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Report Date : |
22.03.2014 |
IDENTIFICATION DETAILS
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Name : |
DAICEL CORPORATION |
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Registered Office : |
3-4-5 Umeda Kitaku Osaka 530-0001 |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
08.09.1919 |
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Com. Reg. No.: |
1200-01-125937 (Osaka-Kitaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of industrial chemicals including cellulose acetate for cigarette filters, organic chemicals, synthetic resins, photographic films, LCDs, functional products & aerospace as well as defense systems Subject product
range includes : ·
Cellulose acetate Acetate Tow
for cigarette filters Carboxymethyl
cellulose (CMC) Hydroxyethyl
cellulose (HEC) Cationic
cellulose Microfibrillated
cellulose |
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No. of Employees |
9,407 |
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. 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 |
DAICEL CORPORATION
KK Daicel
3-4-5 Umeda Kitaku
Osaka 530-0001 JAPAN
Tel:
06-6342-6111 Fax: 06-6342-6118 -
URL: http://www.daicel.com
E-Mail address: (thru the URL)
Manufacturer of industrial chemicals including cellulose acetate for cigarette filters, organic chemicals, synthetic resins, photographic films, LCDs, functional products & aerospace as well as defense systems
Subject main
product includes :
·
Cellulose acetate
Acetate Tow for cigarette filters
Carboxymethyl cellulose (CMC)
Hydroxyethyl cellulose (HEC)
Cationic cellulose
Microfibrillated cellulose
Tokyo,
Nagoya, Himeji, Amagasaki, other (Tot 8)
China (5), India (2), Thailand (2), Taiwan, Hong Kong, Singapore,
Malaysia, USA (6), Mexico, Germany, Poland, France, other
Niigata,
Hiroshima, Kanzaki, Harima, Himeji (--Hyogo)
MISAO
FUDABA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 358,513 M
PAYMENTS No
Complaints CAPITAL Yen
36,275 M
TREND UP WORTH Yen 262,899 M
STARTED 1919 EMPLOYES 9,407
MFR SPECIALIZING IN ORGANIC CHEMICALS OTHERS
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 |
320,243 |
19,993 |
11,069 |
(%) |
229,004 |
|
(Consolidated) |
31/03/2011 |
353,684 |
31,561 |
16,802 |
10.44 |
235,336 |
|
|
31/03/2012 |
341,942 |
21,094 |
11,827 |
-3.32 |
234,711 |
|
|
31/03/2013 |
358,513 |
28,580 |
15,372 |
4.85 |
262,899 |
|
|
31/03/2014 |
407,000 |
38,000 |
21,000 |
13.52 |
.. |
Unit: In Million Yen
Forecast figures for the 31/03/2014
fiscal term.
This is the leading mfr of organic chemicals and cellulose acetate for
cigarette filters, photographic films & LCDs . Established thru merger among 8 celluloid
makers in 1919. Mother company of
Fujifilm Corp. Major player in car
airbag inflators and LCD films. The
company started up plant manufacturing products for airbag use in Dec
2013. It has set about expanding filter
tip production capacity at JV in China.
The sales volume for Mar/2013 fiscal term amounted to Yen 358,513
million, a 4.8% up from Yen 341,942 million in the previous term. The recurring profit was posted at Yen
28,580 million and the net profit at Yen 15,372 million, respectively, compared
with Yen 21,094 million recurring profit and Yen 11,827 million net profit,
respectively, a year ago.
(Apr/Dec/2013 results): Sales Yen 303,230 million (up 141%), operating
profit Yen 28,262 million (up 42.2%), recurring profit Yen 31,802 million (up
48.3%), net profit Yen 19,007 million (up 61.5%). (% compared with the corresponding period a
year ago)
For the current term ending Mar 2014 the recurring profit is projected at
Yen 38,000 million and the net profit at Yen 21,000 million, on a 13.5% rise in
turnover, to Yen 407,000 million.
Tobacco filter tip exports are on the rise. Sales of airbag-use gas generators are also
rising. Weaker Yen is contributing.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: 08 Sept
1919
Regd No.: 1200-01-125937 (Osaka-Kitaku)
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 1,450 million shares
Issued:
364,942,682 shares
Sum: Yen 36,275
million
Major shareholders (%): Master Trust Bank of Japan T (6.9), Japan Trustee Services T (6.5), Nippon Life Ins (4.9), Fujifilm Corp (4.7), Japan Trustee Services T9 (4.3), Toyota Motor (4.1), Company’s Treasury Stock (3.6), SMBC (1.9), Mitsui Sumitomo Ins (1.8), MUFG (1.7); foreign owners (28.6)
No. of shareholders: 12,720
Listed on the S/Exchange (s) of: Tokyo
Managements: Daisuke Ogawa, ch; Misao Fudaba, pres; Masumi Fukuda, s/mgn dir; Tetsuzo Miyazaki, s/mgn dir; Masayuki Mune, mgn dir; Yuji Iguchi, mgn dir; Yoshimi Ogawa, mgn dir; Hisao Nishimura, mgn dir; Yasunori Iwai, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Poly Plastics Co, Daicel Polymer, Kyodo Ascetic Acid, other.
Activities: Manufactures industrial chemicals: celluloses (21%), organic chemicals (20%), synthetic resins (39%), functional products & aerospace & defense systems (18%), others (2%)
Overseas Sales Ratio (42%)
Clients: [Mfrs, wholesalers] Fujifilm Corp, Toyoda Gosei Co, Kyodo Ascetic Acid, Mitsubishi Rayon, Nagase Corp, GL Science, Nihon Plast Co, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Kyodo Ascetic Acid, Daicel Safety Systems, Showa Denko, Mitsubishi Gas Chemicals, Mitsui & Co, Daicel USA, Toyo Styrene, other
Payment record: No Complaints
Location: Business area in Osaka. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank (Osaka)
MUFG (Osaka)
Relations: Satisfactory
(In Million Yen)
|
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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358,513 |
341,942 |
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Cost of Sales |
277,644 |
271,200 |
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GROSS PROFIT |
80,869 |
70,742 |
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Selling & Adm Costs |
54,672 |
50,316 |
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OPERATING PROFIT |
26,196 |
20,426 |
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Non-Operating P/L |
2,384 |
668 |
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RECURRING PROFIT |
28,580 |
21,094 |
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NET PROFIT |
15,372 |
11,827 |
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BALANCE SHEET |
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Cash |
|
47,005 |
31,649 |
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Receivables |
|
76,970 |
76,675 |
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Inventory |
|
82,977 |
71,134 |
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Securities, Marketable |
7,741 |
3,925 |
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Other Current Assets |
17,507 |
13,787 |
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TOTAL CURRENT ASSETS |
232,200 |
197,170 |
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Property & Equipment |
149,323 |
139,204 |
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Intangibles |
|
13,605 |
2,393 |
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Investments, Other Fixed Assets |
66,384 |
59,429 |
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TOTAL ASSETS |
461,512 |
398,196 |
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Payables |
|
49,896 |
46,212 |
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Short-Term Bank Loans |
19,118 |
12,020 |
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Other Current Liabs |
44,212 |
43,591 |
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TOTAL CURRENT LIABS |
113,226 |
101,823 |
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Debentures |
|
20,000 |
20,000 |
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Long-Term Bank Loans |
46,768 |
27,730 |
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Reserve for Retirement Allw |
11,834 |
10,498 |
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Other Debts |
|
6,785 |
3,434 |
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TOTAL LIABILITIES |
198,613 |
163,485 |
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MINORITY INTERESTS |
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Common
stock |
36,275 |
36,275 |
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Additional
paid-in capital |
31,579 |
31,579 |
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Retained
earnings |
164,927 |
152,858 |
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Evaluation
p/l on investments/securities |
15,001 |
11,507 |
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Others |
|
21,142 |
8,503 |
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Treasury
stock, at cost |
(6,025) |
(6,011) |
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TOTAL S/HOLDERS` EQUITY |
262,899 |
234,711 |
|
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TOTAL EQUITIES |
461,512 |
398,196 |
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CONSOLIDATED CASH FLOWS |
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||
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Terms ending: |
31/03/2013 |
31/03/2012 |
|
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Cash
Flows from Operating Activities |
|
44,480 |
34,000 |
|
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Cash
Flows from Investment Activities |
-35,312 |
-9,190 |
|
|
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Cash
Flows from Financing Activities |
5,737 |
-25,044 |
|
|
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Cash,
Bank Deposits at the Term End |
|
53,238 |
33,435 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
262,899 |
234,711 |
|
|
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Current
Ratio (%) |
205.08 |
193.64 |
|
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Net
Worth Ratio (%) |
56.96 |
58.94 |
|
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Recurring
Profit Ratio (%) |
7.97 |
6.17 |
|
|
|
Net
Profit Ratio (%) |
4.29 |
3.46 |
|
|
|
Return
On Equity (%) |
5.85 |
5.04 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.05 |
|
UK Pound |
1 |
Rs.100.80 |
|
Euro |
1 |
Rs.84.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
|
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 |
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-- |
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.