MIRA INFORM REPORT

 

 

Report Date :

23.02.2012

 

IDENTIFICATION DETAILS

 

Name :

UNITIKA LTD

 

 

Registered Office :

Osaka Center Bldg, 4-1-3 Kyutaromachi Chuoku Osaka 541-8566

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

June 1889

 

 

Com. Reg. No.:

1200-09-013637 (Osaka-Chuoku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of high-polymer products, functional materials, textiles, others

 

 

No. of Employees :

4,748

 

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 1,176.8 Million

Status :

Satisfactory

Payment Behaviour :

No Complaints

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

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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 and address

 

UNITIKA Ltd

REGD NAME:    Unitika KK

MAIN OFFICE:  Osaka Center Bldg, 4-1-3 Kyutaromachi Chuoku Osaka 541-8566 JAPAN

Tel: 06-6281-5695     Fax: 06-6281-5697-

 

URL:                 http://www.unitika.co.jp

E-Mail address: (thru the URL)

 

 

ACTIVITIES  

 

Mfg of high-polymer products, functional materials, textiles, others

 

BRANCHES   

 

Tokyo, Okazaki, Uji, Kaizuka, Akoo, other (Tot 8)

 

OVERSEAS   

 

USA, Europe, China, other Asia, other

 

FACTORIES  

 

(subsidiaries)

 

 

CHIEF EXEC 

 

KENJI YASUE, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                             　A/SALES       Yen 180,706 M

PAYMENTS                  NO COMPLAINTS          　CAPITAL        Yen 26,298 M

TREND             SLOW              　         WORTH            Yen 25,977 M

STARTED                     1889                 　         EMPLOYES      4,748

 

 

COMMENT    

 

MFR OF FUNCTIONAL CHEMICALS, TEXTILES, OTHER 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 1,176.8 MILLION, 30 DAYS NORMAL TERMS

 

                        Forecast figures for the 31/03/2012 fiscal term.

 

 

HIGHLIGHTS

 

This is an old-established company, formerly major general textile mfr, and pushing ahead with restructuring of textile business thru integration and pull-outs.  Striving to improve earnings base by expanding non-textiles, including high-polymer and environmental engineering on water treatment.  Stressing environment-friendly fields such as biodegradable plastics.  The company is integrating full-swing operations in the March 2013 term at the domestic JV established in Apr 2011.  It is also considering overseas production.  But production is temporarily halted due to fire at the Tarui Plant.

 

FINANCIAL INFORMATION

 

            The sales volume for Mar/2010 fiscal term amounted to Yen 180,706 million, a 0.8% down from Yen 182,239 million in the previous term.  The Great Eastern Earthquake that occurred on Mar 11, 2011 seriously damaged production bases of raw materials, fuels and components.  By Divisions, High-Polymer Products up by Yen 6,073 million to Yen 67,016 million; Functional Materials down by Yen 611 million to Yen 14,931 million; Textiles down by Yen 418 million to Yen 77,095 million.  The recurring profit was posted at Yen 6,119 million and the net profit at Yen 2,444 million, respectively, compared with Yen 4,476 million recurring profit and Yen 3,036 million net profit, respectively, a year ago. 

 

            (Apr/Dec/2011 results): Sales Yen 129,504 million (down 2.3%), operating profit Yen 7,251 million (down 0.2%), recurring profit Yen 3,898 million (same figures), net profit Yen 2,292 million (up 0.6%).  (% compared with the corresponding period a year ago)

           

            For the current term ending Mar 2012 the recurring profit is projected at Yen 8,000 million and the net profit at Yen 3,500 million, on a 1.2% fall in turnover, to Yen 178,500 million.  Sales are falling due to the sale of the unprofitable environmental business but operating profit will rise. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 1,176.8 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:　Jun 1889

Regd No.:         1200-09-013637 (Osaka-Chuoku)

Legal Status:      Limited Company (Kabushiki Kaisha

Authorized:       1,786 million shares

Issued:                475,969,000 shares

Sum:                   Yen 26,298 million

 

Major shareholders (%): MUFG (4.0), Japan Trustee Services T (3.6), Master Trust Bank of Japan T (3.1), Daido Life Ins (2.2), Employees’ S/Holding Assn (1.8), Isao Nasu (1.6), BONY GCM Client (1.5), Nippon Life Ins (1.3), Chase Manhattan GTS Escrow (1.2), Japan Trustee Services T4 (1.1); foreign owners (7.9)

 

No. of shareholders: 53,889

Listed on the S/Exchange (s) of: Tokyo

 

Managements: Kenji Yasue, pres; Yusei Yamaguchi, s/mgn dir; Akio Nakagi, mgn dir; Hiroyuki Shime, dir; Takuro Matsunaga, dir

 

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

 

Related companies: Unitika Trading, other.

 

 

OPERATION

           

Activities: Manufactures high-polymer products, functional materials, textiles, other:

 

(Sales Breakdown by Divisions):

High-Polymer Products (37%): films (nylon, polyester), resins (nylon, polyester, polyarylate), PVA fiber, nonwoven fabrics (polyester, nylon spun-bonded, cotton spunlace), biodegradable plastic materials;

Functional Materials (8%): glass fiber products, glass beads, activated fibers, amorphous metal fibers, phenol-based resins, other;

Textiles (43%), yarns, cloth, cotton, polyester yarns, other;

Others (12%)

Overseas Sales Ratio (14%)

           

Clients: [Mfrs, wholesalers] Unitika Trading, Itochu Corp, Canon Inc, Kao Corp, Itochu Plastics, Ministry of Defense, other

No. of accounts: 600

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Ube Ind, Toray Ind, Kuraray, Teijin DuPont Film, Kanebo, other

 

Payment record: No Complaints

 

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

 

Bank References:

MUFG (Osaka)

Mizuho Corporate Bank (Osaka)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

180,706

182,239

 

  Cost of Sales

146,098

148,299

 

      GROSS PROFIT

34,607

33,939

 

  Selling & Adm Costs

24,093

25,396

 

      OPERATING PROFIT

10,513

8,543

 

  Non-Operating P/L

-4,394

-4,067

 

      RECURRING PROFIT

6,119

4,476

　

      NET PROFIT

2,444

3,036

BALANCE SHEET

 

 

 

 

  Cash

　

16,786

20,199

 

  Receivables

 

41,898

39,361

 

  Inventory

 

46,613

48,858

 

  Securities, Marketable

　

　

 

  Other Current Assets

4,283

5,163

 

      TOTAL CURRENT ASSETS

109,580

113,581

 

  Property & Equipment

151,669

154,732

 

  Intangibles

 

731

720

 

  Investments, Other Fixed Assets

6,760

8,163

 

      TOTAL ASSETS

268,740

277,196

 

  Payables

 

24,952

24,971

 

  Short-Term Bank Loans

73,893

77,668

 

　

 

　

　

 

  Other Current Liabs

50,461

45,992

 

      TOTAL CURRENT LIABS

149,306

148,631

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

71,176

83,875

 

  Reserve for Retirement Allw

5,651

4,318

 

  Other Debts

　

16,629

16,852

 

      TOTAL LIABILITIES

242,762

253,676

 

      MINORITY INTERESTS

 

 

 

Common stock

23,798

23,798

 

Additional paid-in capital

1,661

1,661

 

Retained earnings

(4,734)

(1,943)

 

Evaluation p/l on investments/securities

(49)

(429)

 

Others

 

5,356

486

 

Treasury stock, at cost

(55)

(54)

 

      TOTAL S/HOLDERS` EQUITY

25,977

23,519

　

      TOTAL EQUITIES

268,740

277,196

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

10,416

14,286

 

Cash Flows from Investment Activities

-2,959

-2,683

 

Cash Flows from Financing Activities

-10,844

-1,175

　

Cash, Bank Deposits at the Term End

　

16,589

20,160

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

25,977

23,519

 

 

Current Ratio (%)

73.39

76.42

 

 

Net Worth Ratio (%)

9.67

8.48

 

 

Recurring Profit Ratio (%)

3.39

2.46

 

 

Net Profit Ratio (%)

1.35

1.67

 

 

Return On Equity (%)

9.41

12.91

 

 

           


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.24

UK Pound

1

Rs.76.75

Euro

1

Rs.65.16

 

 

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%)

 

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.