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Report Date : |
24.03.2014 |
IDENTIFICATION DETAILS
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Name : |
SANKEN ELECTRIC CO LTD |
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Registered Office : |
3-6-3 Kitano Niiza City Saitama-Pref 352-8666 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
September, 1946 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of semiconductors, power source equipment |
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No. of Employees : |
10,599 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 2013 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 225% 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.
|
Source
: CIA |
SANKEN ELECTRIC CO
LTD
REGD NAME: Sanken Denki KK
MAIN OFFICE: 3-6-3 Kitano Niiza
City Saitama-Pref 352-8666 JAPAN
Tel:
048-472-1111
Fax: 048-471-6249
*.. The is
its Overseas Business Division, Tokyo
URL: http://www.sanken-ele.co.jp/
E-Mail address: info@sanken-ele.co.jp
Mfg of semiconductors, power source equipment
Tokyo (1-11-1 Nishiikebukuro Toshimaku Tokyo 171-0021), Osaka, Nagoya, Sendai,
Hiroshima, Fukuoka, Sapporo, Kanazawa
At the caption address, Kawagoe (Saitama)
SADATOSI IIJIMA, PRES & CEO
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 126,386 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
20,896 M
TREND SLOW WORTH Yen 39,436 M
STARTED 1946 EMPLOYES 10,599
MFR SPECIALIZING IN SEMICONDUCTORS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
134,134 |
-6,048 |
-18,950 |
(%) |
37,761 |
|
(Consolidated) |
31/03/2011 |
144,882 |
4,972 |
-922 |
8.01 |
33,520 |
|
31/03/2012 |
131,803 |
3,018 |
436 |
-9.03 |
33,293 |
|
|
31/03/2013 |
126,386 |
4,047 |
2,272 |
-4.11 |
39,436 |
|
|
31/03/2014 |
146,200 |
7,200 |
6,700 |
15.68 |
.. |
Unit: In Million
Yen
Forecast (or
estimated) figures for 31/03/2014 fiscal term
The is a MAJOR producer of power source equipment & semiconductors,
founded by Tetsuji Kotani, semiconductor engineer, in order to succeed business
operations of Toho Industrial Research Laboratory, founded 1937 but was closed
operations in 1945, inheriting its engineers and facilities. Renamed as captioned in 1962. This is a specialized producer of
semiconductors including IC’s, transistors, diodes, etc. Also power source equipment for large
telecommunications systems and OA-use switching units. In China &South Korea, the company’s
share in the consumer electronics-use semiconductor device market is rising,
and the company won new orders for power systems. It will speed up output boost at the
subsidiary in the US with 8-inch wafer capacity increasing by 80% by July 2014.
The sales volume for Mar/2013 fiscal term amounted to Yen 126,386
million, a 4.1% down from Yen 131,803 million in the previous term. The recurring profit was posted at Yen 4,047
million and the net profit at Yen 2,272 million, respectively, compared with
Yen 3,018 million recurring profit and Yen 436 million net profit,
respectively, a year ago.
For the current term ending Mar 2014 the recurring profit is projected
at Yen 7,200 million and net profit at Yen 6,700 million, respectively, on a
15.7% rise in turnover, to Yen 146,200 million.
Sales of semiconductor devices for automobiles are soaring, and those of
products consumer electronics are growing in Japan, South Korea &
China.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Sept 1946
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 257 million shares
Issued: 125,490,302 shares
Sum: Yen 20,896 million
Major shareholders (%): Master Trust Bank of Japan, T (10.6), Japan
Trustee Services Bank T (7.5), Saitama Resona Bank (4.7), Company’s Treasury
Stock (3.3), Chase London SL Omnibus Acct (2.6), Juniper (2.3), International
Rectifier (1.9), Northern Trust (AVFC) British (1.8), Japan Trustee Services T9
(1.7), Cedar (1.4); foreign owners (23.7)
No. of shareholders: 11,789
Listed on the S/Exchange (s) of: Tokyo
Managements: Sadatoshi Iijima, res; Takeshi Wada, v pres; Sasao Hoshino,
s/mgn dir; Akira Ota, s/mgn dir; Kinji Kudo, mgn dir; Mitsuo Ueki, mgn dir;
Yoshihiro Suzuki, mgn dir; Koichi Shimura, mgn dir; azunori Suzuki, mgn dir;
Masahiro Sasaki, dir
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures semiconductors, including IC’s, transistors,
diodes, etc (--76%); power source equipment (12%); related units, equipment,
others (12%).
Overseas Sales Ratio (52%).
Clients: [Telecommunications carriers, electric powers, home electric
mfrs, AV equipment mfrs, governments] NTT, other
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Shin-Etsu Chemical, International Rectifier Japan, Fujitsu Device,
Hitachi Cable, other.
Payment record: No complaints
Location: Business area in Niiza City, Saitama-Pref. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References:
Resona Bank
(Tokyo)
Saitama
Resona Bank (Niiza)
Relations:
Satisfactory
|
FINANCES: (Consolidated
in million yen) |
||||
|
|
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Terms Ending: |
31/03/2013 |
31/03/2012 |
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INCOME
STATEMENT |
||||
|
Annual Sales |
|
126,386 |
131,803 |
|
|
Cost of Sales |
98,211 |
104,820 |
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GROSS PROFIT |
28,174 |
26,982 |
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Selling & Adm Costs |
23,549 |
22,934 |
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OPERATING PROFIT |
4,625 |
4,048 |
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Non-Operating P/L |
-608 |
-1,030 |
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RECURRING PROFIT |
4,047 |
3,018 |
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NET PROFIT |
2,272 |
436 |
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BALANCE
SHEET |
||||
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Cash |
|
12,079 |
9,901 |
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Receivables |
31,945 |
29,989 |
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Inventory |
44,265 |
40,515 |
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Securities, Marketable |
|
|
||
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Other Current Assets |
3,788 |
3,875 |
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TOTAL CURRENT ASSETS |
92,077 |
84,280 |
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Property & Equipment |
50,945 |
47,301 |
||
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Intangibles |
1,691 |
922 |
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Investments, Other Fixed Assets |
3,804 |
3,627 |
||
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TOTAL ASSETS |
148,517 |
136,130 |
||
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Payables |
16,235 |
18,530 |
||
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Short-Term Bank Loans |
14,805 |
23,746 |
||
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|
|
|
||
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Other Current Liabs |
45,908 |
23,654 |
||
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TOTAL CURRENT LIABS |
76,948 |
65,930 |
||
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Debentures |
10,000 |
20,000 |
||
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Long-Term Bank Loans |
12,500 |
7,506 |
||
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Reserve for Retirement Allw |
5,128 |
4,073 |
||
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Other Debts |
|
4,505 |
5,328 |
|
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TOTAL LIABILITIES |
109,081 |
102,837 |
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MINORITY INTERESTS |
||||
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Common stock |
20,896 |
20,896 |
||
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Additional paid-in capital |
17,573 |
18,302 |
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Retained earnings |
9,493 |
7,220 |
||
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Evaluation p/l on
investments/securities |
141 |
15 |
||
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Others |
(4,741) |
(9,218) |
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Treasury stock, at cost |
(3,926) |
(3,922) |
||
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TOTAL S/HOLDERS` EQUITY |
39,436 |
33,293 |
||
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TOTAL EQUITIES |
148,517 |
136,130 |
|
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CONSOLIDATED
CASH FLOWS |
||||
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Terms ending: |
31/03/2013 |
31/03/2012 |
||
|
Cash Flows from Operating Activities |
|
6,339 |
5,345 |
|
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Cash Flows from Investment
Activities |
-6,390 |
-8,614 |
||
|
Cash Flows from Financing Activities |
1,284 |
509 |
||
|
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Cash, Bank Deposits at the Term End |
|
12,036 |
8,822 |
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ANALYTICAL
RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
||
|
Net Worth (S/Holders' Equity) |
39,436 |
33,293 |
||
|
Current Ratio (%) |
119.66 |
127.83 |
||
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Net Worth Ratio (%) |
26.55 |
24.46 |
||
|
Recurring Profit Ratio (%) |
3.20 |
2.29 |
||
|
Net Profit Ratio (%) |
1.80 |
0.33 |
||
|
Return On Equity (%) |
5.76 |
1.31 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.05 |
|
|
1 |
Rs.100.81 |
|
Euro |
1 |
Rs.84.18 |
INFORMATION DETAILS
|
Report Prepared by
: |
NNA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.