MIRA INFORM REPORT

 

 

Report Date :

09.11.2012

 

IDENTIFICATION DETAILS

 

Name :

GIGAPHOTON INC

 

 

Registered Office :

2-6-1 Ohtemachi Chiyodaku Tokyo

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

April 2011

 

 

Com. Reg. No.:

(Tokyo-Chiyodaku) 070232

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of excimer laser

 

 

No. of Employees :

332 employees

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

japan - ECONOMIC OVERVIEW

 

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war 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 are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.

 

Source : CIA

 

 

 

Company name

 

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, and Netherlands

 

 

FACTORIES  

 

At the caption address, Hiratsuka

 

OFFICERS

 

HITOSHI TOMIMARU, PRES      Yuji Watanabe, ch

Hideichi Sato, dir                       Katsumi Uranaka, dir                                                                 

Mikio Fujitsuka, dir                     Kikuo Ejima, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                             A/SALES          Yen 20,425 M

PAYMENTS                  REGULAR                     CAPITAL           Yen 5,000 M

TREND             STEADY                       WORTH            Yen 11,415 M

STARTED                     2000                             EMPLOYES      332

 

 

COMMENT    

 

MFR OF EXCIMER LASER, WHOLLY OWNED BY KOMATSU LTD.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

 

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/2012 fiscal term amounted to Yen 20,245 million, a shade down from Yen 20,428 million in the previous term.  The recurring profit was posted at Yen 4,138 million and the net profit at Yen 2,411 million, respectively, compared with Yen 3,382 million recurring profit and Yen 1,997 million net profit, respectively, a year ago.

 

For the current term ending Mar 2013 the recurring profit is projected at Yen 4,500 million and the net profit at Yen 2,700 million, respectively, on a 14% rise in turnover, to Yen 23,000 million.  Operations in Korea and Taiwan are rising in sales.

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

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 1,981,763 million, operating profit Yen 256,343 million, recurring profit Yen 249,609 million, net profit Yen 167,041 million, total assets Yen 2,244,143 million, net worth Yen 983,324 million, employees 44,206, pres Kunio Noji

 

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:

31/03/2013

31/03/2012

31/03/2011

31/03/2010

Annual Sales

　

23,000

20,245

20,428

13,848

Recur. Profit

　

4,500

4,138

3,382

453

Net Profit

　

2,700

2,411

1,997

238

Total Assets

　

　

18,807

18,889

18,017

Current Assets

　

　

15,600

15,750

14,927

Current Liabs

　

　

7,189

9,728

10,925

Net Worth

　

　

11,415

9,009

7,011

Capital, Paid-Up

　

　

5,000

5,000

5,000

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

13.61

-0.90

47.52

-6.51

    Current Ratio

 

..

217.00

161.90

136.63

    N.Worth Ratio

..

60.70

47.69

38.91

    R.Profit/Sales

 

19.57

20.44

16.56

3.27

    N.Profit/Sales

11.74

11.91

9.78

1.72

    Return On Equity

..

21.12

22.17

3.39

 

Notes: Forecast (or estimated) figures for the 31/03/2013 fiscal term.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.44

UK Pound

1

Rs.87.00

Euro

1

Rs.69.43

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

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

----

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%)

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.