MIRA INFORM REPORT

 

 

Report Date :

20.01.2011

 

IDENTIFICATION DETAILS

 

Name :

MOUSE COMPUTER CO LTD 

 

 

Registered Office :

CS Tower 9F, 6-20-8 Asakusabashi Taitoku Tokyo 111-0053

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

October 2006

 

 

Com. Reg. No.:

(Tokyo-Taitoku) 029279　          

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Wholesale, retail of PC’s & peripherals

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 437.4 Million

Status :

Satisfactory

Payment Behaviour :

Regular

Litigation :

-----

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

MOUSE COMPUTER CO LTD

 

 

REGD NAME 

 

KK Mouse Computer

 

 

MAIN OFFICE

 

CS Tower 9F, 6-20-8 Asakusabashi Taitoku Tokyo 111-0053JAPAN

Tel: 03-6739-3811     Fax: 03-6739-3821

 

* Moved to the caption address in Mar 2009 from the former at: 6-14-7 Soto-Kanda Chiyodaku, Tokyo, as given

 

URL:                 www.mouse-jp.co.jp   

E-mail:             info@mouse-jp.co.jp        

 

 

ACTIVITIES  

 

Wholesale, retail of PC’s & peripherals

 

 

SHOPS    

 

Tokyo (2), Kasukabe, Sendai, Shizuoka, Hidaka, Mobara, Osaka, Fukuoka

 

 

FACTORIES  

 

(subcontracted)

 

 

OFFICER(S)  

 

HISATO KOMATSU, PRES       

Takeshi Asagai, dir

 

Yen Amount:     In million Yen, unless otherwise stated

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 17,315 M

PAYMENTS                  REGULAR         CAPITAL           Yen 100 M

TREND             STEADY           WORTH            Yen 2,756 M

STARTED                     2006                 EMPLOYES      164

 

COMMENT    

 

WHOLESALER OF PC’S AND PERIPHERALS, OWNED BY MCJ CO LTD 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$800,000 / O/A 45 DAYS

 

MAX CREDIT LIMIT: YEN 437.4 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established on the basis of a PC division separated from MCJ Co Ltd, mfr of PCs & peripherals, at the caption address (See REGISTRATIN).  This is a trading firm with mfg division for import & wholesale of PC’s & peripherals.  Operates 8 retail stores nationwide. 

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2010 fiscal term amounted to Yen 17,315 million, a 4% up from Yen 16,672 million in the previous term.  This is thanks to the new store opened during the term and contribution from a newly merged sister company, iriver Co Ltd, in Jul/2010.  The net profit was posted at Yen 299 million, compared with Yen 671 million recurring profit and Yen 363 million net profit, respectively, a year ago.

 

For the current term ending Mar 2011 the net profit is projected at Yen 300 million, on a 4% rise in turnover, to Yen 18,000 million. 

           

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 437.4 million, on 30 days normal terms.  The proposed amount for 45 days is considered well within the firm’s financial capacities.

 

REGISTRATION

 

Date Registered:          Oct 2006

Regd No.:                                 (Tokyo-Taitoku) 029279

Legal Status:   　         Limited Company (Kabushiki Kaisha)

Authorized:                  8,000 shares

Issued:                         2,000 shares

Sum:                　         Yen 100 million

Major shareholders (%): MCJ Co Ltd* (100)

 

* Mfr of PC’s thru BTO (built-to-order) system, at the caption address, founded 2000, listed Mothers (Tokyo), capital Yen 3,785 million, sales Yen 83,478 million, operating profit Yen 1,393 million, recurring profit Yen 1,696 million, net profit Yen 634 million, total assets Yen 35,798 million, net worth Yen 13,975 million, employees 952, pres Yuji Takashima

 

Consolidated Financials are attached 8See SUPPLEMENTS)

           

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Wholesales & retails PC’s & peripherals (--100%)

 

Clients: Consumers, business firms, chain stores, other

            No. of accounts: Unavailable

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Microsoft Corp, Intel, AMD, Synnex Co, Transcend Corp, Clevo Co, MSI, 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

(In Million Yen)

 

       Terms Ending:

31/03/2011

31/03/2010

31/03/2009

31/03/2008

Annual Sales

　

18,000

17,315

16,672

17,186

Recur. Profit

　

　

　

671

884

Net Profit

　

300

299

363

504

Total Assets

　

　

6,616

7,425

4,429

Current Assets

　

　

6,333

7,140

4,371

Current Liabs

　

　

3,840

4,014

2,258

Net Worth

　

　

2,756

3,398

2,170

Capital, Paid-Up

　

　

100

100

100

Div.Paid (Million Yen)

　

　

270

145

200

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

3.96

3.86

-2.99

138.40

    Current Ratio

 

..

164.92

177.88

193.58

    N.Worth Ratio

..

41.66

45.76

49.00

    R.Profit/Sales

 

..

..

4.02

5.14

    N.Profit/Sales

1.67

1.73

2.18

2.93

    Return On Equity

..

10.85

10.68

23.23

Notes: Forecast (or estimated) figures for the 31/03/2011 fiscal term.

 

SUPPLEMENTS

 

CONSOLIKDATED FINANCIALS OF THE PARENT, MCJ CO LTD

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2010

31/03/2009

INCOME STATEMENT

 

 

 

  Annual Sales

　

83,478

94,427

 

  Cost of Sales

69,363

78,873

 

      GROSS PROFIT

14,115

15,553

 

  Selling & Adm Costs

12,721

14,415

 

      OPERATING PROFIT

1,394

1,138

 

  Non-Operating P/L

302

175

 

      RECURRING PROFIT

1,696

1,313

　

      NET PROFIT

634

-3,694

BALANCE SHEET

 

 

 

 

  Cash

　

11,941

12,141

 

  Receivables

 

8,611

8,623

 

  Inventory

 

8,720

10,519

 

  Securities, Marketable

　

　

 

  Other Current Assets

1,849

2,465

 

      TOTAL CURRENT ASSETS

31,121

33,748

 

  Property & Equipment

2,338

2,484

 

  Intangibles

 

1,790

1,894

 

  Investments, Other Fixed Assets

1,864

2,144

 

      TOTAL ASSETS

37,113

40,270

 

  Payables

 

5,571

5,483

 

  Short-Term Bank Loans

9,429

10,997

 

　

 

　

　

 

  Other Current Liabs

3,464

3,902

 

      TOTAL CURRENT LIABS

18,464

20,382

 

  Debentures

 

249

　

 

  Long-Term Bank Loans

3,398

4,667

 

  Reserve for Retirement Allw

536

476

 

  Other Debts

　

150

685

 

      TOTAL LIABILITIES

22,797

26,210

 

      MINORITY INTERESTS

 

 

 

Common stock

3,777

3,775

 

Additional paid-in capital

8,263

9,540

 

Retained earnings

2,546

633

 

Evaluation p/l on investments/securities

(5)

(40)

 

Others

 

93

510

 

Treasury stock, at cost

(359)

(359)

 

      TOTAL S/HOLDERS` EQUITY

14,315

14,059

　

      TOTAL EQUITIES

37,113

40,270

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2010

31/03/2009

 

Cash Flows from Operating Activities

　

3,443

3,237

 

Cash Flows from Investment Activities

-526

-517

 

Cash Flows from Financing Activities

-2,949

787

　

Cash, Bank Deposits at the Term End

　

11,763

11,830

ANALYTICAL RATIOS            Terms ending:

31/03/2010

31/03/2009

 

 

Net Worth (S/Holders' Equity)

14,315

14,059

 

 

Current Ratio (%)

168.55

165.58

 

 

Net Worth Ratio (%)

38.57

34.91

 

 

Recurring Profit Ratio (%)

2.03

1.39

 

 

Net Profit Ratio (%)

0.76

-3.91

 

 

Return On Equity (%)

4.43

-26.27

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.38

UK Pound

1

Rs.72.71

Euro

1

Rs.61.15

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

 

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%)

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.