MIRA
INFORM REPORT
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Report Date : |
06.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
C’S CO LTD |
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Registered Office : |
Olympic Nishikicho Bldg 5F, 2-3-3 Nishikicho Tachikawa
City Tokyo-Metrop 190-0022 |
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Country : |
Japan |
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Date of Incorporation : |
Jul 1993 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Development, Manufactrer of printed boards, PC terminals,
modules & parts |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
YEN 5.1 Millions |
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Status : |
Moderate |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
Name
C’S CO LTD
REGD NAME
KK Shiizu
MAIN OFFICE
Olympic Nishikicho Bldg 5F, 2-3-3 Nishikicho Tachikawa City Tokyo-Metrop 190-0022 JAPAN
Tel : 042-524-6906
Fax : 042-523-3216
URL : http://www.c’s-net.co.jp
E-Mail address : info@c’s-net.co.jp
ACTIVITIES:
Development, mfg of printed boards,
PC terminals, modules & parts
BRANCHES
Kanda (Tokyo)
OVERSEAS
(Subsidiaries) C’s HK Co, Estech Corp
(Korea), China (2)
FACTORY(IES)
(subcontracted)
OFFICERS
SHINGO SAITOH, PRES & CEO Kimiaki Oka, dir
Manabu Aketagawa, dir Kaoru Katoh, dir
Yen Amount : In million Yen, unless otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 1,486 M
PAYMENTS REGULAR CAPITAL Yen 10 M
TREND UP WORTH Yen 45 M
STARTED 1993 EMPLOYES 45
COMMENT
MFR & DEVELOPER OF PC’S &
PERIPHERALS. FINANCIAL SITUATION
CONSIDERED RATHER WEAK BUT GOOD FOR CREDIT ENGAGEMENTS: US$100,000 / 0/A 90
DAYS.
MAX CREDIT LIMIT: YEN 5.1 MILLION, 30 DAYS NORMAL
TERMS. .
HIGHLIGHTS
The subject company was established
jointly by three PC engineers: Shingo Saitoh (circuit & software design
engineer), Kimiaki Oka (circuit engineer) and Manabu Aketagawa (software design
engineer). In Jul 1996, started design and development of printed
circuits. In Mar 2000, started marketing
KIOSK terminals, etc.This is a designer, developer and mfr (subcontracted) of
PC’s & peripherals (terminals, modules & parts, systems &
solutions), other. In Aug 2006, started marketing electronic ad terminals with
telecommunications functions and in Oct started networking business. Also subcontracts development of these
goods. In Apr 2006, went into business
alliance with Data Technology Inc,
developer of electronics measuring instruments, PC software, Tachikawa
City. Also, about 20 business partners
in Japan and about 15 overseas partners in Korea, China, Taiwan, Hong Kong,
Singapore, Malaysia, Canada, Australia, USA, France, Belgium, etc.
FINANCIAL INFORMATIOn
The sales volume for Jun/2006 fiscal
term amounted to Yen 1,486 million, a 102% jump from Yen 735 million in the
previous term. This is attributed to the
said business alliance with Data Technology Inc. Handling items expanded and sales volume increased. The recurring profit was posted at Yen 7
million and the net profit at Yen 5 million, respectively, compared with Yen 8
million recurring profit and Yen 6 million net profit, respectively, a year
ago. Rising costs of development and
operations eroded the profits.
For the current term ending Jun 2007
the net profit is projected at Yen 10 million, on an 8% rise in turnover, to
Yen 1,600 million. The firm targets
sales to leap at least 10%. We have
estimated rather conservatively.
The financial situation is considered
RATHER WEAK but should be good for MODERATE business engagements. Max credit limit is estimated at Yen 5.1
million, on 30 days normal terms. The
proposed amount for 90 days is considered well within the firm’s financial
capacities.
REGISTRATION
Date Registered: Jul 1993
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 800 shares
Issued: 200 shares
Sum: Yen
10 million
Major shareholders (%): Shingo Saitoh
(30), Kimiaki Oka (20), Manabu Aketagawa (20), Kaoru Katoh (15)
No. of shareholders: 7
Nothing detrimental is known as to
the commercial morality of executives.
OPERATION
Activities: Designs, develops and fabricates (subcontracted) PC’s peripherals: PC’s, terminals, modules & parts (monitor adapters), systems & solutions (portal sites, telecommunications networking, etc), others (--100%).
(Business alliance): About 20 domestically, and about 15 overseas in Korea, China, Taiwan, Hong Kong, Singapore, Malaysia, Australia, Canada, USA, France, Belgium, other.
Clients: [Mfrs, wholesalers] Net Index, Weizen Japan, Micronics Japan, Takara Corp, Nakajima All Co, Shinyosha, Ibaraki Fuji, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Yokogawa Mfg, Yashima Denki Co, Wakoh Denshi, Grace Print, Step Co, other. Imports from Korea, China, Taiwan, Hong Kong, Singapore, Malaysia, Australia, Canada, USA, France, Belgium other.
Payment record
Regular
Location: Business area in Tachikawa City, Tokyo-Metrop. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
SMBC (Tachikawa)
Tama Shinkin Bank (Nishikicho)
Relations: Satisfactory
FINANCES: (In Million
Yen)
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Terms Ending: |
30/06/2007 |
30/06/2006 |
30/06/2005 |
30/06/2004 |
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Annual Sales |
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1,600
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1,486
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735 |
856 |
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Recur. Profit |
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7 |
8 |
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Net Profit |
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10 |
5 |
6 |
8 |
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Total Assets |
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884 |
638 |
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Current Assets |
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820 |
560 |
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Current Liabs |
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247 |
162 |
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Net Worth |
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45 |
40 |
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Capital, Paid-Up |
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10 |
10 |
10 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
7.67 |
102.18
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-14.14
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58.52
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Current Ratio |
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.. |
331.98
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345.68
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.. |
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N.Worth Ratio |
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5.09 |
6.27 |
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R.Profit/Sales |
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.. |
0.47 |
1.09 |
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N.Profit/Sales |
0.63 |
0.34 |
0.82 |
0.93 |
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Return On Equity |
.. |
11.11
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15.00
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.. |
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Note: Forecast (or estimated) for the
30/06/2007 fiscal term.
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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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%)