MIRA
INFORM REPORT
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Report Date : |
11.02.2012 |
IDENTIFICATION DETAILS
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Name : |
NIPPON CERAMIC CO LTD |
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Registered Office : |
176-17 Hirooka Tottori City 659-1193 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
June 1975 |
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Com. Reg. No.: |
(Tottori) 000573 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of fine ceramic-applied sensors |
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No. of Employees : |
2,227 |
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 854.9 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 September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
NIPPON CERAMIC CO Ltd
REGD NAME: Nippon
Ceramic KK
MAIN OFFICE: 176-17
Hirooka Tottori City 659-1193 JAPAN
Tel:
0857-53-3600 Fax: 0857-53-3670-
URL: http://www.nicera.co.jp
E-Mail address: info@nicera.co.jp
ACTIVITIES
Mfg of fine
ceramic-applied sensors
BRANCHES
Tokyo, Osaka
OVERSEAS
UK, Hong Kong,
USA, Philippines
FACTORIES
Tottori (2);
China, Philippines
CHIEF EXEC
YOSHIHARU
TANIGUCHI, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen
16,462 M
PAYMENTS NO
COMPLAINTS CAPITAL Yen 10,241 M
TREND SLOW WORTH Yen
38,270 M
STARTED 1975 EMPLOYES 2,227
COMMENT
MFR OF CERAMIC SENSORS
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 854.9 MILLION, 30 DAYS NORMAL TERMS
Forecast figures for the 31/12/2012 fiscal term.
HIGHLIGHTS
This is the top-ranked mfr of fine
ceramic-applied sensors. Worlds largest
make of infrared sensors, with 60% global share, and top player of Japan,
having 90% share, with China as main production base. The firm is expanding sensors for consumer
use along with those for security equipment.
Globally renowned for ultrasonic sensor. The firm has co-developed with
Tottori University advanced devices, in which fine mechanical structures are embedded
in silicon substances. It has also
created a chair of sensor engineering in the company, in an attempt to foster
human resources.
FINANCIAL INFORMATION
The sales volume for Dec 2011 fiscal
term amounted to Yen 16,462 million, a 1.6% down from Yen 16,738 million in the
previous term. Sales were largely
affected by the Great North Japan Earthquake that occurred in Mar 201, followed
by the floods in Thailand. Supply chains
were disrupted. Power shorted delayed
production. The recurring profit was
posted at Yen 2,938 million and the net profit at Yen 2,305 million,
respectively, compared with Yen 2,452 million recurring profit and Yen 1,636
million net profit, respectively, a year ago.
For the current term ending Dec 2012
the recurring profit is projected at Yen 3,100 million and the net profit at
Yen 1,900 million, on a 12.4% rise in turnover, to Yen 18,500 million. Demand for products for energy-saving home
appliances, such as semiconductors, is increasing at home and abroad. Especially sales of mainstay infrared sensors
are making strong growth. The plant
utilization is rising further. Sales of
supersonic sensors will increase, backed by automakers model changes. The expanded plant at Philippines will make a
full-scale contribution.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Max credit limit is estimated at Yen 854.9 million, on 30 days normal
terms.
REGISTRATION
Date
Registered: Jun 1975
Regd
No.: (Tottori) 000573
Legal Status: Limited Company (Kabushiki Kaisha
Authorized:
80 million shares
Issued: 26,312,402 shares
Sum: Yen 10,241 million
Major
shareholders (%): Yoshiharu Taniguchi (17.3), Taiyo Pearl Fund LP (8.0), Companys
Treasury Stock (7.0), Japan Trustee Services Bank (6.8), Master Trust Bank of
Japan T (5.5), CBHKS FP Value Realization Master F (4.7), State Street Bank
& Trust (4.7), Niccera Kosan (4.2), San-in Godo Bank (4.1), Masanori
Akiyama (2.1); foreign owners (28.3)
No. of shareholders: 3,871
Listed on the S/Exchange (s) of: Tokyo, Osaka
Managements: Yoshiharu
Taniguchi, pres & ch; Shinichi Taniguchi, s/mgn dir; Kazutaka Hirotomi, mgn
dir; Kenji Nakagawa, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Nicera Philippines, other.
OPERATION
Activities: Manufactures fine
ceramic-applied sensors, ultrasonic sensors, infrared sensors, supersonic
sensors, ferrite, module, other (--100%).
Clients: [Mfrs,
wholesalers] Panasonic Corp, Panasonic Mobile Communications, Sharp Corp,
Omron, Panasonic Electric Ind, other
No. of accounts:
800
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Murata Mfg, OS
Electronics, Satori Electric Co, Kyocera
Corp, Optical
Coatings Japan, other
Payment record: No Complaints
Location: Business area in
Tottori City. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Tottori Bank (H/O)
San-in Bank
(Tottori)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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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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16,462 |
16,738 |
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Cost of Sales |
11,243 |
11,898 |
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GROSS PROFIT |
5,219 |
4,840 |
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Selling & Adm Costs |
2,359 |
2,453 |
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OPERATING PROFIT |
2,859 |
2,386 |
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Non-Operating P/L |
79 |
66 |
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RECURRING PROFIT |
2,938 |
2,452 |
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NET PROFIT |
2,305 |
1,636 |
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BALANCE SHEET |
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Cash |
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18,474 |
17,508 |
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Receivables |
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3,652 |
4,308 |
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Inventory |
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4,860 |
3,648 |
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Securities, Marketable |
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Other Current Assets |
2,258 |
2,369 |
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TOTAL CURRENT ASSETS |
29,244 |
27,833 |
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Property & Equipment |
9,966 |
9,529 |
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Intangibles |
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515 |
541 |
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Investments, Other Fixed Assets |
2,216 |
2,761 |
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TOTAL ASSETS |
41,941 |
40,664 |
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Payables |
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2,266 |
2,462 |
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Short-Term Bank Loans |
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Other Current Liabs |
1,216 |
1,601 |
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TOTAL CURRENT LIABS |
3,482 |
4,063 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
111 |
95 |
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Other Debts |
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78 |
18 |
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TOTAL LIABILITIES |
3,671 |
4,176 |
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MINORITY INTERESTS |
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Common
stock |
10,241 |
10,241 |
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Additional
paid-in capital |
12,033 |
12,033 |
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Retained
earnings |
18,585 |
16,781 |
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Evaluation
p/l on investments/securities |
(59) |
(102) |
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Others |
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(127) |
(63) |
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Treasury
stock, at cost |
(2,403) |
(2,402) |
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TOTAL S/HOLDERS` EQUITY |
38,270 |
36,488 |
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TOTAL EQUITIES |
41,941 |
40,664 |
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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 |
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3,081 |
4,530 |
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Cash
Flows from Investment Activities |
315 |
83 |
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Cash Flows
from Financing Activities |
-644 |
-1,745 |
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Cash,
Bank Deposits at the Term End |
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11,749 |
9,011 |
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ANALYTICAL RATIOS Terms ending: |
31/12/2011 |
31/12/2010 |
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Net
Worth (S/Holders' Equity) |
38,270 |
36,488 |
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Current
Ratio (%) |
839.86 |
685.04 |
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Net
Worth Ratio (%) |
91.25 |
89.73 |
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Recurring
Profit Ratio (%) |
17.85 |
14.65 |
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Net
Profit Ratio (%) |
14.00 |
9.77 |
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Return
On Equity (%) |
6.02 |
4.48 |
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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.49.64 |
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1 |
Rs.78.35 |
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Euro |
1 |
Rs.65.79 |
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 |
-- |
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.