MIRA
INFORM REPORT
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Report Date : |
29.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
INFOSEC CORPORATION |
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Registered Office : |
Ebisu Tokyu Bldg 1F, 1-18-18 Ebisu Shibuyaku Tokyo 150-0013 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Jul 2001 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Internet security service provider |
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 39 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
INFOSEC CORPORATION
REGD NAME
KK Infosec
MAIN OFFICE
Ebisu Tokyu Bldg 1F, 1-18-18 Ebisu Shibuyaku Tokyo 150-0013 JAPAN
Tel : 03-5423-8250
Fax : 03-5423-8251
URL : http://www.infosec.co.jp
E-mail :
information@infosec.co.jp
ACTIVITIES
Internet security service provider
BRANCHES
Nil
OFFICERS
MAKOTO HAYASHI, PRS Koichi
Inoue, dir
Gosuke Inoue, dir Motohiko
Nakagahara, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,395 M
PAYMENTS REGULAR CAPITAL Yen 300 M
TREND STEADY WORTH Yen 361 M
STARTED 2001 EMPLOYES 65
COMMENT
INTERNET SECURITY SERVICE PROVIDER, WHOLLY OWNED BY MITSUBISHI
CORP. FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 39.0 MILLION, 30 DAYS NORMAL
TERMS.
HIGHLIGHTS
The subject company was established originally in 1997 when
Mitsubishi Corp obtained agency agreement from Science Applications
International Corp (SAIC), USA, which operations followed by setting up Global
Integrity Japan in 1998. In July 2001,
the subject firm was founded in order to succeed business operations of the
Global Integrity Japan. The subject is
a specialized provider of Internet security and management services. Wholly owned by Mitsubishi Corp (See
REGISTRATION). Makoto Hayashi assumed
the post of pres in Apr 2006. Clients
include electric powers, financial institutions, telecommunications firms,
governments, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 1,395 million, a 3% down from Yen 1,435 million in the previous term. The operations continued in the deficit to register Yen 91 million net loss, the loss amount widening from Yen 19 million net losses the previous term. This is referred to hefty investments, according to the firm.
For the current term ending Mar 2008 the operations are
expected to come back to profitability but still remain at a minimum amount
post-taxes, on a similar turnover, at Yen 1,400 million.
The financial situation is considered maintained FAIR and good
for ORDINARY business engagements. Max
credit limit is estimated at Yen 39 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jul
2001
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 24,000
shares
Issued: 6,000
shares
Sum: Yen
300 million*
* Capital decreased in Apr 2006 from Yen 400 million
Major shareholders (%): Mitsubishi Corp*(100)
*.. Largest trading house & core of Mitsubishi group firms,
Tokyo, founded 1950, listed Tokyo, Osaka, Nagoya, London S/E’s, capital Yen
199,228 million, sales Yen 20,516,264 million, operating profit Yen 412,130
million, recurring profit Yen 595,542 million, net profit Yen 415,895 million,
total assets Yen 11,485,664 million, net worth Yen 2,950,931 million, employees
55,867, pres Yorihiko Kojima
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Internet security service provider: Internet & information
security consulting services, Internet fragility diagnosis services, Internet
security monitoring services, others (--100%).
Clients: [Business firms, electric powers, governments] Mitsubishi Corp & group firms, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Internet security service providers] Science
Applications International Corp (SAIC), Symantec Corporation, KK Symantec,
Little Earth Corp, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
MUFG (H/O)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual Sales |
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1,400 |
1,395 |
1,435 |
392 |
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Recur. Profit |
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-87 |
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Net Profit |
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0 |
-91 |
-19 |
21 |
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Total Assets |
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755 |
579 |
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Current Assets |
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656 |
470 |
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Current Liabs |
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285 |
1,099 |
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Net Worth |
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361 |
-756 |
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Capital, Paid-Up |
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300 |
400 |
400 |
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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 |
0.36 |
-2.79 |
-8.40 |
30.80 |
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Current Ratio |
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.. |
230.18 |
42.77 |
.. |
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N.Worth Ratio |
.. |
47.81 |
-130.57 |
.. |
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R.Profit/Sales |
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-6.24 |
.. |
.. |
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N.Profit/Sales |
0.00 |
-6.52 |
-1.32 |
5.36 |
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Return On Equity |
.. |
-25.21 |
.. |
.. |
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Notes: The 31/03/2005 fiscal term was for irregular 3 months due to change in accounting term to Apr/Mar from previous Jan/Dec. The growth rates are adjusted on a 12-month basis.
Forecast (or estimated) for the 31/03/2008 fiscal term.
SUPPLEMENTS
Consolidated Financials of the parent, Mitsubishi Corp
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FINANCES: (Consolidated in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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20,516,264 |
19,067,153 |
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Cost of Sales |
19,368,163 |
18,015,672 |
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GROSS PROFIT |
1,148,101 |
1,051,481 |
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Selling & Adm Costs |
735,971 |
701,641 |
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OPERATING PROFIT |
412,130 |
349,840 |
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Non-Operating P/L |
183,412 |
128,543 |
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RECURRING PROFIT |
595,542 |
478,383 |
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NET PROFIT |
415,895 |
350,045 |
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BALANCE SHEET |
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Cash |
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754,776 |
646,317 |
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Receivables |
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3,626,885 |
3,298,879 |
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Inventory |
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913,383 |
840,874 |
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Securities, Marketable |
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Other Current Assets |
576,775 |
597,450 |
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TOTAL CURRENT ASSETS |
5,871,819 |
5,383,520 |
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Property & Equipment |
1,380,203 |
1,327,272 |
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Intangibles |
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66,083 |
67,460 |
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Investments, Other Fixed Assets |
4,167,559 |
3,632,989 |
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TOTAL ASSETS |
11,485,664 |
10,411,241 |
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Payables |
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2,840,549 |
2,561,402 |
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Short-Term Bank Loans |
612,573 |
626,155 |
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Other Current Liabs |
1,063,593 |
953,863 |
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TOTAL CURRENT LIABS |
4,516,715 |
4,141,420 |
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Debentures |
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Long-Term Bank Loans |
2,865,008 |
2,877,149 |
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Reserve for Retirement Allw |
46,599 |
40,121 |
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Other Debts |
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789,340 |
705,595 |
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TOTAL LIABILITIES |
8,217,662 |
7,764,285 |
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MINORITY INTERESTS |
317,071 |
267,692 |
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Common stock |
199,228 |
197,818 |
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Additional paid-in capital |
254,376 |
251,598 |
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Retained earnings |
1,870,990 |
1,487,707 |
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Evaluation p/l on
investments/securities |
627,523 |
544,328 |
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Others |
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200 |
(101,070) |
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Treasury stock, at cost |
(1,386) |
(1,117) |
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TOTAL S/HOLDERS` EQUITY |
2,950,931 |
2,379,264 |
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TOTAL EQUITIES |
11,485,664 |
10,411,241 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash Flows from Operating Activities |
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460,779 |
336,316 |
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Cash Flows from Investment
Activities |
-281,640 |
-94,471 |
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Cash Flows from Financing Activities |
-139,242 |
-187,918 |
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Cash, Bank Deposits at the Term End |
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754,776 |
646,317 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
2,950,931 |
2,379,264 |
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Current Ratio (%) |
130.00 |
129.99 |
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Net Worth Ratio (%) |
25.69 |
22.85 |
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Recurring Profit Ratio (%) |
2.90 |
2.51 |
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Net Profit Ratio (%) |
2.03 |
1.84 |
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Return On Equity (%) |
14.09 |
14.71 |
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. |
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%)