MIRA INFORM REPORT

 

 

Report Date :

25.10.2013

 

IDENTIFICATION DETAILS

 

Name :

VALQUA FFT INC

 

 

Registered Office :

Think Part Tower 24F, 2-1-1 Osaki Shinagawaku Tokyo 141-6024

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

October, 1972

 

 

Com. Reg. No.:

0200-01-009245 (Tokyo-Shinagawaku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Mfg of silicon wafer, reclaiming of silicon wafer

 

 

No. of Employees :

150

 

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 – March, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan 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 and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy his government's top priority; he has pledged to reconsider his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus and regulatory reform and has said he will press the Bank of Japan to loosen monetary policy. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2012 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 2012. The new government will continue a longstanding debate 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

 

VALQUA FFT INC

 

 

REGD NAME

 

KK Valqua FFT

 

 

MAIN OFFICE

 

Think Part Tower 24F, 2-1-1 Osaki Shinagawaku Tokyo 141-6024 JAPAN

Tel: 03-5719-7666     

Fax: 03-5719-7667

 

URL:                 http://www.ftti.jp

E-Mail address: vfft@vfft.valqua.co.jp

 

 

ACTIVITIES  

 

Mfg of silicon wafer, reclaiming of silicon wafer

 

 

BRANCHES   

Nagasaki

 

 

FACTORIES

 

Yokohama, Nagasaki

 

 

OFFICERS

 

HIRONORI WATANABE, PRES  Noboru Watanabe, ch

Shogo Watanabe, s/mgn dir        Masaaki Sakura, dir

Teruo Suzuki, dir                        Teruo Ushiba, dir           

           

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 2,800 M

PAYMENTS      NO COMPLAINTS          CAPITAL           Yen 472 M

TREND             SLOW                          WORTH            Yen 1,138 M

STARTED         1972                             EMPLOYES      150

 

 

COMMENT    

 

MFR OF SILICON WAFERS.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

 

HIGHLIGHTS

 

The subject company was established by Noboru Watanabe in order to make most of his experience in the subject line of business, originally named as Watanabe Optical KK, and in Nov 2004 renamed as Fujimi Fine Technology Inc.  In Dec 2011, the firm went into business tie-up with Nippon Valqua Industries Ltd (See REGISTRATION).  This is a specialized mfr of silicon wafers, including reclaiming.  Clients include major electronics makers, other

 

 

FINANCIAL INFORMATION

 

Financials are only partially disclosed.

 

The sales volume for Dec/2012 fiscal term is estimated amounted to Yen 2,800 million, a 7% down from Yen 3,000 million in the previous term.  The net profit is estimated posted at Yen 95 million, compared with Yen 100 million a year ago.

 

For the current term ending Dec 2013 the net profit is projected at Yen 100 million, on a 4% rise in turnover, to Yen 2,900 million.

 

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

 

 

REGISTRATION

 

Date Registered:          Oct 1972

Regd No.:                                 0200-01-009245 (Tokyo-Shinagawaku)

Legal Status:               Limited Company (Kabushiki Kaisha)

Authorized:                  3 million shares

Issued:                         944,000 shares

Sum:                            Yen 472.5 million

Major shareholders (%): Nippon Valqua Industries* (52%), other

No. of shareholders:    15

 

*.. Top-ranked mfr of industrial seal products in use for plants & construction machinery, founded 1932, listed Tokyo S/E, capital 13,957 million, sales Yen 37,778 million, operating profit Yen 1,240 million, recurring profit Yen 1,355 million, net profit Yen 837 million, total assets Yen 42,375 million, net worth Yen 24,899 million, employees 1,721, pres Toshikazu Takisawa

 

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

 

 

OPERATION

 

Activities: Manufactures silicon wafers, including reclaiming works; semiconductor grinding & polishing works (--100%).

 

Clients: [Mfrs, wholesalers] E&M, KST World, Toshiba Corp, Samsung Electronics Japan, Renesas Electronics, Electronics & Materials Corp, On Semiconductor Technologies, other

No. of accounts: 300

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Kyushu CIC Laboratory, Nitta Haas Trading, Covalent Materials Corp, Yutaka Trends Co, Nikka Seiko Co, Kanto Kagaku, other

 

Payment record: No Complaints

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

Bank References:

Bank of Yokohama (Nakayama)

Mizuho Bank (Shin-Yokohama)

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

Terms Ending:

　

31/12/2013

31/12/2012

31/12/2011

31/12/2010

Annual Sales

　

2,900

2,800

3,000

2,940

Recur. Profit

　

..

..

..

..

Net Profit

　

100

95

100

100

Total Assets

　

　

N/A

N/A

4,006

Net Worth

　

　

1,138

1,072

972

Capital, Paid-Up

　

　

472

472

472

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

3.57

-6.67

2.04

34.19

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

..

..

24.26

    N.Profit/Sales

3.45

3.39

3.33

3.40

 

Notes: Financials are only partially disclosed.  Figures for the 31/12/2012 fiscal term are estimated only, as the precise figures are not disclosed.

Forecast (or estimated) figures for the 31/12/2013 fiscal term.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.41

UK Pound

1

Rs.99.53

Euro

1

Rs.84.82

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.