MIRA INFORM REPORT

Report Date :

27.09.2012

IDENTIFICATION DETAILS

Name :	RIGAKU CORPORATION
Registered Office :	3-9-12 Matsubaracho Akishima Tokyo-Metrop 196-8666
Country :	Japan
Financials (as on) :	31.03.2012
Date of Incorporation :	Dec 1951
Com. Reg. No.:	(Tokyo-Akishima) 002680
Legal Form :	Limited Company (Kabushiki Kaisha)
Line of Business :	Mfg of X-ray systems, analytical instruments, other
No. of Employees :	1,316

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 :	Satisfactory
Payment Behaviour :	No complaints
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 30^th, 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

RIGAKU CORPORATION

REGD NAME: KK Rigaku

MAIN OFFICE: 3-9-12 Matsubaracho Akishima Tokyo-Metrop 196-8666 JAPAN

Tel: 042-545-8111 Fax: 042-544-9795

URL: http//:www.rigaku.co.jp

E-mail: (thru the URL)

ACTIVITIES

Mfg of X-ray systems, analytical instruments, other

BRANCHES

Osaka, Nagoya, Sendai, Yamanashi, other.

OVERSEAS

USA (4), Europe (3), China (3) (--subsidiaries)

FACTORIES

At the caption address, Osaka, Yamanashi

OVERSEAS

USA (4), UK, Czech, Germany, China

OFFICER(S)

HIKARU SHIMURA, PRES Shojiro Asai, v pres

Hiroshi Akiyama, dir Tohru Matsumoto, dir

Yoshiaki Watanabe, dir Eiji Yamada, dir

Yen Amount: In million Yen, unless otherwise stated

SUMMARY

FINANCES FAIR A/SALES Yen 31,161 M

PAYMENTS NO complaints CAPITAL Yen 400 M

TREND UP WORTH Yen 25,418 M

STARTED 1951 EMPLOYES 1,316

COMMENT

MFR OF X-RAY SYSTEMS, OTHER SCIENTIFIC INSTRUMENTS.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS

HIGHLIGHTS

The subject company was established originally in 1923 by a certain Shimura and has been succeeded by the present executives. This is a leading mfr of analytical X-ray systems for elemental analysis, materials, research and structural investigations, commanding 70% market share in this field. Mfg products include: automation & robotics, evolved gas analysis, software, thermal analysis, vacuum feed through, other. Has overseas subsidiaries in USA, Europe and China.

FINANCIAL INFORMATION

The sales volume for Mar/2012 fiscal term amounted to Yen 31,161 million, a 2% up from Yen 30,508 million in the previous term. Sales increased into China, India, other S/E Asian countries. Sales into Europe were weak. In Japan, supply chains damaged by the Earthquake came back to normal earlier than anticipated. The recurring profit was posted at Yen 2,735 million and the net profit at Yen 1,313 million, respectively, compared with Yen 2,786 million recurring profit and Yen 1,371 million net profit, respectively, a year ago.

For the current term ending Mar 2013 the recurring profit is projected at Yen 2,800 million and the net profit at Yen 1,350 million, respectively, on a 3% rise in turnover, to Yen 32,000 million. Business is seen expanding steadily.

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

REGISTRATION

Date Registered: Dec 1951

Regd No.: (Tokyo-Akishima) 002680

Legal Status: 　Limited Company (Kabushiki Kaisha)

Authorized: 　3.2 million shares

Issued: 　1,157,095 shares

Sum: 　Yen 400 million

Major shareholders (%): Akira Shimura (42.0), KK Asuka (12.6), Takane Shimura (6.6), Maruaru Kai (3.9), other

No. of shareholders: 157

Nothing detrimental is known as to the commercial morality of executives.

OPERATION

Activities: Manufactures analytical X-ray systems: X-ray diffraction (XRD), X-ray fluorescence, single crystal X-ray diffraction, small angle X-ray scattering, other (--94%); analytical/research instruments: automation robotics, vacuum feed through components, other (6%).

Overseas Sales Ratio (41%)

Clients: [Mfrs, wholesalers] Rigaku, Rigaku MSC, Rigaku Electric Ind, other

No. of accounts: 800

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Rigaku Yamanashi, Materials Data, Toshiba Medical Supply Co, Nap Ltd, Origin Electric Co, San-Eon Giken Co, other

Payment record: Regular

Location: Business area in Akishima City, Tokyo-Metrop. Office premises at the caption address are owned and maintained satisfactorily.

Bank References:

Mizuho Bank (Marunouchi)

MUFG (Mitaka)

Relations: Satisfactory

FINANCES

(In Million Yen)

Terms Ending:		31/03/2013	31/03/2012	31/03/2011	31/03/2010
Annual Sales		32,000	31,161	30,508	26,580
Recur. Profit		2,800	2,735	2,786	1,180
Net Profit		1,350	1,313	1,371	368
Total Assets			38,437	38,439	35,776
Current Assets			30,295	29,310	27,718
Current Liabs			11,200		10,039
Net Worth			25,418	24,531	23,403
Capital, Paid-Up			400	400	400
Div.P.Share(¥)			60.00	50.00	50.00
<Analytical Data>		(%)	(%)	(%)	(%)
S.Growth Rate		2.69	2.14	14.78	-12.64
Current Ratio		..	270.49	#DIV/0!	276.10
N.Worth Ratio		..	66.13	63.82	65.42
R.Profit/Sales		8.75	8.78	9.13	4.44
N.Profit/Sales		4.22	4.21	4.49	1.38
Return On Equity		..	5.17	5.59	1.57

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.57
UK Pound	1	Rs.86.60
Euro	1	Rs.68.93

INFORMATION DETAILS

Report Prepared by :

PDT

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%)

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