MIRA
INFORM REPORT
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Report Date : |
06.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
MAGNACHIP SEMICONDUCTOR INC |
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Registered Office : |
Shin-Osaka MT Bldg 2-Gokan 3F, 3-5-3 Miyahara Yodogawaku Osaka
532-0003 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
July 2000 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Wholesale of Semiconductors, Electronic Circuits |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
YEN 117.3 Million |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
name & address
MAGNACHIP
SEMICONDUCTOR INC
REGD NAME: MagnaChip Semiconductor KK
MAIN OFFICE: Shin-Osaka MT Bldg 2-Gokan 3F, 3-5-3 Miyahara
Yodogawaku Osaka 532-0003 JAPAN
Tel:
06-6394-9160 Fax: 06-6394-9150
URL: http://www.magnachip.com/
E-Mail address: info@magnachip.com
ACTIVITIES
Import, wholesale of semiconductors, electronic circuits
BRANCHES
Tokyo
OFFICER(S)
YOSHIO IMAMURA, PRES
Michio Taguma, dir
Yen
Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 6,614 M*
PAYMENTS REGULAR CAPITAL Yen
400 M
TREND STEADY WORTH Yen
(-) 388 M
STARTED 2000 EMPLOYES 82
*
For 9 months due to change in accounting term
COMMENT
TRADING FIRM SPECIALIZING IN SEMICONDUCTOR PRODUCTS, WHOLLY OWNED BY KOREAN CAPITAL.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 117.3 MILLION, 30 DAYS NORMAL
TERMS. RECOMMEND SECURED TERMS ON NEW
TRANSACTIONS.
HIGHLIGHTS
The
subject company was established by MagnaChip Semiconductor Ltd (Korea) as its
marketing arm in Japan, named as Isron KK (Osaka), and in 2006 when the Korean
parent merged Isron KK, the firm was reorganized to rename as captioned. This is a trading firm specializing in
import and wholesale of analog & mixed-signal semiconductor products:
semiconductors, LCDs, other products.
Product
portfolio includes solutions for consumer applications such as mobile phones,
digital TV’s, flat panel displays, notebook computers, mobile multimedia
devices, digital cameras, games, other.
Offers 4 solutions: display solutions, imaging solutions, power
solutions and foundry services. The
Korean parent holds approx 7,500 registered patents & pending patents, the
firm says. Domestic clients include major electronics makers nationwide.
FINANCIAL INFORMATION
Financials
are only partially disclosed.
The
sales volume for Sept/2007 fiscal term for irregular 9 months due to change in
accounting term from Jan/Dec to Oct/Sept amounted to Yen 6,614 million, a 15%
down (as adjusted on a 12-month basis) from Yen 10,338 million in the previous
term. This is referred to the slowdown
of semiconductor demand from over-supply of the products due to competition
among the trade. The net profit was
posted at Yen 281 million, compared with Yen 195 million a year ago. ^.
For
the term just ended Sept 2008 the net profit was projected at Yen 300 million,
on a similar turnover, at Yen 8,800 million.
Market remained still weak.
The
financial situation is considered maintained FAIR and good for ORDINARY
business engagements. Max credit limit is estimated at Yen 117.3
million, on 30 days normal terms. We
recommend secured terms on new transactions.
REGISTRATION
Date Registered: Jul
2000
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 8,000
shares
Issued: 8,000
shares
Sum: Yen
400 million
Major shareholders (%)
MagnaChip Semiconductor LLC
Netherland BV (100)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports and wholesales analog &
mixed signal semiconductor products: semiconductors, LCD’s, other products
(--100%).
(Four solutions offered):
Display Solutions: for consumer applications,
including mobile phones, digital TV’s, notebook computers, flat panel monitors,
mobile multimedia devices, digital cameras, games, other;
Imaging Solutions: image sensor products designed
to meet growing demand for higher picture quality in increasingly smaller
applications;
Power Solutions: power management products designed to
maximize efficiency & minimize standby power consumption;
Foundry Services: provides wafer foundry services
utilizing CMOS mixed-signal, high-voltage, embedded memory & power process
technologies for mfr of integrated circuits for customer owned designs.
(Above cited from the firm’s website)
Clients
[Electronics mfrs] Sharp Corp, Siix Corp, Kaga Electronics Co,
Shinden Trading, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers
[Mfrs] MagnaChip Semiconductor
Korea, other
Payment
record: Regular
Location:
Business area in Osaka. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References
MUFG (Umeda-Chuo)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
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30/09/2008 |
30/09/2007 |
31/12/2006 |
31/12/2005 |
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Annual
Sales |
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8,800 |
6,614 |
10,338 |
8,260 |
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Recur.
Profit |
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Net Profit |
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300 |
281 |
195 |
170 |
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Total
Assets |
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N/A |
N/A |
4,784 |
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Net
Worth |
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-388 |
-669 |
-864 |
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Capital,
Paid-Up |
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400 |
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Div.P.Share(¥) |
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0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
-0.20 |
-14.69 |
25.16 |
0.73 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
-18.06 |
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N.Profit/Sales |
3.41 |
4.25 |
1.89 |
2.06 |
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Notes: Financials are only partially disclosed.
The
30/09/2007 fiscal term was for irregular 9 months due to change in accounting
term to Oct/Sept from Jan/Dec. Growth
rates are adjusted on a 12-month basis.
Forecast (or estimated) figures for the 30/09/2008 fiscal
term.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.18 |
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UK Pound |
1 |
Rs.75.05 |
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Euro |
1 |
Rs.60.89 |
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. |
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%)