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Report Date : |
11.04.2014 |
IDENTIFICATION DETAILS
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Name : |
YOTAI REFRACTORIES CO LTD |
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Registered Office : |
8-1 Nishiki-Nakamachi Kaizuka
City Osaka-Pref 597-0093 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
Aug 1936 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of fire bricks, refractories;
engineering works |
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No. of Employees |
605 |
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 : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 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. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy
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Source
: CIA |
YOTAI REFRACTORIES CO LTD
REGD NAME: KK Yotai
MAIN OFFICE: 8-1 Nishiki-Nakamachi Kaizuka City
Osaka-Pref 597-0093 JAPAN
Tel:
0724-30-2100 Fax: 0724-30-2113
E-Mail address: ktokunaga@yotai.co.jp
Mfg of fire
bricks, refractories; engineering works
Tokyo, Nagoya, Fukuoka
(Kitakyushu), Okayama
Liaoning (China)
(--subsidiary factory)
At the caption
address, Okayama, Gifu, Bizen
KAZUMORI BABA,
PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 120,079 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
2,654 M
TREND STEADY WORTH Yen
16,804 M
STARTED 1936 EMPLOYES 605
MFR OF
FIRE-RESISTANT BRICKS.
FINANCIALS SITUATION CONSIDERED FAIR AND
GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
17,787 |
635 |
472 |
(%) |
14,341 |
|
(Consolidated) |
31/03/2011 |
20,414 |
1,511 |
809 |
14.77 |
14,695 |
|
|
31/03/2012 |
21,389 |
1,667 |
713 |
4.78 |
15,889 |
|
|
31/03/2013 |
20,079 |
1,623 |
559 |
-6.12 |
16,804 |
|
|
31/03/2014 |
20,100 |
830 |
650 |
0.10 |
.. |
Unit: In Million Yen
Forecast (or estimated) figures for 31/03/2014
fiscal term
The subject company was established on the basis of engineering division
separated from Osaka Cement Co Ltd (now Sumitomo Osaka cement Co Ltd), invested
from several other parties, for mfg high-grade refractories. Mid-size fire-resistant brick mfr. Fire bricks for electric furnaces accounts
for 50% of total sales. Noted for strong
sales to cement, glass and incinerator industries. In Oct 1993, merged with Osaka Yogyo of old Osaka Cement group. Highly competitive in incinerators and other
environment-related furnaces. New
production line for monolithic refractories was
installed at plant in Hinase Okayama with Yen 160
million, in hope to boost new orders from blast furnace steelmakers. The company intends to start price hike
negotiations with major steelmakers by March 2014, following negotiations with
small and mid-size users.
The sales volume for Mar/2013 fiscal term amounted to Yen 20,079
million, a 6% down from Yen 21,389 million in the previous term. The recurring profit was posted at Yen 1623
million and the net profit at Yen 559 million, respectively, compared with Yen
1,667 million recurring profit and Yen 713 million net profit, respectively, a
year ago.
For the term that ended Mar 2014 the recurring profit was projected at
Yen 830 million and the net profit at Yen 650 million, respectively, on a
similar turnover, at Yen 20,100 million.
Final results are yet to be released.
The financial
situation is considered maintained FAIR and good for ORDINARY business engagements.
Date Registered: Aug 1936
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 70 million shares
Issued: 25,587,421 shares
Sum: Yen 2,654 million
Major
shareholders (%): Sumitomo Osaka Cement Co Ltd (14.0), Company’s Treasure I Stock (12.4), UBS (London) IPB Segregated Cl. (4.0), Chugoku Bank (3.5), Senshu
Ikeda Bank (3.2), Sanei Kosan (2.9), Nippon Life Ins
(2.8), Employees’ S/Holding Assn (2.5), Eiichi Aoki (1.3), Dai-ichi Life Ins (1.2); foreign owners (5.0)
No. of shareholders: 2,348
Listed on the S/Exchange (s) of: Tokyo
Managements: Kazuo Shinomiya, ch; Kazumori Shinomiya, pres; Jiro Enami, mgn
dir; Mitsuo Taguchi, dir; Kenji Yamaguchi, dir; Koji Imano, dir; Yasuo Kawamori, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: New Yotai
Refractory Co Ltd* (China)
*.. Mfr of burned basis bricks for iron & steel, cement, non-ferrous metals and glass
industries, at Nonlou Economic Development Zone, Dashiqiao City Liaoning (China), founded Jul 2004 as JV and in Jul 2005 became a wholly owned subsidiary, capital Yen 480 million 40,000MT/year production capacity.
Activities: Manufactures refractories (84%): fire-resistant bricks, monolithic refractories, paper clay, new ceramics (abrasive-resistant alumina ceramics, electric part sintering
furnaces), engineering works (16%): furnace plant designing, installation, maintenance, etc works, including overseas works, catalysts for town gas plants, other.
Refractories for electric steel furnaces accounting for 50% of total sales.
Clients: [Electric furnace steel mfrs, cement mfrs,] Sojitz Corp, Tokyo Steel Mfg, AGC
Technology Solutions, Sumitomo Osaka Cement, Nippon Steel & Sumitomo Metal Ind, Mitsui Engineering & Shipbuilding, Ube Industries, Osaka Taika Renga, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Ube Materials, Iwatani International, Sojitz Chemicals, Gunza Engineering, other.
Payment record: No complaints
Location: Business area in Kaizuka City, adjacent to Osaka City. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG (Dojima)
Resona Bank (Dojima)
Relations: Satisfactory
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2013 |
31/03/2012 |
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INCOME STATEMENT |
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Annual Sales |
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20,079 |
21,389 |
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Cost of Sales |
16,687 |
17,867 |
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GROSS PROFIT |
3,392 |
3,522 |
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Selling & Adm
Costs |
1,902 |
1,944 |
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OPERATING PROFIT |
1,489 |
1,577 |
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Non-Operating P/L |
134 |
90 |
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RECURRING PROFIT |
1,623 |
1,667 |
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NET PROFIT |
559 |
713 |
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BALANCE SHEET |
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Cash |
|
1,616 |
920 |
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Receivables |
|
1,509 |
1,546 |
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Inventory |
|
3,863 |
3,775 |
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Securities, Marketable |
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Other Current Assets |
7,469 |
8,293 |
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TOTAL CURRENT ASSETS |
14,457 |
14,534 |
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Property & Equipment |
3,978 |
4,116 |
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Intangibles |
|
11 |
12 |
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Investments, Other Fixed Assets |
3,705 |
3,486 |
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TOTAL ASSETS |
22,151 |
22,148 |
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Payables |
|
2,085 |
2,099 |
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Short-Term Bank Loans |
300 |
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Other Current Liabs |
1,491 |
2,722 |
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TOTAL CURRENT LIABS |
3,876 |
4,821 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
1,060 |
1,055 |
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Other Debts |
|
410 |
402 |
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TOTAL LIABILITIES |
5,346 |
6,278 |
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MINORITY INTERESTS |
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Common
stock |
2,654 |
2,654 |
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Additional
paid-in capital |
1,710 |
1,710 |
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Retained
earnings |
39 |
39 |
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Evaluation
p/l on investments/securities |
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Others |
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12,959 |
12,044 |
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Treasury
stock, at cost |
(558) |
(558) |
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TOTAL S/HOLDERS` EQUITY |
16,804 |
15,889 |
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TOTAL EQUITIES |
22,151 |
22,148 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2013 |
31/03/2012 |
|
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Cash
Flows from Operating Activities |
|
2,512 |
465 |
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Cash
Flows from Investment Activities |
-470 |
-426 |
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Cash
Flows from Financing Activities |
-1,096 |
-437 |
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Cash,
Bank Deposits at the Term End |
|
2,113 |
1,118 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
16,804 |
15,889 |
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Current
Ratio (%) |
372.99 |
301.47 |
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Net
Worth Ratio (%) |
75.86 |
71.74 |
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Recurring
Profit Ratio (%) |
8.08 |
7.79 |
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Net
Profit Ratio (%) |
2.78 |
3.33 |
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Return
On Equity (%) |
3.33 |
4.49 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.21 |
|
|
1 |
Rs.101.05 |
|
Euro |
1 |
Rs.83.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
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 |
-- |
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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.