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Report Date : |
06.11.2014 |
IDENTIFICATION DETAILS
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Name : |
ASAHI KASEI CHEMICALS CORPORATION |
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Registered Office : |
Jimbocho Mitsui Bldg, 1-105 Kanda-Jimbocho Chiyodaku Tokyo 101-8101 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
Nov., 1972 |
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Com. Reg. No.: |
0100-01-008906 (Tokyo-Chiyodaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of petrochemicals, industrial chemicals. |
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No. of Employees : |
5,400 |
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 |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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.
|
Source
: CIA |
ASAHI KASEI CHEMICALS CORPORATION
REGD NAME: Asahi
Kasei Chemicals KK
MAIN OFFICE: Jimbocho
Mitsui Bldg, 1-105 Kanda-Jimbocho Chiyodaku Tokyo 101-8101 JAPAN
Tel:
03-3296-3200
Fax: 03-3296-3438
URL: http://www.asahi-kasei.co.jp/chemicals
E-Mail address: info@asahi-kasei.co.jp/chemicals
Mfg of
petrochemicals, industrial chemicals
Osaka, Nagoya,
Fukuoka, Nobeoka, Fuji, Moriyama
China, Korea,
Singapore, Indonesia, Europe, USA (--subsidiaries)
Mizushima,
Kawasaki, Nobeoka, Fuji, Moriyama, Shizuoka, Oita,
Wakayama, Fukuoka, Chiba; China
YUJI KOBAYASHI,
PRES Tsuneo Takemoto, dir
Yukihiro Mori, dir Mutsuo Narita, dir
Kenji Hamai, dir Masanao Nomoto, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 615,441 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 3,000 M
TREND STEADY WORTH Yen 174,475 M
STARTED 1972 EMPLOYES 5,400
MFR OF INDUSTRIAL CHEMICALS, WHOLLY OWNED BY
ASAHI KASEI CORP
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established on the basis of 4 Asahi Kasei group
firms merging into one entity. The subject
specializes in mg petrochemicals, polymers, performance chemicals, other. This is actually mfg division of Asahi Kasei
Corp (See REGISTRATION). It expanded production capacity of
acrylonitril at Korean Plant in Jan 2012, and in Jun 2012 built a new factory
in Singapore for production of chemicals for supply to automobile tire
industry. In Jan 2014, started
commercial production at a new plant in Korea for Acetonitrile products.
The sales volume
for Mar/2014 fiscal term amounted to Yen 615,441 million, an 11% up from Yen
552,198 million in the previous term.
Demand rose for engineering synthetic rubber and engineering resin for
automobile makers. Exports were
active. The recurring profit was posted
at Yen 23,692 million and the net profit at Yen 4,054 million, respectively,
compared with Yen 10,227 million recurring profit and Yen 6,121 million net
profit, respectively, a year ago.
For the current
term ending Mar 2015 the recurring profit is projected at Yen 24,000 million
and the net profit at Yen 4,200 million, respectively, on a 5% rise in
turnover, to Yen 646,500 million. Sales
will increase on the strength of the improving monomer market, and sales volume
expansion of polymers. Business is seen
expanding steadily.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date Registered:
Nov 1972
Regd No.:
0100-01-008906
(Tokyo-Chiyodaku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 160,000
shares
Issued: 40,000
shares
Sum: Yen
3,000 million
Major shareholders (%): Asahi Kasei Corp* (100)
*.. Comprehensive
chemical firm engaged in diversified businesses of clothing, membranes and housing,
Tokyo, founded 1931, listed Tokyo S/E, capital Yen 103,389 million, turnover
Yen 1,897,766 million, operating profit Yen 143,347 million, recurring profit
Yen 142,865 million, net profit Yen 101,296 million, total assets Yen 1,915,089
million, net worth Yen 912,700 million, employees 29,127, pres Toshio Asano.
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
petrochemicals/industrial chemicals: monomers, organic & inorganic
chemicals, polyethylene, synthetic resins, synthetic rubber & elastomers,
polymers, cleaners, packaging products, performance chemicals, systems &
membranes, pharmaceuticals & food additives, explosives, plastic films,
storage bags, other (--100%).
Clients: [Mfrs, wholesalers]
Mitsubishi Corp, Itochu Corp, Bridgestone Corp, Sekisui Chemical Ind, Nippon
Paper Group firms, other
No. of accounts: 1,000
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsubishi Corp, Sanyo Sekiyu Kagaku, Tonen Chemical Corp, JX
Nippon Oil & Energy Corp, other
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
SMBC (Tokyo)
Mizuho Bank (H/O)
Relations: Satisfactory
(In
Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual
Sales |
|
646,500 |
615,441 |
552,198 |
547,382 |
|
Recur.
Profit |
|
24,000 |
23,692 |
10,227 |
25,187 |
|
Net
Profit |
|
4,200 |
4,054 |
6,121 |
10,821 |
|
Total
Assets |
|
|
474,306 |
498,949 |
456,120 |
|
Current
Assets |
|
|
255,223 |
278,600 |
242,696 |
|
Current
Liabs |
|
|
236,487 |
263,330 |
225,369 |
|
Net
Worth |
|
|
174,475 |
173,021 |
167,622 |
|
Capital,
Paid-Up |
|
|
3,000 |
3,000 |
3,000 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
5.05 |
11.45 |
0.88 |
0.68 |
|
Current Ratio |
|
.. |
107.92 |
105.80 |
107.69 |
|
N.Worth Ratio |
|
.. |
36.79 |
34.68 |
36.75 |
|
R.Profit/Sales |
|
3.71 |
3.85 |
1.85 |
4.60 |
|
N.Profit/Sales |
|
0.65 |
0.66 |
1.11 |
1.98 |
|
Return On Equity |
|
.. |
2.32 |
3.54 |
6.46 |
Notes: Forecast
(or estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.39 |
|
|
1 |
Rs.98.00 |
|
Euro |
1 |
Rs.76.99 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
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|
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 |
|
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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 |
|
|
-- |
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.