MIRA INFORM
REPORT
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Report Date
: |
5th May
2006 |
IDENTIFICATION
DETAILS
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Name : |
MACNICA
NETWORKS CORP |
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Registered
Office : |
Macnica
Daini Bldg, 1-5-5 Shin-Yokohama Kohokuku Yokohama 222-0033 JAPAN |
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Date of
Incorporation : |
Mar 2004 |
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Legal Form : |
Limited
Company |
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Line of
Business : |
Importers,
wholesalers of network appliances, network software, telecom solutions |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
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 126.9 MILLION |
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Status : |
Fair |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
NAME
MACNICA NETWORKS CORP
REGD NAME
Macnica Networks KK
MAIN OFFICE
Macnica Daini Bldg, 1-5-5 Shin-Yokohama
Kohokuku Yokohama 222-0033
JAPAN
Tel: 045-476-1960
Fax: 045-476-1970
E-Mail address: mnc-info@macnica.net
ACTIVITIES
Import, wholesale of network
appliances, network software, telecom solutions
BRANCHES
Osaka
OFFICER(S)
KIYOSHI NAKASHIMA, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen
7,250 M
PAYMENTS REGULAR CAPITAL Yen 300 M
TREND UNDETD WORTH Yen 620 M
STARTED 2004 EMPLOYES 150
COMMENT
IMPORTER AND WHOLESALER
SPECIALIZING IN TELECOMMUNICATIONS EQUIPMENT & COMPONENTS, OWNED BY MACNICA
INC. FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 126.9 MILLION,
NORMAL 30 DAYS TERMS.
HIGHLIGHTS
The subject company was
established originally in 1980 as the System Section in Japan Macnics KK (now
Macnica Inc) (see REGISTRATION) in order to handle computer system products. In 1983, started networking operations as
agent for Excelan Inc, USA. In 2001,
intra-company system was adopted and the Section was renamed Macnica Networks
Company. In 2004, separated as a
wholly-owned subsidiary of Macnica Inc, to concentrate operations on
distribution and integration of computer and communication equipment (see
OPERATION for details). Clients include
telecom carriers, semiconductor mfrs, networking firms, other, nationwide. Goods are imported from USA, Canada, Holland,
etc. Financials are consolidated by the
parent.
The sales volume for the initial
fiscal term for full one-year ending Mar/2005 amounted to Yen 7,250 million,
with the net profit reported at Yen 346 million. The firm booked Yen 24 million net loss for the Mar/2004 term as
initial investment and outlays. The
firm reported pretax profits at Yen 847 million, lodged to the Taxation
Office. Hence, we calculated its net
worth at Yen 620 million.
For the term just ended Mar/2006
the firm projected sales to grow 10% to Yen 8,000 million, and the net profit
to Yen 370 million, according to sources.
The parent projects its sales to grow 13% for the term ending
Mar/2006. Both firms have not released
results as yet.
The financial situation is
considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 126.9
million, on normal 30 days terms. Considering
the parent’s financial strength the limit is deemed within the subject’s
financial capabilities.
REGISTRATION
Date Registered: Mar 2004
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 24,000 shares
Issued: 6,000
shares
Sum: Yen 300 million
Major shareholders (%): Macnica
Inc*(100)
*..Independent semiconductor
trading house, Yokohama, founded 1972, listed Tokyo S/E, capital Yen 11,194 million,
turnover Yen 119,719 million, recurring profit Yen 4,490 million, net profit
Yen 2,436 million, total assets Yen 80,648 million, net worth Yen 51,294
million, employees 956, pres Haruki Kamiyama.
Projections for the 31/03/2006 term: sales Yen 135,000 million,
recurring profit Yen 4,500 million, net profit Yen 2,400 million.
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: Imports, exports and
wholesales network equipment & internet application software & related
services of technical support, educational programs to assist with applications
(--100%); Products handled by
categories:
Network
appliances: accelerators, bandwidth controllers, load sharing devices,
Fax press, network attached storage, Web test/monitoring tools, protocol
analyzers, TV conference systems;
Network
software: PC X servers, PC NFS client, Windows-UNIX access, Live
E-learning, Web conference, Web seminars, user ID solutions;
Security:
client’s security, network security, Web security, log analysis, real-time
monitoring, database coding, gateway-type E-mail coding solutions;
Storage:
IP-SAN storage, back-up solutions, network attached storage;
Telecommunications:
built-in software & hardware for telecommunications/servers, test tools for
telecommunications, other.
Clients: [Telecommunications
carriers, semiconductor mfrs, wholesalers] Fujitsu Ltd, Fujitsu Social Science
Laboratory, NTT Communications, NEC, Tohoku NEC, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers]
Packeteer Inc, Radware Ltd (--USA), Hummingbird Bluecoat (Canada), Control
Break International BV (Netherlands), other from USA, etc.
Payment record: Regular
Location: Business area in
Yokohama. Office premises at the
caption address are owned by the parent and maintained satisfactorily.
Bank References
SMBC (Yokohama)
Bank of Tokyo-Mitsubishi UFJ (Yokohama)
Relations: Satisfactory
FINANCES
(In Million Yen)
Full financials unavailable.
AS PER WEBSITE DETAILS
Macnica Networks Corp., a leading distributor and integrator
of computer and communications equipment in Japan.
Macnica Networks Corp. has over 20
years of experience in product localization, sales, and technical support of
computer network equipment. Macnica Networks supplies a full line of leading
network appliances, network software and telecom solutions to its customers,
and consistently brings innovative new products to their portfolio. Macnica
Networks provides a high level of comprehensive technical support and
educational programs to assist their customers with their applications.
About
Macnica Networks Corp
Company Name Macnica
Networks Corp.
Established March 2004
President Kiyoshi Nakashima
Number of
Employees 135 (March 31, 2005)
Handline Product Network
equipment and internet
application
software and related service
Main Banks Sumitomo Mitsui Banking Corpotaion. The Bank of
Tokyo-Mitsubishi,
Ltd
Paid-in capital \300 million
Contact
Macnica Networks Corp.
Corporate Office
Macnica Building No. 2 1-5-5 Shin-Yokohama Kouhoku-ku
Yokohama, 222-8562
TEL +81-45-476-1960
FAX +81-45-476-1970
Email mnc-info@cs.macnica.netJavaScript
Osaka Sales Office
17th floor Nissei Shin-Osaka bldg 3-4-30 Miyahara
Yodogawa-ku Osaka, 532-0003
TEL +81-6-6397-1055
FAX +81-6-6397-1056
RATING
EXPLANATIONS
RATING
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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 |
|
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 |
Unfavourable
& favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |