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Report Date : |
20.04.2013 |
IDENTIFICATION DETAILS
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Name : |
JGC CATALYST AND CHEMICALS LTD |
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Registered Office : |
Solid Square East Tower 16F, 580 Horikawacho Saiwaiku
Kawasaki 212-0013 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
July 1958 |
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Com. Reg. No.: |
0200-01-070990
(Kawasaki-Saiwaiku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of catalysts, fine chemical |
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No. of Employees : |
486 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 small agricultural sector is highly subsidized and
protected, with crop yields among the highest in the world. While
self-sufficient in rice production, Japan imports about 60% of its food on a
caloric basis. 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. Modest economic growth continued after
2000, but the economy has fallen into recession three times since 2008. A sharp
downturn in business investment and global demand for Japan's exports in late
2008 pushed Japan 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 and the ensuing tsunami in March
disrupted manufacturing. The economy has largely recovered in the two years
since the disaster, but reconstruction in the Tohoku region has been uneven.
Newly-elected Prime Minister Shinzo ABE has declared the economy his
government's top priority; he has pledged to reconsider his predecessor's plan
to permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus and regulatory reform and has said he
will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 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 2012. The new government will continue a longstanding debate 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 |
JGC CATALYST AND CHEMICALS LTD
Nikki Shokubai KK
Solid Square East
Tower 16F, 580 Horikawacho Saiwaiku Kawasaki 212-0013, JAPAN
Tel:
044-556-9120
Fax: 044-556-9127
URL: http://www.jgccc.com
E-Mail address: (thru
the URL)
Mfg of
catalysts, fine chemical, other
Fukuoka,
Niigata
Chiba (Distribution)
KAZUO
YAMANE, PRES Yasuharu Furukawa,
mgn dir
Noriyuki
Okada, mgn dir Takeshi
Fukumoto, dir
Toshiharu
Hirai, dir Akira Sato,
dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 39,420 M
PAYMENTS REGULAR CAPITAL Yen 1,800 M
TREND UP WORTH Yen 23,091 M
STARTED 1958 EMPLOYES 486
MFR OF CATALYSTS, FINE CHEMICALS, OTHER.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established originally on the basis of a
division separated from JGC Corp (See REGISTRATION),
as Nikki Chemicals Co Ltd. This is a
specialized mfr of catalysts, fine chemicals, others (See OPERATION). In Jul 2008 the
firm merged with Catalysts & Chemicals Co Ltd and renamed as
captioned. Clients include oil
refineries, rayon makers, other.
The sales volume for Mar/2012 fiscal term amounted to Yen 39,420
million, an 18% up from Yen 33,323 million in the previous term. This is attributed to the said merger, with
production increased. The recurring
profit was posted at Yen 6,446 million and the net profit at Yen 4,078 million,
respectively, compared with Yen 4,556 million recurring profit and Yen 2,884
million net profit, respectively, a year ago.
For the term that ended Mar 2013 the recurring profit was projected at
Yen 6,500 million and the net profit at Yen 4,200 million, respectively, on a
3% rise in turnover, to Yen 40,500 million.
Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Jul 1958
Regd No.: 0200-01-070990 (Kawasaki-Saiwaiku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 4
million shares
Issued: 2 million shares
Sum: Yen 1,800 million
Major shareholders (%): JGC Corp* (100)
*.. JGC Corp, Yokohama, founded 1928, listed Tokyo S/E, capital Yen 23,511
million, sales Yen 556,966 million, operating profit Yen 67,053 million,
recurring profit Yen 72,550 million, net profit Yen 39,111 million, total
assets Yen 573,579 million, net worth Yen 320,365 million, employees 6,524,
pres Koichi Kawana
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures
catalysts, fine chemicals, others (--100%)
(Mfg products):
Catalysts: FCC catalysts,
hydroprocessing catalysts, petro chemical catalysts, hydrogenation catalysts,
gas reforming catalysts, catalyst supports zeolite, DeNox catalysts, others;
Fine Chemicals: optical function
(refractive index control, low reflection, UV absorption, decroism, light
scattering), Electrical function (conductivity, low electric constant),
Mechanical function (gap spacer, hard coat, control of functional coefficient,
planarization), chemical function (binding, absorption, surface reactivity),
other
Clients: [Mfrs,
wholesalers] Sojitz Corp, Mitsubishi Corp, JX Nippon Oil & Mining Corp,
Idemitsu Kosan, Cosmo Oil, Mitsubishi Rayon, Sumitomo Chemical, Sony Energy
Device, other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: Catalysts
materials mfrs, trading firms, other
Payment record: Regular
Location: Business area in
Kawasaki. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
SMBC
(H/O)
MUFG
(H/O)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
|
Annual
Sales |
|
40,500 |
39,420 |
33,323 |
36,051 |
|
Recur.
Profit |
|
6,500 |
6,446 |
4,566 |
2,447 |
|
Net
Profit |
|
4,200 |
4,078 |
2,884 |
1,887 |
|
Total
Assets |
|
|
37,765 |
34,333 |
31,146 |
|
Current
Assets |
|
|
27,440 |
24,266 |
20,943 |
|
Current
Liabs |
|
|
12,767 |
11,534 |
9,475 |
|
Net
Worth |
|
|
23,091 |
20,457 |
18,523 |
|
Capital,
Paid-Up |
|
|
1,800 |
1,800 |
1,800 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
2.74 |
18.30 |
-7.57 |
2.61 |
|
|
Current Ratio |
|
.. |
214.93 |
210.39 |
221.03 |
|
N.Worth Ratio |
.. |
61.14 |
59.58 |
59.47 |
|
|
R.Profit/Sales |
|
16.05 |
16.35 |
13.70 |
6.79 |
|
N.Profit/Sales |
10.37 |
10.35 |
8.65 |
5.23 |
|
|
Return On Equity |
.. |
17.66 |
14.10 |
10.19 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
UK Pound |
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.