MIRA
INFORM REPORT
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Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
NIPPON CHEM-CON CORPORATION |
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Registered Office : |
5-6-4 Osaki Shinagawaku Tokyo 151-5605 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
August 1947 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer 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 4,645.3 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name & address
NIPPON CHEM-CON
CORPORATION
REGD NAME: Nippon Chemi-Con KK
MAIN OFFICE: 5-6-4 Osaki Shinagawaku Tokyo 151-5605 JAPAN
Tel:
03-5436-7711 Fax: 03-5436-7631
URL: http://www.chemi-con.co.jp/
E-Mail address: sales@chemi-con.co.jp
ACTIVITIES
Mfg of aluminum electrolytic capacitors
BRANCH(ES)
Nil
FACTORY(IES)
Niigata, Ibaraki
CHIEF EXEC
KUO UCHIYAMA, PRES
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 143,206 M
PAYMENTS REGULAR CAPITAL Yen 15,751 M
TREND STEADY WORTH Yen 78,652 M
STARTED 1947 EMPLOYES 7,098
COMMENT
MFR OF ALUMINUM
ELECTROLYTIC CAPACITATORS.
FINANCIAL
SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 4,645.3
MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2009 fiscal term
HIGHLIGHTS
The subject company is largest mfr of aluminum
electrolytic capacitors. Also engaged
in marketing semiconductors by subsidiaries.
Has production bases in Korea, Indonesia, other Asian countries, and
Oregon in US. Stresses in overseas
production. Aluminum electrolytic
capacitors for digital home appliances, main production item, will continue to
grow, led by brisk demand of conductive polymer models. Car-mounted capacitors continue to increase
steadily.
FINANCIAL INFORMATION
The sales volume for
Mar/2008 fiscal term amounted to Yen 143,206 million, a 6.0% up from Yen
135,105 million in the previous term.
Exports rose. By divisions,
Capacitors up 6.9% to Yen 117,315 million (This Division accounting for 82% of
totals group sales); Circuit Units Div up 0.7% to Yen 10,520 million. Negative factors such as escalating material
prices and falling selling process brought the operating income down to Yen
8,706 million, down 8% from the precious year.
The recurring profit was posted at Yen 4,437 million and the net profit
at Yen 2,512 million, respectively, compared with Yen 8,978 million recurring
profit and Yen 5,572 million net profit, respectively, a year ago. The fast appreciation of Yen towards the end
of the fiscal year also weighed down on the Group’s net income, with dropping
55% to Yen 2,512 million, according to the firm.
For the current
term ending Mar 2009 the recurring profit is projected at Yen 4,800 million and
the net profit at Yen 2,512 million, on a 0.6% rise in turnover, to Yen 144,000
million. Global economies are not
favorable, as rising oil prices and materials are expected to have negative
effects on corporate earnings, while the resulting inflation will likely weigh
down on consumer spending, according to the firm.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 4,645.3 million, on 30 days normal terms.
REGISTRATION
Date Registered: Aug 1947
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 30,499
shares
Issued: 4,831
shares
Sum: Yen
15,751 million
Major shareholders (%)
Japan Trustee Services T (8.7), Nippon Life Ins (6.3), Master Trust Bank of Japan T (6.1), MUFG (4.5), SMBC (2.6), Meiji Yasuda Life Ins 82.3), Trust & Custody Services Investment (2.0), Morgan Stanley & Co (2.0), Nihon Chikudenki Kogyo (1.7), Goldman Sachs International (1.7); foreign owners (17.9).
No. of shareholders: 12,200
Listed on the S/Exchange (s) of: Tokyo
Managements
Ikuo Uchiyama, pres; Yuzo Shibata, s/mgn dir; Jun’ichi Suga, mgn dir; Yoshimori Hiraoka, dir; Hidenori Uchi, dir; Susumu Andoh, dir; Atsushi Kanesaki, dir; Satoshi Kikuchi, dir; Katsufumi Minegishi, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies
United Chemi-Con Inc, Taiwan Chemic-Con Corp, Shanghai Chemi-Con Trading Co, other
OPERATION
Activities: Manufactures capacitors (82%), circuit units ‘’%), Circuits uhits (2%), mechanical parts (2%), capacitor materials (3%), others (3%)..
(Items produced): aluminum electrolytic foils, rubber seals, aluminum cases, silicon wafers, conductive polymer aluminum sold capacitors, lead types, snap-in terminal types, screw insert terminal types, electric double layer capacitors, amorphous magnetic parts, other
Overseas sales ratio (71.7%): N America (6.7%), Europe (8.3%), Asia (56.7%)
Clients
[Mfrs, wholesalers] Hitachi Ltd, Sony Corp, Pioneer, Toshiba Corp, Sharp Corp, other
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Mitsubishi Chemical Ind, Sumitomo Metal Ind, other..
Payment record
Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
MUFG (Tokyo)
SMBC (Ebara)
Relations: Satisfactory
FINANCIALS
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2008 |
31/03/2007 |
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INCOME STATEMENT |
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Annual Sales |
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143,206 |
135,105 |
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Cost of Sales |
113,640 |
105,260 |
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GROSS PROFIT |
29,566 |
29,845 |
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Selling & Adm Costs |
20,859 |
20,412 |
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OPERATING PROFIT |
8,706 |
9,433 |
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Non-Operating P/L |
-4,269 |
-455 |
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RECURRING PROFIT |
4,437 |
8,978 |
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NET PROFIT |
2,512 |
5,572 |
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BALANCE SHEET |
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Cash |
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17,440 |
23,912 |
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Receivables |
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28,299 |
27,377 |
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Inventory |
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24,396 |
23,549 |
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Securities, Marketable |
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Other Current Assets |
12,608 |
12,862 |
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TOTAL CURRENT ASSETS |
82,743 |
87,700 |
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Property & Equipment |
57,011 |
57,549 |
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Intangibles |
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1,300 |
1,291 |
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Investments, Other Fixed Assets |
19,289 |
21,636 |
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TOTAL ASSETS |
160,343 |
168,176 |
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Payables |
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10,842 |
10,388 |
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Short-Term Bank Loans |
13,011 |
9,324 |
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Other Current Liabs |
19,475 |
22,247 |
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TOTAL CURRENT LIABS |
43,328 |
41,959 |
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Debentures |
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2,000 |
2,000 |
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Long-Term Bank Loans |
29,121 |
33,988 |
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Reserve for Retirement Allw |
5,781 |
5,911 |
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Other Debts |
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1,461 |
1,598 |
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TOTAL LIABILITIES |
81,691 |
85,456 |
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MINORITY INTERESTS |
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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 |
30,493 |
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Evaluation
p/l on investments/securities |
1,753 |
3,664 |
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Others |
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(1,504) |
(565) |
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Treasury
stock, at cost |
(537) |
(442) |
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TOTAL S/HOLDERS` EQUITY |
78,652 |
82,720 |
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TOTAL EQUITIES |
160,343 |
168,176 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2008 |
31/03/2007 |
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Cash
Flows from Operating Activities |
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11,144 |
19,218 |
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Cash
Flows from Investment Activities |
-13,020 |
-13,419 |
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Cash
Flows from Financing Activities |
-3,499 |
1,488 |
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Cash,
Bank Deposits at the Term End |
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17,423 |
23,847 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
78,652 |
82,720 |
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Current
Ratio (%) |
190.97 |
209.01 |
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Net
Worth Ratio (%) |
49.05 |
49.19 |
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Recurring
Profit Ratio (%) |
3.10 |
6.65 |
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Net
Profit Ratio (%) |
1.75 |
4.12 |
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Return
On Equity (%) |
3.19 |
6.74 |
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FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.88 |
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UK Pound |
1 |
Rs.82.97 |
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Euro |
1 |
Rs.64.99 |
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%)