MIRA
INFORM REPORT
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Report Date : |
18.10.2007 |
IDENTIFICATION DETAILS
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Name : |
NIPPON CHEMI-CON CORPORATION |
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Registered Office : |
5-6-4 Osaki Shinagawaku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Aug 1947 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Manufacturing of aluminum
electrolytic capacitors |
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 4314.5 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
NIPPON CHEMI-CON CORPORATION
REGD NAME
MAIN OFFICE
5-6-4 Osaki
Shinagawaku
Tel : 03-5436-7711
Fax : 03-5436-7631
URL : http://www.chemi-con.co.jp/
E-Mail
address: info@chemi-con.co.jp
ACTIVITIES
Mfg of
aluminum electrolytic capacitors
BRANCH(ES)
OVERSEAS
(Subsidiaries):
FACTORY(IES)
CHIEF EXEC
IKUO
UCHIYAMA, PRES & CEO
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 135,105 M
PAYMENTS REGULAR CAPITAL Yen 15,751 M
TREND STEADY WORTH Yen
82,720 M
STARTED 1947 EMPLOYES 6,935
COMMENT
MFR OF ALUMINUM ELECTROLYTIC CAPACITORS. FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 4,314.5 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated)
figures for 31/03/2008 fiscal term
HIGHLIGHTS
This is the major producer of electrolytic capacitors. Use production system starting from
pre-processing. Has production bases in
(Expansion plan of
The firm will install a production line at the
FINANCIAL
INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen
135,105 million, an 11.7% up from Yen 120,918 million in the previous
term. Demand in
(Apr/Jun/2007 results): Sales Yen 34,704 million (up 8.1%),
operating profit Yen 3,192 million (up 39.7%), recurring profit Yen 3,852
million (up 81.8%), net profit Yen 2,812 million (up 134%). (% compared with
the same period last term). Materials
price hikes have been absorbed by the weaker Yen that contributed to push export
sales amount in Yen terms. Markets in
Asia and
For the current term ending Mar 2008 the recurring profit is
projected at Yen 10,000 million and the net profit at Yen 6,000 million, on a
3.6% rise in turnover, to Yen 140,000 million.
Mainstay aluminum electrolytic capacitors will maintain high growth
rates, led by those made by conductive polymer
used for digital consumer electronics and PCs.
Higher aluminum materials costs will be offset by launch of HVA
products. Production volume of
conductive capacitors will be increased from
current 90 million units to 140 million units by the end of current term.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 4,314.5 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Aug 1947
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 396,132,000 shares
Issued: 127,159,334 shares
Sum: Yen 15,751 million
Major shareholders (%): Japan Trustee Services T (12.6), Master Trust Bank of Japan T (6.4), Nippon Life Ins
(6.3), MUFG (4.5), State Street Bank & Trust (3.5), SMBC (2.6), Meiji Yasuda Life Ins
(2.3), Trust & Custody Services Inv T (2.2), Trust & Custody Services, Trust B (1.8),
Nihon Chikudenki Kogyo (1.7); foreign owners (20.5).
No. of
shareholders: 10,033
Listed
on the S/Exchange (s) of:
Managements: Ikuo Uchiyama, pres & CEO; Yuzo Shibata, s/mgn dir; Jun’ichi Suga, mgn dir; Yoshimori
Hiraoka, dir; Hidenori Uchi, dir; Susumu Ando, dir; Atsushi Kanesaki, dir; Satoshi Kikuchi,
dir; Katsufumi Minegishi, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies
Chemi-Con Iwate Corp, Chemi-Con Miyagi Corp, Chemi-Con Fukushima
Corp, other.
OPERATION
Activities: Manufactures, imports and exports aluminum electrolytic capacitors:
(Sales Breakdown by Divisions):.
Capacitors Div (81%): aluminum electrolytic capacitors, conductive polymer aluminum solid capacitors, lead types, snap-in terminal types, screw insert terminal types;
Circuit Components Div (8%): film capacitors, electric double layer capacitors, amorphous magnetic parts;
Modules & Devices Div (2%): bare chips packaging, precise mechanical parts, mini disk magnetic field modulation heads, security-related devices & option terminals;
Capacitor Materials Div (6%): aluminum electrolytic foils, rubber seals, aluminum cases, silicon wafers;
Overseas Sales Ratio (68.0%): N America (7.5%), Europe (8.6%),
Clients: [Mfrs, wholesalers] Hitachi Ltd, Sony Corp, Pioneer Corp, Sharp Corp, Toshiba Corp, Nichiei Electronics Corp, other.
No. of
accounts: 2,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsubishi Chemical, Japan Capacitor Ind, Tokyo Sangyo Yoshi, Kyoei Denki Co, other.
Payment
record: Regular
Location: Business area in
Bank References
SMBC
(Ebara)
MUFG
(Ebara)
Relations:
Satisfactory
Financials
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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135,105 |
120,918 |
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Cost of Sales |
105,260 |
95,834 |
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GROSS PROFIT |
29,845 |
25,083 |
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Selling & Adm Costs |
20,412 |
18,955 |
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OPERATING PROFIT |
9,433 |
6,128 |
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Non-Operating P/L |
-455 |
1,071 |
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RECURRING PROFIT |
8,978 |
7,199 |
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NET PROFIT |
5,572 |
3,991 |
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BALANCE SHEET |
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Cash |
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23,912 |
16,426 |
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Receivables |
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27,377 |
26,128 |
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Inventory |
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23,549 |
21,853 |
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Securities, Marketable |
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Other Current Assets |
12,862 |
11,624 |
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TOTAL CURRENT ASSETS |
87,700 |
76,031 |
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Property & Equipment |
57,549 |
52,165 |
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Intangibles |
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1,291 |
1,479 |
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Investments, Other Fixed Assets |
21,636 |
22,151 |
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TOTAL ASSETS |
168,176 |
151,826 |
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Payables |
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10,388 |
6,478 |
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Short-Term Bank Loans |
9,321 |
11,323 |
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Other Current Liabs |
22,250 |
16,170 |
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TOTAL CURRENT LIABS |
41,959 |
33,971 |
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Debentures |
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2,000 |
3,000 |
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Long-Term Bank Loans |
33,988 |
29,277 |
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Reserve for Retirement Allw |
6,206 |
6,044 |
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Other Debts |
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1,303 |
1,246 |
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TOTAL LIABILITIES |
85,456 |
73,538 |
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MINORITY INTERESTS |
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770 |
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Common
stock |
15,751 |
15,751 |
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Additional
paid-in capital |
33,819 |
33,819 |
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Retained
earnings |
29,370 |
24,886 |
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Evaluation
p/l on investments/securities |
3,664 |
4,561 |
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Others |
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558 |
(1,178) |
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Treasury
stock, at cost |
(442) |
(322) |
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TOTAL S/HOLDERS` EQUITY |
82,720 |
77,517 |
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TOTAL EQUITIES |
168,176 |
151,826 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash
Flows from Operating Activities |
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19,218 |
7,873 |
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Cash
Flows from Investment Activities |
-13,419 |
-9,078 |
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Cash Flows
from Financing Activities |
1,488 |
4,396 |
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Cash,
Bank Deposits at the Term End |
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23,847 |
16,384 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
82,720 |
77,517 |
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Current
Ratio (%) |
209.01 |
223.81 |
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Net
Worth Ratio (%) |
49.19 |
51.06 |
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Recurring
Profit Ratio (%) |
6.65 |
5.95 |
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Net
Profit Ratio (%) |
4.12 |
3.30 |
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Return
On Equity (%) |
6.74 |
5.15 |
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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. |
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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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%)