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Report No. : |
317008 |
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Report Date : |
13.04.2015 |
IDENTIFICATION DETAILS
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Name : |
RAYTEX CORP |
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Registered Office : |
Ueda Bldg 2F, 3-2-17 Jingumae Shibuyaku Tokyo 150-0001 |
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Country : |
Japan |
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Financials (as on) : |
31.05.2014 |
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Date of Incorporation : |
July 1988 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures, imports and wholesales wafer test equipment (61%), wafer measuring equipment (22%), purchased/imported products, others (17%) |
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No. of Employees : |
35 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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.
|
Source
: CIA |
RAYTEX CORP
KK Raytex
Ueda Bldg 2F, 3-2-17 Jingumae Shibuyaku Tokyo 150-0001 JAPAN
Tel: 03-6447-4385 Fax:
03-5447-4386
E-Mail address: info@raytex.com
ACTIVITIES: Mfg of semiconductor wafer inspection &
measurement equipment
BRANCHES: Fukuoka, Fukushima, Sapporo
OVERSEAS: Paris, Taiwan, Korea, & USA
FACTORIES: (subcontracted)
OVERSEAS: Raytex USA Corp (after-sales service
subsidiary)
OFFICERS: JUN TAKAMURA, PRES & CEO
Kazumi
Haga, dir
Nobuhiro
Hayasaka, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES WEAK A/SALES Yen 683 M
PAYMENTS SLOW CAPITAL Yen 1,077 M
TREND SLOW WORTH Yen (-) 9,450 M
STARTED 1988 EMPLOYES 35
COMMENT: MFR OF SEMICONDUCTOR WAFER TESTING &
MEASUREMENT EQUIPMENT FOR SILICON WAFER EDGES.
FINANCIAL SITUATION CONSIDERED WEAK BUT SHOULD BE GOOD FOR MODERATE
BUSINESS ENGAGEMENTS.
This is a specialized mfr of silicon wafer testing & measurement
equipment, established in Tama City, Tokyo-Metrop. In Jul 1990 began sales of Chapman
non-contact surface roughness measurement systems. In Jul 2001, acquired distributorship rights
to DYnaSearch Water Topography Measurement Inspection System. In Aug 2003 established Raytex USA Corp in
Oregon, USA. In Aug, opened Taiwan
office, and in Oct 2004 Korea office.
The firm listed on the Tokyo Mother’s in Apr/2004 but delisted in
Sept/2011. Clients are major
semiconductor mfrs nationwide.
The sales volume for May/2014 fiscal term amounted to Yen 683 million, a
49% up from Yen 457 million in the previous term. The operations continued in the red to post
Yen 644 million recurring loss and Yen 1,769 million net losses, respectively,
compared with Yen 715 million recurring loss and Yen 1,416 million net losses,
respectively, a year ago.
For the current term ending May 2015 the operations are projected to
come back to profitability but still limited to a minimum amount post-taxes on
a 5% rise in turnover, to Yen 720 million.
The firm is more concentrating on development, design works.
The financial situation is considered WEAK but should be good for
MODERATE business engagements.
Date
Registered: Jul 1988
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 39,000,000 shares
Issued:
9,919,850
shares
Sum: Yen
1,077 million
Major shareholders
(%): KK PMT (38.8), Jun
Takamura (3.9), Specs Corp (3.2), other
No. of
shareholders: 2,092
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures,
imports and wholesales wafer test equipment (61%), wafer measuring equipment (22%),
purchased/imported products, others (17%)
(Overseas sales
ratio 16.3%): Europe 6.6%, S/E Asia 5.0%, N America 4.8% (all about).
Clients: [Semiconductor
industries] Raytex USA Corp, Nano Systems Solutions, PMT Corp, other.
Exports to USA, China, Taiwan, Korea, etc.
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Nano System Solutions, YTK Corp, Rorze Corp, Kemet Japan Inc, NS Materials, other.
Payment record: Slow
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG (Fuchu)
SMBC (Nagayama)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/05/2015 |
31/05/2014 |
31/05/2013 |
31/05/2012 |
|
|
Annual Sales |
|
720 |
683 |
457 |
869 |
|
Recur. Profit |
|
0 |
-644 |
-715 |
|
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Net Profit |
|
0 |
-1,769 |
-1,416 |
-2,107 |
|
Total Assets |
|
|
1,057 |
1,960 |
2,256 |
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Current Assets |
|
|
817 |
927 |
|
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Current Liabs |
|
|
10,506 |
9,584 |
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Net Worth |
|
|
-9,450 |
-7,680 |
-6,263 |
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Capital, Paid-Up |
|
|
1,077 |
1,077 |
1,077 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
5.42 |
49.45 |
-47.41 |
-38.93 |
|
Current Ratio |
|
.. |
7.78 |
9.67 |
.. |
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N.Worth Ratio |
|
.. |
-894.04 |
-391.84 |
-277.62 |
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R.Profit/Sales |
|
0.00 |
-94.29 |
-156.46 |
.. |
|
N.Profit/Sales |
|
0.00 |
-259.00 |
-309.85 |
-242.46 |
Notes: Forecast (or estimated) figures for the 31/05/2015 fiscal term
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.66.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
|
-- |
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.