|
|
|
MIRA INFORM REPORT
|
Report No. : |
496518 |
|
Report Date : |
08.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
COMTURE CORPORATION |
|
|
|
|
Registered Office : |
Gate City Osaki East Tower 8f, 1-11-2 Osaki Shinagawaku Tokyo 141-0032 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
January 1985 |
|
|
|
|
Com. Reg. No.: |
0107-01-015193 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Systems construction company; solution services-related, products
sales-related, network services-related |
|
|
|
|
No. of Employees : |
633 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
Yen 547.2 Million |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
JAPAN - ECONOMIC OVERVIEW
Over the past 70 years, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (slightly less than 1% of GDP) have helped Japan develop an advanced economy. Two notable characteristics of the post-World War II 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 have significantly eroded under the dual pressures of global competition and domestic demographic change.
Measured on a purchasing power parity basis that adjusts for price differences, Japan in 2017 stood as the fourth-largest economy in the world after first-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. For three postwar decades, overall real economic growth was impressive - a 10% average in the 1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the aftereffects of inefficient investment and the collapse of an asset price bubble in the late 1980s, which entailed considerable time for firms to reduce excess debt, capital, and labor. Modest economic growth continued after 2000, but the economy has fallen into recession four times since 2008.
Japan enjoyed an uptick in growth in 2013 on the basis of Prime Minister Shinzo ABE’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Led by the Bank of Japan’s aggressive monetary easing, Japan is making modest progress in ending deflation, but demographic decline – a low birthrate and an aging, shrinking population – poses a major long-term challenge for the economy. The government currently faces the quandary of balancing its efforts to stimulate growth and institute economic reforms with the necessity of addressing its sizable public debt, which stands at 235% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate. However, the first such increase, in April 2014, led to another recession, so Prime Minister ABE has twice postponed the next increase, now scheduled for October 2019. Structural reforms to unlock productivity are seen as central to strengthening the economy in the long-run.
Scarce in critical natural resources, Japan has long been dependent on imported energy and raw materials. After the complete shutdown of Japan’s nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than before on imported fossil fuels. However, ABE’s government is seeking to restart nuclear power plants that meet strict new safety standards and is emphasizing nuclear energy’s importance as a base-load electricity source. In August 2015, Japan successfully restarted one nuclear reactor at the Sendai Nuclear Power Plant in Kagoshima prefecture, and several other reactors around the country have since resumed operations; however, opposition from local governments has delayed several more restarts that remain pending. Reforms of the electricity and gas sectors, including full liberalization of Japan’s energy market in April 2016 and gas market in April 2017, constitute an important part of Prime Minister Abe’s economic program.
In October 2015, Japan and 11 trading partners reached agreement on the Trans-Pacific Partnership (TPP), a pact that had promised to open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Japan was the first country to ratify the TPP in December 2016; the United States signaled its withdrawal from the TPP in January 2017, and in November 2017 the remaining 11 countries agreed on the core elements of a modified agreement, which they renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
|
Source : CIA |
Company
summary
COMTURE
CORPORATION
REGD
NAME: Comture KK
MAIN
OFFICE: Gate City Osaki East Tower 8f,
1-11-2 Osaki Shinagawaku Tokyo 141-0032 JAPAN
Tel: 03-5745-9700 Fax: 03-5745-9715 -
URL: http://www.comture.com
E-Mail address: (thru the URL)
ACTIVITIES: System construction, other
BRANCHES: Osaka, Nagoya (Tot 2)
OFFICERS: KEN
OHNO, PRES Koichi
Mukai, ch
Chihiro Sawada, mgn dir Osamu Noma, mgn dir
Osamu Nimura, dir Satoshi Nimura, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY: FINANCES FAIR A/SALES Yen 13,897 M
PAYMENTS REGULAR CAPITAL Yen 1,019 M
TREND UP WORTH Yen
3,881 M
STARTED 1985 EMPLOYES 633
COMMENT
SYSTEM CONSTRUCTION COMPANY, OTHER
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 547.2 MILLION, 30 DAYS
NORMAL TERMS
HIGHLIGHTS
This is an
independent system construction company founded in 1985. Has close tied with IBM Japan, and has grown
with the customization of groupware made corporate customers based on the cloud
infrastructure established by salesforce, com. Inc. & Amazon com. Inc. Clients ranging from mfrs, trading firms to
public offices, but recently also cultivating the financial sector focusing on
the development of FinTech services. A
1-for-3 stock split was conducted in Oct/2017.
FINANCIAL
INFORMATION
The sales volume
for Mar/2017 fiscal term amounted to Yen 13,897 million, a 22% up from Yen
11,349 million in the previous term. The
recurring profit was posted at Yen 1,542 million and the net profit at Yen
1,061 million, respectively, compared with Yen 1,295 million recurring profit
and Yen 823 million net profit, respectively, a year ago.
For the current
term ending Mar 2018 the recurring profit is projected at Yen 1,800 million and
the net profit at Yen 1,240 million, respectively, on a 15% rise in turnover, to
Yen 16,000 million.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max
credit limit is estimated at Yen 547.2 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jan 1985
Regd No.: 0107-01-015193 (Tokyo-Shinagawaku)
Listed company: Tokyo S/E
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized: 17.4 million shares
Issued:
5,355,300 shares
Sum: Yen 1,019 million
Major shareholders
(%):
Com Ltd (20.3), Company’s Treasury Stock (9.2), Employees’ S/Holding Assn
(4.19, other; foreign owners (15.2)
No. of
shareholders: 5,521
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: Systems construction
company; solution services-related (67%), products sales-related (1%), network
services-related (32%)
Clients: [Mfrs,
wholesalers] Nomura Sogo, Hitachi Solutions, IBM Japan, Hitachi Ltd, Fuji
Software, Dentsu Inc, other
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Com Links, Comture Network, Key Worker Inc, SY Systems, Shin-Meiwa Soft Technology, other
Payment
record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank
References:
MUFG
(Shimbashi-Ekimae)
SMBC
(Mitadori)
Relations:
Satisfactory
FINANCES
(In
Million Yen)
|
Terms Ending: |
31/03/2018 |
31/03/2017 |
31/03/2016 |
31/03/2015 |
|
|
Annual Sales |
|
16,000 |
13,897 |
11,349 |
9,864 |
|
Recur. Profit |
|
1,800 |
1,542 |
1,295 |
1,059 |
|
Net Profit |
|
1,240 |
1,061 |
823 |
643 |
|
Total Assets |
|
|
7,285 |
5,582 |
4,844 |
|
Current Assets |
|
|
5,058 |
4,410 |
3,609 |
|
Current Liabs |
|
|
2,519 |
1,993 |
1,800 |
|
Net Worth |
|
|
3,881 |
3,259 |
2,694 |
|
Capital, Paid-Up |
|
|
1,019 |
1,019 |
1,019 |
|
Div.Ttl in Million (¥) |
|
|
446.544 |
252.046 |
266.267 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
15.13 |
22.45 |
15.05 |
16.36 |
|
Current Ratio |
|
.. |
200.79 |
221.27 |
200.50 |
|
N.Worth Ratio |
|
.. |
53.27 |
58.38 |
55.62 |
|
R.Profit/Sales |
|
11.25 |
11.10 |
11.41 |
10.74 |
|
N.Profit/Sales |
|
7.75 |
7.63 |
7.25 |
6.52 |
|
Return On Equity |
|
.. |
27.34 |
25.25 |
23.87 |
Notes: Forecast (or estimated) figures for
the 31/03/2018 fiscal term
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.96 |
|
|
1 |
INR 90.34 |
|
Euro |
1 |
INR 80.75 |
|
Yen |
1 |
INR 0.61 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.