MIRA
INFORM REPORT
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Report Date : |
16.01.2007 |
IDENTIFICATION DETAILS
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Name : |
NIPPON SHEET GLASS CO LTD |
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Registered Office : |
Nihon
Itagarasu Tokyo Bldg, 2-1-7 Kaigan Minatoku |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
Nov 1918 |
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Legal Form : |
Limited Company
(Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of
flat glass, construction materials |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen
6562.1 millions |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME
NIPPON SHEET GLASS CO LTD
REGD NAME
Nihon Itagarasu KK
MAIN OFFICE
Nihon Itagarasu Tokyo Bldg, 2-1-7
Kaigan Minatoku
Tel: 03-5443-9522
Fax: 03-5443-9554
URL : http://www.nsg.co.jp/
E-Mail address: info@nsg.co.jp
ACTIVITIES
Mfg of flat glass, construction
materials
BRANCHES
OVERSEAS
FACTORY(IES)
Tsukuba,
CHIEF EXEC
KATSUJI FUJIMOTO,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 265,888 M
PAYMENTS REGULAR CAPITAL Yen 41,060 M
TREND STEADY WORTH Yen
238,284 M
STARTED 1918 EMPLOYES 12,736
COMMENT
MFR SPECIALIZING IN
FLAT GLASS AND BUILDING MATERIALS
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 6,562.1 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated)
figures for 31/03/2007 fiscal term
HIGHLIGHTS
The subject company was established in 1918 to
engage in domestic production of flat glass.
Produced float sheet glass for first time in
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 265,888 million, edged up from Yen 264,975 million in the previous term. By divisions, glass & building materials was up 5.3% to Yen 180,069 million; information technology was down by 4.1% to Yen 42,375 million; glass fiber down 11% to Yen 31,911 million. The recurring profit was posted at Yen 10,425 million (21% down from Yen 13,270 million) and net profit at Yen 7,764 million (up 2.3% from Yen 7,688 million). (Parenthesis compared with last term). Profits deterioration is largely referred higher prices of heavy oil and materials. Its net earnings reflect special profit of Yen 5,550 million from securities sales and special loss of Yen 1,240 million related to the cost of acquiring Pilkington. The firm wrote off Yen 702 million in extraordinary losses according to asset impairment accounting system.
Half yearly results ending Sept/2006: Sales
Yen 273,259 million (up 114.8%), operational profit Yen 8,589 million (up
121.9%), recurring profit Yen 7,250 million (up 21.2%), net profit Yen 20,259
million (up 421.5%). (% compared with
the same period last year). This is
thanks to strong sales driven by the inclusion of Pilkington for July/Sept
period. The net results also boosted
from special profit of Yen 43,080 million, partly reflecting proceeds from
sales of its securities holdings to finance its purchase of Pilkington. The strength in Pilkington’s business in
Europe helped absorb weak performance in
For the current term ending Mar 2007 the recurring profit is projected at Yen 25,000 million and the net profit at Yen 30,000 million, on a 155.8% sharp rise in turnover, to Yen 680,000 million. The sharp growth includes sales coming from the acquired Pilkington for 9 months. Materials prices of sheet glass still feared to go higher. But both sales and earnings increasing substantially due mainly to acquisition of Pilkington
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 6,562.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov 1918
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 1,150
million shares
Issued: 443,946,452 shares
Sum: Yen
41,060 million
Major shareholders (%): Japan Trustee Services Bank T (6.9), Master Trust Bank of Japan T (6.3), CBNY Third Avenue International Fund (3.0), Sumitomo Trust Shintaku Acct (2.6), Toyota Motor (2.1), Sumitomo Life Ins (2.0), JSTB (Sumitomo Trust) (1.9), UBS (London) Asia Equities (1.6), JSTB (Sumitomo Corp) (1.5), SMBC (1.3); foreign owners (20.7)
No. of shareholders: 45,799
Listed on the S/Exchange (s) of:
Managements: Yozo Izuhara, ch; Tomoaki Abe, v ch; Katsuji Fujimoto, pres; Masakuni Nitta, s/mgn dir, Toshikazu Kondo, mgn dir; Kazuyuki Izumi, mgn dir; Takeshi Horiguchi, mgn dir; Takeshi Murakami, mgn dir; Naotaka Todoroki, mgn dir; Itsuo Umemoto, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies
Nippon Muki Co, Nanox, Thanks Corp, NSG Europe Ltd, NSG America Inc, other (Tot 53 as of Mar/06)
OPERATION
Activities: Manufactures sheet glass, construction materials, telecommunications equipment, glass fiber, others:
(Sales breakdown by divisions)
Glass & Building Materials Div (68%); glazing glass, thermal-insulation double glazing glass, wire-reinforced glass, wireless fire-resistive glass, polished glass, heat reflecting glass, reinforced glass, double reinforced glass, vacuum glass, figured glass, polished glass, ornamental glass, other;
Information & Telecommunications Products Division (16%): optoelectronics products (micro lenses, selfoc lens array, other optical products); display glass (ITO coated glass, other); fine glass products (ultra fine, glazing flat glass for use in electronic substrates, other); glass ware for industrial-use, LCD products, parabolic refractive index, other.
Glass Fiber Division (12%); functional filter products; glass fiber products for industrial application; glass fiber products for battery application; air filter & equipment.
Others (4%); engineering works for facilities, tests & analysis, other.
Overseas
sales ratio: 20.2%: Asia 15.1%; N America 0.9%;
Clients: [Automakers, mfrs, wholesalers] Toyota Motor, Nissan Motors, Honda Motor, Mazda, IBM, Thanks Corporation, Nippon Tokushu Sangyo, Ishizaki Honten, Matex Glass, Wintec, other.
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers, construction firms] Tostem Corp, Ishizaki Honten, Nippon Tokushu Sangyo, NSG Kanto, NSG Kansai, Sankyo Tateyam Aluminum Inc, Nanox Corp, Nishinippon Itagarasu Center, other.
Payment record:
Regular
Location: Business area in
Bank References
SMBC (H/O)
Sumitomo Trust Bank
(H/O)
Relations:
Satisfactory
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FINANCES:
(Consolidated in million yen) |
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Terms
Ending: |
31/03/2006 |
31/03/2005 |
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INCOME
STATEMENT |
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Annual Sales |
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265,888
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264,975
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Cost of Sales |
196,948
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194,843
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GROSS PROFIT |
68,940
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70,131
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Selling & Adm Costs |
60,510
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58,106
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OPERATING PROFIT |
8,429
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12,025
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Non-Operating P/L |
1,996
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1,245
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RECURRING PROFIT |
10,425
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13,270
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NET PROFIT |
7,764
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7,588
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BALANCE
SHEET |
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Cash |
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180,670
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64,163
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Receivables |
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59,072
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59,785
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Inventory |
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37,749
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34,582
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Securities, Marketable |
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Other Current Assets |
11,241
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9,194
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TOTAL CURRENT ASSETS |
288,732
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167,724
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Property & Equipment |
119,396
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114,084
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Intangibles |
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6,989
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3,890
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Investments, Other Fixed Assets |
180,846
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141,211
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TOTAL ASSETS |
595,963
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426,909
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Payables |
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37,357
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38,922
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Short-Term Bank Loans |
46,703
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37,178
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Other Current Liabs |
26,942
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31,907
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TOTAL CURRENT LIABS |
111,002
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108,007
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Debentures |
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153,000
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43,000
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Long-Term Bank Loans |
37,220
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31,533
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Reserve for Retirement Allw |
13,209
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14,162
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Other Debts |
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39,932
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22,165
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TOTAL LIABILITIES |
354,363
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218,867
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MINORITY INTERESTS |
3,315
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2,741
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Common
stock |
41,060
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41,060
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Additional
paid-in capital |
50,374
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50,373
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Retained
earnings |
95,791
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95,355
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Evaluation
p/l on investments/securities |
50,338
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26,787
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Others |
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1,056
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(8,018) |
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Treasury
stock, at cost |
(335) |
(257) |
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TOTAL S/HOLDERS` EQUITY |
238,284
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205,300
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TOTAL EQUITIES |
595,963
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426,909
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CONSOLIDATED
CASH FLOWS |
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Terms
ending: |
31/03/2006 |
31/03/2005 |
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Cash
Flows from Operating Activities |
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15,455
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16,799
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Cash
Flows from Investment Activities |
-12,149
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-255 |
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Cash
Flows from Financing Activities |
111,225
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-7,806
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Cash,
Bank Deposits at the Term End |
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179,158
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63,512
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ANALYTICAL
RATIOS Terms ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
238,284
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205,300
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Current
Ratio (%) |
260.11
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155.29
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Net
Worth Ratio (%) |
39.98
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48.09
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Recurring
Profit Ratio (%) |
3.92 |
5.01 |
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Net
Profit Ratio (%) |
2.92 |
2.86 |
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Return
On Equity (%) |
3.26 |
3.70 |
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RATING EXPLANATIONS
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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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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