MIRA INFORM REPORT

 

 

Report Date :

27.03.2012

 

IDENTIFICATION DETAILS

 

Name :

LIXIL CORPORATION

 

 

Registered Office :

Kasumigaseki Bldg 36F, 3-2-5 Kasumigaseki Chiyodaku Tokyo 100-6036

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

October 2001

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of building materials, housing equipment

 

 

No. of Employees :

23,377

 

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 18,585.3 Million

Status :

Good

Payment Behaviour :

Regular

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

 

LIXIL CORPORATION

REGD NAME:    KK Lixil

MAIN OFFICE:  Kasumigaseki Bldg 36F, 3-2-5 Kasumigaseki Chiyodaku Tokyo 100-6036 JAPAN

Tel: 03-6273-3607   

The given address is its Tokyo Branch Office

                                               

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

E-Mail address: promotion@lixil.co.jp

 

 

ACTIVITIES

 

Mfg of building materials, housing equipment

 

BRANCHES

 

Nationwide: 13 branch offices & 84 regional offices

 

OVERSEAS   

 

China (8), Taiwan (2), Korea (2), Thailand (2), Singapore, Vietnam (2), Malaysia,

USA, UK, Italy, other

 

FACTORIES

 

44 factories nationwide

 

OVERSEAS   

 

China, Vietnam, Thailand, Korea

 

 

OFFICERS

 

YOSHIAKI FUJIMORI, PRES      Yoichiro Ushioda, ch

Masahiro Sugino, advisor            Toshio Ohtake, dir

Ryuichi Kawamoto, dir                Toshio Iue, dir                                       

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                 A/SALES          Yen 444,725 M

PAYMENTS                  REGULAR         CAPITAL           Yen 34,600 M

TREND                         SLOW              WORTH            Yen 277,158 M

STARTED         2001                 EMPLOYES      23,377

 

 

COMMENT    

 

MFR OF HOUSING MATERIALS & EQUIPMENT.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: CD$1,481,258.00.

                       

MAX CREDIT LIMIT: YEN 18,585.3 MILLION, 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

            The subject company was established by merger of five operating companies under the JS Group Corp (See REGISTRATION) and launched Lixil Corporation.  Five companies are: Tostem, Inax, Shinnikken, Sun Wave and Toex.  This is a specialized mfr of building materials and hosing equipment (See OPERATION).  With the integration of the well-established networks of the five former companies, the new corporation is able to supply a full range of building materials and housing equipment while offering an extensive line-up of its own products.  In Dec 2011 the firm acquired a curtain wall maker in Italy.  China production is strengthening.

 

FINANCIAL INFORMATION

           

            The sales volume for Mar/2011 fiscal term amounted to Yen 444,725 million, a 3% up from Yen 430,493 million in the previous term.  The recurring profit was posted at Yen 13,629 million and the net profit at Yen 2,927 million, respectively, compared with Yen 7,225 million recurring profit and Yen 11,690 million net losses, respectively, a year ago.  Production in Thailand was affected by the floods.

 

            For the current term ending Mar 2012 the recurring profit is projected at Yen 14,000 million and the net profit at Yen 3,100 million, respectively, on a 5% rise in turnover, to Yen 466,000 million.  The acquired Italian maker will contribute for the full term.  Production in China keeps growing. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 18,585.3 million, on 30 days normal terms.  The proposed amount is considered well within the firm’s financial capacities.

 

 

REGISTRATION

 

Date Registered:  Oct 2001

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         692,000 shares

Issued:                692,000 shares

Sum:                   Yen 34,600 million

Major shareholders (%): JS Group Corp* (100)

 

.. Largest mfr of housing facilities & comprehensive maker of building materials, Tokyo, founded 1949, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 68,121 million, sales Yen 1,214,939 million, operating profit Yen 40,409 million, recurring profit Yen 39,160 million, net profit Yen 15,779 million, total assets 1,166,834 million, net worth Yen 536,408 million, employees 42,162, pres Yoichiro Ushioda

Consolidated Financials are attached (See SUPPLEMENTS)

 

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

 

 

OPERATION

           

Activities: Manufactures housing materials, building equipment, others (--100%).

 

(Mfg Items): bathroom units, sanitary fixtures, kitchens, curtail walls, interior furnishing materials, shutters, windows, entrance doors, exteriors, tiles, steel doors, walls, tiles, roofs, fire protection units, other related products

 

Clients: House building, construction firms, other

No. of accounts: 1,000

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Tostem Thailand, 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)

SMBC (H/O)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

466,000

444,725

430,493

481,677

Recur. Profit

　

14,000

13,629

7,225

8,942

Net Profit

　

3,100

2,927

-11,690

-2,953

Total Assets

　

　

425,016

400,198

443,491

Current Assets

　

　

210,211

184,984

207,589

Current Liabs

　

　

138,651

119,989

146,372

Net Worth

　

　

277,158

274,193

289,961

Capital, Paid-Up

　

　

34,600

34,600

34,600

Div.P.Share(₯)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

4.78

3.31

-10.63

-6.45

    Current Ratio

 

..

151.61

154.17

141.82

    N.Worth Ratio

..

65.21

68.51

65.38

    R.Profit/Sales

 

3.00

3.06

1.68

1.86

    N.Profit/Sales

0.67

0.66

-2.72

-0.61

    Return On Equity

..

1.06

-4.26

-1.02

 

Notes: Forecast (or estimated) figures for the 31/03/2012 fiscal term.

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, JS GROUP CORP

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

1,214,939

982,606

 

  Cost of Sales

834,277

683,572

 

      GROSS PROFIT

380,661

299,034

 

  Selling & Adm Costs

340,251

273,050

 

      OPERATING PROFIT

40,409

25,983

 

  Non-Operating P/L

-1,249

1,874

 

      RECURRING PROFIT

39,160

27,857

　

      NET PROFIT

15,779

-5,331

BALANCE SHEET

 

 

 

 

  Cash

　

97,029

98,504

 

  Receivables

 

183,134

218,299

 

  Inventory

 

139,799

113,254

 

  Securities, Marketable

4,522

20,987

 

  Other Current Assets

185,409

70,936

 

      TOTAL CURRENT ASSETS

609,893

521,980

 

  Property & Equipment

421,943

391,880

 

  Intangibles

 

23,742

17,841

 

  Investments, Other Fixed Assets

111,256

101,802

 

      TOTAL ASSETS

1,166,834

1,033,503

 

  Payables

 

162,810

121,603

 

  Short-Term Bank Loans

61,396

47,319

 

　

 

　

　

 

  Other Current Liabs

44,805

124,247

 

      TOTAL CURRENT LIABS

379,401

293,169

 

  Debentures

 

50,140

50,280

 

  Long-Term Bank Loans

116,995

120,875

 

  Reserve for Retirement Allw

30,815

11,001

 

  Other Debts

　

53,074

41,856

 

      TOTAL LIABILITIES

630,425

517,181

 

      MINORITY INTERESTS

 

 

 

Common stock

68,121

68,121

 

Additional paid-in capital

260,179

259,702

 

Retained earnings

160,154

255,403

 

Evaluation p/l on investments/securities

1,953

2,659

 

Others

 

98,883

(5,798)

 

Treasury stock, at cost

(52,882)

(63,766)

 

      TOTAL S/HOLDERS` EQUITY

536,408

516,321

　

      TOTAL EQUITIES

1,166,834

1,033,503

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

48,680

68,073

 

Cash Flows from Investment Activities

-13,542

-27,334

 

Cash Flows from Financing Activities

-41,686

-27,825

　

Cash, Bank Deposits at the Term End

　

92,329

89,302

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

536,408

516,321

 

 

Current Ratio (%)

160.75

178.05

 

 

Net Worth Ratio (%)

45.97

49.96

 

 

Recurring Profit Ratio (%)

3.22

2.84

 

 

Net Profit Ratio (%)

1.30

-0.54

 

 

Return On Equity (%)

2.94

-1.03

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.30

UK Pound

1

Rs.81.36

Euro

1

Rs.67.97

 

 

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.