MIRA INFORM REPORT

 

 

Report Date :

03.09.2014

 

IDENTIFICATION DETAILS

 

Name :

TS OPTO CO LTD

 

 

Registered Office :

5-1 Yawata-Kaigandori Ichihara Chiba-Pref 290-0067

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

August, 2012

 

 

Com. Reg. No.:

0400-01-078180 (Chiba-Ichihara)

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Mfg of GaN-based LED chips

 

 

No. of Employees

60

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

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

 

TS OPTO CO LTD

REGD NAME:    TS Opto KK

MAIN OFFICE:  5-1 Yawata-Kaigandori Ichihara Chiba-Pref 290-0067 JAPAN

                        Tel: 0436-42-0051

 

URL:                 http://www.toyoda-gosei.co.jp (Of the top-parent)

E-Mail address: (thru the URL)

 

 

ACTIVITIES  

 

Mfg of GaN-based LED chips

 

 

FACTORIES

 

At the caption address (Showa Denko Electronics Factory)

 

 

OFFICERS

 

SHIGEKI KONISHI, PRES

Motoo Tanaka, dir

Nobuhiko Kawamura, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        R\WEAK           A/SALES          Yen 500 M*

PAYMENTS      SLOW              CAPITAL           Yen 490 M

TREND             UNDETD           WORTH            Yen (-) 717 M   

STARTED         2012                 EMPLOYES      60

*.. For 7 months from the inception of the firm

 

 

COMMENT    

 

MFR OF SEMICONDUCTOR MFG EQUIPMENT.

FINANCIAL SITUATION RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.

                       

 

HIGHLIGHTS

 

This is a JV company established jointly by Toyoda Gosei Co Ltd (See REGISTRATION) and Showa Denko Co, in Aug 2012.  This is a specialized mfr of GaN-based LED chips at the caption address (which is Showa Denko Electronics Factory).  Sales for the initial one year term ending Mar/2013 are reported at Yen 500 million, with Yen 1.1 million net loss for the term.

           

 

FINANCIAL INFORMATION

           

Financials are disclosed for Mar/2013 fiscal term only and for the Mar/2014 fiscal term sales amounts are not disclosed as shown in the statement.

 

Both the financial situation and business trends are not determined due to the lack of proven business but should be good for MODERATE business engagements. 

 

 

REGISTRATION

 

Date Registered:          Aug 2012

Regd No.:                     0400-01-078180 (Chiba-Ichihara)

Legal Status:               Limited Company (Kabushiki Kaisha)

Authorized:                  39,200 shares

Issued:                         9,800 shares

Sum:                            Yen 490 million

Major shareholders (%): Toyoda Gosei Co Ltd* (70), Showa Denko ８３０９

No. of shareholders:    2

 

*.. Resin & rubber parts mfr belonging to Toyota Motor Group, Aichi, founded 1949, listed Tokyo, Nagoya S/E’s, capital Yen 28,027 million, sales Yen 689,477 million, operating profit Yen 43,798 million, recurring profit Yen 45,847 million, net profit Yen 26,214 million, total assets Yen 541,877 million, net worth Yen 279,789 million, employees 31,672, pres Tadashi Arashima

 

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

 

 

OPERATION

           

Activities: Manufactures GaN-based LED chips, others (--100%)

 

Clients: [Mfrs, wholesalers] Toyoda Gosei Co, Showa Denko other

No. of accounts: 100

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Toyoda Gosei, Showa Denko, other

 

Location: Business area in Ichihara, Chiba-Pref.  Office premises at the caption address are owned by Showa Denko and maintained satisfactorily.

 

Bank References:

MUFG (Nagoya))

Relations: Satisfactory

 

 

FINANCES

 

 (In Million Yen)

       Terms Ending:

31/03/2014

31/03/2013

Annual Sales

　

　

500

Recur. Profit

　

　

　

Net Profit

　

-551

-1,148

Total Assets

　

3,662

2,834

Current Assets

　

2,535

1,399

Current Liabs

　

2,880

3,000

Net Worth

　

-717

-166

Capital, Paid-Up

　

490

490

Div.P.Share(¥)

　

0

0.00

<Analytical Data>

　

(%)

(%)

    S.Growth Rate

　

- -

- - -

    Current Ratio

　

..

46.63

    N.Worth Ratio

　

..

-5.86

    R.Profit/Sales

　

..

..

    N.Profit/Sales

　

 

-229.60

 

Notes: Financials are only partially disclosed as above.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.61

UK Pound

1

Rs.100.49

Euro

1

Rs.79.56

                

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.