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Report Date : |
18.09.2013 |
IDENTIFICATION DETAILS
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Name : |
CORE MICRO SYSTEMS INC |
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Registered Office : |
Wacoal Kanamemachi Bldg 9F, 11-2 Nakamarucho Itabashiku Tokyo 173-0026 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
October 1992 |
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Com. Reg. No.: |
0114-01-013506
(Tokyo-Itabashiku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Data storage systems development |
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No. of Employees : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 small agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. While self-sufficient in rice production, Japan imports about 60%
of its food on a caloric basis. 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. Modest economic
growth continued after 2000, but the economy has fallen into recession three
times since 2008. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan 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 and the
ensuing tsunami in March disrupted manufacturing. The economy has largely
recovered in the two years since the disaster, but reconstruction in the Tohoku
region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared
the economy his government's top priority; he has pledged to reconsider his
predecessor's plan to permanently close nuclear power plants and is pursuing an
economic revitalization agenda of fiscal stimulus and regulatory reform and has
said he will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 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 2012. The new government will continue a longstanding debate 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 |
CORE MICRO SYSTEMS INC
Core Micro Systems
KK
Wacoal Kanamemachi
Bldg 9F, 11-2 Nakamarucho Itabashiku Tokyo 173-0026 JAPAN
Tel:
03-5917-6451 Fax: 03-5917-6452
E-Mail address: (thru the URL)
Data
storage systems development
Nil
SHOZO
TAKAHASHI, PRES
Mitsuo
Asai, dir
Hiroshi
Kitayama, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES R/WEAK A/SALES Yen 286 M
PAYMENTS Slow but Correct CAPITAL Yen
153 M
TREND SLOW WORTH Yen
125 M
STARTED 1992 EMPLOYES 12
DATA STORAGE SYSTEMS DEVELOPER.
FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
Net Worth is at Yen 125 million versus the
paid-in Capital at Yen 153 million.
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.
The sales volume for Mar/2013 fiscal term amounted to Yen 286 million, a
20% down from Yen 356 million in the previous term. Some orders were cancelled or postponed
delivery into 2013 term. The operations
plunged into the red to post Yen 4 million recurring loss and Yen 5 million net
losses, respectively, compared with Yen 38 million recurring profit and Yen 78
million net profit, respectively, a year ago.
For the current term ending Mar 2014 the recurring profit is projected
at Yen 30 million and the net profit at Yen 20 million, respective, on a 5%
rise in turnover, to Yen 300 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 125 million versus the
paid-in Capital at Yen 153 million.
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.
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, NS
Solutions Corp, other
No. of
accounts: 300
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs, wholesalers] Servants
International, INFORTREND, MITAC, T-Win, NEXENTA, other.
Payment record: Slow
but Correct
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
SMBC
(Hamamatsucho)
MUFG
(Gotanda)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
300 |
286 |
356 |
342 |
|
Recur.
Profit |
|
30 |
-4 |
38 |
54 |
|
Net
Profit |
|
20 |
-5 |
78 |
17 |
|
Total
Assets |
|
|
480 |
462 |
488 |
|
Current
Assets |
|
|
320 |
312 |
335 |
|
Current
Liabs |
|
|
91 |
61 |
240 |
|
Net
Worth |
|
|
125 |
130 |
52 |
|
Capital,
Paid-Up |
|
|
153 |
153 |
153 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.90 |
-19.66 |
4.09 |
40.74 |
|
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Current Ratio |
|
.. |
351.65 |
511.48 |
139.58 |
|
N.Worth Ratio |
.. |
26.04 |
28.14 |
10.66 |
|
|
R.Profit/Sales |
|
10.00 |
-1.40 |
10.67 |
15.79 |
|
N.Profit/Sales |
6.67 |
-1.75 |
21.91 |
4.97 |
|
Notes: Forecast (or estimated) figures for the 31/03/2014
fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.38 |
|
UK Pound |
1 |
Rs.100.86 |
|
Euro |
1 |
Rs.84.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.