MIRA
INFORM REPORT
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Report Date : |
1st March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
SHIN-ETSU HANDOTAI CO LTD |
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Registered Office : |
Togin Bldg 8F, 1-4-2 Marunouchi Chiyodaku Tokyo 100-0005, Japan |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 (Estimated) |
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Date of Incorporation : |
March 1967 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
semiconductor silicon wafers, compound semiconductors, GaP
wafers, others. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 8,957.6 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name
SHIN-ETSU HANDOTAI CO LTD (HANDOTAI means Semiconductor)
REGD NAME
Shin’etsu Handotai KK
MAIN OFFICE
Togin Bldg 8F, 1-4-2 Marunouchi Chiyodaku Tokyo 100-0005 JAPAN
Tel : 03-3214-1831
Fax : 03-3215-9040
URL :
http://www.shinetsu.co.jp (Of the
parent)
ACTIVITIES
Mfg of semiconductor silicon wafers
BRANCHES
Nil
FACTORY(IES)
Gunma, Fukushima, Fukui, Niigata
OFFICERS
FUMIO AKIYA, PRES Yasuhiko
Saitoh, v pres
Masanori Takagi, mgn dir Tatsuo
Itoh, mgn dir
Kihachiro Watanabe, dir Masashi
Mochida, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 253,948
PAYMENTS REGULAR CAPITAL Yen 10,000
TREND STEADY WORTH Yen 136,394
STARTED 1967 EMPLOYES 1,760
COMMENT
MFR OF SEMICONDUCTOR SILICON WAFERS, WHOLLY OWNED BYSHIN-ETSU
CHEMICAL CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 8,957.6 MILLION, 30 DAYS NORMAL
TERMS. .
HIGHLIGHTS
The subject company was established by Shin-Etsu Chemical Co
Ltd as its mfg division specializing in semiconductor silicon wafers
centrally. Manufactures semiconductor
silicon wafers, compound semiconductors, GaP wafers, other. Goods are shipped to the parent and exported
to USA, Europe, Asia, etc..
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen
253,948 million, a 26% up from Yen 202,266 million in the previous term. Semiconductor wafers rose with 300mm wafers
as driving force. The net profit was
posted at Yen 1,603 million, up from Yen 1,516 million a year ago.
For the current term ending Mar 2007 the net profit is
projected at Yen 1,650 million, on a 6% rise in turnover, to Yen 270,000
million. Demand will continue rising
for wafers of 300mm.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 8,957.6 million, on 30 days normal terms.
REGISTRATION
Date Registered : Mar
1967
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
80,000 shares
Issued :
20,000 shares
Sum :
Yen 10,000 million
Major shareholders (%)
Shin-Etsu Chemical Co Ltd*(100)
*.. Top-class producer of PVC, semiconductor wafer and
silicon, Tokyo, founded 1926, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen
119,419 million, turnover Yen 1,127,915 million, recurring profit Yen 185,040
million, net profit Yen 115,045 million, total assets Yen 1,671,280 million,
net worth Yen 1,173,629 million, employees 18,888, pres Chihiro Kanagawa
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Manufactures semiconductor silicon wafers,
compound semiconductors, GaP wafers, others (--100%). Goods are exported.
Clients
[Mfrs, wholesalers] Shipped to the parent, Shin-Etsu
Chemical Co and exported to the parent’s overseas subsidiaries: S E America, S
E Europe, SEH Malaysia, other.
No. of accounts
1
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Mitsubishi Materials, Shin-Etsu Astech,
Naoetsu Electronics, Mimasu Semiconductor Ind, other. Imports from SHE Malaysia, etc.
Payment record
Regular
Location
Business area in Tokyo.
Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
MUFG (H/O)
Mizuho Corporate Bank (Ohtemachi)
Relations: Satisfactory.
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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270,000 |
253,948 |
202,266 |
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Recur.
Profit |
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45,908 |
31,476 |
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Net
Profit |
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1,650 |
1,603 |
1,516 |
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Total
Assets |
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277,788 |
250,976 |
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Current
Assets |
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115,649 |
93,407 |
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Current
Liabs |
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121,316 |
110,167 |
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Net
Worth |
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136,394 |
101,269 |
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Capital,
Paid-Up |
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10,000 |
10,000 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
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S.Growth Rate |
6.32 |
25.55 |
25.12 |
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Current Ratio |
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.. |
95.33 |
84.79 |
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N.Worth Ratio |
.. |
49.10 |
40.35 |
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R.Profit/Sales |
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.. |
18.08 |
15.56 |
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N.Profit/Sales |
0.61 |
0.63 |
0.75 |
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Return On Equity |
.. |
1.18 |
1.50 |
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Note: Forecast (or estimated) for the 31/03/2007 fiscal term.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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