MIRA
INFORM REPORT
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Report Date : |
30.08.2014 |
IDENTIFICATION DETAILS
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Name : |
MIMASU SEMICONDUCTOR INDUSTRY CO LTD |
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Registered Office : |
2174-1 |
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Country : |
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Financials (as on) : |
31.05.2014 |
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Date of Incorporation : |
June 1969 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturing of semiconductors
(processing of silicon wafers) |
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No. of Employees |
939 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
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. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy.
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Source
: CIA |
Company name and address
MIMASU SEMICONDUCTOR INDUSTRY CO LTD
REGD NAME: Mimasu
Handotai Kogyo KK
MAIN OFFICE: 2174-1
Hodota-machi Takasaki City Gunma-Pref 370-3533
Tel:
027-372-2021 Fax: 027-372-2018 -
URL: http://www.mimasu.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of
semiconductors (processing of silicon wafers), other
BRANCHES
Gunma, Tochigi,
Fukushima, Saitama, Aichi
FACTORIES
At the caption
address (2)
CHIEF EXEC
MASAYUKI NAKAZAWA,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 42,697 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
18,824 M
TREND UP WORTH Yen 53,023 M
STARTED 1969 EMPLOYES 939
COMMENT
MFG OF SEMICONDUCTORS
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast figures for the 31/05/2015 fiscal term.
HIGHLIGHTS
This company specializes in polishing/processing of silicon wafers for
semiconductors. Wafer
polishing/processing entrusted by Shin-Etsu Chemicals. Engineering department is engaged in
production of FA systems and photovoltaic cell-making systems. Maintains strong global market share in
recycled wafers. .
FINANCIAL INFORMATION
The sales volume for May/2014 fiscal term amounted to Yen 42,697
million, a 3.3% down from Yen 44,141 million in the previous term. The recurring profit was posted at Yen 2,443
million and the net profit at Yen 1,408 million, respectively, compared with
Yen 2,087 million recurring profit and Yen 1,251 million net profit,
respectively, a year ago.
For the current term ending May 2015 the recurring profit is projected
at Yen 3,100 million and the net profit at Yen 1,900 million, respectively, on
a 7.7% rise in turnover, to Yen 46,000 million.
Main profit-earner wafer polishing business will stay in good shape,
mainly for high quality, 300mm wafers.
The recycling business in used test wafers will benefit from
full-capacity operations and cost reductions, including as a result of reduced
processing times and improved yield rate.
The wholesaling business will also recover after taking a downturn in
the preceding term.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
REGISTRATION
Date Registered: Jun 1969
Legal Status: Limited Company (Kabushiki Kaisha
Authorized: 47
million shares
Issued: 35,497,183 shares
Sum: Yen 18,824 million
Major
shareholders (%): Shin-Etsu Chemical (38.6), Masayuki Nakazawa (6.1), Company’s Treasury
Stock (5.6), Japan Trustee Services T (3.6), Northern Trust (AVFC),British
(3.2), Nakazawa Co (3.2), Goldman Sachs International (2.1), Japan Trustee
Services T9 (2.0), Gunma Bank (1.9), Master Trust Bank of Japan T (1.9);
foreign owners (18.3)
No.
of shareholders: 5,171
Listed on the S/Exchange (s) of: Tokyo
Managements: Masayuki Nakazawa,
pres; Nobuaki Hosoya, v pres; Tatsuro Hattaka, s/mgn dir; Kosburo Katahira, mgn
dir; Takuya Iizuka, dir; Naofumi Makino, dir; Susumu Haruyama, dir
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities:
Polishing/processing of silicon wafers for semiconductors (48%), Industrial
sales (52%)
Export
Ratio (8%)
Clients: [Mfrs,
wholesalers] Shin-Etsu Chemical, Shin-Etsu Semiconductors, Sharp Corp,
Shin-Etsu Handotai America, Akebono Brake Ind, other
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Shin-Etsu Chemical,
Cannon Marketing Japan, Takenaka
Corp, Renesas
Semiconductor North Japan, Tokuyama Corp, other
Payment record: No complaints
Location: Business area in
Takasaki, Gunma=pref. Office premises at
the caption address are owned and maintained satisfactorily.
Bank References:
Gunma Bank
(Takasaki)
SMBC (Maebashi)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/05/2014 |
31/05/2013 |
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INCOME STATEMENT |
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Annual Sales |
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42,697 |
44,141 |
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Cost of Sales |
36,901 |
39,819 |
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GROSS PROFIT |
5,796 |
4,321 |
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Selling & Adm Costs |
3,380 |
2,367 |
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OPERATING PROFIT |
2,416 |
1,954 |
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Non-Operating P/L |
27 |
133 |
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RECURRING PROFIT |
2,443 |
2,087 |
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NET PROFIT |
1,408 |
1,251 |
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BALANCE SHEET |
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Cash |
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23,747 |
20,045 |
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Receivables |
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14,163 |
12,776 |
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Inventory |
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1,436 |
1,511 |
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Securities, Marketable |
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Other Current Assets |
1,540 |
1,257 |
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TOTAL CURRENT ASSETS |
40,886 |
35,589 |
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Property & Equipment |
24,210 |
24,846 |
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Intangibles |
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760 |
984 |
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Investments, Other Fixed Assets |
2,761 |
4,757 |
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TOTAL ASSETS |
68,617 |
66,176 |
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Payables |
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8,747 |
8,677 |
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Short-Term Bank Loans |
100 |
100 |
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Other Current Liabs |
3,993 |
3,129 |
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TOTAL CURRENT LIABS |
12,840 |
11,906 |
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Debentures |
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Long-Term Bank Loans |
250 |
350 |
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Reserve for Retirement Allw |
1,323 |
1,312 |
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Other Debts |
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1,180 |
185 |
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TOTAL LIABILITIES |
15,593 |
13,753 |
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MINORITY INTERESTS |
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Common
stock |
18,824 |
18,824 |
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Additional
paid-in capital |
18,778 |
18,778 |
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Retained
earnings |
18,752 |
18,147 |
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Evaluation
p/l on investments/securities |
79 |
83 |
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Others |
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0 |
(1) |
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Treasury
stock, at cost |
(3,410) |
(3,409) |
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TOTAL S/HOLDERS` EQUITY |
53,023 |
52,422 |
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TOTAL EQUITIES |
68,617 |
66,176 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/05/2014 |
31/05/2013 |
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Cash
Flows from Operating Activities |
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5,877 |
4,079 |
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Cash
Flows from Investment Activities |
-773 |
-7,021 |
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Cash
Flows from Financing Activities |
-902 |
-702 |
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Cash,
Bank Deposits at the Term End |
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17,747 |
13,545 |
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ANALYTICAL RATIOS Terms ending: |
31/05/2014 |
31/05/2013 |
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Net Worth
(S/Holders' Equity) |
53,023 |
52,422 |
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Current
Ratio (%) |
318.43 |
298.92 |
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Net
Worth Ratio (%) |
77.27 |
79.22 |
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Recurring
Profit Ratio (%) |
5.72 |
4.73 |
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Net
Profit Ratio (%) |
3.30 |
2.83 |
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Return
On Equity (%) |
2.66 |
2.39 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.48 |
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1 |
Rs.100.35 |
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Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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 |
-- |
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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.