|
|
|
MIRA INFORM REPORT
|
Report No. : |
492089 |
|
Report Date : |
14.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
ADAVANTEST CORPORATION |
|
|
|
|
Registered Office : |
Shin Marunouchi Bldg 23F, 1-6-2 Marunouchi Chiyodaku Tokyo 100-0005 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
Dec., 1954 |
|
|
|
|
Com. Reg. No.: |
0116-01-000379 (Tokyo-Chiyodaku) |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Manufacturer of Semiconductor Testing Devices, Other. |
|
|
|
|
No. of Employees : |
2,143 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
Yen 5,103.0 Million |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
JAPAN - ECONOMIC OVERVIEW
Over the past 70 years, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (slightly less than 1% of GDP) have helped Japan develop an advanced economy. Two notable characteristics of the post-World War II 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 have significantly eroded under the dual pressures of global competition and domestic demographic change.
Measured on a purchasing power parity basis that adjusts for price differences, Japan in 2017 stood as the fourth-largest economy in the world after first-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. For three postwar decades, overall real economic growth was impressive - a 10% average in the 1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the aftereffects of inefficient investment and the collapse of an asset price bubble in the late 1980s, which entailed considerable time for firms to reduce excess debt, capital, and labor. Modest economic growth continued after 2000, but the economy has fallen into recession four times since 2008.
Japan enjoyed an uptick in growth in 2013 on the basis of Prime Minister Shinzo ABE’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Led by the Bank of Japan’s aggressive monetary easing, Japan is making modest progress in ending deflation, but demographic decline – a low birthrate and an aging, shrinking population – poses a major long-term challenge for the economy. The government currently faces the quandary of balancing its efforts to stimulate growth and institute economic reforms with the necessity of addressing its sizable public debt, which stands at 235% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate. However, the first such increase, in April 2014, led to another recession, so Prime Minister ABE has twice postponed the next increase, now scheduled for October 2019. Structural reforms to unlock productivity are seen as central to strengthening the economy in the long-run.
Scarce in critical natural resources, Japan has long been dependent on imported energy and raw materials. After the complete shutdown of Japan’s nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than before on imported fossil fuels. However, ABE’s government is seeking to restart nuclear power plants that meet strict new safety standards and is emphasizing nuclear energy’s importance as a base-load electricity source. In August 2015, Japan successfully restarted one nuclear reactor at the Sendai Nuclear Power Plant in Kagoshima prefecture, and several other reactors around the country have since resumed operations; however, opposition from local governments has delayed several more restarts that remain pending. Reforms of the electricity and gas sectors, including full liberalization of Japan’s energy market in April 2016 and gas market in April 2017, constitute an important part of Prime Minister Abe’s economic program.
In October 2015, Japan and 11 trading partners reached agreement on the Trans-Pacific Partnership (TPP), a pact that had promised to open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Japan was the first country to ratify the TPP in December 2016; the United States signaled its withdrawal from the TPP in January 2017, and in November 2017 the remaining 11 countries agreed on the core elements of a modified agreement, which they renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
|
Source
: CIA |
Company
Name And Address
ADAVANTEST CORPORATION
REGD NAME: KK
Advantest
MAIN OFFICE: Shin
Marunouchi Bldg 23F, 1-6-2 Marunouchi Chiyodaku Tokyo 100-0005 JAPAN
Tel:
03-3214-7500 Fax: 03-3214-7712 -
URL: http://www.advantest.com
E-Mail address: (thru
the URL)
ACTIVITIES
Mfg of
semiconductor testing devices, other
BRANCHES
Osaka,
Sendai, other (Tot 9)
OVERSEAS
China,
Korea, Taiwan, Singapore, USA, Europe (--subsidiaries)
FACTORIES
Gunma,
Sendai
OFFICERS
YOSHIAKI
YOSHIDA, PRES Nori Meisei, v pres
W U
Hans, mgn dir Soichi Koshizuka, mgn dir
Osamu
Karatsu, dir Seiichi Yoshikawa, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 155,916 M
PAYMENTS REGULAR CAPITAL Yen 32,363 M
TREND SLOW WORTH Yen 109,517 M
STARTED 1954 EMPLOYES 2,143
COMMENT
MFR OF SEMICONDUCTOR TESTING
DEVICE, OTHER
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 5,103.0 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
This
is the largest mfr of semiconductor testing devices in Japan. In July 2011, the company acquired Verigy
Inc, of the US, which was ranked third in the same field, to emerge as a
leading company with one of the highest world market share. Actively fostering new business. Including
E-beam lithography systems, SSD test systems & terahertz spectroscopic
imaging systems. The overseas operations
ratio is high.
FINANCIAL
INFORMATION
The
sales volume for Mar/2017 fiscal term amounted to Yen 155,916 million, a 3.82%
fall from Yen 162.111 million in the previous term. The recurring profit was posted at Yen 15,022
million and the net profit at Yen 14,201 million, respectively, compared with
Yen 11,767 million recurring profit and Yen 6,694 million net profit,
respectively, a year ago.
For
the current term ending Mar 2018 the recurring profit is projected at Yen
17,500 million and the net profit at Yen 14,900 million, respectively, on an
18.65% rise in turnover, to Yen 185,000 million.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 5,103.0 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Dec
1954
Regd No.; 0116-01-000379 (Tokyo-Chiyodaku)
Listed
company: Tokyo S/E
Legal
Status: Limited
Company (Kabushiki Kaisha)
Authorized: 440
million shares
Issued:
190,566.770 shares
Sum:
Yen
32,363 million
Major shareholders (%):
Master Trust Bank of Japan T (17.4), Company’s Treasury Stock (7.2), other;
foreign
owners (17.4)
No. of
shareholders: 31,683
Nothing
detrimental is known as to the commercial morality of executives.
.
OPERATION
Activities:
Manufactures semiconductors & parts testing systems (65%),
mechatronics-related (16%), services & others (19%)
Overseas
Sales Ratio (88%)
Clients: [Mfrs,
wholesalers] Exports to Taiwan, USA, other
Domestically Denso Corp, Midoriya Electric, other
No. of accounts: 800
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs, wholesalers] Fujitsu
Electronics, Midoriya Electric, Mitsui Bussan Electronics, other
Payment record: Regular
Location:
Business area in Tokyo. Office premises at the caption address are leased and
maintained satisfactorily.
Bank
References:
Mizuho
Bank (Tokyo)
SMBC
(Tokyo-Chuo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
31/03/2018 |
31/03/2017 |
31/03/2016 |
31/03/2015 |
|
|
Annual
Sales |
|
185,000 |
155,916 |
162,111 |
163,329 |
|
Recur.
Profit |
|
17,500 |
15,022 |
11,767 |
18,859 |
|
Net
Profit |
|
14,900 |
14,201 |
6,694 |
12,948 |
|
Total
Assets |
|
|
231,603 |
210,451 |
273,041 |
|
Current
Assets |
|
|
171,139 |
150,396 |
164,801 |
|
Current
Liabs |
|
|
51,434 |
29,434 |
49,686 |
|
Net
Worth |
|
|
109,517 |
93,619 |
140,938 |
|
Capital,
Paid-Up |
|
|
32,363 |
32,363 |
32,363 |
|
Div.Ttl
in Million (¥) |
|
|
4,022 |
3,491 |
1,742 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
18.65 |
-3.82 |
-0.75 |
45.99 |
|
Current Ratio |
|
.. |
332.74 |
510.96 |
331.68 |
|
N.Worth Ratio |
|
.. |
47.29 |
44.48 |
51.62 |
|
R.Profit/Sales |
|
9.46 |
9.63 |
7.26 |
11.55 |
|
N.Profit/Sales |
|
8.05 |
9.11 |
4.13 |
7.93 |
|
Return On Equity |
|
.. |
12.97 |
7.15 |
9.19 |
Notes:
Forecast (or estimated) figures for the 31/03/2018 fiscal term
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.28 |
|
|
1 |
INR 89.02 |
|
Euro |
1 |
INR 78.93 |
|
Yen |
1 |
INR 0.60 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.