MIRA
INFORM REPORT
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Report Date : |
24.07.2012 |
IDENTIFICATION DETAILS
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Name : |
UBE INDUSTRIES LTD |
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Registered Office : |
Seavans North Bldg, 1-2-1 Shibaura Minatoku |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
March 1942 |
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Com. Reg. No.: |
2500-01-002992 (Yamaguchi-Ube) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of chemicals, construction materials, machinery & metal molding, energy |
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No. of Employees : |
11,081 |
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
UBE INDUSTRIES Ltd
REGD NAME: Ube
Kosan KK
MAIN OFFICE:
Seavans North Bldg, 1-2-1 Shibaura Minatoku
Tel:
03-5419-6112 Fax: 03-5419-6237-
*.. Registered at:
1978-96 Kogushi Ube City Yamaguchi-Pref;
Phone: 0836-31-1111;
Fax: 0836-21-2232
URL: http://www.ube-ind.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of chemicals,
construction materials, machinery & metal molding, energy
BRANCHES
Osaka, Nagoya,
Fukuoka
OVERSEAS
China (5), Hong Kong,
Singapore, Thailand (5), USA (2), Europe (4), Brazil
FACTORIES
Ube (2), Chiba,
Isa, Sakai, Karita
CHIEF EXEC
MICHIO TAKESHITA,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 638,653 M
PAYMENTS REGULAR CAPITAL Yen 58,435 M
TREND UP WORTH Yen 224,407 M
STARTED 1954 EMPLOYES 11,081
COMMENT
MFR OF CHEMICALS & CEMENT AS MAINLINE
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: Million Yen
Forecast figures for the 31/03/2013 fiscal term.
HIGHLIGHTS
The subject
company was established originally as coal mining firm in 1987. Made new start in 1942 thru merger of 3 firms
in chemical, cement & machinery industries.
Now is a diversified mfr of chemicals & cement, as mainline. Third ranked mfr of nylon materials in the
world. Also has strength in electronic
materials. The firm will boost its
global production of caprolactam from current 390,000 tons to 418,000 tons per
year by early 2012. Silicon nitride for
solar cells is going into full-scale production soon. It will rush to start mass production of
highly scratch-resistant polymer materials.
The firm is studying building the fourth plant for tire-use synthetic
rubber in Asia, following Japan, China and Thailand: the decision will be
possibly made within 2012. In battery
materials to include well-established electrolytes, it will place emphasis on
promoting new merchandise, such as conductive auxiliary and adhesives.
FINANCIAL INFORMATION
The sales volume for
Mar/2012 fiscal term amounted to Yen 638,653 million, a 3.7% up from Yen
616,062 million in the previous term.
Sales from nylon materials jumped, with the spread between selling
prices and cost of raw materials/fuels increased substantially. By Divisions, Chemicals & Resins up 13.0%
to Yen 231,000 million; Functional Materials & Fine Chemicals down 13.0% to
Yen 72,500 million, as shipment of many products including polymide were weak
due to sluggish demand in the field of electronics and information materials
such as flat-screen displays, and prices of those materials also decreased;
Pharmaceuticals up 26.4% to Yen 11,100 million, as sales of pharmaceutical
active ingredients and intermediates hovered at a steady level; Cement &
Construction Materials up 4.3% to Yen 209,100 million, as sales of cement,
ready-mixed concrete and building materials increase, thanks to a sign of
recovery in the indices such condominium and housing construction and capital
investments as well as signs of increase in so-called reconstruction demand
after the Great East Japan Earthquake; Machinery & Metal Molding down 13.0%
to Yen 72,500 million, partly due to withdrawal from aluminum wheel business
decided in March of last year; Energy & Environment up 5.7% to Yen 62,500
million, as power producer business was steady
The recurring profit was posted at Yen 40,808 million and the net profit
at Yen 22,969 million, respectively, compared with Yen 39,100 million recurring
profit and Yen 17,267 million net profit, respectively, a year ago.
For the current term
ending Mar 2013 the recurring profit is projected at Yen 41,000 million and the
net profit at Yen 23000 million, on a 6.2% rise in turnover, to Yen 678,000
million. Functional product sales will
grow through production boost.
Profitable resource recycling business will expand. Power sales, machinery and pharmaceutical
businesses will be firm. But nylon
material profitability will deteriorate due to slipping market prices, after
making excellent performance in the preceding term.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
Date
Registered: Mar 1942
Regd
No.: 2500-01-002992 (Yamaguchi-Ube)
Legal Status: Limited Company (Kabushiki Kaisha
Authorized:
3,300 million shares
Issued: 1,009,165,006 shares
Sum: Yen 58,435 million
Major
shareholders (%): Japan Trustee Services T (7.9), Master Trust Bank of Japan T (6.2),
State Street Bank & Trust (3.3), Zenkyoren (2.9), JP Morgan Chase Bank
(2.5), Nippon Life Ins (1.9), Sumitomo Life Ins (1.9), Japan Trustee Services
T9 (1.8), Black Rock Allocation F (1.7), Nomura Trust Inv T (1.4); foreign
owners (32.7)
No. of shareholders: 55,407
Listed on the S/Exchange (s) of: Tokyo, Fukuoka
Managements: Hiroaki Tamura,
ch; Michio Takeshita, pres; Akinori Furukawa, v pres; Yuzuru Yamamoto, s/mgn
dir; Hideyuki Sugishita, s/mgn dir; Charyunya Phichitkul, mgn dir; Shinobu
Watanabe, mgn dir; Nobuyuki Taenaka, mgn dir; Takenobu Kubota, mgn dir; Tadashi
Matsunami, mgn dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Ube Materials, Ube Kosan Machinery, other.
OPERATION
Activities: Manufactures
chemicals & cement, as mainline:
(Sales
Breakdown by Divisions):
Chemicals
& Resins Division (34%): synthetic rubber, caprolactam chain (caprolactam,
polyamide resins, industrial chemicals);
Functional
Materials & Fine Chemicals Division (9%): specialty products (polyamide, battery
materials, high purity chemicals, separation membranes, ceramics,
telecommunication devices, aerospace materials), fine chemicals,
pharmaceuticals (active ingredients, intermediates);
Construction
Materials Division (32%): cement, resource recycling, building materials
(self-leveling materials, plastering materials & waterproofing materials),
limestone, ready-mixed concrete, calcia, magnesia, specialty inorganic
materials;
Machinery
& Metal Molding Division (15%): machinery (molding machines, die-casting
machines, injection molding machines, industrial machinery, bridges &
structures, steelmaking materials, aluminum wheels;
Energy
& Environment Division (8%): coal, power:
Overseas
Sales Ratio (31.0%): Asia 22.5%, Europe 5.5%, others 3.0%
Clients: [Mfrs,
wholesalers] Ube Mitsubishi Cement, Unitika Ltd, Toyota Tsusho Corp,
Bridgestone Corp, Ube C&A, Sanyo Electric, Sumitomo Rubber Ind, other
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Sojitz Corp,
Mitsubishi Corporation, Ube Ammonia Ind,
Sumitomo Corp, Rio
Tinto Japan, Toho Tenax Co, Nippon Steel Corp, Seibu Oil Co, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption address
are owned and maintained satisfactorily.
Bank References:
MUFG (Tokyo)
Mizuho Corporate
Bank (H/O)
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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638,653 |
616,062 |
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Cost of Sales |
512,447 |
494,046 |
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GROSS PROFIT |
126,206 |
122,016 |
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Selling & Adm Costs |
80,200 |
77,653 |
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OPERATING PROFIT |
46,006 |
44,363 |
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Non-Operating P/L |
-5,198 |
-5,263 |
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RECURRING PROFIT |
40,808 |
39,100 |
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NET PROFIT |
22,969 |
17,267 |
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BALANCE SHEET |
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Cash |
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33,267 |
49,711 |
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Receivables |
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150,108 |
134,914 |
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Inventory |
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81,266 |
73,247 |
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Securities, Marketable |
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Other Current Assets |
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TOTAL CURRENT ASSETS |
284,417 |
281,701 |
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Property & Equipment |
313,949 |
313,945 |
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Intangibles |
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4,941 |
4,988 |
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Investments, Other Fixed Assets |
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TOTAL ASSETS |
665,965 |
661,512 |
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Payables |
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88,811 |
89,135 |
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Short-Term Bank Loans |
97,073 |
96,859 |
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Other Current Liabs |
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TOTAL CURRENT LIABS |
267,391 |
249,701 |
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Debentures |
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15,100 |
15,100 |
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Long-Term Bank Loans |
122,151 |
144,082 |
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Reserve for Retirement Allw |
6,534 |
7,026 |
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Other Debts |
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TOTAL LIABILITIES |
440,558 |
450,063 |
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MINORITY INTERESTS |
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Common
stock |
58,435 |
58,435 |
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Additional
paid-in capital |
28,459 |
28,451 |
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Retained
earnings |
132,751 |
114,817 |
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Evaluation
p/l on investments/securities |
1,427 |
1,152 |
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Others |
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Treasury
stock, at cost |
(784) |
(783) |
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TOTAL S/HOLDERS` EQUITY |
224,407 |
211,449 |
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TOTAL EQUITIES |
664,965 |
661,512 |
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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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40,630 |
67,081 |
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Cash Flows
from Investment Activities |
-13,550 |
-28,685 |
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Cash
Flows from Financing Activities |
-12,695 |
-25,073 |
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Cash,
Bank Deposits at the Term End |
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33,107 |
49,522 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
224,407 |
211,449 |
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Current
Ratio (%) |
106.37 |
112.82 |
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Net
Worth Ratio (%) |
33.75 |
31.96 |
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Recurring
Profit Ratio (%) |
6.39 |
6.35 |
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Net Profit
Ratio (%) |
3.60 |
2.80 |
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Return
On Equity (%) |
10.24 |
8.17 |
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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.55.76 |
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1 |
Rs.86.79 |
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Euro |
1 |
Rs.67.43 |
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.