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Report Date : |
22.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASAHI GLASS CO LTD |
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Registered Office : |
1-5-1 Marunouchi Chiyodaku Tokyo 100-8405 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
June
1950 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of sheet glass, automobile glass, crt glass |
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No. of Employees : |
50,957 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
japan - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a strong
work ethic, mastery of high technology, and a comparatively small defense
allocation (1% of GDP) helped Japan develop a technologically advanced economy.
Two notable characteristics of the post-war economy were the close interlocking
structures of manufacturers, suppliers, and distributors, known as keiretsu,
and the guarantee of lifetime employment for a substantial portion of the urban
labor force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A tiny agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. Usually self-sufficient in rice, Japan imports about 60% of its
food on a caloric basis. Japan maintains one of the world's largest fishing
fleets and accounts for nearly 15% of the global catch. For three decades,
overall real economic growth had been spectacular - a 10% average in the 1960s,
a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed
markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s
that required a protracted period of time for firms to reduce excess debt,
capital, and labor. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2011 stood as the fourth-largest
economy in the world after second-place China, which surpassed Japan in 2001, and
third-place India, which edged out Japan in 2011. A sharp downturn in business
investment and global demand for Japan's exports in late 2008 pushed Japan
further into recession. Government stimulus spending helped the economy recover
in late 2009 and 2010, but the economy contracted again in 2011 as the massive
9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies
remain tight because Japan has temporarily shut down almost all of its nuclear
power plants after the Fukushima Daiichi nuclear reactors were crippled by the
earthquake and resulting tsunami. Estimates of the direct costs of the damage -
rebuilding homes, factories, and infrastructure - range from $235 billion to
$310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko
NODA has proposed opening the agricultural and services sectors to greater
foreign competition and boosting exports through membership in the US-led
Trans-Pacific Partnership trade talks and by pursuing free-trade agreements
with the EU and others, but debate continues on restructuring the economy and
reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent
deflation, reliance on exports to drive growth, and an aging and shrinking
population are other major long-term challenges for the economy.
|
Source : CIA |
ASAHI GLASS CO LTD
Asahi Garasu KK
1-5-1 Marunouchi
Chiyodaku Tokyo 100-8405 JAPAN
Tel:
03-3218-5096 Fax: 03-3218-7815
E-Mail address: info@agc.co.jp
Mfg of
sheet glass, automobile glass, CRT glass, other
Yokohama,
Kitakyushu, Chiba, other (Tot 9)
USA (12), Canada (2), Mexico,
Belgium (4), Netherlands, UK (3), Czech, Russia, France, Italy, Spain,
Indonesia (5), Thailand (6), Singapore (7), Philippines (2), Malaysia, India,
Taiwan (2), China (10), Korea (3) (--subsidiaries/affiliates)
Yokohama,
Amagasaki, Kitakyushu, Takasago, Chiba, Chita, Toyota, Kashima, Kanagawa
KAZUHIKO
ISHIMURA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 1,214,672 M
PAYMENTSREGULAR CAPITAL Yen
90,480 M
TREND SLOW WORTH Yen 850,460 M
STARTED 1950 EMPLOYES 50,957
MFR OF FLAT GLASS, SHEET GLASS, AUTOMOTIVE GLASS,
OTHER.
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
This is the largest comprehensive glass mfr and tops in the field of sheet glass and automobile glass. The first Japanese company to produce sheet glass. Diversifying into chemicals, electronic parts & ceramics. Closely tied with Mitsubishi group. Operates 59 overseas bases in 15 countries including US, China, Indonesia, Singapore, and Thailand. Active in operations in Europe Glass for LCDs and PDPs becoming major earnings source. The company plans to double production of active pharmaceutical ingredients for glaucoma, developed jointly with Santen Pharmaceutical, in March 2013. It aims to supply the ingredients to Merck & Co in the US. The number of world’s glaucoma patients totals 60 million.
The sales volume for Dec/2011 fiscal term amounted to Yen 1,214,672 million, a 5.8% up from Yen 1,288,947 million in the previous term. Sales of major profit source for LCD panels dropped sharply in the first half, dragged down by falling unit prices. Operating profit deceased consecutively, burdened by expanding depreciation costs, in line larger capital investment larger capital investment in the newly emerging nations.. The recurring profit was posted at Yen 166,739 million and the net profit at Yen 95,280 million, respectively, compared with Yen 226,806 million recurring profit and Yen 123,184 million net profit, respectively, a year ago.
(Jan/Sept/2012 results): Sales Yen 877,518 million (down 4.2%), operating profit Yen 73,368 million (down 45.8%), recurring profit Yen 71,605 million (down47.5%), net profit Yen 44,867 million (down 41.0%). (% compared with the corresponding period a year ago).
For the current term ending Dec 2012 the recurring profit is projected at Yen 95,000 million and the net profit at Yen 50,000 million, on a 1.2% fall in turnover, to Yen 1,200 million. Sales of chemical products are growing solidly. Sales of electronic devices remain slack, hit by faster than-expected fall in sales prices
The financial situation is considered maintained FAIR and good for ORDINARY business engagements.
Date Registered: Jun 1950
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
2,000 million shares
Issued:
1,186,013,684 shares
Sum: Yen 90,873 million
Major shareholders (%): Master Trust Bank of Japan T (5.8), Japan Trustee Services Bank (4.9), Meiji Yasuda Life Ins (4.0), Chase Manhattan Bank (London) (4.2), Tokio Marine & Nichido Fire Ins (3.1), Company’s Treasury Stock(2.5), SSBT OD05 omnibus account treaty (2.0), Asahi Glass Foundation (1.9), Mitsubishi Estate (1.9), Mizuho Corporate Bank (1.7); foreign owners (2.4)
No. of shareholders: 58,252
Listed on the S/Exchange (s) of: Tokyo, Osaka
Managements: Kazuhiko Ishimura, pres; Yuji Nishizawa, rep dir; Kazuhisa Kato, rep dir;
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Asahi Techno Glass, Glaverbel SA
(Belgium), other
Activities: Manufactures glass (40%), Electronic parts & display (32%), chemicals (20%), specialty glass (11%)others (2).
Overseas trading ratio 70%
(Products
manufactured):
Flat Glass: sheet glass, figured glass, heat-absorbing glass, mesh & wired glass, heat-reflective glass, tempered glass, laminated glass, double-glazed pair glass, high-transparent glass, mirrors, polycarbonate resin sheet, composite multi-layer glass, coating glass;
Automotive Glass: laminated glass, tempered glass, functional laminated automotive glass, IR cut glass, low reflective glass, laminated door glass, electrically heated windshields, functional tempered automotive glass, anti-fogging glass, diesel particulate filter;
Display (Glass bulbs for CRTs): glass bulbs (panels), glass bulbs (funnels), glass bulbs (neck tubes), glass frit, multiform glass, display surface coatings;
Commodity Chemicals:
soda ash, caustic soda, sodium bicarbonate, potassium hydroxide. Potassium carbonate,
liquid chlorine, sodium hypochlorite, hydrochloric acid, vinyl chloride monomer
& polymer, trichloroethylene, perchloroethylene, methyl & methylene
chloride, chloroform, micro-sphere fine silica, ion-exchange membranes;
Performance
Chemicals: Fluoropolymers, fluoro elastomers & fluoropolymer films,
trans parent fluoropolymers,
fluorinated gases & solvents, fluorinated water & oil repellents,
propylene oxide, other.
Clients:
[Mfrs, wholesalers] Asahi Fine Techno Taiwan, Sharp Corp, Asahi Fine Techno
Korea, Mitsubishi Corp, Toyota Motors, AGC Display Glass
Taiwan, Asahi Glass Fine Techno Korea, other.
No. of accounts: 2,000
Domestic areas of activities:
Nationwide
Suppliers:
[Mfrs, wholesalers] AGC Finance, Asahi Glass Fine Techno, Maruzen Petro
chemical Ind, Nippon Oil, Keiyo Monomer, other.
Payment
record: Regular
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank
References:
MUFG (H/O)
Mizuho Bank (H/O)
Relations: Satisfactory
(IN Million Yen)
|
FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/12/2011 |
31/12/2010 |
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INCOME STATEMENT |
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Annual Sales |
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1,214,672 |
1,288,947 |
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Cost of Sales |
823,955 |
838,022 |
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GROSS PROFIT |
390,716 |
450,924 |
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Selling & Adm Costs |
235,053 |
221,719 |
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OPERATING PROFIT |
155,663 |
229,205 |
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Non-Operating P/L |
11,078 |
-2,399 |
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RECURRING PROFIT |
166,739 |
226,806 |
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NET PROFIT |
85,290 |
123,184 |
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BALANCE SHEET |
||||||
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Cash |
|
98,789 |
91,497 |
|||
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Receivables |
233,675 |
2,337,962 |
||||
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Inventory |
194,323 |
176,352 |
||||
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Securities, Marketable |
25,000 |
68,000 |
||||
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Other Current Assets |
54,987 |
(2,046,895) |
||||
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TOTAL CURRENT ASSETS |
606,774 |
626,916 |
||||
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Property & Equipment |
842,563 |
861,395 |
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Intangibles |
37,108 |
39,482 |
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Investments, Other Fixed Assets |
205,111 |
237,145 |
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TOTAL ASSETS |
1,691,556 |
1,764,938 |
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Payables |
112,449 |
124,350 |
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Short-Term Bank Loans |
47,552 |
60,388 |
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Other Current Liabs |
259,409 |
217,499 |
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TOTAL CURRENT LIABS |
419,410 |
402,237 |
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Debentures |
92,014 |
132,250 |
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Long-Term Bank Loans |
50,000 |
100,000 |
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Reserve for Retirement Allw |
58,591 |
59,283 |
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Other Debts |
|
221,080 |
220,453 |
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TOTAL LIABILITIES |
841,095 |
914,223 |
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MINORITY INTERESTS |
||||||
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Common
stock |
90,873 |
90,873 |
||||
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Additional
paid-in capital |
96,961 |
96,961 |
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Retained
earnings |
812,333 |
748,751 |
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Evaluation
p/l on investments/securities |
19,911 |
38,555 |
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Others |
(139,730) |
(103,659) |
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Treasury
stock, at cost |
(29,888) |
(21,666) |
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TOTAL S/HOLDERS` EQUITY |
850,460 |
849,815 |
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TOTAL EQUITIES |
1,691,556 |
1,764,038 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/12/2011 |
31/12/2010 |
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Cash Flows
from Operating Activities |
|
152,223 |
285,669 |
|||
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Cash
Flows from Investment Activities |
-123,581 |
-124,644 |
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Cash
Flows from Financing Activities |
-60,833 |
-100,797 |
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Cash,
Bank Deposits at the Term End |
|
117,558 |
152,792 |
||
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ANALYTICAL RATIOS Terms ending: |
31/12/2011 |
31/12/2010 |
||||
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Net
Worth (S/Holders' Equity) |
850,460 |
849,815 |
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Current
Ratio (%) |
144.67 |
155.86 |
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Net
Worth Ratio (%) |
50.28 |
48.17 |
||||
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Recurring
Profit Ratio (%) |
13.73 |
17.60 |
||||
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Net
Profit Ratio (%) |
7.02 |
9.56 |
||||
|
Return
On Equity (%) |
10.03 |
14.50 |
||||
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.07 |
|
UK Pound |
1 |
Rs.89.54 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.