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Report No. : |
330426 |
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Report Date : |
02.07.2015 |
IDENTIFICATION DETAILS
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Name : |
NICHIA CORPORATION |
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Registered Office : |
491 Oka Kaminakacho Anan City Tokushima-Pref 774-8601 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2015 |
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Date of Incorporation : |
December 1956 |
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Com. Reg. No.: |
4800-01-006794 |
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Legal Form : |
Limited Company |
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Line of Business : |
Subject is manufacturer of phosphors for CRT, light
emitting diodes, LED |
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No. of Employee : |
7,191 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 |
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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 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 second-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.
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Source
: CIA |
NICHIA CORPORATION
Nichia Kagaku
Kogyo KK
491 Oka
Kaminakacho Anan City Tokushima-Pref 774-8601 JAPAN
Tel:
0884-22-2311 Fax: 0884-21-0148
E-Mail
address: info@nichia.co.jp
Mfg of
phosphors for CRT, light emitting diodes, LED, other
Tokyo,
Nagoya, Osaka
USA
(4), Taiwan (2), Malaysia, Netherlands, Germany, China (4), Singapore,
Korea, India (3), Thailand, Hong
Kong, Australia (--subsidiaries)
At the
caption address, Tatsumi, Tokushima, Naruto, Kagoshima
EIJI
OGAWA, PRES Noboru
Tasaki, v pres
Hiroyoshi
Ogawa, v pres Toshiya Iwashima,
mgn dir
Gen’ichi
Shinomiya, mgn dir Satoru Inufushi,
mgn dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 329,846 M
PAYMENTSREGULAR CAPITAL Yen
46,741 M
TREND STEADY WORTH Yen 559,236 M
STARTED 1956 EMPLOYES 7,191
COMMENT
MFG OF
DIODES, PHOSPHORS, SEMICONDUCTOR MATERIALS, OTHER.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS
ENGAGEMENTS.
The subject company was established by father of Eiji Ogawa
for mfg phosphors for fluorescent lamps, which started in 1956. Eiji took the pres office in Mar 1990. In 1968 the concluded technical license
agreement with General Electric, USA, which agreement later was cancelled in
1980 because of technical reasons (as reported by the firm). This is a specialized mfr of phosphors for
CRT, light emitting diodes, optical semiconductor devices, other. Boasts No.1 shares in each field. Holds about 40% market share in LED.
The sales volume for Dec/2014 fiscal term amounted to Yen
329,846 million, a 13% up from Yen 291,152 million in the previous term. Sales of white LED lights continued to grow,
particularly overseas. The recurring
profit was posted at Yen 96,870 million and the net profit at Yen 52,777
million, respectively, compared with Yen 68,962 million recurring profit and
Yen 44,990 million net profit, respectively a year ago.
For the current term ending Dec 2015 the recurring profit is
projected at Yen 105,000 million and the net profit at Yen 66,000 million,
respectively, on a 5% rise in turnover, to Yen 346,500 million..
The financial situation is considered FAIR and good for
ORDINARY business engagements.
Date Registered: Dec
1956
Regd No.: 4800-01-006794
(Tokushima-Anan)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
4.5 million shares
Issued:
2,146,209 shares
Sum: Yen 46,741
million
Major shareholders (%): Employees’ S/Holding Assn
(14.1), Kyodo Iyaku Kenkyusho, (6.1), Tokushima Bank (4.9), Awa Bank (4.8),
Shikoku Bank (4.8)
No. of shareholders: 275
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
chemicals (12.8%), optical semiconductor materials (87.2%).
Exports (63%)
(Handling Items):
Light Emitting Diodes: compound
semiconductor materials, light emitting diodes, ultra
violet
LEDs;
Laser Diodes: laser diodes, phosphors, evaporation/coating
materials, transition materials catalysts/organometallic compounds, magnets,
fine chemicals, other.
Clients:
[Electronic mfrs, wholesalers] Sanyo Electric Co, Sharp Electronics (M) Sdn Bhd
Hong Kong Branch, Citizen Electronics, Panasonic Corp, LG Japan, Minebea Co,
Nagoya Electric Works, Asahi Rubber, Seiwa Electric Mfg, Shinko Denshi Co,
other.
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsui & Co,
Panasonic Semiconductor Discrete Devices, Shin-Etsu Semiconductors, Tanaka
Holdings Co, other.
Payment record:
Regular
Location:
Business area in Anan City, Tokushima-Pref.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References:
Tokushima
Bank (Anan)
Awa
Bank (Anan)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/12/2015 |
31/12/2014 |
31/12/2013 |
31/12/2012 |
|
|
Annual
Sales |
|
346,500 |
329,846 |
291,152 |
287,483 |
|
Recur.
Profit |
|
105,000 |
96,879 |
68,962 |
30,198 |
|
Net
Profit |
|
66,000 |
62,777 |
44,990 |
32,577 |
|
Total
Assets |
|
|
651,453 |
526,127 |
547,178 |
|
Current
Assets |
|
|
432,534 |
375,843 |
342,226 |
|
Current
Liabs |
|
|
59,461 |
45,837 |
41,587 |
|
Net
Worth |
|
|
559,236 |
498,055 |
475,839 |
|
Capital,
Paid-Up |
|
|
46,741 |
46,741 |
46,741 |
|
Div.Ttl
in Million (¥) |
|
|
10,731 |
5,365 |
5,365 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
5.05 |
13.29 |
1.28 |
6.79 |
|
Current Ratio |
|
.. |
727.42 |
819.96 |
822.92 |
|
N.Worth Ratio |
|
.. |
85.84 |
94.66 |
86.96 |
|
R.Profit/Sales |
|
30.30 |
29.37 |
23.69 |
10.50 |
|
N.Profit/Sales |
|
19.05 |
19.03 |
15.45 |
11.33 |
|
Return On Equity |
|
.. |
11.23 |
9.03 |
6.85 |
Notes:
Forecast figures for the 31/12/2015 fiscal term
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.62 |
|
|
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.70.77 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
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Report Prepared
by : |
ASH |
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 |
|
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 |
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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.