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Report Date : |
18.03.2014 |
IDENTIFICATION DETAILS
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Name : |
IBIDEN CO LTD |
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Registered Office : |
2-1 Kandacho Ogaki City Gifu-Pref 503-8604 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
November, 1912 |
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Com. Reg. No.: |
2000-01-013231 (Gifu-Ogaki) |
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Legal Form : |
Limited Company (Kabushiki Kaisha |
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Line of Business : |
Manufacturing of electronic circuits, ceramics products, housing
materials |
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No. of Employees : |
11,960 |
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 but correct |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. 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 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
exceeds 225% 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 |
IBIDEN CO LTD
REGD NAME: Ibiden KK
MAIN OFFICE: 2-1 Kandacho Ogaki
City Gifu-Pref 503-8604 JAPAN
Tel:
0584-81-3111
Fax:
0584-81-4676 -
*.. The is
its Aoyanagi Plant
URL: http://www.ibiden.co.jp
E-Mail address: (thru the URL)
Mfg of electronic circuits, ceramics products, housing materials, other
Tokyo, Osaka, Ogaki (4), Gifu, Aichi, other (Total 16)
USA, Netherlands, Hungary, France, Austria, Philippines, China (2), Hong
Kong, Singapore (2), Malaysia, Korea (2),
Taiwan (--subsidiaries)
Ogaki (4), Gifu (3); Hydroelectric Power Plant (Gifu 3)
HIROKI TAKENAKA, PRES
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 285,946 M
PAYMENTS SLOW BUT CORRECT CAPITAL Yen 64,152 M
TREND SLOW WORTH Yen 286,705 M
STARTED 1912 EMPLOYES 11,960
MFR OF ELECTRONIC CIRCUITS, CERAMICS PRODUCTS, OTHER
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
274,204 |
19,447 |
11,896 |
(%) |
268,364 |
|
(Consolidated) |
31/03/2011 |
304,968 |
33,575 |
19,740 |
11.22 |
271,249 |
|
31/03/2012 |
300,863 |
16,256 |
10,647 |
-1.35 |
274,901 |
|
|
31/03/2013 |
285,946 |
10,890 |
2,232 |
-4.96 |
286,705 |
|
|
31/03/2014 |
306,000 |
26,000 |
15,500 |
7.01 |
.. |
Unit: In Million
Yen
Forecast figures
for the 31/03/2014 fiscal term.
This is originally a carbide maker, but diversified into building materials,
electronic circuits, including PCBs, specialty carbons. The firm is hurrying to shift to production
of IC packages to Intl (US) for smartphone and tablet-uses. Also engaged in diesel vehicle-use black
smoke filter business worldwide. The
company invests Yen 40 billion for production boost of electronic parts at a
plant in Malaysia to meet brisk demand for smartphones use, with new facilities
starting up in Sept 2014.
The sales volume for Mar/2013 fiscal term amounted to Yen 285,946
million, a 5% down from Yen 300,863 million in the previous term. This is referred to the sluggish PC markets
and the harder competition among the trade.
The recurring profit was posted at Yen 10,890 million and the net profit
at Yen 2,232 million, respectively, compared with Yen 16,256 million recurring
profit and Yen 10,647 million net profit, respectively, a year ago.
(Apr/Dec/2013 results): Sales Yen 230,749 million (up 10.5%), operating
profit Yen 19,944 million (up 343.9%), recurring profit Yen 28,267 million (up
221.1%), net profit Yen 16,537 million (up 529.2%). (% compared with the corresponding period a
year ago).
For the current term ending Mar 2014 the recurring profit is projected
at Yen 26,000 million and the net profit at Yen 15,500 million, on a 7% rise in
turnover, to Yen 306,000 million. Sales
of electronic parts for smartphones and tablet PCs are brisk. Benefits of weaker Yen will reduce depreciation
costs substantially. Printed circuit
board business is improving faster than estimated after posting deficit in the
previous term. Operating profit will
grow even further.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Nov 1912
Regd No.: 2000-01-013231 (Gifu-Ogaki)
Legal Status: Limited Company (Kabushiki Kaisha
Authorized: 230 million
shares
Issued: 150,860,557 shares
Sum: Yen 64,152 million
Major shareholders (%): Company’s Treasury Stock (8.4), Master Trust
Bank of Japan T (4.8), Japan Trustee Services T (4.7), Toyota Industries (4.1),
Juroku Bank (2.7), Ogaki Kyoritsu Bank (2.7), Bank of New York Jasdec Treaty
(2.3), OM04 SSB Client Omnibus (2.2), Northern Trust (AVFC) British (1.8),
Co-op, Companies’ S/Holding Assn (1.8); foreign owners (29.5)
No. of shareholders: 40,788
Listed on the S/Exchange (s) of: Tokyo
Managements: Yoshifumi Iwata, ch; Hiroki Takenaka, pres; Hironobu
Kodaka, v pres; Shigeyasu Kurita, s/mgn dir; Keiichi Sakashita, s/mgn dir;
Takayuki Takagi, s/mgn dir; Yoichi Kuwayama, mgn dir; Katsumi Sagisaka, mgn
dir; Yoshiyuki Iwata, mgn dir; Tsuyoshi Nishida, dir; Takeshi Aoki, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Ibiden Philippines, Ibiden Hungary, other.
Activities: Manufactures: electronics (54%), ceramics (26%),
construction materials (8%), construction works (4%), others (7%)
Overseas Sales Ratio (74%)
(Mfg/Handling Items)
Electronics: printed wiring board, IC packages, other
Ceramics: DPF/automotive exhaust system components, graphite products,
fine ceramics, ceramic fiber, other
Clients: [Mfrs, wholesalers] Intel Corp (29%), Ibiden USA, Samsung Electronics,
Ibiden
Europe, Amkor Technology Inc, other
No. of accounts: 500
(domestic only)
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsubishi Plastics Inc, Ibiden Philippines, Ajinomoto Fine
Techno, Japan Pure Chemical
Co, FINECS Co, Panasonic Corp Yakushima Denko Co, Hitachi Kasei Shoji Co, other
Payment record: Slow but correct
Location: Business area in Ogaki City, Gifu-Pref. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References:
Juroku Bank
(H/O)
Ogaki
Kyoritsu Bank (H/O)
Relations:
Satisfactory
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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 |
|
285,946 |
300,863 |
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Cost of Sales |
234,203 |
235,867 |
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GROSS PROFIT |
51,743 |
64,996 |
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Selling & Adm Costs |
46,324 |
49,480 |
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OPERATING PROFIT |
5,419 |
15,515 |
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Non-Operating P/L |
5,471 |
741 |
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RECURRING PROFIT |
10,890 |
16,256 |
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NET PROFIT |
2,232 |
10,647 |
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BALANCE
SHEET |
||||
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Cash |
|
63,047 |
77,960 |
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Receivables |
58,837 |
58,097 |
||
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Inventory |
38,663 |
35,818 |
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Securities, Marketable |
20,183 |
27,194 |
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Other Current Assets |
8,955 |
12,570 |
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TOTAL CURRENT ASSETS |
189,685 |
211,639 |
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Property & Equipment |
193,788 |
177,878 |
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Intangibles |
11,336 |
5,286 |
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Investments, Other Fixed Assets |
35,231 |
31,068 |
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TOTAL ASSETS |
430,040 |
425,871 |
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Payables |
38,951 |
50,613 |
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Short-Term Bank Loans |
20,515 |
18,716 |
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Other Current Liabs |
33,910 |
31,173 |
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TOTAL CURRENT LIABS |
93,376 |
100,502 |
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Debentures |
40,000 |
40,000 |
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Long-Term Bank Loans |
3,409 |
5,021 |
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Reserve for Retirement Allw |
355 |
237 |
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Other Debts |
|
6,194 |
5,210 |
|
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TOTAL LIABILITIES |
143,334 |
150,970 |
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MINORITY INTERESTS |
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Common stock |
64,152 |
64,152 |
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Additional paid-in capital |
68,354 |
68,331 |
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Retained earnings |
182,263 |
184,000 |
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Evaluation p/l on
investments/securities |
6,736 |
2,483 |
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Others |
2,307 |
(13,424) |
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Treasury stock, at cost |
(37,107) |
(30,641) |
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TOTAL S/HOLDERS` EQUITY |
286,705 |
274,901 |
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TOTAL EQUITIES |
430,040 |
425,871 |
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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 |
|
45,101 |
37,370 |
|
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Cash Flows from Investment
Activities |
-58,325 |
-59,291 |
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Cash Flows from Financing Activities |
-11,507 |
34,092 |
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|
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Cash, Bank Deposits at the Term End |
|
82,969 |
104,487 |
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ANALYTICAL
RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net Worth (S/Holders' Equity) |
286,705 |
274,901 |
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|
Current Ratio (%) |
203.14 |
210.58 |
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Net Worth Ratio (%) |
66.67 |
64.55 |
||
|
Recurring Profit Ratio (%) |
3.81 |
5.40 |
||
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Net Profit Ratio (%) |
0.78 |
3.54 |
||
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Return On Equity (%) |
0.78 |
3.87 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.52 |
|
|
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.85.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
|
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 |
|
<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.