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Report Date : |
08.11.2013 |
IDENTIFICATION DETAILS
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Name : |
ASAHI KASEI E-MATERIALS CORPORATION |
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Registered Office : |
Jimbocho Mitsui Bldg 10F, 1-105 Kanda-Jimbocho Chiyodaku |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
June, 1969 |
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Com. Reg. No.: |
0100-01-120215 (Tokyo-Chiyodaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Mfg of electronic materials |
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No. of Employees : |
956 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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 |
ASAHI KASEI
E-MATERIALS CORPORATION
Asahi Kasei E-Materials KK
Jimbocho Mitsui Bldg 10F, 1-105 Kanda-Jimbocho Chiyodaku Tokyo 101-0051
Tel: 03-3296-3434
Fax: 03-3296-3929
URL: http//:www.asahi-kasei.co.jp
E-mail: (thru
the URL)
Mfg of electronic materials
Shizuoka, Osaka, Kawasaki, Shiga, Okayama, Miyazaki
USA, Belgium, UK, China, Taiwan, Korea
Shiga, Shizuoka, Sodegaura, other
SHIGEKI TAKAYAMA, PRES
Tomonari Watanabe, dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 51,960 M
PAYMENTS REGULAR CAPITAL Yen
3,000 M
TREND SLOW WORTH Yen 37,501 M
STARTED 1969 EMPLOYES 956
MFR OF ELECTRONIC MATERIALS, OWNED BY ASAHI KASEI CORP
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS
The subject company was established as a JV by Asahi Kasei Corp and
Asahi Chiba Co Ltd for production of epoxy resin. This is a specialized mfr of electronic
materials: battery separator, optical fiber wire, insulation films, latent
hardener, epoxy resin, other (See OPERATION). In 2000 Asahi Kasei acquired all shares of
Chiba Co Ltd and the firm became a wholly owned subsidiary of Asahi Corp. In 2009, integrated all electronic materials
operations of the Asahi Group and established the firm as captioned. Operates 6 overseas subsidiaries/offices:
USA, Belgium, UK, Taiwan, China and Taiwan.
Clients include major electronics mfrs, wholesalers, other
The sales volume for Mar/2013 fiscal term amounted to Yen 51,960
million, a 9% down from Yen 57,234 million in the previous term. Sales declined. Prices declined, too. The operations plunged into the red to post
Yen 107 million recurring loss and Yen 862 million net losses, respectively,
compared with Yen 1,638 million recurring profit and Yen 1,079 million net
losses, respectively, a year ago. .
For the current term ending Mar/2014 the operations are projected to
come back to profitability to post Yen 2,500 million recurring profit and Yen
1,750 million net profit, respectively, on a 5% rise in turnover, to Yen 54,500
million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date
Registered: Jun 1969
Regd
No.: 0100-01-120215
(Tokyo-Chiyodaku)
Legal
Status: Limited
Company (Kabushiki Kaisha)
Authorized: 240,000 shares
Issued:
60,000 shares
Sum:
Yen
3,000 million
Major
shareholders (%): Asahi Kasei Corp* (100)
*.. Asahi Kasei Corp, Mfr of industrial
materials, Tokyo, founded 1931, listed Tokyo S/E, capital Yen 103,389 million,
sales Yen 1,666,640 million, operating profit Yen 91,960 million, recurring
profit Yen 95,125 million, net profit Yen 53,712 million, total assets Yen
1,841,946 million, net worth Yen 841,089 million, employees 28,987, pres
Taketsugu Fujiwara
Nothing detrimental is known as to the
commercial morality of executives.
Activities: Manufactures
electronic materials: battery separator, photomask pellicles, plastic optical
fibers, insulation film, epoxy resin, latent hardener, dry film photoresist,
glass fabric for printed circuit board, optical fiber wires, semiconductor
circuit boards, other (--100%)
Clients: [Mfrs,
wholesalers] Ibiden Co, Daiso Chemical, SK Electronics, Kouyoh Trading Co,
Shin-Nikka Epoxy Mfg, Nihon Filcon Co, Yamagata Science Chemical Co Inc, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Asahi Kasei Group firms, Nitto Boseki Co, Asahi Kasei Pax Corp,
Taisei Fine Chemical, Matsumura Oil Co, Technopaudalton Co, other.
Payment
record: Slow
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank
References:
MUFG (Tokyo)
SMBC (Tokyo)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual Sales |
|
54,500 |
51,960 |
57,234 |
59,999 |
|
Recur. Profit |
|
2,500 |
-107 |
1,638 |
2,414 |
|
Net Profit |
|
1,750 |
-862 |
-1,079 |
1,765 |
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Total Assets |
|
|
84,835 |
84,763 |
91,712 |
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Current Assets |
|
|
34,543 |
33,931 |
34,186 |
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Current Liabs |
|
|
31,934 |
27,287 |
31,111 |
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Net Worth |
|
|
37,501 |
38,364 |
41,070 |
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Capital, Paid-Up |
|
|
3,000 |
3,000 |
3,000 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.89 |
-9.21 |
-4.61 |
4.65 |
|
|
Current Ratio |
|
.. |
108.17 |
124.35 |
109.88 |
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N.Worth Ratio |
.. |
44.20 |
45.26 |
44.78 |
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R.Profit/Sales |
|
4.59 |
-0.21 |
2.86 |
4.02 |
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N.Profit/Sales |
3.21 |
-1.66 |
-1.89 |
2.94 |
|
|
Return On Equity |
.. |
-2.30 |
-2.81 |
4.30 |
|
Notes: Forecast (or estimated) figures for the 31/03/2014 fiscal
term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.57 |
|
|
1 |
Rs.100.62 |
|
Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
|
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 |
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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 |
|
---- |
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.