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Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
NISSIN ION EQUIPMENT CO LTD |
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Registered Office : |
575 Kuzetonoshirocho Minamiku Kyoto 501-8205 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
February 1993 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of semiconductor manufacture equipment, flat panel display |
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No. of Employees : |
230 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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 |
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
NISSIN ION EQUIPMENT CO LTD
REGD NAME: Nisshin
Ion Kiki KK
MAIN OFFICE: 575
Kuzetonoshirocho Minamiku Kyoto 501-8205 JAPAN
Tel: 075-834-8231
Fax: 075-922-4615
URL: http://www.nissin-ion.co.jp
E-Mail address: (thru the URL)
Mfg of
semiconductor mfg equipment, flat panel display
Shiga, Yamagata,
Fukushima, Toyama, Mie, Hiroshima, Kochi, Kumamoto
At the caption
address, Shiga
NOBUO NAGAI, PRES Toyokazu Onishi, mgn dir
Tomo Nakamori, mgn
dir Tohru Izukawa,
dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 20,322 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
1,500 M
TREND UP WORTH Yen 7,725 M
STARTED 1993 EMPLOYES 230
MFR OF SEMICONDUCTOR MFG EQ2UIPMENT, OWNED BY NISSIN
ELECTRIC CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established
on the basis of semiconductor mfg division separated from Nissin Electric Co
Ltd (See REGISTRATION). This is a specialized mfr of semiconductor
mfg equipment flat panel display, other.
Products are: ion implanter for semiconductor process, ion implanter for
FPD (LTPS) manufacturing, other. Goods
are exported.
The sales volume for Mar/2012 fiscal
term amounted to Yen 20,322 million, a 61% up from Yen 12,606 million in the
previous term. The newly developed ion
implanter for FPD mfg was in much demand and sold briskly. The recurring profit was posted at Yen 2,410
million and the net profit at Yen 1,287 million, respectively, compared with
Yen 956 million recurring profit and yen 723 million net profit, respectively,
a year ago.
For the current term ending Mar 2013
the recurring profit is projected at Yen 2,500 million and the net profit at
Yen 1,350 million, respectively, on an 8% rise in turnover, to Yen 22,500
million. Business is seen expanding
steadily.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Date Registered: Feb 1993
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 120,000 shares
Issued: 30,000 shares
Sum: Yen 1,500 million
Major
shareholders (%): Nissin Electric Co Ltd* (100)
*.. Specialized
mfr of electric power equipment, Tokyo, founded 1917, listed Tokyo S/E,
Capital Yen 10,252 million, sales Yen 100,341
million, operating profit Yen 7,652 million, recurring profit Yen 7,991
million, net profit Yen 3,701 million, total assets Yen 112,3022 million, net
worth Yen 60,834 million, employees 5,075, pres Hideaki Obata
Consolidated
Financials are attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
semiconductor mfg equipment: ion implanter for fad mfg, ion implanter for
semiconductor mfg, indispensable for small/medium high definition displays,
other (--100%).
Clients: [Mfrs,
wholesalers] Samsung Japan, Toshiba Corp, NEC Corp, Sharp Corp, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Kyocera Corp, NEC Corp, Yasukawa Electric, Kawasaki Heavy Ind,
other
Payment record: No Complaints
Location: Business area in
Kyoto. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
SMBC (Kyoto)
Bank of Kyoto
(H/O)
Relations: ^Satisfactory
(In Million
Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
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Annual
Sales |
|
22,000 |
20,322 |
12,606 |
4,725 |
|
Recur.
Profit |
|
2,500 |
2,410 |
956 |
-819 |
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Net
Profit |
|
1,350 |
1,287 |
721 |
-92 |
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Total
Assets |
|
|
19,211 |
19,869 |
11,785 |
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Current
Assets |
|
|
14,991 |
17,194 |
9,089 |
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Current
Liabs |
|
|
10,707 |
12,377 |
5,169 |
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Net
Worth |
|
|
7,725 |
6,815 |
6,079 |
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Capital,
Paid-Up |
|
|
1,500 |
1,500 |
1,500 |
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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 |
8.26 |
61.21 |
166.79 |
-64.90 |
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Current Ratio |
|
.. |
140.01 |
138.92 |
175.84 |
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N.Worth Ratio |
.. |
40.21 |
34.30 |
51.58 |
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R.Profit/Sales |
|
11.36 |
11.86 |
7.58 |
-17.33 |
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N.Profit/Sales |
6.14 |
6.33 |
5.72 |
-1.95 |
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Return On Equity |
.. |
16.66 |
10.58 |
-1.51 |
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Notes: Forecast (or
estimated) figures for the 31/03/2012 fiscal term.
CONSOLIDATED FINANCIALS OF THE PARENT, NISSIN
ELECTRIC 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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100,341 |
90,430 |
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Cost of Sales |
72,282 |
63,658 |
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GROSS PROFIT |
28,058 |
26,771 |
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Selling & Adm Costs |
20,406 |
19,305 |
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OPERATING PROFIT |
7,652 |
7,466 |
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Non-Operating P/L |
339 |
43 |
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RECURRING PROFIT |
7,991 |
7,509 |
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NET PROFIT |
3,701 |
4,529 |
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BALANCE SHEET |
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Cash |
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7,417 |
12,909 |
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Receivables |
|
39,444 |
33,048 |
||
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Inventory |
|
28,379 |
26,004 |
||
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Securities, Marketable |
226 |
3,043 |
|||
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Other Current Assets |
5,261 |
5,676 |
|||
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TOTAL CURRENT ASSETS |
80,727 |
80,680 |
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Property & Equipment |
21,825 |
18,044 |
|||
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Intangibles |
|
1,484 |
1,867 |
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Investments, Other Fixed Assets |
8,266 |
8,818 |
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TOTAL ASSETS |
112,302 |
109,409 |
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Payables |
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21,495 |
19,757 |
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Short-Term Bank Loans |
6,544 |
5,247 |
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Other Current Liabs |
16,729 |
20,002 |
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TOTAL CURRENT LIABS |
44,768 |
45,006 |
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Debentures |
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Long-Term Bank Loans |
153 |
351 |
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Reserve for Retirement Allw |
3,678 |
3,554 |
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Other Debts |
|
2,869 |
3,047 |
||
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TOTAL LIABILITIES |
51,468 |
51,958 |
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MINORITY INTERESTS |
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Common
stock |
10,262 |
10,262 |
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Additional
paid-in capital |
6,679 |
6,664 |
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Retained
earnings |
42,484 |
39,791 |
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Evaluation
p/l on investments/securities |
693 |
924 |
|||
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Others |
|
1,012 |
127 |
||
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Treasury
stock, at cost |
(296) |
(317) |
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TOTAL S/HOLDERS` EQUITY |
60,834 |
57,451 |
|||
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TOTAL EQUITIES |
112,302 |
109,409 |
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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 |
|
-2,348 |
13,658 |
||
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Cash
Flows from Investment Activities |
-2,879 |
-5,368 |
|||
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Cash
Flows from Financing Activities |
436 |
-1,444 |
|||
|
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Cash,
Bank Deposits at the Term End |
|
7,313 |
12,721 |
||
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
||||
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|
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Net Worth
(S/Holders' Equity) |
60,834 |
57,451 |
||
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Current
Ratio (%) |
180.32 |
179.26 |
||
|
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Net
Worth Ratio (%) |
54.17 |
52.51 |
||
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Recurring
Profit Ratio (%) |
7.96 |
8.30 |
||
|
|
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Net
Profit Ratio (%) |
3.69 |
5.01 |
||
|
|
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Return
On Equity (%) |
6.08 |
7.88 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.82 |
|
|
1 |
Rs.84.96 |
|
Euro |
1 |
Rs.68.61 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.