MIRA
INFORM REPORT
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Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
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Name : |
SAKAE ELECTRONICS CORPORATION |
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Registered Office : |
2-9-10 Soto-Kanda Chiyodaku Tokyo 101-0021 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
April, 1971 |
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Com. Reg. No.: |
0100-01-017343 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export, wholesale of electronic
parts & devices |
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No. of Employees : |
47 |
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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Maximum Credit Limit: |
Yen 104.5 million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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 – March, 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 small
agricultural sector is highly subsidized and protected, with crop yields among
the highest in the world. While self-sufficient in rice production, Japan
imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the economy has
fallen into recession three times since 2008. A sharp downturn in business
investment and global demand for Japan''s exports in late 2008 pushed Japan
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 and the ensuing tsunami in March disrupted manufacturing.
The economy has largely recovered in the two years since the disaster, but
reconstruction in the Tohoku region has been uneven. Newly-elected Prime
Minister Shinzo ABE has declared the economy his government''s top priority; he
has pledged to reconsider his predecessor''s plan to permanently close nuclear
power plants and is pursuing an economic revitalization agenda of fiscal
stimulus and regulatory reform and has said he will press the Bank of Japan to
loosen monetary policy. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2012 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 2012. The new government will
continue a longstanding debate 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
SAKAE ELECTRONICS CORPORATION
REGD NAME
KK Sakae Denshi
MAIN OFFICE
2-9-10 Soto-Kanda
Chiyodaku Tokyo 101-0021 JAPAN
Tel:
03-6385-7240
Fax:
03-6385-7801 -
URL: http://www.sakae-denshi.com
E-Mail address: (thru the URL)
ACTIVITIES
Import, export,
wholesale of electronic parts & devices
BRANCHES
Sendai, Nagoya,
Osaka, Yokohama, Ueda, Akishima, other (Tot 10)
OVERSEAS
Europe (5), USA,
India, Korea, Taiwan, China, New Zealand, Australia, Israel (--Sales agents)
FACTORIES
China
(subcontracted)
CHIEF EXEC
RYUSHI SATO, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 3,773 M
PAYMENTS REGULAR CAPITAL Yen 500 M
TREND UP WORTH Yen 2,340 M
STARTED 1971 EMPLOYES 47
COMMENT
TRADING FIRM SPECIALIZING IN ELECTRONIC DEVICES
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 104.5 MILLION, 30 DAYS NORMAL TERMS
Unit: In Million Yen
Forecast figures for the 31/03/2014 fiscal term.
HIGHLIGHTS
This is an independent trading house dealing in electronic parts &
devices for industrial equipment makers, such as condensers, relays, resisters,
hybrid IC’s, other (See OPERATION). Major maker of power sources for
semiconductor making equipment. Aims to
go into the growing smart-phone markets.
FINANCIAL INFORMATION
The sales volume for Mar/2013 fiscal term amounted to Yen 3,773 million,
a 19% down from Yen 4,639 million in the previous term. Exports were substantially decreased in the
areas of semiconductor mfg devices and industrial electronics-related
products. Some were delayed shipment due
to slow production. The operations
plunged into the red to register Yen 38 million recurring loss and Yen 413
million net losses, respectively, compared with Yen 49 million recurring profit
and a minimum amount post-taxes net profit, respectively, a year ago.
For the current term ending Mar 2014 the recurring profit is projected at
Yen 172 million and the net profit at Yen 101 million, on a 37.5% rise in
turnover, to Yen 5,187 million.
Economies are expected to grow in China & USA.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 104.5 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Apr 1971
Regd
No.: 0100-01-017343
(Tokyo-Chiyodaku)
Legal Status: Limited
Company (Kabushiki Kaisha
Authorized:
20 million shares
Issued: 5,030,000
Sum: Yen
500 million
Major
shareholders (%): Mihoko Someya (7.5), Sakato Shinji Co (7.2), Masakazu Someya (5.8),
Takashi Someya (5.8), Fuji Warehouse & Transportation (2.3), Employees’
S/Holding Assn (1.5), Kazuhiro Sakata (1.5), Katsu Ogiya (1.3), Motoi Takasu
(1.3)
No.
of shareholders: 580
Listed on the S/Exchange (s) of: JASDAQ
Managements: Hideo Someya,
ch; Ryuji Sato, pres; Morio Ohashi, dir; Momoko Tsuda, dir
Nothing detrimental
is known as to the commercial morality of executives.
Related companies: Toei Electronics Corp.
OPERATION
Activities: Imports, exports
and wholesales electronic parts (50%), power source units (36%), electronic
devices (9%), others (5%).
Clients: [Mfrs, wholesalers] Tokyo Electron Tohoku, Toei Electronics Corp, TSD, Aval Nagasaki Corp, Tokyo Electron Kumamoto, Canon Anelva Corp, Yokogawa Denshi Kiki Co, Meihou Co, TDK-Lamda Corp, Tohoku Electric Meter Co, other
No. of accounts: 500
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs,
wholesalers] TDK-Lamda Corp, JST Mfg Co, ETA Electric Ind, NT Sales Co, Harting
Technology, Yamaichi Electronics Co, Mycom Inc, Mac-Eight Co, Suzuden Corp,
Toei Electronics Corp, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Resona Bank
(Kanda)
SMBC
(Kanda-Ekimae)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2013 |
31/03/2012 |
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INCOME STATEMENT |
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Annual Sales |
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3,773 |
4,639 |
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Cost of Sales |
3,087 |
3,799 |
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GROSS PROFIT |
686 |
839 |
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Selling & Adm Costs |
719 |
776 |
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OPERATING PROFIT |
-33 |
62 |
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Non-Operating P/L |
-5 |
-13 |
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RECURRING PROFIT |
-38 |
49 |
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NET PROFIT |
-413 |
52 |
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BALANCE SHEET |
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Cash |
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1,527 |
1,450 |
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Receivables |
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1,186 |
1,324 |
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Inventory |
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329 |
325 |
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Securities, Marketable |
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Other Current Assets |
9 |
23 |
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TOTAL CURRENT ASSETS |
3,051 |
3,122 |
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Property & Equipment |
1,822 |
1,854 |
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Intangibles |
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70 |
87 |
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Investments, Other Fixed Assets |
820 |
1,003 |
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TOTAL ASSETS |
5,763 |
6,066 |
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Payables |
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875 |
1,041 |
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Short-Term Bank Loans |
1,000 |
1,000 |
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Other Current Liabs |
1,012 |
669 |
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TOTAL CURRENT LIABS |
2,887 |
2,710 |
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Debentures |
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Long-Term Bank Loans |
325 |
213 |
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Reserve for Retirement Allw |
89 |
53 |
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Other Debts |
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121 |
381 |
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TOTAL LIABILITIES |
3,422 |
3,357 |
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MINORITY INTERESTS |
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Common
stock |
500 |
500 |
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Additional
paid-in capital |
372 |
372 |
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Retained
earnings |
1,413 |
1,826 |
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Evaluation
p/l on investments/securities |
60 |
17 |
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Others |
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(2) |
(4) |
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Treasury
stock, at cost |
(3) |
(3) |
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TOTAL S/HOLDERS` EQUITY |
2,340 |
2,708 |
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TOTAL EQUITIES |
5,763 |
6,066 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2013 |
31/03/2012 |
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Cash
Flows from Operating Activities |
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-14 |
185 |
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Cash
Flows from Investment Activities |
-14 |
-14 |
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Cash
Flows from Financing Activities |
106 |
-144 |
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Cash,
Bank Deposits at the Term End |
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1,227 |
1,150 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
2,340 |
2,708 |
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Current
Ratio (%) |
105.68 |
115.20 |
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Net
Worth Ratio (%) |
40.60 |
44.64 |
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Recurring
Profit Ratio (%) |
-1.01 |
1.06 |
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Net
Profit Ratio (%) |
-10.95 |
1.12 |
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Return
On Equity (%) |
-17.65 |
1.92 |
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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.57.74 |
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1 |
Rs.90.64 |
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Euro |
1 |
Rs.77.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.