MIRA
INFORM REPORT
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Report Date : |
14.04.2012 |
IDENTIFICATION DETAILS
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Name : |
NGK INSULATORS LTD |
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Registered Office : |
2-56 Sudacho Mizuhoku |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
May 1919 |
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Com. Reg. No.: |
1800-01-010829 (Nagoya-Mizuhoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of insulators for power utilities |
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No. of Employees : |
12,047 |
RATING & COMMENTS
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MIRAs 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 9,040.8 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
NGK INSULATORS LTD
REGD NAME: Nihon
Gaishi KK
MAIN OFFICE: 2-56
Sudacho Mizuhoku
Tel:
052-872-7181 Fax: 052-872-7690
*.. The is its
Tokyo Head Office
E-Mail address: info@ngk.co.jp
ACTIVITIES
Mfg of insulators
for power utilities
BRANCHES
Tokyo, Osaka,
Sapporo, Sendai, Toyama, Hiroshima, Takamatsu, Fukuoka
OVERSEAS
USA, Belgium, Poland,
Australia, Indonesia, China, South Africa, India, other.
(Subsidiaries): N
America (9), Europe (7), Asia/Africa & Australia (8)
FACTORIES
At the caption
address, Chita, Komaki, Ishikawa
CHIEF EXEC
TARO KATO, PRES
& CEO
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 239,363 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
69,849 M
TREND STEADY WORTH Yen
323,536 M
STARTED 1919 EMPLOYES 12,047
COMMENT
MFR SPECIALIZING IN INSULATORS FOR POWER UTILITIES.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 9,040.8 MILLION, 30 DAYS NORMAL TERMS.
Unit: In Million Yen
Forecast (or estimated) figures for 31/03/2012
fiscal term
HIGHLIGHTS
The subject company was established on the
basis of a spun off from current Noritake Co Ltd, nations largest mfr of
ceramic tableware and grinding wheels, Nagoya.
This is the worlds largest mfr of insulators for power utilities. Member of Morimura group. Produces products for use in extensive areas,
including automobiles & environmental protection. Business is rapidly diversifying into non
insulators, such as water-treatment units, radioactive waste processing
systems, automobile ceramic honeycombs for exhaust filtering, etc. The company has implemented safety
countermeasures for the NAS batteries which has caused fire accidents. It aims resume shipment of batteries in the second
half of Mar 2013 term. It has boosted
output capacity of high accuracy sensors detecting nitrogen oxide in exhaust
gas.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal
term amounted to Yen 239,363 million, a 1.6% up from Yen 235,489 million in the
previous term. By Divisions; Electric
Power-Related fell 38.3% to Yen 53,854 million, because of the impact of the
strong Yen combined with the continuation of weak demand in the Chinese market;
Ceramics up 22.2% to Yen 1294,295 million, as the sales of mainstay honeycomb
ceramics for gasoline vehicles rose sharply on increased demand; Electronics up
31.6% to Yen 61,717 million, as sales rose for beryllium copper products and
ceramic products for semiconductor mfg equipment. The recurring profit was posted at Yen 32,726
million and the net profit at Yen 24,463 million, respectively, compared with
Yen 24,850 million recurring profit and Yen 17,808 million net profit,
respectively, a year ago
(Apr/Dec/2011 results): Sales Yen
184,790 million (up 6.5%), operating profit Yen 23,832 million (down 15.3%),
recurring profit Yen 24,004 million (down 5.8%), net loss Yen 40,653 million
(previously Yen 18,587 million profits).
(% compared with the corresponding period a year ago). The net losses are referred to a fire caused
by a problem with the companys sodium sulfur batteries, as reported.
For the term that ended Mar 2012 the
recurring profit was projected at Yen 26,000 million and the net losses at Yen
40,000 million, respectively, on a 2.4% rise in turnover, to Yen 245,000
million. Operating profit decline is
decelerating, reflecting brisk sales of ceramics. Final results are yet to be released.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Max credit limit is estimated at Yen 9,040.8 million, on 30 days normal
terms.
REGISTRATION
Date Registered: May
1919
Regd No.:
1800-01-010829 (Nagoya-Mizuhoku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 735,030,000 shares
Issued: 337,560,196 shares
Sum: Yen 69,849 million
Major
shareholders (%): Master Trust Bank of Japan T (10.2), Japan Trustee Services T (8.4),
Dai-ichi Life Ins (6.3), Meiji Yasuda Life Ins (5.5), Companys Treasury Stock
(3.2), MUFG (3.0), SSBT OD05 Omnibus Acct Treaty (1.8), Nippon life Ins (1.5),
Japan Trustee Services T9 (1.3), Nomura Trust Inv T (1.2); foreign owners
(18.7)
No. of shareholders: 26,694
Listed on the S/Exchange (s) of: Tokyo, Nagoya
Managements: Shun Matsushita,
ch; Taro Kato, pres; Eiji Hamamoto, v pres; Hiroshi Fujimoto, v pres; Takeyuki
Mizuno, s/mgn dir; Mitsuo Ibuki, s/mgn dir; Toshiyuki Hamanaka, s/mgn dir;
Yukihisa Takeuchi, s/mgn dir; Susumu Sakabe, s/mgn dir; Hideaki Saito, mgn dir;
Ryohei Iwasaki, mgn dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Energy Support, Soshin Electric, other
OPERATION
Activities: Manufactures electric power-related
equipment:
(Sales breakdown by divisions)
Electric
Power Div (22%): porcelain insulators, polymer insulators, line arresters, hardware for
insulator assemblies, NAS (sodium sulfur) batteries;
Ceramics Products Div (52%): automotive &
industrial ceramics, chemical apparatus, industrial heating systems;
Electronics Div (26%): electronic
components, hi-performance ceramics, specialty met als, DNA micro array, gas
analyzers, others.
Overseas sales ratio (51.8%): N America 12.5%;
Europe 13.6%; Asia 16.4%; others 9.3%.
Clients: [Electric powers, semiconductor mfrs, other
mfrs] Tokyo Electric Power, Seiko
Epson, NGK
Electronics USA, other.
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Energy Support, NGK
Printer Ceramics, other.
Payment record: No Complaints
Location: Business area in
Nagoya. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
MUFG (Nagoya-Chuo)
Mitsubishi UFJ
Trust Bank (Nagoya)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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239,363 |
235,489 |
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Cost of Sales |
160,749 |
168,716 |
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GROSS PROFIT |
78,613 |
66,772 |
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Selling & Adm Costs |
46,456 |
43,319 |
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OPERATING PROFIT |
32,157 |
23,453 |
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Non-Operating P/L |
569 |
1,397 |
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RECURRING PROFIT |
32,726 |
24,850 |
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NET PROFIT |
24,463 |
17,808 |
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BALANCE SHEET |
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Cash |
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49,177 |
75,697 |
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Receivables |
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50,080 |
62,534 |
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Inventory |
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81,239 |
65,377 |
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Securities, Marketable |
42,037 |
36,433 |
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Other Current Assets |
18,740 |
14,226 |
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TOTAL CURRENT ASSETS |
241,273 |
254,267 |
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Property & Equipment |
137,229 |
138,985 |
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Intangibles |
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2,657 |
2,022 |
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Investments, Other Fixed Assets |
98,225 |
80,573 |
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TOTAL ASSETS |
479,384 |
475,847 |
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Payables |
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23,330 |
23,109 |
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Short-Term Bank Loans |
5,121 |
33,211 |
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Other Current Liabs |
44,150 |
5,921 |
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TOTAL CURRENT LIABS |
72,601 |
62,241 |
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Debentures |
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20,000 |
20,000 |
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Long-Term Bank Loans |
34,000 |
44,132 |
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Reserve for Retirement Allw |
16,162 |
16,737 |
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Other Debts |
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13,085 |
13,264 |
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TOTAL LIABILITIES |
155,848 |
156,374 |
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MINORITY INTERESTS |
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Common
stock |
69,849 |
69,849 |
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Additional
paid-in capital |
85,136 |
85,136 |
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Retained
earnings |
200,357 |
180,076 |
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Evaluation
p/l on investments/securities |
4,826 |
6,226 |
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Others |
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(22,217) |
(7,501) |
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Treasury
stock, at cost |
(14,415) |
(14,314) |
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TOTAL S/HOLDERS` EQUITY |
323,536 |
319,472 |
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TOTAL EQUITIES |
479,384 |
475,847 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash Flows
from Operating Activities |
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36,650 |
44,375 |
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Cash
Flows from Investment Activities |
-17,886 |
-71,166 |
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Cash
Flows from Financing Activities |
-5,146 |
1,681 |
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Cash,
Bank Deposits at the Term End |
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63,003 |
53,364 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
323,536 |
319,472 |
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Current
Ratio (%) |
332.33 |
408.52 |
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Net
Worth Ratio (%) |
67.49 |
67.14 |
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Recurring
Profit Ratio (%) |
13.67 |
10.55 |
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Net
Profit Ratio (%) |
10.22 |
7.56 |
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Return
On Equity (%) |
7.56 |
5.57 |
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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.51.42 |
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1 |
Rs.81.93 |
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Euro |
1 |
Rs.67.67 |
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 |
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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NB |
New Business |
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This score serves as a reference to assess SCs 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.