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Report Date : |
02.07.2012 |
IDENTIFICATION DETAILS
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Name : |
MES AFTY CORPORATION |
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Registered Office : |
2-35-2 |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
October
2001 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of semiconductor & flat panel mfg systems |
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No. of Employees : |
106 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 |
MES AFTY CORPORATION
MES AFTY KK
2-35-2 Hyoe
Hachioji City Tokyo-Metrop 192-0918 JAPAN
Tel:
042-632-8840 Fax: 042-632-8841
URL: http://www.mes-afty.co.jp
E-Mail address: (thru the URL)
Mfg of
semiconductor & flat panel mfg systems
Nil
At the
caption address, Tamano (Okayama)
SEIJU
UCHIDA, PRES Hisao Kuroda,
dir
Kenji
Uchihara, dir Masahiko Abe, dir
Totsuo
Abe, dir Hirohisa
Masuzaki, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES R/WEAK A/SALES Yen 3,800 M
PAYMENTS Slow but Correct CAPITAL Yen 475 M
TREND UP WORTH Yen 450 M
STARTED 2001 EMPLOYES 106
MFG OF SEMICONDUCTOR MFG SYSTEMS.
FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
The subject company was established originally in 1989 jointly by NTT and Nippon Steel Corp, as AFTY Corporation. Incorporated in 2001. In Aug 2007, shareholders changed from NTT to Mitsui Engineering & Shipbuilding Co Ltd & Mitsui Electronics Inc and renamed as captioned. This is a specialized mfr o semiconductor & flat-panel mfg systems, telecommunications equipment, other. In Feb 2010, the firm integrated and transferred some of the operations from the parent and group firms. Goods are shipped to Mitsui Electronics Inc, including exports.
The sales volume for Mar/2011 fiscal term amounted to Yen 3,800 million, a 555% up from Yen 580 million in the previous term. This is attributed to the said transfer of some of the operations from group firms. The operations continued in the red to register 250 million net losses for the term, compared with Yen 489 million net losses a year ago.
For the term that ended Mar 2012 the net profit was projected at Yen 200 million, on a 5% rise in turnover, to Yen 4,000 million. Final results are yet to be released.
The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements.
Date Registered: Oct 2001
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
38,000 shares
Issued:
9,500 shares
Sum: Yen 475 million
Major shareholders (%): Mitsui Engineering &
Shipbuilding Co Ltd* (96.7), Mitsui Electronics Inc (3.3)
No. of shareholders: 2
*.. Mitsui Engineering & Shipbuilding Co Ltd, one of major players of shipbuilding and heavy electric machinery, Tokyo, founded 1937, listed Tokyo, Osaka, Nagoya, Fukuoka, Sapporo S/E’s, capital Yen 44,384 million, sales Yen 571,852 million, operating profit Yen 31,420 million, recurring profit Yen 32,345 million, net profit Yen 17,880 million, total assets Yen 655,929 million, net worth Yen 209,631 million, employees 10,274, pres Yasuhiko Kato
Consolidated
Financials are attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures semiconductor & flat-panel mfg systems, telecommunications equipment, their parts & components, including design, installation, maintenance, repairing services (--100%)
(Systems employed): ECR plasma deposition system, atomic layer deposition system, annealing system, ion implantation system, other
Clients: [Mfrs, wholesalers] Mitsui Electronics Inc, other
No. of accounts: 5
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsui Engineering & Shipbuilding Co and group firms
Payment record: Slow but Correct
Location: Business area in Hachioji, Tokyo-Metrop. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho Corporate Bank (H/O)
Relations: Satisfactory
(In Million Yen)
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
|
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Annual
Sales |
|
4,000 |
3,800 |
580 |
751 |
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Recur.
Profit |
|
|
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|
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Net Profit |
|
200 |
-250 |
-489 |
-170 |
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Total
Assets |
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4,383 |
1,570 |
780 |
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Current
Assets |
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3,783 |
913 |
330 |
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Current
Liabs |
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3,939 |
797 |
396 |
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Net
Worth |
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450 |
702 |
323 |
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Capital,
Paid-Up |
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|
475 |
475 |
475 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.26 |
555.17 |
-22.77 |
-49.93 |
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Current Ratio |
|
.. |
96.04 |
114.55 |
83.33 |
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N.Worth Ratio |
.. |
10.27 |
44.71 |
41.41 |
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R.Profit/Sales |
|
.. |
.. |
.. |
.. |
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N.Profit/Sales |
5.00 |
-6.58 |
-84.31 |
-22.64 |
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Return On Equity |
.. |
-55.56 |
-69.66 |
-52.63 |
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Forecast
(or estimated) figures for the 31/03/2012 fiscal term.
CONSOLIDATED
FINANCIALS OF THE PARENT, MITSUI ENGINEERING & SHIPBUILDING CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2012 |
31/03/2011 |
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INCOME STATEMENT |
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Annual Sales |
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571,852 |
589,209 |
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Cost of Sales |
499,852 |
507,119 |
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GROSS PROFIT |
71,999 |
82,089 |
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Selling & Adm Costs |
40,579 |
43,194 |
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OPERATING PROFIT |
31,420 |
38,895 |
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Non-Operating P/L |
925 |
-2,679 |
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RECURRING PROFIT |
32,345 |
36,216 |
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NET PROFIT |
17,880 |
13,493 |
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BALANCE SHEET |
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Cash |
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63,494 |
51,682 |
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Receivables |
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171,772 |
155,754 |
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Inventory |
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45,407 |
45,165 |
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Securities, Marketable |
1 |
1 |
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Other Current Assets |
54,055 |
103,142 |
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TOTAL CURRENT ASSETS |
334,729 |
355,744 |
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Property & Equipment |
216,758 |
221,913 |
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Intangibles |
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12,527 |
12,057 |
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Investments, Other Fixed Assets |
91,915 |
96,611 |
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TOTAL ASSETS |
655,929 |
686,325 |
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Payables |
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146,777 |
140,336 |
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Short-Term Bank Loans |
13,837 |
28,838 |
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Other Current Liabs |
141,516 |
164,284 |
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TOTAL CURRENT LIABS |
302,130 |
333,458 |
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Debentures |
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15,000 |
20,880 |
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Long-Term Bank Loans |
78,271 |
82,980 |
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Reserve for Retirement Allw |
5,150 |
4,830 |
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Other Debts |
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45,747 |
50,429 |
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TOTAL LIABILITIES |
446,298 |
492,577 |
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MINORITY INTERESTS |
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Common
stock |
44,384 |
44,384 |
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Additional
paid-in capital |
18,178 |
18,178 |
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Retained
earnings |
101,050 |
85,885 |
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Evaluation
p/l on investments/securities |
3,962 |
4,103 |
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Others |
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42,728 |
41,859 |
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Treasury
stock, at cost |
(671) |
(661) |
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TOTAL S/HOLDERS` EQUITY |
209,631 |
193,748 |
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TOTAL EQUITIES |
655,929 |
686,325 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2012 |
31/03/2011 |
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Cash
Flows from Operating Activities |
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13,564 |
29,223 |
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Cash
Flows from Investment Activities |
11,515 |
-42,841 |
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Cash
Flows from Financing Activities |
-32,415 |
-6,517 |
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Cash,
Bank Deposits at the Term End |
|
72,007 |
79,799 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
209,631 |
193,748 |
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Current
Ratio (%) |
110.79 |
106.68 |
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Net
Worth Ratio (%) |
31.96 |
28.23 |
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Recurring
Profit Ratio (%) |
5.66 |
6.15 |
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Net
Profit Ratio (%) |
3.13 |
2.29 |
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Return
On Equity (%) |
8.53 |
6.96 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.31 |
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UK Pound |
1 |
Rs.88.06 |
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Euro |
1 |
Rs.70.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
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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---- |
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.