MIRA INFORM REPORT
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Report Date : |
10.10.2012 |
IDENTIFICATION DETAILS
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Name : |
TOKYO OHKA KOGYO CO LTD |
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Registered Office : |
150 Nakamaruko
Nakaharaku Kawasaki Kanagawa-Pref 211-0012 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
December 1946 |
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Com. Reg. No.: |
0200-01-069823
(Kawasaki-Nakaharaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of semiconductor photoresists |
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No. of Employees : |
1,443 |
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 : |
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
TOKYO OHKA KOGYO CO LTD
REGD
NAME
Tokyo Ohka Kogyo
KK
MAIN
OFFICE
150 Nakamaruko
Nakaharaku Kawasaki Kanagawa-Pref 211-0012 JAPAN
Tel:
044-435-3000 Fax: 044-435-3020 -
URL: http://www.tok.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of
semiconductor photoresists
BRANCHES
Sagami,
Shonan
OVERSEAS
USA,
Netherlands, Taiwan, Korea, China (2)
FACTORIES
Sagami,
Koriyama, Utsunomiya, Kumagaya, Gotemba, Aso
CHIEF
EXEC
IKUO
AKUTSU, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen
80,008 M
PAYMENTSREGULAR CAPITAL Yen 14,640 M
TREND SLOW WORTH Yen
119,590 M
STARTED 1940 EMPLOYES 1,443
COMMENT
MFR OF SEMICONDUCTOR PHOTORESISTS
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast figures for the 31/03/2013
fiscal term.
HIGHLIGHTS
This is the top-ranked mfr of semiconductor photoresists in Japan. Started out in 1936 as high-purity inorganic chemical maker in 1936, expanded into photoresists for ICs &Sis in 1962. Maintains world’s top-class position in field of photoresists for semiconductors and LCSs. Also makes semiconductor mfg systems. In the material segment, customers are highly evaluating its products for ArF light source in rapidly-growing market.
FINANCIAL
INFORMATION
The sales volume for Mar/2012 fiscal term amounted to Yen 80,006 million, an almost similar turnover of Yen 79,990 million in the previous term. LCD market dwindled due to the poor sales of LCD TVs. The recurring profit was posted at Yen 6,836 million and the net profit at Yen 3,818 million, respectively, compared with Yen 6,641 million recurring profit and Yen 3,649 million net profit, respectively, a year ago.
(Apr/Jun/2012 results): Sales Yen 16,889 million (down 13.1%), operating profit Yen 2,056 million (down 3.7%), recurring profit Yen 2,200 million (down 5.1%), net profit Yen 1,179 million (down 9.8%). (% compared with the corresponding period a year ago).
For the current term ending Mar 2013 the recurring profit is projected at Yen 8,700 million and the net profit at Yen 5,500 million, on a 4.4% fall in turnover, to Yen 76,500 million. Shipments of LCD and semiconductor-mfg equipment will be depressed in Japan. High Yen will hurt sales in Yen terms.
The financial situation is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
Date Registered: Dec 1946
Regd No.: 0200-01-069823 (Kawasaki-Nakaharaku)
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 197 million shares
Issued: 46,600,000 shares
Sum: Yen 14,540
million
Major shareholders (%): Japan Trustee Services T (5.5), Master Trust Bank of Japan T (5.0), Meiji Yasuda Life Ins (3.9), Company’s Treasury Stock (3.4), MLPFS Custody Account (3.2), MUFG (2.5), Bank of Yokohama (2.2), Tokyo Applied Science & Technology F (2.1), Mitsubishi UFJ Trust Bank (2.0), Mitsubishi UFJ Capital (1.8); foreign owners (29.59
No. of shareholders: 9,290
Listed on the S/Exchange (s) of: Tokyo
Managements: Ikuo Akutsu, pres; Koichi Kaihatsu, rep dir; Kobun Iwasaki, dir; Hidekatsu Kohara, dir; Hiroji Komano, dir; Harutoshi Sato, dir; Jiro Makino, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Tokyo Ohka Kogyo America Inc, other.
OPERATION
Activities: Manufactures semiconductor LCDs photoresists, semiconductor & LCD processing & mfg equipment, LCD display, inorganic/organic chemicals: materials (89%), equipment (11%)
Overseas Sales Ratio (62%)
Clients: [Mfrs, wholesalers] Koike Sangyo Co, Akros Trading Co, Inoueki Co, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Maruzen Petrochemical, Osaka Gas Chemical, Meiwa Corp, other
Payment record: Regular
Location: Business area in Kawasaki. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG
(Kawasaki)
Bank
of Yokohama (Musashi-Kosugi)
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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80,006 |
79,990 |
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Cost of Sales |
55,040 |
55,587 |
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GROSS PROFIT |
24,966 |
24,402 |
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Selling & Adm Costs |
18,893 |
18,305 |
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OPERATING PROFIT |
6,072 |
6,096 |
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Non-Operating P/L |
764 |
545 |
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RECURRING PROFIT |
6,836 |
6,641 |
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NET PROFIT |
3,818 |
3,649 |
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BALANCE SHEET |
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Cash |
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50,073 |
48,024 |
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Receivables |
19,083 |
21,315 |
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Inventory |
11,654 |
20,256 |
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Securities, Marketable |
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Other Current Assets |
2,145 |
4,204 |
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TOTAL CURRENT ASSETS |
82,955 |
93,799 |
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Property & Equipment |
29,182 |
30,415 |
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Intangibles |
245 |
257 |
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Investments, Other Fixed Assets |
26,385 |
22,614 |
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TOTAL ASSETS |
138,767 |
147,085 |
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Payables |
6,622 |
8,415 |
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Short-Term Bank Loans |
122 |
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Other Current Liabs |
9,820 |
17,997 |
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TOTAL CURRENT LIABS |
16,564 |
26,412 |
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Debentures |
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Long-Term Bank Loans |
488 |
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Reserve for Retirement Allw |
1,296 |
1,211 |
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Other Debts |
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829 |
894 |
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TOTAL LIABILITIES |
19,177 |
28,517 |
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MINORITY INTERESTS |
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Common
stock |
14,640 |
14,640 |
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Additional
paid-in capital |
15,207 |
15,207 |
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Retained
earnings |
94,131 |
91,933 |
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Evaluation
p/l on investments/securities |
1,098 |
953 |
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Others |
(1,949) |
(1,237) |
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Treasury
stock, at cost |
(3,537) |
(2,929) |
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TOTAL S/HOLDERS` EQUITY |
119,590 |
118,567 |
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TOTAL EQUITIES |
138,767 |
147,085 |
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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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11,882 |
15,352 |
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Cash Flows
from Investment Activities |
-18,523 |
-2,917 |
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Cash
Flows from Financing Activities |
-1,844 |
-1,514 |
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Cash,
Bank Deposits at the Term End |
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30,775 |
39,626 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
119,590 |
118,567 |
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Current
Ratio (%) |
500.82 |
355.14 |
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Net
Worth Ratio (%) |
86.18 |
80.61 |
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Recurring
Profit Ratio (%) |
8.54 |
8.30 |
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Net
Profit Ratio (%) |
4.77 |
4.56 |
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Return
On Equity (%) |
3.19 |
3.08 |
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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.52.38 |
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UK Pound |
1 |
Rs.83.99 |
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Euro |
1 |
Rs.67.99 |
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.