MIRA INFORM REPORT
|
Report Date : |
08.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASAHI KASEI CHEMICALS CORPORATION |
|
|
|
|
Registered Office : |
Jimbocho Mitsui Bldg, 1-105 Kanda-Jimbocho Chiyodaku Tokyo 101-8101 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
November
1972 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacturer of petrochemicals, industrial chemicals |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
Yen 16,324.8 Million |
|
Status : |
Good |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
ASAHI KASEI CHEMICALS CORPORATION
REGD NAME
Asahi Kasei Chemicals KK
MAIN OFFICE
Jimbocho Mitsui
Bldg, 1-105 Kanda-Jimbocho Chiyodaku Tokyo 101-8101 JAPAN
Tel:
033296-3200 Fax: 03-3296-3438
URL: http://www.asahi-kasei.co.jp/chemicals/
E-Mail address: info@asahi-kasei.co.jp/chemicals
ACTIVITIES
Mfg of
petrochemicals, industrial chemicals
BRANCHES
Osaka,
Nagoya, Fukuoka
OVERSEAS
China,
Korea, Singapore, Indonesia, Europe, USA (--subsidiaries)
FACTORIES
Mizushima, Kawasaki, Nobeoka, Fuji, Moriyama, Shizuoka, Oita, Wakayama, Fukuoka, Chiba
OFFICER(S)
MASAKI
SAKAMOTO, PRES Yuji Kobayashi, s/mgn dir
Hajime Nagahara, mgn dir Yoshio Negishi, mgn dir
Tsuneo Takemoto, mgn dir Yukihiro Mori, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 543,668 M
PAYMENTS REGULAR CAPITAL Yen 3,000 M
TREND STEADY WORTH Yen
175,517 M
STARTED 1972 EMPLOYES 5,400
COMMENT
MFR OF INDUSTRIAL CHEMICALS, WHOLLY OWNED BY ASAHI KASEI
CORP
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT
LIMIT: YEN 16,324.8 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established on the basis of 4 Asahi Kasei group
firms merging into one entity. The
subject specializes in mg petrochemicals, polymers, performance chemicals, other. This is actually mfg division of Asahi Kasei
Corp (See REGISTRATION). It plans to expand production capacity of
acrylonitril at Korean Plant in Jan 2012, and in Jun 2012 will build a new
factory in Singapore for production of chemicals for supply to automobile tire
industry.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 543,668
million, a 16% up from Yen 469,883 million in the previous term. Market recovered. Corporate performance improved with the
effect of government stimulus measures and thanks to economic recovery in
emerging markets. Market prices for
acrylonitrile and adipic acid remained high, buoyed by favorable demand in
Asia. The recurring profit was posted at
Yen 34,737 million and the net profit at Yen 15,493 million, respectively,
compared with Yen 17,061 million recurring profit and Yen 6,392 million net
profit, respectively, a year ago.
For the current term ending Mar 2012 the recurring profit is projected
at Yen 35,000 million and the net profit at Yen 16,000 million, respectively,
on a 5% rise in turnover, to Yen 570,000 million. Chemical market will continue strong amid
robust demand from China and other S/E Asian countries. .
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 16,324.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov 1972
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
160,000 shares
Issued: 40,000 shares
Sum: Yen 3,000 million
Major shareholders (%): Asahi Kasei Corp* (100)
*.. Comprehensive
chemical firm engaged in diversified businesses of clothing, membranes and
housing, Tokyo, founded 1931, listed Tokyo, Osaka, Nagoya, Fukuoka &
Sapporo S/E’s, capital Yen 103,389 million, turnover Yen 1,598,387 million,
operating profit Yen 122,927 million, recurring profit Yen 118,219 million, net
profit Yen 60,288 million, total assets Yen 1,425,879 million, net worth Yen
675,602 million, employees 25,016, pres Taketsugu Fujiwara.
Consolidated Financials are
attached (See SUPPLEMTNS)
Nothing detrimental is known as
to the commercial morality of executives.
OPERATION
Activities: Manufactures
petrochemicals/industrial chemicals: monomers, organic & inorganic chemicals,
polyethylene, synthetic rubber & elastomers, polymers, cleaners, packaging
products, performance chemicals, systems & membranes, other (--100%).
Clients: [Mfrs,
wholesalers] Mitsubishi Corp, Itochu Corp, Bridgestone Corp, Sekisui Chemical
Ind, Nippon Paper Group firms, other
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsubishi Corp, Sanyo Sekiyu Kagaku, Nippon Petrochemical Ind,
other
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are
leased and maintained satisfactorily.
Bank References:
· SMBC (Tokyo)
· Mizuho Bank (H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
|
|
Annual
Sales |
|
570,000 |
543,668 |
469,883 |
582,896 |
|
Recur.
Profit |
|
35,000 |
34,737 |
17,061 |
-8,656 |
|
Net
Profit |
|
16,000 |
15,493 |
6,392 |
-7,361 |
|
Total
Assets |
|
|
435,679 |
420,579 |
474,207 |
|
Current
Assets |
|
|
225,262 |
206,536 |
230,665 |
|
Current
Liabs |
|
|
188,730 |
186,966 |
248,928 |
|
Net
Worth |
|
|
175,517 |
165,969 |
173,032 |
|
Capital,
Paid-Up |
|
|
3,000 |
3,000 |
3,000 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.84 |
15.70 |
-19.39 |
-17.38 |
|
|
Current Ratio |
|
.. |
119.36 |
110.47 |
92.66 |
|
N.Worth Ratio |
.. |
40.29 |
39.46 |
36.49 |
|
|
R.Profit/Sales |
|
6.14 |
6.39 |
3.63 |
-1.48 |
|
N.Profit/Sales |
2.81 |
2.85 |
1.36 |
-1.26 |
|
|
Return On Equity |
.. |
8.83 |
3.85 |
-4.25 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
ASAHI KASEI CORP
|
FINANCES: (Consolidated
in million yen) |
|
|||||
|
|
|
Terms Ending: |
31/03/2011 |
31/03/2010 |
||
|
INCOME STATEMENT |
|
|
||||
|
|
Annual Sales |
|
1,598,387 |
1,433,595 |
||
|
|
Cost of Sales |
1,193,646 |
1,100,688 |
|||
|
|
GROSS PROFIT |
404,741 |
332,907 |
|||
|
|
Selling & Adm Costs |
281,814 |
275,285 |
|||
|
|
OPERATING PROFIT |
122,927 |
57,622 |
|||
|
|
Non-Operating P/L |
-4,708 |
-1,255 |
|||
|
|
RECURRING PROFIT |
118,219 |
56,367 |
|||
|
|
NET PROFIT |
60,288 |
25,286 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
140,319 |
93,928 |
||
|
|
Receivables |
|
273,414 |
238,931 |
||
|
|
Inventory |
|
256,248 |
251,085 |
||
|
|
Securities, Marketable |
371 |
985 |
|||
|
|
Other Current Assets |
85,299 |
75,479 |
|||
|
|
TOTAL CURRENT ASSETS |
755,651 |
660,408 |
|||
|
|
Property & Equipment |
418,354 |
447,497 |
|||
|
|
Intangibles |
|
31,101 |
34,656 |
||
|
|
Investments, Other Fixed Assets |
220,773 |
226,331 |
|||
|
|
TOTAL ASSETS |
1,425,879 |
1,368,892 |
|||
|
|
Payables |
|
136,407 |
121,409 |
||
|
|
Short-Term Bank Loans |
108,889 |
93,962 |
|||
|
|
|
|
|
|
||
|
|
Other Current Liabs |
244,582 |
219,456 |
|||
|
|
TOTAL CURRENT LIABS |
489,878 |
434,827 |
|||
|
|
Debentures |
|
25,000 |
25,000 |
||
|
|
Long-Term Bank Loans |
91,722 |
121,921 |
|||
|
|
Reserve for Retirement Allw |
107,309 |
109,450 |
|||
|
|
Other Debts |
|
36,368 |
33,006 |
||
|
|
TOTAL LIABILITIES |
750,277 |
724,204 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Common
stock |
103,389 |
103,389 |
|||
|
|
Additional
paid-in capital |
79,402 |
79,403 |
|||
|
|
Retained
earnings |
478,681 |
432,114 |
|||
|
|
Evaluation
p/l on investments/securities |
29,647 |
36,692 |
|||
|
|
Others |
|
(13,402) |
(4,893) |
||
|
|
Treasury
stock, at cost |
(2,115) |
(2,017) |
|||
|
|
TOTAL S/HOLDERS` EQUITY |
675,602 |
644,688 |
|||
|
|
TOTAL EQUITIES |
1,425,879 |
1,368,892 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2011 |
31/03/2010 |
||
|
|
Cash
Flows from Operating Activities |
|
148,128 |
169,308 |
||
|
|
Cash Flows
from Investment Activities |
-78,838 |
-100,185 |
|||
|
|
Cash
Flows from Financing Activities |
-26,144 |
-75,071 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
134,450 |
93,125 |
||
|
ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
675,602 |
644,688 |
||
|
|
|
Current
Ratio (%) |
154.25 |
151.88 |
||
|
|
|
Net
Worth Ratio (%) |
47.38 |
47.10 |
||
|
|
|
Recurring
Profit Ratio (%) |
7.40 |
3.93 |
||
|
|
|
Net Profit
Ratio (%) |
3.77 |
1.76 |
||
|
|
|
Return
On Equity (%) |
8.92 |
3.92 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.14 |
|
UK Pound |
1 |
Rs.75.97 |
|
Euro |
1 |
Rs.65.99 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.