MIRA INFORM REPORT
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Report No. : |
300045 |
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Report Date : |
13.01.2015 |
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 (Consolidated) |
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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 (Kabushiki Kaisha) |
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Line of Business : |
Builder of CATV startups & mfg of systems, equipment, peripherals |
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No. of Employee : |
315 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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
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
PAYMENTS SLOW BUT CORRECT CAPITAL Yen 411 M
TREND SLOW WORTH Yen 1964 M
STARTED 1962 EMPLOYES 315
COMMENT: CABLE TV OPERATION CONSULTANT & SYSTEM
SETUP.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
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: Slow But correct
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.62.16 |
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1 |
Rs.94.28 |
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Euro |
1 |
Rs.73.73 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ANK |
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.