MIRA
INFORM REPORT
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Report Date : |
15.12.2012 |
IDENTIFICATION DETAILS
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Name : |
SYNCLAYER INC |
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Registered Office : |
2-21-18 Chiyoda Nakaku Nagoya 460-0012 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
May 1962 |
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Com. Reg. No.: |
1800-01-033524 (Nagoya-Kitaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Builder of CATV startups &
mfg of systems, equipment, peripherals |
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No. of Employees : |
315 employees |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
japan - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a strong
work ethic, mastery of high technology, and a comparatively small defense
allocation (1% of GDP) helped Japan develop a technologically advanced economy.
Two notable characteristics of the post-war economy were the close interlocking
structures of manufacturers, suppliers, and distributors, known as keiretsu,
and the guarantee of lifetime employment for a substantial portion of the urban
labor force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A tiny agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. Usually self-sufficient in rice, Japan imports about 60% of its
food on a caloric basis. Japan maintains one of the world's largest fishing
fleets and accounts for nearly 15% of the global catch. For three decades,
overall real economic growth had been spectacular - a 10% average in the 1960s,
a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed
markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s
that required a protracted period of time for firms to reduce excess debt,
capital, and labor. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2011 stood as the fourth-largest
economy in the world after second-place China, which surpassed Japan in 2001, and
third-place India, which edged out Japan in 2011. A sharp downturn in business
investment and global demand for Japan's exports in late 2008 pushed Japan
further into recession. Government stimulus spending helped the economy recover
in late 2009 and 2010, but the economy contracted again in 2011 as the massive
9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies
remain tight because Japan has temporarily shut down almost all of its nuclear
power plants after the Fukushima Daiichi nuclear reactors were crippled by the
earthquake and resulting tsunami. Estimates of the direct costs of the damage -
rebuilding homes, factories, and infrastructure - range from $235 billion to
$310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko
NODA has proposed opening the agricultural and services sectors to greater
foreign competition and boosting exports through membership in the US-led
Trans-Pacific Partnership trade talks and by pursuing free-trade agreements
with the EU and others, but debate continues on restructuring the economy and
reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent
deflation, reliance on exports to drive growth, and an aging and shrinking
population are other major long-term challenges for the economy.
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Source : CIA |
Company name
SYNCLAYER INC
REGD NAME
Synclayer KK
MAIN OFFICE
2-21-18 Chiyoda
Nakaku Nagoya 460-0012 JAPAN
Tel:
050-2000-8885 Fax: 052-238-5655
*.. Gifu is where its factory locates
URL: http://www.synclayer.co.jp/
E-Mail address: planning@synclayer.co.jp; ir@syncalyer.co.jp
ACTIVITIES
Builder
of CATV startups & mfg of systems, equipment, peripherals
BRANCHES
Tokyo,
Sendai, Osaka, Kani, Tsu (Mie), Toyama, Hikone, Hiroshima, Fukuoka
OVERSEAS
China
(2), Hong Kong, USA
FACTORIES
Kani
(Gifu-Pref) (Plant & Engineering Center)
CHIEF EXEC
MASAHIRO
YAMAGUCHI, PRES & CEO
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 8,301 M
PAYMENTSNo Complaints CAPITAL Yen 411 M
TREND SLOW WORTH Yen 1,984 M
STARTED 1962 EMPLOYES 315
COMMENT
CABLE TV OPERATION CONSULTANT & SYSTEM SETUP.
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
Notes: Unit: In Million Yen
Forecast (or estimated) figures for
31/03/2013 fiscal term
HIGHLIGHTS
The subject company was established by Masaki Yamaguchi, now ch, as Aichi Electronics Co Ltd, for mfg of TV equipment (Wall Outlet Unit). Renamed as captioned in Jul 2002. This is the first in Japan to introduce CATV Internet service. Originally started as TV equipment mfr and extended service operations. Business ranges from service startup consulting for cable TV operators, to system setup, management and maintenance. Based in Nagoya, but expanded operations nationwide from central Japan. In Jul 1981, supplied coaxial cable information system (CCIS), the first business application of CCIS in Japan. In Jun 1995, introduced the first cable Internet products in Japan from LAN city Corporation, USA & started supply its high-speed data LCP cable modems (10Mbps). In Nov 2001, supplied the first whole packaged CATV networks in Japan, with the first VolP system (5,500 subs) over CATV networks. In Feb 2003, listed JASDAQ Stock Market.
FINANCIAL INFORMATION
The sales volume for Mar/2012 fiscal term amounted to Yen 8,301 million, a 29.8% steep down from Yen 8,970 million in the previous term. By Divisions, Total system integration Div down 13.7% to Yen 4,315 million; Equipment integration Div down 50.0% to Yen 1,986 million. The operations plunged into the red to post Yen 204 million recurring loss and Yen 224 million net losses, respectively, compared with Yen 585 million recurring profit and Yen 307 million net profit, respectively, a year ago
(Apr/Sept/2012 results): Sales Yen 2,093 million (down 35.3%), operating loss Yen 539 million (previously Yen 168 million loss), recurring loss Yen 532 million (previously Yen 161 million loss), net loss Yen 340 million (previously Yen 129 million loss). (% & figures compared with the corresponding period a year ago).
For the current term ending Mar 2013 the operations are projected to come back to profitability to post Yen 260 million recurring profit and Yen 150 million net profit, respectively, on a 37% rise in turnover, to Yen 8,630 million.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements.
REGISTRATION
Date Registered: May 1962
Regd No.: 1800-01-033524 (Nagoya-Kitaku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
11,735,120 shares
Issued:
74,033,780 shares
Sum: Yen 411
million
Major shareholders (%): Masahiro Yamaguchi (17.4), Masaki Yamaguchi (11.1), Employees’ S/Holding Assn (11.0), Company’s Treasury Stock (9.7), Michiko Yamaguchi (2.3), MUFG (2.2), Osamu Yamaguchi (2.2), Aiko Yamaguchi (2.0), Ryozo Yamashita (1.6), Juroku Bank (1.4)
No. of shareholders: 414
Listed on the S/Exchange (s) of: JASDAQ
Managements: Masahiro Yamaguchi, pres & CEO; Yoshiteru Watanabe, mgn dir; Shigeyuki Aoyama, dir; Satoshi Kunie, dir; Sachio Kuniyoshi, dir.
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Cable System Construction Co Ltd, Aichi Electronics (Zhong Shan) Ltd (China), Aichi Electronics (Hong Kong) Ltd, Synclayer Latin America Ltd
OPERATION
Activities: CATV equipment mfr, startup service consulting fro CATV operators, system setup, management & maintenance:
(Sales breakdown by
divisions):
Total Integration Div (68%): System integration for entire CATV network, including system design, engineering, equipment procurement, network management, etc; turn-key project construction for entire cable plant from headend to customer premises, primary telephone System, FTTH (Fiber to the Home), HFC (hybrid fiber coaxial) works;
Systems Integration Div (32%): CATV Internet solutions, representing the products of ARRIS International, including sales & support for CMTS and cable modems; cable-networking for convention halls, offices, MDU, and campus LAN applications.
Clients:
[CATV operators, electronics mfrs] Joetsu Cable TV, Ceatec Japan, TV Kishiwada,
Kyushu Tele-Communications, NEC Magnus Communications, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] ARRIS Japan, Star Cat Cable Network, Lecip Corp, Aichi
Electronics, Cable System Kensetsu, Mitsubishi Electric,
Toko Create Ltd, other.
Payment record: No
Complaints
Location:
Business area in Nagoya. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG
(Yanagibashi)
Jyuroku
Bank (Nagoya)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2012 |
31/03/2011 |
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INCOME STATEMENT |
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Annual Sales |
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6,301 |
8,970 |
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Cost of Sales |
4,351 |
6,128 |
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GROSS PROFIT |
1,949 |
2,842 |
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Selling & Adm Costs |
2,180 |
2,245 |
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OPERATING PROFIT |
-230 |
596 |
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Non-Operating P/L |
-10 |
-11 |
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RECURRING PROFIT |
-204 |
585 |
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NET PROFIT |
-224 |
307 |
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BALANCE SHEET |
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Cash |
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879 |
964 |
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Receivables |
399 |
1,313 |
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Inventory |
731 |
496 |
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Securities, Marketable |
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Other Current Assets |
1,570 |
2,162 |
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TOTAL CURRENT ASSETS |
3,579 |
4,935 |
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Property & Equipment |
2,027 |
2,076 |
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Intangibles |
90 |
111 |
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Investments, Other Fixed Assets |
1,043 |
1,213 |
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TOTAL ASSETS |
6,739 |
8,335 |
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Payables |
622 |
1,080 |
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Short-Term Bank Loans |
300 |
1,000 |
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Other Current Liabs |
1,329 |
1,570 |
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TOTAL CURRENT LIABS |
2,251 |
3,650 |
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Debentures |
240 |
330 |
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Long-Term Bank Loans |
1,021 |
885 |
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Reserve for Retirement Allw |
1,258 |
1,213 |
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Other Debts |
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5 |
57 |
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TOTAL LIABILITIES |
4,775 |
6,135 |
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MINORITY INTERESTS |
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Common
stock |
411 |
411 |
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Additional
paid-in capital |
390 |
390 |
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Retained
earnings |
1,248 |
1,502 |
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Evaluation
p/l on investments/securities |
(1) |
(19) |
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Others |
23 |
22 |
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Treasury
stock, at cost |
(107) |
(107) |
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TOTAL S/HOLDERS` EQUITY |
1,964 |
2,199 |
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TOTAL EQUITIES |
6,739 |
8,335 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2012 |
31/03/2011 |
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Cash
Flows from Operating Activities |
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744 |
631 |
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Cash
Flows from Investment Activities |
-49 |
-143 |
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Cash
Flows from Financing Activities |
-749 |
-531 |
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Cash,
Bank Deposits at the Term End |
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868 |
923 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
1,964 |
2,199 |
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Current
Ratio (%) |
159.00 |
135.21 |
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Net
Worth Ratio (%) |
29.14 |
26.38 |
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Recurring
Profit Ratio (%) |
-3.24 |
6.52 |
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Net
Profit Ratio (%) |
-3.55 |
3.42 |
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Return
On Equity (%) |
-11.41 |
13.96 |
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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.54.39 |
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UK Pound |
1 |
Rs.87.78 |
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Euro |
1 |
Rs.71.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
---- |
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.