MIRA
INFORM REPORT
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Report Date : |
02.12.2011 |
IDENTIFICATION DETAILS
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Name : |
GIGAPHOTON INC |
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Registered Office : |
400 Yokokura-Shinden Okaya Tochigi-Pref
323-0819 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Year of Establishment : |
April 2011 |
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Com. Reg. No.: |
(Tokyo-Chiyodaku) 070232 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of
excimer laser |
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No. of Employees : |
302 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 612.1 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
Company name and address
GIGAPHOTON INC
REGD NAME: Gigaphoton
KK
MAIN OFFICE: 400 Yokokura-Shinden
Okaya Tochigi-Pref 323-0819 JAPAN
Tel: 0285-28-8410 Fax: 0285-8439
*.. Registered at: 2-6-1
Ohtemachi Chiyodaku Tokyo
URL: http://www.gigaphoton.com
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of excimer
laser
BRANCHES
Yokkaichi, Toyama,
Hiroshima, Fukuoka
OVERSEAS
USA, Korea, China
(2), Taiwan (4), Singapore, Netherlands
FACTORIES
At the caption
address, Hiratsuka
OFFICERS
YUJI WATANABE,
PRES Hakaru
Mizoguchi, dir
Hitoshi Tomaru,
dir Hideichi
Sato, dir
Mikio Fujitsuka,
dir Kikuo
Ejima, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 20,428 M
PAYMENTS REGULAR CAPITAL Yen 5,000 M
TREND STEADY WORTH Yen
9,009 M
STARTED 2000 EMPLOYES 302
COMMENT
MFR OF EXCIMER LASER, WHOLLY OWNED BY KOMATSU LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 612.1 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established
as a JV of Komatsu Ltd (See REGISTRATION)
and Ushio Inc in order to integrate the excimer laser businesses of the two
companies. This is a specialized mfr of
excimer laser and ultra-violet light sources used for lithography tools in
semiconductor mfg. In Apr 2011, Komatsu
Ltd bought the 50% of the share owned by Ushio Inc and made it a wholly owned
consolidated subsidiary. Goods are
exported widely to China, Taiwan, Korea, Singapore, Europe, USA, other. Domestic clients include major electronics
mfrs.
FINANCIAL INFORMATION
Financial are consolidated by the
parent, Komatsu Ltd, and disclosed in digested form only.
The sales volume for Mar/2011 fiscal term amounted to Yen 20,428
million, a 48% up from Yen 13,848 million in the previous term. This is attributed to the robust demand in
China, Taiwan, Korea and Singapore.
Exports rose steeply. The recurring
profit was posted at Yen 3,382 million and the net profit at Yen 1,997 million,
respectively, compared with Yen 453 million recurring profit and Yen 238
million net profit, respectively, a year ago.
For the current term ending Mar 2012
the recurring profit is projected at Yen 3,500 million and the net profit at
Yen 2,100 million, respectively, on an 8% rise in turnover, to Yen 23,000
million. Business is seen steadily
expanding. Exports continue rising.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Max credit limit is estimated at Yen 612.1 million, on 30 days normal
terms.
REGISTRATION
Date Registered: Apr
2011
Regd No.:
(Tokyo-Chiyodaku) 070232
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 400,000 shares
Issued: 100,000 shares
Sum: Yen 5,000 million
Major
shareholders (%): Komatsu Ltd* (100)
*.. World’s second largest mfr of construction
machinery, Tokyo, founded 1921, listed
Tokyo, Osaka S/E’s, capital Yen 67,870
million, sales Yen 1,843,127 million, operating profit Yen 222,929 million,
recurring profit Yen 219,809 million, net profit Yen 150,752 million, total
assets Yen 12,149,137 million, net worth Yen 972,680 million, employees 41,059,
pres Kunio Noji
Consolidated
Financials are attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures
excimer laser & extreme ultra-violet light sources used for lithography
tools in semiconductor manufacturing, other (--100%).
Clients: [Mfrs,
wholesalers] ASML, Canon Inc, Nikon Tec Corp, Nikon Corp, other
No. of accounts:
300
Exports to: China,
Taiwan, Singapore, Korea, USA, Europe, other
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Meidensha Corp, Ebara Corp, Omori Corp, Nagatsu Group, Fujikin
Inc, other
Payment record: Regular
Location: Business area in
Okaya City, Tochigi-Pref. Office
premises at the caption address are owned and maintained satisfactorily.
Bank
References:
Resona Bank
(Tokyo)
SMBC (Tokyo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
|
22,000 |
20,428 |
13,848 |
14,813 |
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Recur.
Profit |
|
3,500 |
3,382 |
453 |
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Net
Profit |
|
2,100 |
1,997 |
238 |
-313 |
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Total
Assets |
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18,889 |
18,017 |
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Current
Assets |
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15,750 |
14,927 |
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Current
Liabs |
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9,728 |
10,925 |
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Net
Worth |
|
|
9,009 |
7,011 |
5,773 |
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Capital,
Paid-Up |
|
|
5,000 |
5,000 |
5,000 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
7.70 |
47.52 |
-6.51 |
-38.51 |
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Current Ratio |
|
.. |
161.90 |
136.63 |
.. |
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N.Worth Ratio |
.. |
47.69 |
38.91 |
.. |
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R.Profit/Sales |
|
15.91 |
16.56 |
3.27 |
.. |
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N.Profit/Sales |
9.55 |
9.78 |
1.72 |
-2.11 |
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Return On Equity |
.. |
22.17 |
3.39 |
-5.42 |
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Notes: Forecast (or
estimated) figures for the 31/03/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT, KOMATSU LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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1,843,127 |
1,431,564 |
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Cost of Sales |
1,343,464 |
1,101,559 |
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GROSS PROFIT |
499,663 |
330,005 |
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Selling & Adm Costs |
276,734 |
262,970 |
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OPERATING PROFIT |
222,929 |
67,035 |
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Non-Operating P/L |
-3,120 |
-2,056 |
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RECURRING PROFIT |
219,809 |
64,979 |
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NET PROFIT |
150,752 |
33,559 |
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BALANCE SHEET |
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Cash |
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84,224 |
82,429 |
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Receivables |
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532,757 |
447,693 |
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Inventory |
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473,876 |
396,416 |
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Securities, Marketable |
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Other Current Assets |
153,515 |
113,583 |
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TOTAL CURRENT ASSETS |
1,244,372 |
1,040,121 |
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Property & Equipment |
508,387 |
525,100 |
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Intangibles |
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53,971 |
61,729 |
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Investments, Other Fixed Assets |
342,407 |
332,105 |
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TOTAL ASSETS |
2,149,137 |
1,959,055 |
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Payables |
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308,975 |
207,024 |
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Short-Term Bank Loans |
130,308 |
123,438 |
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Other Current Liabs |
360,705 |
311,284 |
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TOTAL CURRENT LIABS |
799,988 |
641,746 |
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Debentures |
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Long-Term Bank Loans |
291,152 |
356,985 |
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Reserve for Retirement Allw |
48,027 |
46,354 |
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Other Debts |
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37,290 |
37,171 |
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TOTAL LIABILITIES |
1,176,457 |
1,082,256 |
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MINORITY INTERESTS |
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Common
stock |
67,870 |
67,870 |
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Additional
paid-in capital |
140,523 |
140,421 |
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Retained
earnings |
847,153 |
724,090 |
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Evaluation
p/l on investments/securities |
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Others |
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(47,728) |
(20,827) |
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Treasury
stock, at cost |
(35,138) |
(34,755) |
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TOTAL S/HOLDERS` EQUITY |
972,680 |
876,799 |
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TOTAL EQUITIES |
2,149,137 |
1,959,055 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash Flows
from Operating Activities |
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150,402 |
182,161 |
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Cash
Flows from Investment Activities |
-88,509 |
-72,967 |
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Cash
Flows from Financing Activities |
-56,365 |
-116,363 |
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Cash,
Bank Deposits at the Term End |
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84,224 |
82,429 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
972,680 |
876,799 |
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Current
Ratio (%) |
155.55 |
162.08 |
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Net
Worth Ratio (%) |
45.26 |
44.76 |
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Recurring
Profit Ratio (%) |
11.93 |
4.54 |
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Net
Profit Ratio (%) |
8.18 |
2.34 |
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Return
On Equity (%) |
15.50 |
3.83 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.65 |
|
|
1 |
Rs.81.06 |
|
Euro |
1 |
Rs.69.51 |
RATING EXPLANATIONS
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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 |
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-- |
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.