MIRA INFORM REPORT

 

 

Report Date :

25.02.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

C UYEMURA & CO Ltd

 

 

Registered Office :

3-2-6 Doshomachi Chuoku Osaka 541-0045

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

December 1933

 

 

Com. Reg. No.:

(Osaka-Chuoku) 077365

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of surface finishing chemicals, machinery & systems

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 1,312.9 Million

Status :

Satisfactory

Payment Behaviour :

Regular

Litigation :

----

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

C UYEMURA & CO Ltd

 

 

REGD NAME 

 

Uemura Kogyo KK

 

 

MAIN OFFICE

 

 3-2-6 Doshomachi Chuoku Osaka 541-0045 JAPAN

Tel: 06-6202-6518     Fax: 06-6228-0082

 

*.. The given address is its Tokyo Branch Office-

 

URL:                             www.uyemura.co.jp

E-Mail address:            (thru the URL)

 

 

ACTIVITIES  

 

Mfg of surface finishing chemicals, machinery & systems

 

 

BRANCHES   

 

Tokyo, Nagoya, Osaka

 

 

OVERSEAS   

 

Taiwan, Singapore, Malaysia, China (3), Korea

 

 

FACTORIES  

 

Hirakata (Osaka)

 

CHIEF EXEC 

 

HIROYA UEMURA, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                 　A/SALES       Yen 32,306 M

PAYMENTS                  REGULAR         　CAPITAL        Yen 1,336 M

TREND             SLOW              　WORTH         Yen 31,158 M

STARTED                     1933                 　EMPLOYES   1,183

 

 

COMMENT    

 

MFR OF SURFACE TREATMENT CHEMICALS & MACHINERY 

 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 1,312.9 MILLION, 30 DAYS NORMAL TERMS

 

 

                        Forecast figures for the 31/03/2011 fiscal term.

 

 

HIGHLIGHTS

 

The subject company is top-ranked mfr of plating chemicals and equipment commanding 20% market share in this field.  Renowned for surface treatment plating technology for computer hand disks.  Enjoys nearly monopolistic market share and high global share in HDD plating chemicals.  Engaged in operations in Asia, accounting for 43% of total overseas sales.  The firm is enhancing production, marketing and distribution bases in China.  In Thailand, it is expanding resin plating processing facilities for local Japanese makers.  The company will start reconstruction of its decrepit central research center in early 2011 for completion in 2013 at Yen 2.5 billion.

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2010 fiscal term amounted to Yen 32,306 million, a 25.4% down from Yen 43,329 million in the previous term.  The Japanese economy in the current fiscal year passed the worst of the economic downturn caused by the global recession since the fall of 2008 that stemmed in USA financial immunities.  However, the tough times continued as observed by deterioration of corporate earnings, decrease in capital investment and a weaker employment environment.  Exports were hurt by the high Yen.  By Divisions,  Surface Finishing Materials down 23.1% to Yen 26,646 million, due to weaker demand: Surface Finishing Machinery down 45.2% to Yen 2,671 million; Real Estate Leasing down 3.8% to Yen 773 million.  The recurring profit was posted at Yen 4,298 million and the net profit at Yen 2,631 million, respectively, compared with Yen 5,404 million recurring profit and Yen 4,062 million net profit, respectively, a year ago.　. 

 

(Apr/Dec/2010 results): Sales Yen 30,107 million (up 33.9%), operating profit Yen 4,351 million (up 57.5%), recurring profit Yen 4,217 million (up 51.5%), net profit Yen 3,056 million (up65.4%).  (% compared with the corresponding period a year ago).

           

For the current term ending Mar 2011 the recurring profit is projected at Yen 6,060 million and the net profit at Yen 3,910 million, on a 15.2% rise in turnover, to Yen 37,220 million.  Despite the impact of production cuts at customer HDD makers in the second half sales of surface-treatment chemicals will surge for the full term, reflecting stepped-up production of MPUs and smart-phones.  Profits will grow rapidly.   

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 1,312.9 million, on 30 days normal terms.

 

 

REGISTRATION

           

Date Registered:　      Dec 1933

Regd No.:                                 (Osaka-Chuoku) 077365

Legal Status:               Limited Company (Kabushiki Kaisha

Authorized:                  35,858,000 shares

Issued:                         9,878,040 shares

Sum:                            Yen 1,336 million

 

Major shareholders (%): Naniwa Shokusan (15.4), Japan Trustee Securities T (11.3), BBH for Fidelity Low Price Stock (6.3), Company’s Treasury Stock (5.1), Hiroya Uemura (4.9), Akemi Uemura (4.9), MUFG (4.7), BONY BCM Client (3.5), Goldman Sachs (3.8), Trust & Custody Services (2.5); foreign owners (25.5)

 

No. of shareholders: 696

 

Listed on the S/Exchange (s) of: Osaka (No.2 Section)

 

Managements: Hiroya Uemura, pres; Shigeo Hashimoto, s/mgn dir; Keiji Katayama, mgn dir; Seiken Oh, mgn dir, Kazutoshi Komori, mgn dir; Setsuo Kitazato, mgn dir

 

Nothing detrimental is known as to the commercial morality of executives.

 

Related companies: Taiwan Uyemura, other.

 

OPERATION

           

Activities: Manufactures surface treatment chemicals (82%), surface treatment machinery (8$), Real estate leasing (2%).

 

Overseas Sales Ratio (51.3%): USA 7.4%, Asia 43.6%, others 9.3%

           

Clients: [Mfrs, wholesalers] KPM Tech Co, Uyemura Solar Co, Ibiden Co, Caco Chemical Ind, other

            No. of accounts: 500

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Sumitomo Metal Mining, Tanaka Kikinzolu Hambai, Umi

core Japan, Fuji Chemicals, other

 

Payment record: Regular

 

Location: Business area in Osaka.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

MUFG (Osaka)

Shinsei Bank (Osaka)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2010

31/03/2009

INCOME STATEMENT

 

 

 

  Annual Sales

　

32,306

43,329

 

  Cost of Sales

21,546

30,125

 

      GROSS PROFIT

10,760

13,203

 

  Selling & Adm Costs

6,592

7,759

 

      OPERATING PROFIT

4,167

5,443

 

  Non-Operating P/L

131

-39

 

      RECURRING PROFIT

4,298

5,404

　

      NET PROFIT

2,631

4,062

BALANCE SHEET

 

 

 

 

  Cash

　

15,168

14,921

 

  Receivables

 

9,429

7,356

 

  Inventory

 

2,770

3,514

 

  Securities, Marketable

24

33

 

  Other Current Assets

625

570

 

      TOTAL CURRENT ASSETS

28,016

26,394

 

  Property & Equipment

12,446

12,960

 

  Intangibles

 

232

285

 

  Investments, Other Fixed Assets

1,918

1,649

 

      TOTAL ASSETS

42,612

41,288

 

  Payables

 

4,766

3,938

 

  Short-Term Bank Loans

843

1,000

 

　

 

　

　

 

  Other Current Liabs

2,731

2,878

 

      TOTAL CURRENT LIABS

8,340

7,816

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

326

422

 

  Reserve for Retirement Allw

334

327

 

  Other Debts

　

2,453

2,187

 

      TOTAL LIABILITIES

11,453

10,752

 

      MINORITY INTERESTS

 

 

 

Common stock

1,336

1,336

 

Additional paid-in capital

1,644

1,644

 

Retained earnings

30,786

28,697

 

Evaluation p/l on investments/securities

252

98

 

Others

 

(790)

(1,163)

 

Treasury stock, at cost

(2,070)

(77)

 

      TOTAL S/HOLDERS` EQUITY

31,158

30,535

　

      TOTAL EQUITIES

42,612

41,288

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2010

31/03/2009

 

Cash Flows from Operating Activities

　

3,716

8,691

 

Cash Flows from Investment Activities

-1,276

-4,156

 

Cash Flows from Financing Activities

-3,012

-1,501

　

Cash, Bank Deposits at the Term End

　

12,569

13,007

ANALYTICAL RATIOS            Terms ending:

31/03/2010

31/03/2009

 

 

Net Worth (S/Holders' Equity)

31,158

30,535

 

 

Current Ratio (%)

335.92

337.69

 

 

Net Worth Ratio (%)

73.12

73.96

 

 

Recurring Profit Ratio (%)

13.30

12.47

 

 

Net Profit Ratio (%)

8.14

9.37

 

 

Return On Equity (%)

8.44

13.30

 

           


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.73.54

Euro

1

Rs.62.39

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.