MIRA
INFORM REPORT
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Report Date : |
09.10.2012 |
IDENTIFICATION DETAILS
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Name : |
NICHIA CORPORATION |
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Registered Office : |
491 Oka Kaminakacho Anan City Tokushima-Pref 774-8601 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
December
1956 |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of phosphors for CRT, light emitting diodes,
LED |
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No. of Employees : |
6,808 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
japan - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a
strong work ethic, mastery of high technology, and a comparatively small defense
allocation (1% of GDP) helped Japan develop a technologically advanced economy.
Two notable characteristics of the post-war economy were the close interlocking
structures of manufacturers, suppliers, and distributors, known as keiretsu,
and the guarantee of lifetime employment for a substantial portion of the urban
labor force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A tiny agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. Usually self-sufficient in rice, Japan imports about 60% of its
food on a caloric basis. Japan maintains one of the world's largest fishing
fleets and accounts for nearly 15% of the global catch. For three decades,
overall real economic growth had been spectacular - a 10% average in the 1960s,
a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed
markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s
that required a protracted period of time for firms to reduce excess debt,
capital, and labor. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2011 stood as the fourth-largest
economy in the world after second-place China, which surpassed Japan in 2001,
and third-place India, which edged out Japan in 2011. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan further into recession. Government stimulus spending helped the economy
recover in late 2009 and 2010, but the economy contracted again in 2011 as the
massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity
supplies remain tight because Japan has temporarily shut down almost all of its
nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled
by the earthquake and resulting tsunami. Estimates of the direct costs of the
damage - rebuilding homes, factories, and infrastructure - range from $235
billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister
Yoshihiko NODA has proposed opening the agricultural and services sectors to
greater foreign competition and boosting exports through membership in the
US-led Trans-Pacific Partnership trade talks and by pursuing free-trade
agreements with the EU and others, but debate continues on restructuring the
economy and reining in Japan's huge government debt, which exceeds 200% of GDP.
Persistent deflation, reliance on exports to drive growth, and an aging and
shrinking population are other major long-term challenges for the economy.
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Source : CIA |
Company name
NICHIA CORPORATION
REGD NAME
Nichia Kagaku
Kogyo KK
MAIN OFFICE
491 Oka
Kaminakacho Anan City Tokushima-Pref 774-8601 JAPAN
Tel: 0884-22-2311 Fax: 0884-21-0148
E-Mail
address: info@nichia.co.jp
ACTIVITIES
Mfg of
phosphors for CRT, light emitting diodes, LED, other
BRANCHES
Tokyo,
Nagoya, Osaka
OVERSEAS
USA (3), Taiwan (2), Malaysia, Netherlands,
Germany, China (4), Singapore, Korea, India (3), Thailand, Hong Kong, Australia
(--subsidiaries)
FACTORIES
At the
caption address, Tatsumi, Tokushima, Naruto, Kagoshima
OFFICER(S)
EIJI
OGAWA, PRES Noboru
Tasaki, v pres
Hiroyoshi
Ogawa, v pres Toshiya Iwashima, mgn dir
Gen’ichi Shinomiya, mgn dir Satoru Inufushi, mgn dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 269,202 M
PAYMENTS REGULAR CAPITAL Yen
46,741 M
TREND STEADY WORTH Yen
442,349 M
STARTED 1956 EMPLOYES 6,808
COMMENT
MFG OF
DIODES, PHOSPHORS, SEMICONDUCTOR MATERIALS, OTHER.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
Notes: Unit: In Million Yen
Forecast figures for the 31/12/2012
fiscal term.
HIGHLIGHTS
The subject company was established by father of Eiji Ogawa for mfg phosphors for fluorescent lamps, which started in 1966. In 1968 concluded technical license agreement with General Electric, USA, which agreement later canceled in 1980 because of technical reasons (as reported by the firm). This is a specialized mfr of phosphors for CRT, light emitting diodes, optical semiconductor devices, other. Boasts No.1shares in each field. Holds about 35/40% market share in LED.
FINANCIAL INFORMATION
The sales volume for Dec/2011 fiscal term amounted to Yen 269,202 million, a 5% up from Yen 256,697 million in the previous term. Demand increased for fluorescent materials for use in plasma TV’s. Also increased demand for white LED for use in homes/offices. By divisions, Chemicals Div up 3% to Yen 61,424 million; Semiconductor Div up 5% to Yen 207,788 million. The recurring profit was posted at Yen 17,754 million and the net profit at Yen 31,135 million, respectively, compared with Yen 66,082 million recurring profit and Yen 40,525 million net profit, respectively a year ago.
For the current term ending Dec 2012 the recurring profit is projected at Yen 18,000 million and the net profit at Yen 32,000 million, respectively, on a 4% rise in turnover, to Yen 280,000 million..
The financial situation is considered FAIR and good for
ORDINARY business engagements.
REGISTRATION
Date Registered: Dec 1956
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized:
4.5 million shares
Issued:
2,146,209 shares
Sum: Yen 46,741
million
Major shareholders (%): Employees’ S/Holding Assn
(15.2), Kyodo Iyaku Kenkyusho, (6.1), Tokushima Bank (4.9), Awa Bank (4.8),
Shikoku Bank (4.8)
No. of shareholders: 257
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures chemicals (23.3%), optical semiconductor materials (76.6%).
49% of the products are exported.
Overseas sales ratio
(49.2%)
(Handling Items):
Light Emitting Diodes: compound semiconductor materials, light emitting diodes, ultra
violet EDs;
Laser Diodes: laser diodes, phosphors, evaporation/coating materials, transition materials catalysts/organometallic compounds, magnets, fine chemicals, other.
Clients: [Electronic mfrs, wholesalers] Sanyo Electric Co, Sharp Electronics (M) Sdn Bhd Hong Kong Branch, Citizen Electronics, Panasonic Corp, LG Japan, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsui & Co, Panasonic Semiconductor Discrete Devices, Shin-Etsu Semiconductors, Tanaka Holdings Co, other.
Payment record: Regular
Location: Business area in Anan City, Tokushima-Pref. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
Tokushima
Bank (Anan)
Awa
Bank (Anan)
Relations:
Satisfactory
FINANcIALS
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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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269,202 |
256,697 |
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Cost of Sales |
182,172 |
151,666 |
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GROSS PROFIT |
87,030 |
105,030 |
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Selling & Adm Costs |
38,848 |
33,874 |
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OPERATING PROFIT |
48,181 |
71,156 |
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Non-Operating P/L |
-30,427 |
-5,074 |
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RECURRING PROFIT |
17,754 |
66,082 |
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NET PROFIT |
31,135 |
40,525 |
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BALANCE SHEET |
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Cash |
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134,196 |
185,198 |
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Receivables |
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76,251 |
85,766 |
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Inventory |
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90,383 |
49,776 |
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Securities, Marketable |
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Other Current Assets |
6,175 |
5,930 |
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TOTAL CURRENT ASSETS |
307,005 |
326,670 |
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Property & Equipment |
155,694 |
124,685 |
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Intangibles |
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654 |
563 |
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Investments, Other Fixed Assets |
39,063 |
42,593 |
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TOTAL ASSETS |
502,416 |
494,511 |
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Payables |
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10,577 |
8,110 |
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Short-Term Bank Loans |
11,467 |
10,696 |
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Other Current Liabs |
15,131 |
33,086 |
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TOTAL CURRENT LIABS |
37,175 |
51,892 |
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Debentures |
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Long-Term Bank Loans |
22,241 |
20,260 |
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Reserve for Retirement Allw |
320 |
329 |
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Other Debts |
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331 |
860 |
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TOTAL LIABILITIES |
60,067 |
73,341 |
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MINORITY INTERESTS |
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Common
stock |
46,741 |
46,741 |
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Additional
paid-in capital |
32,755 |
32,755 |
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Retained
earnings |
363,880 |
339,184 |
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Evaluation
p/l on investments/securities |
3,719 |
5,655 |
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Others |
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(4,746) |
(3,165) |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
442,349 |
421,170 |
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TOTAL EQUITIES |
502,416 |
494,511 |
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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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38,480 |
85,972 |
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Cash Flows
from Investment Activities |
-80,189 |
-57,394 |
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Cash
Flows from Financing Activities |
-3,685 |
-218 |
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Cash,
Bank Deposits at the Term End |
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130,813 |
178,240 |
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ANALYTICAL RATIOS Terms ending: |
31/12/2011 |
31/12/2010 |
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Net
Worth (S/Holders' Equity) |
442,349 |
421,170 |
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Current
Ratio (%) |
825.84 |
629.52 |
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Net
Worth Ratio (%) |
88.04 |
85.17 |
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Recurring
Profit Ratio (%) |
6.60 |
25.74 |
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Net
Profit Ratio (%) |
11.57 |
15.79 |
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Return
On Equity (%) |
7.04 |
9.62 |
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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.52.21 |
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UK Pound |
1 |
Rs.84.00 |
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Euro |
1 |
Rs.67.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 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.