MIRA INFORM REPORT
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Report Date : |
18.11.2014 |
IDENTIFICATION DETAILS
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Name : |
SAMCO INC |
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Registered Office : |
36 Warayacho Takeda Fushimiku Kyoto 612-8443 |
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Country : |
Japan |
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Financials (as on) : |
31.07.2014 |
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Date of Incorporation : |
Sept., 1979 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of mfg equipment for electronic parts including
semiconductors |
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No. of Employees : |
169 |
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 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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. Prime Minister Shinzo ABE has declared the economy his
government's top priority; he has overturned his predecessor's plan to
permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus, monetary easing, and structural
reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact
that would open Japan's economy to increased foreign competition and create new
export opportunities for Japanese businesses. 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 is exceeding 230% of
GDP. To help raise government revenue and reduce public debt, Japan decided in
2013 to gradually increase the consumption tax to a total of 10% by the year
2015. Japan is making progress on ending deflation due to a weaker yen and
higher energy costs, but reliance on exports to drive growth and an aging,
shrinking population pose other major long-term challenges for the economy.
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Source
: CIA |
Company
Name and address
SAMCO INC
REGD NAME: Samco
KK
MAIN OFFICE: 36
Warayacho Takeda Fushimiku Kyoto 612-8443 JAPAN
Tel: 075-621-7841 Fax: 075-621-0936-
E-Mail address: (thru
the URL)
ACTIVITIES
Mfg of mfg
equipment for electronic parts including semiconductors
BRANCHES
Tokyo, Tsukuba, Sendai,
Tokai, Nagoya, other (Tot 11)
OVERSEAS
USA, China,
Vietnam, Taiwan, Singapore, & Liechtenstein
FACTORIES
At the caption
address, Tsukuba
CHIEF
EXEC
OSAMU TSUJI, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen
4,233 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 1,213 M
TREND UP WORTH Yen
7,007 M
STARTED 1979 EMPLOYES 169
COMMENT
MFR OF MFG EQUIPMENT FOR ELECTRONICS PARTS
FINANCIAL SITUATION COSIDERED FAI AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast
figures for the 31/07/2015 fiscal term.
HIGHLIGHTS
This is the
R&D oriented mfr of mfg equipment for electronic parts, including
semiconductors. Involved mainly in
forming and processing of thin films for optical semiconductors and LED. Boosting the increase of R&D staff in the
development base in Silicon Valley, the US.
Stressing business in Asia.
FINANCIAL
INFORMATION
The sales volume
for Jul/2014 fiscal term amounted to Yen 4,233 million, a 0.8% up from Yen
4,201 million in the previous term. The recurring profit was posted at Yen 292
million and the net profit at Yen 190 million, respectively, compared with Yen
564 million recurring profit and Yen 354 million net profit, respectively, a
year ago.
For the current
term ending Jul 2015 the recurring profit is projected at Yen 560 million and
the net profit at Yen 360 million, on a 22.8% rise in turnover, to Yen 5,200 million. Shipment of etching & CVD equipment for
LED makers in Asia will be on a recovery trend.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
Date
Registered: Sept 1979
Legal Status: Limited
Company (Kabushiki Kaisha
Authorized:
14.4 million shares
Issued: 7,042,881
shares
Sum: Yen
1,213 million
Major
shareholders (%): Osamu Tsuji (27.5), Samco Engineering Corp (13.0), Employees’
S/Holding Assn (3.0), Takeshi Tsuji (2.9), Kazumi Tsuji (2.8), Japan Trustee
Services T (1.8), MUFG (1.8), Chase London SL Omnibus (1.8), Kyoto Chuo Shinkin
Bank (1.7), Toshiaki Tatsuta (1.4); foreign owners 3.7)
No.
of shareholders: 3,511
Listed on the S/Exchange (s) of: Tokyo
Managements: Osamu Tsuji, ch
& pres; Tsuneo Ishikawa, v pres; Tsukasa Kawabe, dir; Takahisa Yamaha, dir;
Soichiro Takenouchi, dir
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: Mfg of CVD
systems (20%), etching systems (61%), cleaning systems (5%), others (13%)
Export Ratio (22%)
Clients: [Mfrs,
wholesalers] Toshiba Corp, Showa Denko, Elec-Tech Opto Electronic Wuhu Co,
Murata Mfg, Hamamatsu Photonics KK, Sony Corp, Toyoda Gosei, Murata Mfg, other
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Tomoe Shokai, Addtec Engineering, Seed Lab Corporation, Shinko
Electric Ind, Ebara Corp, Naigai TEC Corp, other
Payment
record: No Complaints
Location: Business area in Kyoto. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References:
MUFG
(Kyoto)
Bank of Kyoto
(H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Unconsolidated
in million yen) |
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Terms Ending: |
31/07/2014 |
31/07/2013 |
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INCOME STATEMENT |
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Annual Sales |
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4,233 |
4,201 |
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Cost of Sales |
2,297 |
2,294 |
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GROSS PROFIT |
1,935 |
1,906 |
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Selling & Adm Costs |
1,678 |
1,564 |
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OPERATING PROFIT |
256 |
342 |
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Non-Operating P/L |
36 |
222 |
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RECURRING PROFIT |
292 |
564 |
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NET PROFIT |
190 |
354 |
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BALANCE SHEET |
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Cash |
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3,015 |
3,620 |
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Receivables |
1,686 |
1,437 |
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Inventory |
444 |
385 |
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Securities, Marketable |
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Other Current Assets |
221 |
175 |
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TOTAL CURRENT ASSETS |
5,366 |
5,617 |
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Property & Equipment |
3,040 |
2,984 |
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Intangibles |
15 |
19 |
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Investments, Other Fixed Assets |
645 |
370 |
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TOTAL ASSETS |
9,066 |
8,990 |
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Payables |
366 |
272 |
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Short-Term Bank Loans |
800 |
800 |
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Other Current Liabs |
228 |
435 |
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TOTAL CURRENT LIABS |
1,394 |
1,507 |
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Debentures |
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Long-Term Bank Loans |
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16 |
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Reserve for Retirement Allw |
309 |
278 |
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Other Debts |
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356 |
351 |
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TOTAL LIABILITIES |
2,059 |
2,152 |
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MINORITY INTERESTS |
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Common
stock |
1,213 |
1,213 |
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Additional
paid-in capital |
1,629 |
1,629 |
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Retained
earnings |
4,058 |
3,995 |
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Evaluation
p/l on investments/securities |
114 |
8 |
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Others |
2 |
2 |
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Treasury
stock, at cost |
(9) |
(9) |
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TOTAL S/HOLDERS` EQUITY |
7,007 |
6,838 |
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TOTAL EQUITIES |
9,066 |
8,990 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/07/2014 |
31/07/2013 |
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Cash
Flows from Operating Activities |
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-185 |
60 |
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Cash
Flows from Investment Activities |
-300 |
-47 |
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Cash
Flows from Financing Activities |
-174 |
-133 |
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Cash,
Bank Deposits at the Term End |
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1,247 |
1,865 |
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ANALYTICAL RATIOS Terms ending: |
31/07/2014 |
31/07/2013 |
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Net
Worth (S/Holders' Equity) |
7,007 |
6,838 |
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Current
Ratio (%) |
384.94 |
372.73 |
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Net Worth
Ratio (%) |
77.29 |
76.06 |
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Recurring
Profit Ratio (%) |
6.90 |
13.43 |
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Net
Profit Ratio (%) |
4.49 |
8.43 |
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Return
On Equity (%) |
2.71 |
5.18 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.68 |
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1 |
Rs.96.94 |
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Euro |
1 |
Rs.77.36 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.