MIRA
INFORM REPORT
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Report Date : |
4th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
MCJ
COMPANY LIMITED |
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Registered Office : |
1-1-16 Kanda-Izumicho Chiyodaku Tokyo 101-0024
JAPAN |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
September,
2000 |
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Legal Form : |
Limited
Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing
of PC’s & peripherals |
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 1,118.7 MILLION |
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Status : |
Fair |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Company name
MCJ CO LTD
REGD NAME
KK M.C.J.
MAIN OFFICE
1-1-16 Kanda-Izumicho
Chiyodaku Tokyo 101-0024 JAPAN
Tel : 033851-3803
Fax : 03-3851-3819
*.. Registered at:
1-14-11 Sugito Sugitocho Kita-Katsushikagun Saitama-Pref
URL : http://www.mcj.jp/
E-Mail
address : info@mcj.jp
ACTIVITIES
Mfg of
PC’s & peripherals
BRANCHES
Saitama,
Osaka, Fukuoka
FACTORY(IES)
Saitama
(subsidiary factory)
CHIEF EXEC
TAKESHI
ASAGAI, PRES
Yen Amount
In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 35,602 M
PAYMENTS REGULAR CAPITAL Yen 3,775 M
TREND STEADY WORTH Yen
12,699 M
STARTED 2000 EMPLOYES 439
COMMENT
MFR
SPECIALIZING IN PC’S & PERIPHERALS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS:
US$1,000,000 / O/A 30 DAYS.
MAX
CREDIT LIMIT: YEN 1,118.7 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated)
figures for 31/03/2007 fiscal term
HIGHLIGHTS
The subject company was established on
the basis of the mfg & sales divisions separated from Mouse Computer Japan
Co Ltd, as YK MCJ. Incorporated in Sept
2000 and renamed as captioned. Specializing in mfg PC’s, their parts &
peripherals. Mfg is based on made-to-order basis, thus maintaining low
inventories. Sales to mass discount
stores account for about 40% of entire sales.
Has grown into a comprehensive PC hardware solution company by merging
several companies under its consolidated subsidiaries, including PC monitor
& display mfr, KK Iiyama, which has mfg base in Netherlands, Iiyama Benelux
BV. As recent as in Oct 2006, separated
the PC mfg and sales division and set up wholly owned subsidiary, Mouse
Computer Co Ltd, at the caption address. By this arrangement the subject is now
categorized as holding and managing company of the whole group firms.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 35,602 million, a sharp 230.9% leap from Yen 10,759 million in the previous term. The sharp rise in sales owes much to the merger of 4 companies under its control. As a result, the recurring profit was posted at Yen 1,105 and the net profit at Yen 574 million, respectively, compared with Yen 618 million recurring profit and Yen 332 million net profit, respectively, a year ago.
For the current term ending Mar 2007
the recurring profit is projected at Yen 2,040 million and the net profit at
Yen 1,040 million, respectively, on a 72.2% rise in turnover, to Yen 61,300
million. The merged subsidiaries will
fully contribute to the sales growth.
The financial situation is considered
FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,118.7 million, on 30 days
normal terms. The proposed amount is considered well within the firm’s
financial capabilities.
REGISTRATION
Date
Registered : Sept 2000
Legal
Status : Limited Company
(Kabushiki Kaisha)
Authorized : 1,513,716 shares
Issued : 452,875 shares
Sum : Yen 3,775 million
Major shareholders (%)
Yuji
Takashima (38.3), Master Trust Bank of Japan, T (4.7), Hideaki Makiya (3.7),
BNP Baribas London Jas. UK R (2.5), Bank of New York GCM Client EISG (2.2),
Japan Securities Finance (2.0), Nikko City Trust (1.8), Credit Swiss First
Boston Securities Japan (1.4), Takeshi
Asagai (1.0), Reiko Makiya (0.9)
No. of shareholders
9,557
Listed
on the S/Exchange (s) of: Mothers
Managements
Yuji
Takashima, ch; Takeshi Asagai, pres; Mitsunori Ohno, dir; Takanori Shiina, dir Nothing detrimental is known as
to the commercial morality of executives.
Related companies
Synnex
Corp, Shuwa System, Iiyama, other (Tot 11 as of 03/06)
OPERATION
Activities:
Mfg of PC’s and peripherals, based on made-to-order production (--100%).
Clients
[Mfrs,
chain stores, wholesalers] PC Depot, Yamada Denki, Sofmap, Laox, NTT Neomate, Crayfish, Kaga Electronics, other.
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
[Mfrs,
wholesalers] Okaya Electronics, Hynju, Clevo, Shuttle Computer, Micro- soft, MSL, other.
Payment record
Regular
Location
Business
area in Tokyo. Office premises at the
caption address are leased and maintained satisfactorily.
Bank References
Saitama
Resona Bank (Kasukabe)
SMBC
(Kasukabe)
Relations:
Satisfactory
FINANCES
(Consolidated in million yen)
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INCOME STATEMENT |
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Annual Sales |
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35,602 |
10,759 |
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Cost of Sales |
31,399 |
8,888 |
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GROSS PROFIT |
4,202 |
1,871 |
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Selling & Adm Costs |
3,078 |
1,185 |
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OPERATING PROFIT |
1,124 |
686 |
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Non-Operating P/L |
-19 |
-68 |
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RECURRING PROFIT |
1,105 |
618 |
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NET PROFIT |
574 |
332 |
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BALANCE SHEET |
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Cash |
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8,452 |
4,887 |
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Receivables |
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6,258 |
929 |
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Inventory |
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6,110 |
874 |
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Securities, Marketable |
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Other Current Assets |
1,807 |
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TOTAL CURRENT ASSETS |
22,627 |
6,860 |
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Property & Equipment |
336 |
26 |
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Intangibles |
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4,575 |
17 |
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Investments, Other Fixed Assets |
2,163 |
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TOTAL ASSETS |
29,701 |
6,963 |
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Payables |
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3,875 |
1,124 |
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Short-Term Bank Loans |
7,700 |
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Other Current Liabs |
2,474 |
530 |
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TOTAL CURRENT LIABS |
14,049 |
1,654 |
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Debentures |
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320 |
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Long-Term Bank Loans |
1,202 |
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Reserve for Retirement Allw |
56 |
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Other Debts |
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198 |
0 |
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TOTAL LIABILITIES |
15,825 |
1,654 |
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MINORITY INTERESTS |
1,176 |
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Common stock |
3,775 |
2,044 |
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Additional paid-in capital |
7,095 |
2,241 |
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Retained earnings |
1,596 |
1,022 |
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Evaluation p/l on investments/securities |
232 |
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Others |
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2 |
1 |
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Treasury stock, at cost |
(1) |
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TOTAL S/HOLDERS` EQUITY |
12,699 |
5,308 |
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TOTAL EQUITIES |
29,701 |
6,963 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2006 |
31/03/2005 |
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Cash Flows from Operating Activities |
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-395 |
-170 |
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Cash Flows from Investment Activities |
-5,009 |
-43 |
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Cash Flows from Financing Activities |
8,642 |
3,872 |
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Cash, Bank Deposits at the Term End |
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8,152 |
4,887 |
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ANALYTICAL RATIOS
Terms ending: |
31/03/2006 |
31/03/2005 |
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Net Worth (S/Holders' Equity) |
12,699 |
5,308 |
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Current Ratio (%) |
161.06 |
414.75 |
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Net Worth Ratio (%) |
42.76 |
76.23 |
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Recurring Profit Ratio (%) |
3.10 |
5.74 |
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Net Profit Ratio (%) |
1.61 |
3.09 |
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Return On Equity (%) |
4.52 |
6.25 |
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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 |
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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