Payment record: Regular

 

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

 

Bank References:

MUFG (Osaka-Chuo)

SMBC (Bingomachi)

Relations: Satisfactory

 

 

FINANCES

 (In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

52,309

48,438

 

  Cost of Sales

33,378

31,581

 

      GROSS PROFIT

18,931

16,857

 

  Selling & Adm Costs

13,178

12,855

 

      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

5,344

 

  Securities, Marketable

　

　

 

  Other Current Assets

1,872

908

 

      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.51.55

UK Pound

1

Rs.81.95

Euro

1

Rs.67.57

 

 

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.