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Report Date : |
20.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
HITACHI CHEMICAL ELECTRONICS CO LTD |
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|
|
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Registered Office : |
1500 Ogawa Chikusai Ibaraki-Pref308-8521 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
April 1949 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of printed circuit board, printed wiring board, other |
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No. of Employees : |
563 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
HITACHI CHEMICAL ELECTRONICS CO LTD
REGD NAME: Hitachi
Kasei Electronics KK
MAIN OFFICE: 1500
Ogawa Chikusai Ibaraki-Pref308-8521 JAPAN
Tel:
0296-28-1331 Fax: 0296-28-5927
URL: http://www.hitachi-chem-electronics.co.jp
E-Mail address: (thru the URL)
Mfg of printed
circuit board, printed wiring board, other
Tokyo, Osaka
At the caption
address, Ishioka
HAJIME NAKAYAMA,
PRES Yasuo Takeda, mgn dir
Misao Nakagawa,
dir Hiroshi Yoshida, dir
Ryoji Hayashi, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES WEAK A/SALES Yen 11,896 M
PAYMENTSSLOW CAPITAL Yen 2,316 M
TREND SLOW WORTH Yen (-) 2,541 M
STARTED 1949 EMPLOYES 563
MFR OF PRINTED CIRCUIT BOARD, OTHERS, OWNED BY HITACHI LTD.
FINANCIAL SITUATION WEAK BUT SHOULD BE GOOD
FOR MODERATE BUSINESS ENGAGEMENTS.
The subject company was
established originally by Anritsu Anritsu Electric Co, on its division
separated to be an independent entity. In
2001, Hitachi Ltd bought the whole share of the company and it became a wholly
owned subsidiary of Hitachi Ltd. This is
a specialized mfr of printed circuit board, micro substrate, printed wiring
board, other. Goods are wholly shipped
to a group company, Hitachi chemical Co Ltd.
The sales volume for
Mar/2013 fiscal term amounted to Yen 11,896 million, a 13% down from Yen 13,735
million in the previous term, as affected by the slumping semiconductor
markets. Demand decreased substantially. The operations continued in the red to post
Yen 298 million recurring loss and Yen 1,283 million net losses, respectively,
compared with Yen 386 million recurring loss and Yen 50 million net profit, respectively,
a year ago.
For the current term
ending Mar 2014 the operations are projected to come back to profitability but
still limited to a minimum amount post taxes, on a 5% rise in turnover, to Yen
12,500 million.
The financial
situation is considered WEAK but should be good for MODERATE business
engagements.
Date Registered: Apr 1949
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 14 million shares
Issued: 3.6 million shares
Sum: Yen 2,316 million
Major shareholders (%): Hitachi Ltd* (100)
*.. Hitachi Ltd, largest comprehensive mfr
of electrical machinery, Tokyo, founded 1920, capital Yen 458,790 million,
listed Tokyo S/E, sales Yen 9,041,071 million, operating profit Yen 422,028
million, recurring profit Yen 344,537 million, net profit Yen 175,326 million,
total assets Yen 9,809,230 million, net worth Yen 2,082,560 million, employees
326,240, pres Hiroaki Nakanishi
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
circuit boards (multilayer printed circuit board, micro substrate, packaged
circuit board for semiconductors, double-faced printed circuit board, printed
wiring board, wiring board mfg equipment, others (--100%)
Clients: [Mfrs,
wholesalers] Hitachi Chemical Co & group companies
No. of accounts:
Limited
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Hitachi Chemical Co, Shin-Kobe Electric Machinery, Inoue Electric
Co, Toko Corp, Tokyo Shokai Ltd, Nakayama Co, other
Payment record: Slow
Location: Business area in
Chikusai City, Ibaraki-Pref. Office
premises at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG (Tokyo)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
12,500 |
11,896 |
13,735 |
19,363 |
|
Recur.
Profit |
|
0 |
-298 |
-386 |
608 |
|
Net
Profit |
|
0 |
1,283 |
50 |
-296 |
|
Total
Assets |
|
|
5,070 |
6,291 |
7,637 |
|
Current
Assets |
|
|
1,886 |
2,760 |
|
|
Current
Liabs |
|
|
1,841 |
2,469 |
|
|
Net
Worth |
|
|
-2,541 |
-2,257 |
-2,308 |
|
Capital,
Paid-Up |
|
|
2,316 |
2,316 |
2,316 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.08 |
-13.39 |
-29.07 |
-25.76 |
|
|
Current Ratio |
|
.. |
102.44 |
111.79 |
.. |
|
N.Worth Ratio |
.. |
-50.12 |
-35.88 |
-30.22 |
|
|
R.Profit/Sales |
|
0.00 |
-2.51 |
-2.81 |
3.14 |
|
N.Profit/Sales |
0.00 |
10.79 |
0.36 |
-1.53 |
|
Notes: Financials
are only partially disclosed.
Forecast (or
estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.79 |
|
|
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.