L
|
Report Date : |
26.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
NICHIA CORPORATION |
|
|
|
|
Registered
Office : |
491 Oka Kaminakacho Anan City Tokushima-Pref 774-8601 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
December 1956 |
|
|
|
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Com. Reg. No.: |
4800-01-006794 |
|
|
|
|
Legal Form : |
Limited Company
(Kabushiki Kaisha) |
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|
|
|
Line of Business
: |
Manufacturer of phosphors for CRT, light emitting diodes, LED |
|
|
|
|
No. of Employees
: |
7,751 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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
NICHIA CORPORATION
REGD NAME: Nichia Kagaku Kogyo KK
MAIN OFFICE: 491 Oka Kaminakacho Anan City Tokushima-Pref 774-8601 JAPAN
Tel: 0884-22-2311 Fax: 0884-21-0148
E-Mail address: info@nichia.co.jp
Mfg of phosphors for CRT, light emitting diodes, LED, other
Tokyo, Nagoya, Osaka
USA (3), Taiwan (2), Malaysia, Netherlands, Germany, China (4), Singapore,
Korea, India (3), Thailand, Hong Kong, Australia (--subsidiaries)
At the caption address, Tatsumi, Tokushima, Naruto, Kagoshima
EIJI OGAWA, PRES Noboru Tasaki, v pres
Hiroyoshi Ogawa, v pres Toshiya Iwashima, mgn dir
Gen’ichi Shinomiya, mgn dir Satoru Inufushi, mgn dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 287,483 M
PAYMENTS REGULAR CAPITAL Yen 46,741 M
TREND STEADY WORTH Yen 475,839 M
STARTED 1956 EMPLOYES 7,751
MFG OF DIODES, PHOSPHORS, SEMICONDUCTOR MATERIALS, OTHER.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
The subject company was established by father of Eiji Ogawa for mfg phosphors for fluorescent lamps, which started in 1966. In 1968 concluded technical license agreement with General Electric, USA, which agreement later canceled in 1980 because of technical reasons (as reported by the firm). This is a specialized mfr of phosphors for CRT, light emitting diodes, optical semiconductor devices, other. Boasts No.1 shares in each field. Holds about 35/40% market share in LED.
The sales volume for Dec/2012 fiscal term amounted to Yen 287,483 million, a 7% up from Yen 269,202 million in the previous term. White LED lights grew. The recurring profit was posted at Yen 50,198 million and the net profit at Yen 32,577 million, respectively, compared with Yen 47,754 million recurring profit and Yen 31,136 million net profit, respectively a year ago.
For the current term ending Dec 2013 the recurring profit is projected at Yen 51,000 million and the net profit at Yen 33,000 million, respectively, on a 5% rise in turnover, to Yen 301,000 million..
The financial situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Dec 1956
Regd No.: 4800-01-006794 (Tokushima-Anan)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 4.5 million shares
Issued: 2,146,209 shares
Sum: Yen 46,741 million
Major shareholders (%): Employees’ S/Holding Assn (14.6), Kyodo Iyaku Kenkyusho, (6.1), Tokushima Bank (4.9), Awa Bank (4.8), Shikoku Bank (4.8)
No. of shareholders: 267
Nothing detrimental is known as to the commercial morality of executives.
Activities: Manufactures chemicals (19%), optical semiconductor materials (81%). Exports (50%)
(Handling Items):
Light Emitting Diodes: compound semiconductor materials, light emitting diodes, ultra violet LEDs;
Laser Diodes: laser diodes, phosphors, evaporation/coating materials, transition materials catalysts/organometallic compounds, magnets, fine chemicals, other.
Clients: [Electronic mfrs, wholesalers] Sanyo Electric Co, Sharp Electronics (M) Sdn Bhd Hong Kong Branch, Citizen Electronics, Panasonic Corp, LG Japan, Minebea Co, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsui & Co, Panasonic Semiconductor Discrete Devices, Shin-Etsu Semiconductors, Tanaka Holdings Co, other.
Payment record: Regular
Location: Business area in Anan City, Tokushima-Pref. Office premises at the caption address are owned and maintained satisfactorily.
Bank References: Tokushima Bank (Anan)
Awa Bank (Anan)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/12/2013 |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
|
Annual
Sales |
|
301,000
|
287,483
|
269,202
|
256,697
|
|
Recur.
Profit |
|
51,000 |
50,198 |
47,754 |
66,082 |
|
Net
Profit |
|
33,000 |
32,577 |
31,136 |
40,525 |
|
Total
Assets |
|
|
547,178
|
502,416
|
494,511
|
|
Current
Assets |
|
|
342,226
|
307,005
|
326,670
|
|
Current
Liabs |
|
|
41,587 |
37,175 |
51,892 |
|
Net
Worth |
|
|
475,839
|
442,349
|
421,170
|
|
Capital,
Paid-Up |
|
|
46,741 |
46,741 |
46,741 |
|
Div.P.Share(¥) |
|
|
2,500.00
|
2,500.00
|
3,000.00
|
|
<Analytical
Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.70 |
6.79 |
4.87 |
41.26 |
|
|
Current Ratio |
|
.. |
822.92 |
825.84 |
629.52 |
|
N.Worth Ratio |
.. |
86.96 |
88.04 |
85.17 |
|
|
R.Profit/Sales |
|
16.94 |
17.46 |
17.74 |
25.74 |
|
N.Profit/Sales |
10.96 |
11.33 |
11.57 |
15.79 |
|
|
Return On Equity |
.. |
6.85 |
7.04 |
9.62 |
|
Notes: Forecast figures for the 31/12/2013 fiscal term
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.58 |
|
|
1 |
Rs.101.42 |
|
Euro |
1 |
Rs.84.70 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.