MIRA INFORM REPORT

 

 

Report Date :

21.09.2012

 

IDENTIFICATION DETAILS

 

Name :

CORE MICRO SYSTEMS INC

 

 

 

 

Registered Office :

Wacoal Kanamemachi Bldg 9F, 11-2 Nakamarucho Itabashiku Tokyo 173-0026

 

 

 

 

Country :

Japan

 

 

 

 

Financials (as on) :

31.03.2012

 

 

 

 

Date of Incorporation :

October 1992

 

 

 

 

Com. Reg. No.:

0114-01-013506 (Tokyo-Itabashiku)

 

 

 

 

Legal Form :

Limited Company

 

 

 

 

Line of Business :

Data storage systems development

 

 

 

 

No. of Employees :

18

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

JAPAN - ECONOMIC OVERVIEW

 

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.

Source : CIA

Company name and address

 

CORE MICRO SYSTEMS INC

REGD NAME:    Core Micro Systems KK

MAIN OFFICE:  Wacoal Kanamemachi Bldg 9F, 11-2 Nakamarucho Itabashiku Tokyo 173-0026

JAPAN

    Tel: 03-5917-6451      Fax: 03-5917-6452

                                   

URL:                 http://www.cmsinc.co.jp

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Data storage systems development

 

BRANCHES   

 

Nil

 

 

OFFICERS

 

SHOZO TAKAHASHI, PRES

Mitsuo Asai, dir

Hiroshi Kitayama, dir     

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        R/WEAK                                   A/SALES          Yen 356 M

PAYMENTS      NO COMPLAINTS                      CAPITAL           Yen 153 M

TREND SLOW                                      WORTH            Yen 130 M

STARTED         1992                                         EMPLOYES      18

 

 

COMMENT

 

DATA STORAGE SYSTEMS DEVELOPER.

FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.

           

HIGHLIGHTS

           

            The subject company was established by Shozo Takahashi in order to make most of his experience in the subject line of business.  This is a data storage systems developer (See OPERATION).  Has many business tie-ups with US and Taiwanese companies.  Domestic clients include major electronics companies, data solutions firms, other, nationwide.

 

 

FINANCIAL INFORMATION

           

            Financial were only partially disclosed until Mar/2011 fiscal term when financials are disclosed in digest forms.

 

The sales volume for Mar/2012 fiscal term amounted to Yen 356 million, a 4% up from Yen 342 million in the previous term.  Demand rose.  Imports increased.  The recurring profit was posted at Yen 38 million and the net profit at Yen 78 million, respectively, compared with Yen 54 million recurring profit and Yen 17 million net profits, respectively, a year ago.  The profits for the term include gains from forgiveness of debts0 million net losses, which were accumulated at Yen 60 million.

 

            For the current term ending Mar 2013 the recurring profit is projected at Yen 40 million and the net profit at Yen 30 million, respective, on a 4% rise in turnover, to Yen 370 million. 

 

The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements. 

 

We strongly recommend fully secured terms on new transactions.  Net Worth is at Yen 130 million versus the paid-in Capital at Yen 153 million.

 

 

REGISTRATION

 

Date Registered:  Oct 1992

Regd No.:         0114-01-013506 (Tokyo-Itabashiku)

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         12,000 shares

Issued:                3,060 shares

Sum:                   Yen 153 million

     Major shareholders (%): Shozo Takahashi (59), Masamichi Fukushima (4), Yutron Co Ltd (3)

     No. of shareholders: Unavailable

 

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

 

 

OPERATION

 

Activities: Data storage systems development (100%)

 

(Data Storage): Super storage (Solid STOR, super RAID II, super SSD, super CACHE); Unified storage (prime STOR ZES, Prime GATE ZFS): Backup Storage (PC SAFE, Data SAFE); Windows NAS Storage (Net filer series, net clu STOR)

 

Clients: [Mfrs, wholesalers] NTT Data Corp, Mitsubishi Electric, Mitsui Knowledge Ind, Honda R&D Co, NS Solutions Corp, Canon Inc, Quality Soft Corp, Sony PCL, other

No. of accounts: 300

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Servants International, INFORTREND, MITAC, T-Win, NEXENTA, other.

 

Payment record: No Complaints

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

Bank References:

SMBC (Hamamatsucho)

MUFG (Gotanda)

Relations: Satisfactory

 

 

FINANCES

 (In Million Yen)

 

       Terms Ending:

31/03/2013

31/03/2012

31/03/2011

31/03/2010

Annual Sales

　

370

356

342

243

Recur. Profit

　

40

38

54

　

Net Profit

　

30

78

17

-10

Total Assets

　

　

462

488

　

Current Assets

　

　

312

335

　

Current Liabs

　

　

61

240

　

Net Worth

　

　

130

52

　

Capital, Paid-Up

　

　

153

153

153

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

3.93

4.09

40.74

-39.40

    Current Ratio

 

..

511.48

139.58

..

    N.Worth Ratio

..

28.14

10.66

..

    R.Profit/Sales

 

10.81

10.67

15.79

..

    N.Profit/Sales

8.11

21.91

4.97

-4.12

 

Notes: Financials are disclosed for the first time in digest forms for 31/03/2011 fiscal term.  Until then they were only partially disclosed, only sales amount and profit/loss figures.

Forecast (or estimated) figures for the 31/03/2013 fiscal term.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.34

UK Pound

1

Rs.87.91

Euro

1

Rs.70.57

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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

--

NB

New Business

 

--

 

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%)

 

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