MIRA INFORM REPORT

 

 

Report Date :

09.09.2014              

 

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) :

31.03.2014

 

 

Date of Incorporation :

October 1992

 

 

Com. Reg. No.:

0114-01-013506

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Data storage systems development

 

 

No. of Employees :

12

 

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 :

Slow but correct

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose 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

Shiketsu Shu, dir          

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        R/WEAK                       A/SALES          Yen 289 M

PAYMENTSslow but correct       CAPITAL           Yen 153 M

TREND UP                                WORTH            Yen 126 M

STARTED         1992                             EMPLOYES      12

 

COMMENT    

 

DATA STORAGE SYSTEMS DEVELOPER.

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

                       

RECOMMEND SECURED TERMS ON NEW TRANSACTIONS.  NET WORTH

IS AT YEN 126 MILLION VERSUS PAID-UP CAPITAL YEN 153 MILLION.

 

 

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 Taiwan companies.  Domestic clients include major electronics companies, data solutions firms, other, nationwide.

 

 

FINANCIAL INFORMATION

           

            The sales volume for Mar/2014 fiscal term amounted to Yen 289 million, a 1% up from Yen 286 million in the previous term.  The operations came back to profitability to post Yen 4 million recurring profit and Yen 1 million net profit, respectively, compared with Yen 4 million recurring loss and Yen 5 million net losses, respectively, a year ago.

 

            For the current term ending Mar 2015 the recurring profit is projected at Yen 5 million and the net profit at Yen 2 million, respective, on a 4% 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 126 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), Nippon Cloud Co (5), Yutron Co (3)  

No. of shareholders: 13

           

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, Otsuka Corp, UNIADEX Ltd, other 

No. of accounts: 300

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Servants International, INFORTREND, MITAC, T-Win, NEXENTA, Dell, Quanta, Shuttle Eight, 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

 

 

FINANCES

 

(In Million Yen)

       Terms Ending:

31/03/2015

31/03/2014

31/03/2013

31/03/2012

Annual Sales

　

300

289

286

356

Recur. Profit

　

5

4

-4

38

Net Profit

　

2

1

-5

78

Total Assets

　

　

512

480

462

Current Assets

　

　

324

320

312

Current Liabs

　

　

122

91

61

Net Worth

　

　

126

125

130

Capital, Paid-Up

　

　

153

153

153

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

　

(%)

(%)

(%)

(%)

    S.Growth Rate

　

3.81

1.05

-19.66

4.09

    Current Ratio

　

..

265.57

351.65

511.48

    N.Worth Ratio

　

..

24.61

26.04

28.14

    R.Profit/Sales

　

1.67

1.38

-1.40

10.67

    N.Profit/Sales

　

0.67

0.35

-1.75

21.91

 

Notes: Forecast (or estimated) figures for the 31/03/2015 fiscal term.

 

           

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.26

UK Pound

1

Rs.97.51

Euro

1

Rs.77.94

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

PDT

 

               

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.