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Report No. : |
335834 |
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Report Date : |
07.08.2015 |
IDENTIFICATION DETAILS
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Name : |
AGC CERAMICS CO LTD |
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Registered Office : |
Mita NN Bldg 6F, 4-1-23 Shiba Minatoku Tokyo 108-0024 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
January 1991 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures refractories: fused cast refractories, bonded refractories, monolithic refractories, alumina cement, sputtering targets, fine ceramics, engineering services, software, other (--100%) |
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No. of Employees : |
245 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 an
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. Scarce in many
natural resources, Japan has long been dependent on imported raw materials.
Since the complete shutdown of Japan’s nuclear reactors after the earthquake
and tsunami disaster in 2011, Japan's industrial sector has become even more
dependent than it was previously on imported fossil 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 impressive - 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 aftereffects 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 four times
since 2008. 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 of that year disrupted
manufacturing. The economy has largely recovered in the four years since the
disaster, although reconstruction in the affected Tohoku region has lagged, in
part due to a shortage of labor in the construction sector. Japan enjoyed a
sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s
“Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of
monetary easing, “flexible” fiscal policy, and structural reform. Abe’s
government has replaced the preceding administration’s plan to phase out
nuclear power with a new policy of seeking to restart nuclear power plants that
meet strict new safety standards, and emphasizing nuclear energy’s importance
as a base-load electricity source. Japan joined the Trans-Pacific Partnership
(TPP) 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 2014 stood as the fourth-largest economy in the
world after first-place China, which surpassed Japan in 2001, and third-place
India, which edged out Japan in 2012. While seeking to stimulate and reform the
economy, the government must also devise a strategy for reining in Japan's huge
government debt, which amounts to more than 230% of GDP. To help raise
government revenue, Japan adopted legislation in 2012 to gradually raise the
consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8%
implemented in April 2014. That increase had a contractionary effect on GDP,
however, so PM Abe in late 2014 decided to postpone the final phase of the
increase until April 2017 to give the economy more time to recover. Led by the
Bank of Japan’s aggressive monetary easing, Japan is making progress in ending
deflation, but demographics - low birthrate and an aging, shrinking population
- pose major long-term challenges for the economy.
|
Source
: CIA |
AGC CERAMICS CO LTD
REGD NAME: AGC
Ceramics KK
MAIN OFFICE: Mita
NN Bldg 6F, 4-1-23 Shiba Minatoku Tokyo 108-0024 JAPAN
Tel: 03-5442-9172 Fax: 03-5442-9190
URL: http://www.agcc.jp
E-Mail address: (thru the URL)
ACTIVITIES: Mfg
of refractory
BRANCHES: Osaka,
Fukuoka (Tot 3)
OVERSEAS: Singapore,
China (3) (--subsidiaries)
FACTORIES: Hyogo
(2), China
OFFICERS: AKINOBU
SHIMANO, PRES Toshihiro Ishino, dir
Koichi Suzuki, dir Eiji Sugawara, dir
Takeo Kato, dir Satoshi Sakamoto, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 14,575 M
PAYMENTSREGULAR CAPITAL Yen 3,500 M
TREND SLOW WORTH Yen 12,658 M
STARTED 1991 EMPLOYES 245
COMMENT: MFR OF REFRACTORY, OWNED BY ASAHI GLASS CO LTD. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established by Asahi Glass Co Ltd (See REGISTRATION), for mfg refractories
(See OPERATION). Has overseas offices in Singapore and China
(3). Clients are all Group firms.
The sales volume for Dec/2014 fiscal term amounted to Yen 14,575 million, an 11% down from Yen 16,423 million in the previous term. The recurring profit was posted at Yen 951 million and the net profit at Yen 654 million, respectively, compared with Yen 395 million recurring profit and Yen 334 million net profit, respectively, a year ago.
For the current term ending Dec 2015 the recurring profit is projected at Yen 1,000 million and the net profit at Yen 690 million, respectively, on a 5% rise in turnover, to Yen 15,300 million.
The financial situation is considered FAIR and good for ORDINARY business engagements
Date Registered: Jan 1991
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 280,000
shares
Issued: 70,000
shares
Sum: Yen
3,500 million
Major
shareholders (%): Asahi Glass Co Ltd* (100)
*.. Glass maker, Tokyo, founded 1950, listed Tokyo S/E, capital Yen 90,873 million, sales Yen 1,348,303 million, net profit Yen 15,913 million, total assets Yen 2,033,514 million, net worth Yen 1,119,845 million, employees 51,114, pres Kazuhiko Ishimura
Nothing detrimental is known as to the commercial morality of executives.
Activities: Manufactures
refractories: fused cast refractories, bonded refractories, monolithic
refractories, alumina cement, sputtering targets, fine ceramics, engineering services,
software, other (--100%)
Clients: [Mfrs,
wholesalers] Asahi Glass Co, AGC Techno Glass, AGC Plibrico Co, other
No. of accounts:
300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Asahi Glass Co, Ihara Furnace Co, other Imports from China,
Singapore, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG (H/O)
Mizuho Bank (H/O)
Relations:
Satisfactory
(In
Million Yen)
|
Terms Ending: |
31/12/2015 |
31/12/2014 |
31/12/2013 |
31/12/2012 |
|
|
Annual
Sales |
|
15,300 |
14,575 |
16,423 |
18,136 |
|
Recur.
Profit |
|
1,000 |
951 |
395 |
1,948 |
|
Net
Profit |
|
690 |
654 |
334 |
1,185 |
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Total
Assets |
|
|
19,976 |
19,054 |
19,992 |
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Current
Assets |
|
|
8,564 |
8,329 |
9,027 |
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Current
Liabs |
|
|
7,132 |
6,674 |
7,340 |
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Net
Worth |
|
|
12,658 |
12,190 |
12,440 |
|
Capital,
Paid-Up |
|
|
3,500 |
3,500 |
3,500 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.97 |
-11.25 |
-9.45 |
1.96 |
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Current Ratio |
|
.. |
120.08 |
124.80 |
122.98 |
|
N.Worth Ratio |
|
.. |
63.37 |
63.98 |
62.22 |
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R.Profit/Sales |
|
6.54 |
6.52 |
2.41 |
10.74 |
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N.Profit/Sales |
|
4.51 |
4.49 |
2.03 |
6.53 |
|
Return On Equity |
|
.. |
5.17 |
2.74 |
9.53 |
Notes: Forecast (or
estimated) figures for the 31/12/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.76 |
|
|
1 |
Rs.99.60 |
|
Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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|
|
|
Report Prepared
by : |
TPT |
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.