MIRA
INFORM REPORT
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Report Date : |
19.03.2007 |
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 |
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Country : |
Japan |
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Date of Incorporation : |
Mar 2004 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, wholesale of network
appliances, network software, telecom solutions |
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 : |
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
Masahiro Miyabukuro, dir
Tohru Ikeda, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 9,029 M
PAYMENTS REGULAR CAPITAL Yen 300 M
TREND UNDETD WORTH Yen 1,066 M
STARTED 2004 EMPLOYES 150
COMMENT
IMPORTER AND WHOLESALER SPECIALIZING IN NETWORK EQUIPMENT &
INTERNET APPLICATION SOFTWARE, WHOLLY OWNED BY MACNICA INC. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
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, Netherlands, Taiwan, Hong Kong, Singapore, etc.
FINANCIAL INFORMATION
Financials are consolidated by the parent, whose financials are as attached.
The sales volume for Mar/2006 fiscal term amounted to Yen 9,029 million, a 25% rise from Yen 7,250 for the initial accounting term of Mar/2005. Demand for network equipment and software rose sharply. The net profit was posted at Yen 744 million, up from Yen 346 million a year ago. The sales represent 6% of total group sales. The firm booked Yen 24 million net losses for the Mar/2004 term as initial investment and outlays.
.
For the current term ending Mar/2007 the net profit is
projected at Yen 780 million, on a 5% rise in turnover, to Yen 9,500
million. Demand for ASSP (application
specific standard product) for optical communications will grow. The parent projects its sales to grow 6% for
Mar/2007 term.
The financial situation is considered maintained FAIR and good
for ORDINARY business engagements. Max
credit limit is estimated at Yen 327 million, on 30 days normal terms.
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 147,125
million, recurring profit Yen 4,757 million, net profit Yen 2,570 million,
total assets Yen 88,970 million, net worth Yen 52,550 million, employees 974,
pres Haruki Kamiyama.
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports, exports and wholesales network equipment
& internet application soft- ware
& related services of technical support, educational programs to assist
with applica- tions (--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, Hitachi Ltd, Sanyo Electric Ind, Soft Bank, Daiwabo Information System, 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)
MUFG (Yokohama)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
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31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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9,500 |
9,029 |
7,250 |
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Recur.
Profit |
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.. |
.. |
.. |
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Net Profit |
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780 |
744 |
346 |
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Total
Assets |
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N/A |
N/A |
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Net
Worth |
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1,366 |
1,020 |
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Capital,
Paid-Up |
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300 |
300 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.22 |
24.54 |
- - |
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Current Ratio |
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.. |
.. |
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N.Worth Ratio |
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.. |
.. |
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N.Profit/Sales |
8.21 |
8.24 |
4.77 |
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Note: Financials are only partially disclosed as consolidated by
the parent, Macnica Inc, whose consolidated
financials are attached.
The 31/03/2005 fiscal term is the initial accounting term
from the inception.
Forecast figures for the 31/03/2007 fiscal term.
CONSOLIDATED
FINANCIALS OF MACNICA INC (8 FIRMS).
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME STATEMENT |
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Annual Sales |
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147,125 |
119,719 |
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Cost of Sales |
125,663 |
101,116 |
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GROSS PROFIT |
21,462 |
18,603 |
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Selling & Adm Costs |
15,982 |
13,074 |
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OPERATING PROFIT |
5,479 |
5,528 |
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Non-Operating P/L |
-722 |
-1,038 |
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RECURRING PROFIT |
4,757 |
4,490 |
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NET PROFIT |
2,570 |
2,438 |
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BALANCE SHEET |
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Cash |
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11,165 |
11,908 |
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Receivables |
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28,068 |
23,848 |
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Inventory |
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26,740 |
19,236 |
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Securities, Marketable |
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Other Current Assets |
11,783 |
6,939 |
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TOTAL CURRENT ASSETS |
77,756 |
61,931 |
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Property & Equipment |
7,134 |
7,348 |
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Intangibles |
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703 |
793 |
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Investments, Other Fixed Assets |
3,377 |
3,350 |
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TOTAL ASSETS |
88,970 |
73,422 |
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Payables |
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22,234 |
13,473 |
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Short-Term Bank Loans |
3,025 |
2,177 |
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Other Current Liabs |
4,906 |
3,773 |
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TOTAL CURRENT LIABS |
30,165 |
19,423 |
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Debentures |
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Long-Term Bank Loans |
3,687 |
112 |
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Reserve for Retirement Allw |
1,630 |
1,439 |
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Other Debts |
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938 |
1,286 |
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TOTAL LIABILITIES |
36,420 |
22,260 |
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MINORITY INTERESTS |
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Common
stock |
11,194 |
11,194 |
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Additional
paid-in capital |
19,476 |
19,476 |
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Retained
earnings |
22,784 |
20,761 |
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Evaluation
p/l on investments/securities |
108 |
125 |
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Others |
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74 |
(60) |
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Treasury
stock, at cost |
(1,086) |
(335) |
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TOTAL S/HOLDERS` EQUITY |
52,550 |
51,161 |
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TOTAL EQUITIES |
88,970 |
73,422 |
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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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-3,149 |
2,443 |
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Cash
Flows from Investment Activities |
-20 |
-712 |
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Cash
Flows from Financing Activities |
3,125 |
-4,861 |
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Cash,
Bank Deposits at the Term End |
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11,165 |
11,074 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
52,550 |
51,161 |
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Current
Ratio (%) |
257.77 |
318.85 |
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Net
Worth Ratio (%) |
59.06 |
69.68 |
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Recurring
Profit Ratio (%) |
3.23 |
3.75 |
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Net
Profit Ratio (%) |
1.75 |
2.04 |
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Return
On Equity (%) |
4.89 |
4.77 |
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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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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%)