MIRA INFORM REPORT
|
Report No. : |
337723 |
|
Report Date : |
21.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
ASAHI GLASS CO LTD |
|
|
|
|
Registered Office : |
Shin-Marunouchi Bldg 30%, 1-5-1 Marunouchi Chiyodaku Tokyo 100-8405 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
June 1950 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufactures glass (53%), Electronic parts & display (22%),
chemicals (23%), specialty glass, others (2). |
|
|
|
|
No. of Employees : |
51,114 |
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 |
|
Maximum Credit Limit : |
Yen 48,136.3 Million |
|
Status : |
Good |
|
Payment Behaviour : |
No Complaints |
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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. Since the
complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami
disaster in 2011, Japan's industrial sector has become 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 four 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. A sales tax increase caused
the economy to contract during the 2nd and 3rd quarters of 2014. The economy
has largely recovered in the three years since the disaster, but reconstruction
in the Tohoku region has been uneven due to labor shortages. 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 2014 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 government will continue a
longstanding debate on restructuring the economy and reining in Japan's huge
government debt, which amounts to more than 240% 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 2015, although the government
in 2014 decided to postpone the final phase of the increase until 2017 to give
the economy time to recover from the 2014 increase. 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 |
Company
name
ASAHI GLASS CO LTD
REGD
NAME
Asahi Garasu KK
MAIN
OFFICE
Shin-Marunouchi Bldg 30%, 1-5-1 Marunouchi Chiyodaku Tokyo 100-8405
JAPAN
Tel: 03-3218-5096 Fax:
03-3218-7815
E-Mail address: info@agc.co.jp
ACTIVITIES: Mfg of sheet glass, automobile glass, CRT
glass, other
BRANCHES: Yokohama, Kitakyushu, Chiba, other (Tot 9)
OVERSEAS: Asia (including China) (31), Americas (13),
Europe (11)
FACTORYIES: Yokohama, Amagasaki, Kitakyushu, Takasago,
Chiba, Chita, Toyota, Kashima, Kanagawa
(Tot 9)
CHIEF EXEC: KAZUHIKO ISHIMURA, PRES
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,348,308 M
PAYMENTS NO COMPLAINTS CAPITAL Yen 90,480 M
TREND UP WORTH Yen
1,113,126 M
STARTED 1950 EMPLOYES 51,114
COMMENT: MFR OF FLAT GLASS, SHEET GLASS, AUTOMOTIVE
GLASS, OTHER. FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
CREDIT LIMIT: YEN 48,136.3 MILLION, 30 DAYS NORMAL TERMS.
Unit: In Million Yen
Forecast figures
for the 31/12/2015 fiscal term
HIGHLIGHTS
This is the largest comprehensive glass mfr and tops in the field of
sheet glass and automobile glass. The
first Japanese company to produce sheet glass.
Diversifying into chemicals, electronic parts & ceramics. Closely tied with Mitsubishi group. Operates 59 overseas bases in 15 countries
including US, China, Indonesia, Singapore, and Thailand. Active in operations in Europe Glass for LCDs and PDPs becoming major
earnings source.
FINANCIAL
INFORMATION
The sales volume for Dec/2014 fiscal term amounted to Yen 1,348,308
million, a 2.1% up from Yen 1,320,006 million in the previous term. The recurring profit was posted at Yen 41,163
million and the net profit at Yen 20,475 million, respectively, compared with
Yen 44,381 million recurring profit and Yen 19,023 million net profit, respectively,
a year ago.
For the current term ending Dec 2015 the recurring profit is projected
at Yen 65,000 million and the net profit
at Yen 40,000 million, on a 5.3% rise in turnover, to Yen 1,420,000 million.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements. Max credit limit is estimated at Yen 48,136.3
million, on 30 days normal terms.
REGISTRATION
Date
Registered: Jun 1950
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 2,000 million shares
Issued: 1,186,705,905 shares
Sum: Yen 90,873 million
Major shareholders
(%):
Master Trust Bank of Japan T (4.5), Meiji Yasuda Life Ins (4.0), Japan Trustee
Services T (3.2), Tokio Marine & Nichido Fire Ins (2.7), Company’ Treasury
Stock (2.6), other; foreign owners (20.4)
No. of
shareholders: 69,260
Listed on the
S/Exchange (s) of: Tokyo
Managements: Kazuhiko
Ishimura, pres; Yoshinori Hirai, mgn dir; Shinji Miyaji, mgn dir; Masahiro
Sakane, dir; Hiroshi Kimura, dir; Masako Egawa, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Asahi Techno Glass, Glaverbel SA (Belgium), other
OPERATION
Activities: Manufactures
glass (53%), Electronic parts & display (22%), chemicals (23%), specialty
glass, others (2).
Overseas trading
ratio 70%
Clients: [Mfrs,
wholesalers] Asahi Fine Techno Taiwan, Sharp Corp, Asahi Fine Techno
Korea, Mitsubishi Corp, Toyota Motors, AGC Display Glass Taiwan, Asahi
Glass Fine Techno Korea, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] AGC Finance, Asahi Glass Fine Techno, Maruzen Petrochemical Ind,
Nippon Oil, Keiyo Monomer, other.
Payment record: No Complaints
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
MUFG (H/O)
Mizuho Bank (Uchisaiwaicho)
Relations: Satisfactory
FINANCE (IN
Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||
|
|
|
Terms Ending: |
31/12/2014 |
31/12/2013 |
|
INCOME STATEMENT |
|
|||
|
|
Annual Sales |
|
1,348,308 |
1,320,006 |
|
|
Cost of Sales |
1,016,479 |
971,031 |
|
|
|
GROSS PROFIT |
331,829 |
348,974 |
|
|
|
Selling & Adm Costs |
269,698 |
269,080 |
|
|
|
OPERATING PROFIT |
62,131 |
79,894 |
|
|
|
Non-Operating P/L |
-20,968 |
-35,513 |
|
|
|
RECURRING PROFIT |
41,163 |
44,381 |
|
|
|
NET PROFIT |
20,475 |
19,023 |
|
|
BALANCE SHEET |
|
|||
|
|
Cash |
|
69,655 |
132,649 |
|
|
Receivables |
262,091 |
260,901 |
|
|
|
Inventory |
239,497 |
336,611 |
|
|
|
Securities, Marketable |
|
|
|
|
|
Other Current Assets |
55,935 |
(47,982) |
|
|
|
TOTAL CURRENT ASSETS |
627,178 |
682,179 |
|
|
|
Property & Equipment |
1,066,193 |
1,059,946 |
|
|
|
Intangibles |
25,844 |
27,272 |
|
|
|
Investments, Other Fixed Assets |
358,123 |
351,232 |
|
|
|
TOTAL ASSETS |
2,077,338 |
2,120,629 |
|
|
|
Payables |
131,147 |
135,559 |
|
|
|
Short-Term Bank Loans |
63,694 |
57,068 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
161,158 |
255,391 |
|
|
|
TOTAL CURRENT LIABS |
355,999 |
448,018 |
|
|
|
Debentures |
|
|
|
|
|
Long-Term Bank Loans |
402,054 |
392,397 |
|
|
|
Reserve for Retirement Allw |
99,687 |
86,505 |
|
|
|
Other Debts |
|
39,107 |
49,564 |
|
|
TOTAL LIABILITIES |
896,847 |
976,484 |
|
|
|
MINORITY INTERESTS |
|
||
|
|
Common stock |
90,873 |
90,873 |
|
|
|
Additional paid-in capital |
100,670 |
100,650 |
|
|
|
Retained earnings |
99,687 |
86,505 |
|
|
|
Evaluation p/l on
investments/securities |
309,501 |
283,835 |
|
|
|
Others |
609,543 |
613,166 |
|
|
|
Treasury stock, at cost |
(29,784) |
(29,884) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
1,180,490 |
1,145,145 |
|
|
|
TOTAL EQUITIES |
2,077,338 |
2,121,629 |
|
|
CONSOLIDATED CASH FLOWS |
|
|||
|
|
Terms ending: |
31/12/2014 |
31/12/2013 |
|
|
|
Cash Flows from Operating Activities |
|
135,790 |
167,371 |
|
|
Cash Flows from Investment
Activities |
-108,754 |
-145,978 |
|
|
|
Cash Flows from Financing Activities |
-94,673 |
-33,562 |
|
|
|
Cash, Bank Deposits at the Term End |
|
69,655 |
132,649 |
|
ANALYTICAL RATIOS Terms ending: |
31/12/2014 |
31/12/2013 |
||
|
|
Net Worth (S/Holders' Equity) |
1,180,490 |
1,145,145 |
|
|
|
Current Ratio (%) |
176.17 |
152.27 |
|
|
|
Net Worth Ratio (%) |
56.83 |
53.97 |
|
|
|
Recurring Profit Ratio (%) |
3.05 |
3.36 |
|
|
|
Net Profit Ratio (%) |
1.52 |
1.44 |
|
|
|
|
Return On Equity (%) |
1.73 |
1.66 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.23 |
|
|
1 |
Rs.102.20 |
|
Euro |
1 |
Rs.72.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
|
|
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 |
|
|
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.