MIRA INFORM REPORT

 

 

Report Date :

02.10.2014

 

IDENTIFICATION DETAILS

 

Name :

LASERTEC CORPORATION

 

 

Registered Office :

2-10-1 Shin-Yokohama Kohokuku Yokohama 222-0033

 

 

Country :

Japan

 

 

Financials (as on) :

30.06.2014

 

 

Date of Incorporation :

August 1962

 

 

Com. Reg. No.:

0200-01-022180

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture of semiconductor, LCD inspection equipment

 

 

No. of Employees :

245

 

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 and address

 

LASERTEC CORPORATION

REGD NAME:    Lasertec KK

MAIN OFFICE:  2-10-1 Shin-Yokohama Kohokuku Yokohama 222-0033 JAPAN

Tel: 045-478-7111     Fax: 045-476-1061     -

 

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

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Mfg of semiconductor, LCD inspection equipment

 

 

BRANCHES   

 

Yokohama

 

 

OVERSEAS   

 

USA, Taiwan, China, Singapore

 

 

FACTORIES  

 

China, Taiwan (--subsidiaries)

 

 

CHIEF EXEC 

 

OSAMU OKABAYASHI, PRES  

                       

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                 A/SALES          Yen 13,607 M

PAYMENTSno complaints          CAPITAL           Yen 931 M

TREND UP                    WORTH            Yen 17,463 M

STARTED         1962                 EMPLOYES      245

 

 

COMMENT    

 

MFG OF SEMICONDUCTOR & LCD INSPECTION EQUIPMENT  

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

                       

                        Unit: In Million Yen

Forecast figures for the 30/06/2015 fiscal term.

 

 

HIGHLIGHTS

 

This is a trading firm, with mfg division, to engage mainly in production of semiconductors and LCD inspection equipment.  Also makes laser microscopes.  Boast 100% market share in maskblank inspection equipment.  Goods are widely exported.

 

 

FINANCIAL INFORMATION

 

The sales volume for Jun/2014 fiscal term amounted to Yen 13,607 million, a 19.4% up from Yen 11,397 million in the previous term.  Sales of mask defect inspection systems increased, with major semiconductor makers’ investments in the fields of state-of-the-art technologies recovering.  Sales of FPD-related equipment also made a contribution in the second half.  The recurring profit was posted at Yen 3,161 million and the net profit at Yen 1,969 million, respectively, compared with Yen 2,536 million recurring profit and Yen 1,610 million net profit, respectively, a year ago.

 

            For the current term ending Jun 2015 the recurring profit is projected at Yen 3,200 million and the net profit at Yen 2,150 million, respectively, on a 10.2% rise in turnover, to Yen 15,000 million.  Maskblanks inspection systems will expand on the strength of capital spending for the microfabrication development for semiconductors.

 

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

 

 

REGISTRATION

           

Date Registered:　Aug 1962

Regd No.:        0200-01-022180 (Yokohama-Kohokuku)

Legal Status:      Limited Company (Kabushiki Kaisha

Authorized:       64 million shares

Issued:                23,571,600 shares

Sum:                   Yen 931 million

 

Major shareholders (%): Japan Trustee Services T (4.8), Company’s Treasury Stock (4.3), Yasuko Uchiyama (4.2), State Street Bank & Trust (3.7), Hiroshi Uchiyama (3.6), Master Trust Bank of Japan T (3.4), MUFG (3.1), Shu Uchiyama (2.9), BBH for Fidelity Low Price Stock (2.9), Setsuko Maeda (2.7); foreign owners (2.7)

 

No. of shareholders: 4,816

 

Listed on the S/Exchange (s) of: Tokyo

 

Managements: Osamu Okabayashi, pres; Haruhiko Kusunose, v pres; Shu Uchiyama, mgn dir; Koichi Moriizumi, dir

 

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

 

Related companies: Lasertec USA Inc, Lasertec Korea Corp, other.

 

 

OPERATION

           

Activities: Manufactures (produces): semiconductor-related (80%), FPD-related (2%), laser microscopes (5%), services (13%)

Overseas Sales Ratio (62%)

           

Clients: [Mfrs, wholesalers] Taiwan Semiconductor Manufacturing, Nitta Haas Inc, EUVL Infrastructure Development Center, other

No. of accounts: 350

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Kinashi Denki Co, Triple One, MDS Solutions, Kouken Co,

Hamamatsu Photonics Co, Oxide Corp, Ohkura Industry, other

 

Payment record: no complaints

 

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

 

Bank References:

MUFG (Motosumiyoshi)

SMBC (Tsunashima)

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

FINANCES: (Consolidated in million yen)

　

　

　

Terms Ending:

30/06/2014

30/06/2013

INCOME STATEMENT

 

　

　

  Annual Sales

　

13,607

11,397

　

  Cost of Sales

7,041

6,042

　

      GROSS PROFIT

6,565

5,354

　

  Selling & Adm Costs

3,467

3,205

　

      OPERATING PROFIT

3,097

2,149

　

  Non-Operating P/L

64

387

　

      RECURRING PROFIT

3,161

2,536

　

      NET PROFIT

1,969

1,610

BALANCE SHEET

 

 

　

　

  Cash

　

6,190

4,027

　

  Receivables

 

1,926

2,517

　

  Inventory

 

4,279

4,186

　

  Securities, Marketable

　

　

　

  Other Current Assets

1,908

1,739

　

      TOTAL CURRENT ASSETS

14,303

12,469

　

  Property & Equipment

6,512

6,568

　

  Intangibles

 

1

1

　

  Investments, Other Fixed Assets

871

873

　

      TOTAL ASSETS

21,687

19,911

　

  Payables

 

655

774

　

  Short-Term Bank Loans

　

706

　

　

 

　

　

　

  Other Current Liabs

3,342

(1,138)

　

      TOTAL CURRENT LIABS

3,997

342

　

  Debentures

 

　

　

　

  Long-Term Bank Loans

　

　

　

  Reserve for Retirement Allw

198

244

　

  Other Debts

　

29

3,505

　

      TOTAL LIABILITIES

4,224

4,091

　

      MINORITY INTERESTS

 

　

　

Common stock

931

931

　

Additional paid-in capital

1,080

1,080

　

Retained earnings

16,267

14,838

　

Evaluation p/l on investments/securities

237

66

　

Others

 

(74)

(117)

　

Treasury stock, at cost

(978)

(979)

　

      TOTAL S/HOLDERS` EQUITY

17,463

15,819

　

      TOTAL EQUITIES

21,687

19,911

CONSOLIDATED CASH FLOWS

 

　

　

 

Terms ending:

30/06/2014

30/06/2013

　

Cash Flows from Operating Activities

　

3,909

602

　

Cash Flows from Investment Activities

-83

-137

　

Cash Flows from Financing Activities

-1,720

-1,303

　

Cash, Bank Deposits at the Term End

　

6,120

3,967

ANALYTICAL RATIOS            Terms ending:

30/06/2014

30/06/2013

　

 

Net Worth (S/Holders' Equity)

17,463

15,819

　

 

Current Ratio (%)

357.84

3,645.91

　

 

Net Worth Ratio (%)

80.52

79.45

　

 

Recurring Profit Ratio (%)

23.23

22.25

　

 

Net Profit Ratio (%)

14.47

14.13

　

　

Return On Equity (%)

11.28

10.18

 

 

           


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.75

UK Pound

1

Rs.100.06

Euro

1

Rs.77.95

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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%)

 

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.