MIRA
INFORM REPORT
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Report Date : |
09.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SUMITOMO BAKELITE CO LTD |
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Registered Office : |
Tonnoz Parkside Bldg, 2-5-8 Higashi-Shinagawa Shinagawaku Tokyo
140-0002 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
January, 1932 |
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Com. Reg. No.: |
0107-01-005073 (Tokyo-Shinagawaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturing of synthetic resins, other |
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No. of Employees : |
5,340 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 |
company name
SUMITOMO BAKELITE CO LTD
REGD NAME
Sumitomo Bakelite
KK
MAIN OFFICE
Tonnoz Parkside
Bldg, 2-5-8 Higashi-Shinagawa Shinagawaku Tokyo 140-0002 JAPAN
Tel:
03-5462-4111 Fax: 03-5462-4873 -
URL: http://www.sumibe.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of synthetic
resins, other
BRANCHES
Nagoya, Kobe,
Amagasaki, Kanuma, Shizuoka, Utsunomiya, Nogata (Fukuoka)
OVERSEAS
Switz, Belgium (2), Spain, China (5), Taiwan (2), Hong Kong, Indonesia (3), Korea, Singapore, Malaysia,Thailand, India, USA (3), Canada
FACTORIES
Amagasaki, Kanuma,
Shizuoka, Utsunomiya; China, Indonesia, Vietnam, other
CHIEF EXEC
SHIGERU HAYASHI,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 183,362 M
PAYMENTS REGULAR CAPITAL Yen 37,143 M
TREND UP WORTH Yen 131,311 M
STARTED 1932 EMPLOYES 5,340
COMMENT
MFR OF SYNTHETIC RESINS, CIRCUIT MODULES, OTHER
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR
ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million
Yen
Forecast figures
for the 31/03/2014 fiscal term.
HIGHLIGHTS
This is a major comprehensive processor of synthetic resins. Member of Sumitomo Chemical group. Once supplier as producer of molded products
phenolic resins “Bakelite” and melamine resins.
World’s largest maker of semiconductor sealings for PCs and VCRs. Expanding overseas, centered on S/E
Asia. The company is dividing sealant
market with a JV in China through information sharing. It aims to shut down carrier tape business
and printed circuit but for automobiles.
It will double numbers of medical product sales offices to 15 in a year,
including one opened in Morioka in Jun 2013. .
FINANCIAL INFORMATION
The sales volume for Mar/2013 fiscal term amounted to Yen 183,362
million, a 1.0% down from Yen 185,237 million in the previous term. Sales of surgical kits and drug packaging
materials were steady. Circuit module
business was helped by pullout from flexible circuit production and a review of
production processes in Japan and overseas.
But mainline semiconductor sealant sales rallied slowly. The value of phenolic resin earnings was
reduced due to the higher Yen. The
recurring profit was posted at Yen 8,551 million and the net profit at Yen
3,443 million, respectively, compared with Yen 5,931 million recurring profit
and Yen 2,525 million net profit, respectively, a year ago.
(Apr/Jun/2013 results): Sales Yen 45,112 million (down 0.7%), operating
profit Yen 1,912 million (down 4.7%), recurring profit Yen 2,468 million (up
11.5%), net profit Yen 1,558 million (up 85.2%). (% compared with the corresponding period a
year ago).
For the current term ending Mar 2014 the recurring profit is projected
at Yen 12,600 million and the net profit at Yen 6,400 million, on a 14.5% rise
in turnover, to Yen 210,000 million.
Sales volume of mainline semiconductor sealants will dwindle due to IC
miniaturization. New substrate “L alpha
Z” will face tougher competition.
Phenolic resin sales will benefit from price hikes toward the second
half, but huge cost for nationwide openings of medical product sales offices
will pose a burden.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
REGISTRATION
Date
Registered: Jan 1932
Regd
No.: 0107-01-005073
(Tokyo-Shinagawaku)
Legal Status: Limited Company (Kabushiki Kaisha
Authorized:
800 million shares
Issued: 262,952,394
shares
Sum: Yen
37,143 million
Major shareholders
(%):
Sumitomo Chemical (19.9), Company’s Treasury Stock (8.3), Japan Trustee
Services T (7.8), Master Trust Bank of Japan T (6.1), Master Trust Bank of
Japan T9 (2.4), Juniper (1.9), JTSB (Sumitomo Mitsui Trust Bank) (1.6), SMBC
(1.6), Trust & Custody Services Trust B (1.0), Mitsui Sumitomo Ins (1.0);
foreign owners (15.7)
No. of
shareholders: 14,545
Listed
on the S/Exchange (s) of: Tokyo
Managements: Tomitaro Ogawa,
ch; Shigeru Hayashi, pres; Tamotsu Yahata, v pres; Tsuneo Terasawa, s/mgn dir;
Shin-ichiro Ito, s/mgn dir; Shigeki Muto, s/mgn dir; Kazuhisa Hirano, mgn dir;
Noboru Yamawaki, mgn dir
Nothing detrimental is known as to the
commercial morality of executives.
Related
companies: Akita Sumitomo Bakelite, other.
OPERATION
Activities: Manufactures semiconductor materials (27%), circuit modules (7%), highly functional plastics (34%), QOL-related products (12%)
Overseas Sales Ratio (52%)
Clients: [Mfrs, wholesalers] Kanae Co, Chang Wa Technology, Samsung Mobile Japan,
Kuroda Electric Co, Morimura Bros Inc, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Kyushu Sumitomo Bakelite, Akita Sumitomo Bakelite, Sumitomo Bakelite Vietnam, Mitsui & Co, Mitsubishi Shoji Plastics, other
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
SMBC (Tokyo)
MUFG (Shimbashi)
Relations:
Satisfactory
FINANCES
(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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183,362 |
185,237 |
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Cost of Sales |
131,528 |
135,140 |
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GROSS PROFIT |
51,834 |
50,096 |
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Selling & Adm Costs |
43,878 |
45,370 |
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OPERATING PROFIT |
7,956 |
4,726 |
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Non-Operating P/L |
595 |
1,205 |
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RECURRING PROFIT |
8,551 |
5,931 |
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NET PROFIT |
3,443 |
2,525 |
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BALANCE SHEET |
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Cash |
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32,056 |
26,957 |
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Receivables |
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40,673 |
42,309 |
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Inventory |
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25,075 |
23,151 |
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Securities, Marketable |
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Other Current Assets |
7,073 |
7,735 |
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TOTAL CURRENT ASSETS |
104,877 |
100,152 |
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Property & Equipment |
80,286 |
74,745 |
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Intangibles |
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6,080 |
6,343 |
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Investments, Other Fixed Assets |
22,583 |
20,075 |
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TOTAL ASSETS |
213,826 |
201,315 |
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Payables |
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28,649 |
27,353 |
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Short-Term Bank Loans |
9,853 |
4,833 |
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Other Current Liabs |
28,533 |
29,284 |
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TOTAL CURRENT LIABS |
67,035 |
61,470 |
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Debentures |
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Long-Term Bank Loans |
7,700 |
10,600 |
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Reserve for Retirement Allw |
5,399 |
6,996 |
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Other Debts |
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2,381 |
3,225 |
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TOTAL LIABILITIES |
82,515 |
82,291 |
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MINORITY INTERESTS |
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Common
stock |
37,143 |
37,143 |
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Additional
paid-in capital |
35,358 |
35,358 |
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Retained
earnings |
79,085 |
78,051 |
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Evaluation
p/l on investments/securities |
4,226 |
2,171 |
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Others |
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(12,569) |
(21,770) |
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Treasury
stock, at cost |
(11,932) |
(11,930) |
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TOTAL S/HOLDERS` EQUITY |
131,311 |
119,023 |
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TOTAL EQUITIES |
213,826 |
201,315 |
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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 |
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16,644 |
6,730 |
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Cash
Flows from Investment Activities |
-13,088 |
-13,340 |
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Cash Flows
from Financing Activities |
-642 |
-3,942 |
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Cash,
Bank Deposits at the Term End |
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31,778 |
26,834 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
131,311 |
119,023 |
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Current
Ratio (%) |
156.45 |
162.93 |
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Net
Worth Ratio (%) |
61.41 |
59.12 |
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Recurring
Profit Ratio (%) |
4.66 |
3.20 |
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Net
Profit Ratio (%) |
1.88 |
1.36 |
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Return
On Equity (%) |
2.62 |
2.12 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.99 |
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|
1 |
Rs.101.75 |
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Euro |
1 |
Rs.83.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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 |
---- |
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.