MIRA INFORM REPORT

Report Date :

09.12.2014

IDENTIFICATION DETAILS

Name :	LANDMARL TECHNOLOGY CORPORATION
Registered Office :	Dai Shinkyo Bldg. 2F., 1-5-8, Fujimi, Chiyoda-ku, Tokyo 102-0071
Country :	Japan
Financial Data :	31.08.2012
Date of Incorporation :	27.09.1984
Legal Form :	Private company
Line of Business :	Manufacturer of Semiconductor fabrication equipment, 3D graphics-related products
No. of Employees :	30

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	US$ 110,000
Status :	Moderate
Payment Behaviour :	Unknown
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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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. 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

Source : CIA

Company name

LANDMARK TECHNOLOGY CORPORATION

Company summary

Country: Japan

Company name: LANDMARL TECHNOLOGY CORPORATION

Name in local language: LANDMARK TECHNOLOGY, K.K.

(株式会社ランドマークテクノロジー)

Office address: Dai Shinkyo Bldg. 2F., 1-5-8, Fujimi, Chiyoda-ku, Tokyo 102-0071

Office tel: 03-3239-9241

Office fax: 03-3239-9240

Website: www.landmark.jp

Business type: Manufacturer

Industry: Semiconductor fabrication equipment, 3D graphics-related products

Established: September 27, 1984

Capital: Jp. 10,000,000 yen

Employees: 30

Corporate formation: Private

Corporation No.: 0100-01-031938 (Tokyo Legal Affairs Bureau)

MAJOR SHAREHOLDERS

Paid in capital : Jp. 10,000,000 yen

Number of authorized shares : 320 shares

Shares issued : 200 shares

Number of shareholder : 2

Name of shareholders Number of shares (%)

-----------------------------------------------------------------------------------------------------------

Mr. Takashi Majima, President 140 shares ( 70.0)

Mr. Manabu Okano, Director 60 shares ( 30.0)

-----------------------------------------------------------------------------------------------------------

Total 200 shares (100.0)

DETAILED PRODUCT CLASSFICATION & ACTIVITY

Activity Product/Service Description

-------------------------------------------------------------------------------

Manufacturing Products related to semiconductor fabrication equipment

Manufacturing 3D graphics related products

COMPANY MANAGEMENT

President Mr. Takashi Majima

Nationality: Japan

Managing Director Mr. Kaoru Majima

Nationality: Japan

Director Mr. Manabu Okano

Nationality: Japan

Auditor Mr. Masaki Kato

Nationality: Japan

Note: The names of director(s) and auditor(s) are phonetically spelt.

Key Personnel

Mr. Takashi Majima

President and representative director

Born on October 18, 1946

Home address: 14-1, Sanban-cho, Chiyoda-ku, Tokyo 102-0075

FINANCIALS

Currency: (local currency - Jp. yen)

-------------------------------------------------------------------------------------

Year | Sales | Net Income

-------------------------------------------------------------------------------------

2007	1,150,000,000	15,000,000
2008	1,200,000,000	n. a.
2009	800,000,000	n. a.
2010	1,300,000,000	n. a.
2011	1,000,000,000	n. a.
2012	900,000,000	3,853,000
2013	1,800,000,000	n. a.

FINANCIAL DESCRIPTION

*Book Closing*

============

August 31st

Financials

As a private limited company, no official financial statement is required to be disclosed publicly.

Available financial statement is only Balance Sheet for Aug. 2012.

Balance Sheet
Unit: millions of JP yen
	8/31/2012
Current assets	293
Fixed assets	145
Total Assets	439

Current liabilities	97
Fixed liabilities	201
Shareholders' equity	139
Paid up capital	10
Retained earnings	129
Total Liabilities & Net Assets	439

Bank Details

Bank Name : Sumitomo Mitsui Banking Corp.

Branch : Iidabashi

Bank Name : Bank of Tokyo-Mitsubishi UFJ, Ltd.

Branch : Jinbo-cho

Credit Opinion

The subject is a Tokyo-based small-sized firm specializing in semiconductor equipment-related products and 3D products with 30-year business history.

Sales looks a bit small for its length of business history and list of customers.

Sales shows some ups and downs sometimes.

Merger of Nozawa Co., Ltd. is expected to grow and stabilize its business.

Our standard suggestion would be up to US$ 110,000 on terms of 90 days.

PRODUCT, TECHNOLOGY, SERVICE DESCRIPTION

*Main Products & Services*

======================

Development, Manufacture and Sale of Products related to Semiconductor Fabrication Equipment

1. "LS Series" : Plasma sources for manufacturing

semiconductor devices and FPD

2."LG series" : Plasma abatement systems for decomposition

of greenhouse effect gases (PFC gases)

Development and Sale of 3D Graphics related Products

1."ENTERPRISE HARNESS" : A software for designing large

scale wire harness

2. "ENTERPRISE LAYOUT" : A software for creating a 2D wire

harness drawing from the data of ENTERPRISE HARNESS

3."DESIGN RULE CHECK (DRC) OPTION" : An optional

software for "ENTERPRISE HARNESS" to detect problems associated with wire harness.

FACTORY FACILITIES & MANUFACTURING CAPABILITIES

At the location of the head office

ORGANIZATION STRUCTURE

*Address*

=========

Registered address is the same as the operational address.

Company History

Date Development

-----------------------------------------------------------------------------------------------

September, 1984 Founded, aiming to develop products that can be a "landmark" in the

semiconductor technology field.

1984 – 1986 Developed and marketed a multi control system for Digital HO gauge

train.

January, 1988 Developed PC modem in technical collaboration with Rockwell.

April 1988 Relocated to the current address.

October, 1988 Became an exclusive agency of Advanced Energy Inc. in Japan.

March, 1992 Entered a technical alliance with IOMEGA on the removable hard

disc.

January, 1998 Released "MAM Genesis", an advanced micro arc monitor.

May, 1998 Released "Flying LANDMARK", a 3D CAD Viewer

April, 1999 Started co-development of LB1200 (original model of LG3000)

October, 1999 Released "LANDMARK VIEW", an upgraded version products of

Flying "LANDMARK"

December, 2001 Produced LG3000α (prototype)

June, 2002 Started mass production of LG3000

June, 2006 Released "LANDMARK VIEW Harness Designer"

September, 2006 Started mass production of LS series

December, 2008 Released "Enterprise Harness"

June, 2009 Became an exclusive agency of GPI in Japan

August, 2010 Started the development of a plasma analyzer in collaboration

between industry and academia. This development project was

adopted as "Leading-edge Measuring Instrument Development

Program for the fiscal year 2010" sponsored by Japan Science and

Technology Agency.

August 1, 2013 Merged “Nozawa Co., Ltd.”

TRADE REFERENCES

*Suppliers*

==========

Ebara Field Tech Inc.

GPi Inc.

*Customers*

==========

Panasonic Corp.

Mitsubishi Electric Corp.

Canon Inc.

Fujitsu Ltd.

Asahi Glass Co., Ltd.

Rohm Corp.

Toshiba Corp.

NEC Corp.

Hitachi Ltd.

Tokyo Electron Co., Ltd.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.93
UK Pound	1	Rs.96.37
Euro	1	Rs.76.10

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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.