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Report Date : |
19.10.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
HITACHI CHEMICAL DUPONT MICROSYSTEMS LTD |
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Registered Office : |
Nikkyohan Bldg 3F,
1-4-25 Koraku Bunkyoku Tokyo 112-0004 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
August
1997 |
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Com. Reg. No.: |
0100-01-083964 (Tokyo-Bunkyoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of liquid polyimides & PBO precursors |
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No. of Employees : |
34 employees |
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.
|
Source : CIA |
HITACHI CHEMICAL DUPONT MICROSYSTEMS LTD
Hitachi Kasei
DuPont Microsystems KK
Nikkyohan Bldg 3F,
1-4-25 Koraku Bunkyoku Tokyo 112-0004 JAPAN
Tel:
03-3868-8124 Fax: 03-3868-8126
URL: http://www.hdmicrosystems.co.jp
E-Mail address: (thru the URL)
Mfg of
liquid polyimides & PBO precursors
Hitachi
USA
(2), Germany
Hitachi,
Korea, Taiwan
HIROSHI
SUZUKI, PRES Naoshi Tanaka, dir
Masami
Yamamori, dir Minoru
Yoshida, dir
Kaname
Takatsuka, dir
Yen
Amount: In million Yen, unless otherwise
stated
FINANCES 1997 A/SALES Yen 473,069 M*
PAYMENTSREGULAR CAPITAL Yen
400 M
TREND SLOW WORTH Yen 287,239 M*
STARTED 1997 EMPLOYES 34
*..
Financials are consolidated by the Japanese parent and these
figures are
all cited from the parent’s Financial Statement
MR OF LIQUID POLYIMIDES & PBO PRECURSORS, JV WITH
HITACHI CHIMICAL CO AND DUPONT USA.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The
subject company was established jointly by Hitachi Chemical Co Ltd (See REGISTRATION) and DuPont USA. Japanese Partner owns 90% of the shares of
the JV company. This is a specialized
mfr of liquid polyimides & PBO preservers for semiconductors. Goods are manufactured at Hitachi Plant and
Korea & Taiwan plants. Clients
include major semiconductor mfrs, both domestic and abroad. Goods are exported.
Financials
are consolidated by the Japanese Parent and no individual Financials are disclosed.
The
sales volume for Mar/2012 fiscal term amounted to Yen 473,069 million, a 4.9%
down from Yen 497,452 million in the previous term. Hit by the Earthquake and Thailand floods,
sales plunged with unexpected plunge of demand for electronic materials. The recurring profit was posted at Yen 27,789
million and the net profit at Yen 16,427 million, respectively, compared with
Yen 45,042 million recurring profit and yen 18,942 million net profit,
respectively, a year ago. The electronic
functional materials account for 51% of the parent’s total sales.
For
the current term ending Mar 2013 the recurring profit is projected at Yen
35,000 million and the net profit at Yen 21,500 million, respectively, on a
7.8% rise in turnover, to Yen 510,000 million.
Sales of electronic materials will rise steadily.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
Date Registered: Aug 1997
Regd No.: 0100-01-083964 (Tokyo-Bunkyoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
32,000 shares
Issued:
8,000 shares
Sum: Yen 400 million
Major shareholders (%): Hitachi Chemical Co Ltd* (90),
DuPont Microsystems USA (10)
No. of shareholders: 2
*.. Hitachi Chemical Co Ltd, leading mfr of synthetic resins, with electric & electronic materials as major earning source, Tokyo, listed Tokyo S/E, capital Yen 15,454 million, sales Yen 473,059 million, operating profit Yen 24,495 million, recurring profit Yen 27,799 million, net profit Yen 16,427 million, total assets Yen 440,981 million, net profit Yen 287,239 million, employees 16,986, pres Kazuyuki Tanaka
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
Activities: Manufactures liquid polyimides & PBO precursors, others (--100%)
Clients: Semiconductor makers both domestic & abroad
No. of accounts: Unavailable
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Hitachi Kasei Co Ltd (90%), DuPont Microsystems (10%)
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References:
Mizuho Corporate Bank (H/O)
Mizuho Bank (H/O)
Relations: Satisfactory
(In Million Yen)
CONSOLIDATED BY THE JAPANESE PARTNER
AND NOT DISCLOSED
CONSOLIDATED FINANCIALS OF HITACHI
CHEMICAL CO LTD
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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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473,069 |
497,452 |
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Cost of Sales |
368,983 |
383,214 |
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GROSS PROFIT |
104,086 |
114,238 |
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Selling & Adm Costs |
79,591 |
80,767 |
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OPERATING PROFIT |
24,495 |
33,471 |
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Non-Operating P/L |
3,304 |
11,571 |
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RECURRING PROFIT |
27,799 |
45,042 |
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NET PROFIT |
16,427 |
18,943 |
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BALANCE SHEET |
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Cash |
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37,703 |
39,984 |
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Receivables |
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107,126 |
106,939 |
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Inventory |
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42,519 |
38,583 |
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Securities, Marketable |
1,897 |
5,691 |
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Other Current Assets |
59,254 |
78,953 |
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TOTAL CURRENT ASSETS |
248,499 |
270,150 |
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Property & Equipment |
131,295 |
120,513 |
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Intangibles |
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29,705 |
6,559 |
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Investments, Other Fixed Assets |
31,482 |
34,962 |
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TOTAL ASSETS |
440,981 |
432,184 |
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Payables |
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50,367 |
52,741 |
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Short-Term Bank Loans |
15,931 |
12,895 |
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Other Current Liabs |
43,116 |
43,007 |
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TOTAL CURRENT LIABS |
109,414 |
108,643 |
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Debentures |
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20,000 |
10,000 |
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Long-Term Bank Loans |
4,739 |
4,031 |
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Reserve for Retirement Allw |
16,544 |
16,044 |
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Other Debts |
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3,045 |
3,155 |
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TOTAL LIABILITIES |
153,742 |
141,873 |
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MINORITY INTERESTS |
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Common
stock |
15,454 |
15,454 |
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Additional
paid-in capital |
36,113 |
36,113 |
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Retained
earnings |
248,325 |
239,422 |
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Evaluation
p/l on investments/securities |
732 |
1,553 |
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Others |
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(13,194) |
(2,043) |
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Treasury
stock, at cost |
(191) |
(188) |
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TOTAL S/HOLDERS` EQUITY |
287,239 |
290,311 |
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TOTAL EQUITIES |
440,981 |
432,184 |
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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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42,072 |
44,015 |
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Cash
Flows from Investment Activities |
-67,202 |
290,311 |
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Cash
Flows from Financing Activities |
4,611 |
-6,823 |
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Cash,
Bank Deposits at the Term End |
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76,318 |
96,775 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
287,239 |
290,311 |
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Current
Ratio (%) |
227.12 |
248.66 |
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Net
Worth Ratio (%) |
65.14 |
67.17 |
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Recurring
Profit Ratio (%) |
5.88 |
9.05 |
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Net
Profit Ratio (%) |
3.47 |
3.81 |
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Return
On Equity (%) |
5.72 |
6.53 |
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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.52.96 |
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UK Pound |
1 |
Rs.85.45 |
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Euro |
1 |
Rs.69.46 |
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.