MIRA
INFORM REPORT
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Report Date : |
03.07.2012 |
IDENTIFICATION DETAILS
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Name : |
KUREHA CORPORATION |
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Registered Office : |
3-3-2 Nihombashi-Hamacho Chuoku Tokyo 103-8552 |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
June 1944 |
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Com. Reg. No.: |
0100-01-034766 (Tokyo-Chuoku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of chemicals |
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No. of Employees : |
4,091 |
RATING & COMMENTS
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MIRA’s 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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
KUREHA CORPORATION
REGD NAME: Kureha
KK
MAIN OFFICE: 3-3-2
Nihombashi-Hamacho Chuoku
Tel:
03-3249-4666 Fax: 03-3249-4744
E-Mail address: info@kureha.co.jp
ACTIVITIES
Mfg of chemicals
BRANCHES
Osaka, Sendai,
Nagoya, Fukuoka, Fukushima, other (Tot 13)
OVERSEAS
USA (5), Germany,
Netherlands, UK, France, Europe (5), China (4), Vietnam
(--subsidiaries)
FACTORIES
Iwaki
CHIEF EXEC
TAKAO IWASAKI,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 128,358 M
PAYMENTS REGULAR CAPITAL Yen 12,460 M
TREND SLOW WORTH Yen 88,554 M
STARTED 1944 EMPLOYES 4,091
COMMENT
MFR OF DIVERSIFIED CHEMICALS.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
Notes: Unit million Yen
Forecast (or estimated) figures for 31/03/2013
fiscal term
HIGHLIGHTS
The subject company was established on the
basis of a division spun off from Kureha Spinning (present Kurabo Industries)
in 1944. Diversified into resin
products, functional chemicals, pharmaceuticals & agrochemicals. Active in overseas operations. The company plans to commercialize a new hard
carbon material “Biocarbotron” in tie-up with Kuraray, hoping to become the top
maker of EV battery negative electrode materials. It focuses on PGA resins for resource
drilling. Its operating profit goal for
the March 2016 term is at Yen 20 billion.
FINANCIAL INFORMATION
The sales volume for Mar/2012 fiscal
term amounted to Yen 128,358 million, a 3.0% down from Yen 132,309 million in
the previous term. Exports were hurt by
the high Yen, decreasing revenues & profits in Yen terms. By divisions, Functional Chemicals down 6.4%
to Yen 31,253 million; Chemical Products down 10.0% to Yen 30,182 million;
Specialty Plastics down 8.3% to Yen 37,672 million, Construction-related up
27.7% to Yen 16,300 million. The
recurring profit was posted at Yen 7,867 million and the net profit at Yen
1,460 million, respectively, compared with Yen 5,638 million recurring profit
and Yen 692 million net profit, respectively, a year ago. The firm wrote off extraordinary losses of
Yen 3,797 million associated with the March 2011 earthquake and aftershocks and
related costs.
For the current term
ending Mar 2013 the recurring profit is projected at Yen 8,000 million and the
net profit at Yen 3,500 million, respectively, on a 9.1% rise in turnover, to
Yen 140,000 million. Capacity expansion
of vinylidene fluoride and improved businesses at Vietnam subsidiary will
help. Operating profits will only edge
up.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
Date Registered:
Jun 1944
Regd No.:
0100-01-034766 (Tokyo-Chuoku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 600 million shares
Issued: 183,683,709 shares
Sum: Yen 12,460 million
Major
shareholders (%): Meiji Yasuda Life Ins (7.5), Tokio Marine & Nichido Fire Ins
(5.8), Company’s Treasury Stock (5.5), Master Trust Bank of Japan T (5.1),
Japan Trustee Services T (4.3), Daiichi Sankyo 3.2), Nomura Trust Inv T (2.4),
Mizuho Corporate Bank (2.2), Juniper (2.0), Chase London SL Omnibus Acct (1.8);
foreign owners (19.7)
No.
of shareholders: 13,552
Listed on the S/Exchange (s) of: Tokyo
Managements: Takao Iwasaki,
pres; Yutaka Kobayashi, v pres; Naoya Suzuki, s/mgn dir; Keikichi Munakata,
s/mgn dir; Norikazu Sunou, s/mgn dir; Koji Hagino, s/mgn dir; Hideo Nakatani,
s/mgn dir; Tadashi Sagawa, mgn dir; Shusuke Matsuo, mgn dir; Yoshiki Shigaki,
mgn dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Kurehanishiki Construction, Kureha Ecology
Management,
Kureha Unyu, other (--consolidated
subsidiaries)
OPERATION
Activities: Manufactures
chemicals:
(Sales
Breakdown by Divisions):
Functional
Chemicals Div (24%): PPS resin, PVDF resin, carbon fiber, bead-shaped
activated carbon, specialty carbon materials, other;
Chemicals
Products Div (24%): caustic soda, hydrochloride acid, liquid chlorine,
sodium hypochlorite, monochloro benzene, Para-dichlorobenzene, ortho-dichlorobenzene,
anti cancer agent, therapeutic agent for chronic kidney disease, agricultural
and horticulture fungicide, fertilized granulated soils, other;
Specialty
Plastics Div (29%): PVDC film, PVDC compound, multilayer shrinkable
film, multilayer non-shrinkable film, multilayer bottle, high barrier
lamination film, household wrapping film, kitchen sink use garbage bags,
plastic containers, PVDF fishing lines, machinery for auto-seal food packing;
Construction-related
Div (13%): environmental engineering & industrial waste treatment businesses,
industrial facility design, construction & management businesses, civil
engineering & construction contracting businesses, transport and
warehousing businesses, others;
Others
(10%)
Overseas
Sales Ratio (24%)
Clients: [Mfrs,
wholesalers] Daiichi Sankyo, Polyplastics, Kureha Plastics, BASF Agro BV, Kureha Germany, Toyobo, Kureha Trading,
Mitsubishi Corporation, Toyota Tsusho Corporation, Mitsubishi Tanabe Pharma Co,
Paltac, Rohm & Haas Japan, other.
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Kureha Engineering, Kureha Unyu, Rallis India Ltd, Asahi Glass,
Kureha Plastics, Nippon Oil, Maruzen Petrochemicals, Mitsubishi Corp, Mitsui
& Co, Kureha Trading, Keiyo Monomer, Nippon Oil, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank
References:
Mizuho Corporate
Bank (H/O)
SMBC (Ningyocho)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2012 |
31/03/2011 |
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INCOME STATEMENT |
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Annual Sales |
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128,358 |
132,309 |
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Cost of Sales |
93,368 |
98,674 |
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GROSS PROFIT |
34,990 |
33,634 |
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Selling & Adm Costs |
26,518 |
27,284 |
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OPERATING PROFIT |
8,472 |
6,350 |
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Non-Operating P/L |
-605 |
-712 |
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RECURRING PROFIT |
7,867 |
5,638 |
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NET PROFIT |
1,460 |
692 |
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BALANCE SHEET |
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Cash |
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8,857 |
10,746 |
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Receivables |
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29,586 |
27,204 |
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Inventory |
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22,151 |
19,194 |
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Securities, Marketable |
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Other Current Assets |
6,227 |
7,017 |
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TOTAL CURRENT ASSETS |
66,821 |
64,161 |
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Property & Equipment |
87,118 |
83,917 |
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Intangibles |
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840 |
868 |
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Investments, Other Fixed Assets |
31,444 |
32,807 |
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TOTAL ASSETS |
186,223 |
181,753 |
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Payables |
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19,262 |
14,156 |
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Short-Term Bank Loans |
16,049 |
13,455 |
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Other Current Liabs |
22,005 |
21,440 |
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TOTAL CURRENT LIABS |
57,316 |
49,051 |
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Debentures |
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20,000 |
20,000 |
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Long-Term Bank Loans |
15,634 |
17,429 |
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Reserve for Retirement Allw |
650 |
769 |
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Other Debts |
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4,069 |
5,003 |
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TOTAL LIABILITIES |
97,669 |
92,252 |
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MINORITY INTERESTS |
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Common
stock |
12,460 |
12,460 |
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Additional
paid-in capital |
9,149 |
9,456 |
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Retained
earnings |
71,988 |
71,935 |
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Evaluation
p/l on investments/securities |
3,609 |
3,723 |
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Others |
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(4,106) |
(3,532) |
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Treasury
stock, at cost |
(4,546) |
(4,542) |
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TOTAL S/HOLDERS` EQUITY |
88,554 |
89,500 |
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TOTAL EQUITIES |
186,223 |
181,753 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2012 |
31/03/2011 |
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Cash
Flows from Operating Activities |
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12,144 |
12,509 |
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Cash
Flows from Investment Activities |
-14,169 |
-11,431 |
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Cash
Flows from Financing Activities |
370 |
2,720 |
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Cash,
Bank Deposits at the Term End |
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8,857 |
10,746 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
88,554 |
89,500 |
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Current
Ratio (%) |
116.58 |
130.80 |
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Net Worth
Ratio (%) |
47.55 |
49.24 |
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Recurring
Profit Ratio (%) |
6.13 |
4.26 |
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Net
Profit Ratio (%) |
1.14 |
0.52 |
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Return
On Equity (%) |
1.65 |
0.77 |
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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.55.83 |
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1 |
Rs.87.41 |
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Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 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.