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Report No. : |
345607 |
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Report Date : |
17.10.2015 |
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) : |
31.03.2015 |
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Date of Incorporation : |
November 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 : |
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%). |
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No. of Employee : |
4,305 |
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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Maximum Credit Limit : |
Yen 19,493.4 Million |
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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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 |
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.
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Source
: CIA |
ASAHI KASEI CHEMICALS CORPORATION
REGD NAME: Asahi Kasei
Chemicals KK
MAIN OFFICE: Jimbocho Mitsui
Bldg, 1-105 Kanda-Jimbocho Chiyodaku Tokyo
1018101 JAPAN
Tel:
03-3296-3200 Fax: 03-3296-3438
*.. The is its
Kawasaki Factory
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 (Tot 3)
China, Korea,
Singapore, Indonesia, Europe, USA (--subsidiaries)
Mizushima,
Kawasaki, Nobeoka, Fuji, Moriyama, Shizuoka, Oita,
Wakayama, Fukuoka, Chiba; China, Korea,
Singapore (--Overseas)
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 638,792 M
PAYMENTS REGULAR CAPITAL Yen 3,000 M
TREND STEADY WORTH Yen 195,339 M
STARTED 1972 EMPLOYES 4,305
MFR OF INDUSTRIAL CHEMICALS, WHOLLY OWNED BY ASAHI KASEI
CORP
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 19,493.4 MILLION, ON 30 DAYS NORMAL TERMS.
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,
styrene monomer, other. This is actually
mfg division of Asahi Kasei Corp (See REGISTRATION). It expanded production capacity of
acrylonitrile 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/2015 fiscal term amounted to Yen 638,792
million, a 4% up from Yen 615,441 million in the previous term. Newly started Korean Plant contributed. Exports increased. The recurring profit was posted at Yen 37,104
million and the net profit at Yen 21,590 million, respectively, compared with
Yen 23,692 million recurring profit and Yen 4,054 million net profit,
respectively, a year ago.
For the current term ending Mar 2016 the recurring profit is projected
at Yen 38,000 million and the net profit at Yen 22,000 million, respectively,
on a 3% rise in turnover, to Yen 657,950 million. Business is seen expanding steadily.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit is
estimated at Yen 19,493.4 million, on 30 days normal terms.
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 1,986,405 million, operating profit Yen 157,933 million, recurring profit
Yen 166,543 million, net profit Yen 105,652 million, total assets Yen 2,036,532
million, net worth Yen 1,101,477 million, employees 31,108, 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, Mitsui & Co, Marubeni Corp, 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: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
SMBC (Tokyo)
Mizuho Bank
(Uchisaiwaicho)
Relations:
Satisfactory
(In
Million Yen)
|
Terms Ending: |
31/03/2016 |
31/03/2015 |
31/03/2014 |
31/03/2013 |
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Annual
Sales |
|
657,950 |
638,792 |
615,441 |
552,198 |
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Recur.
Profit |
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38,000 |
37,104 |
23,692 |
10,227 |
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Net
Profit |
|
22,000 |
21,590 |
4,054 |
6,121 |
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Total
Assets |
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481,158 |
474,306 |
498,949 |
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Current
Assets |
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|
260,016 |
255,223 |
278,600 |
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Current
Liabs |
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|
222,703 |
236,487 |
263,330 |
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Net
Worth |
|
|
195,339 |
174,475 |
173,021 |
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Capital,
Paid-Up |
|
|
3,000 |
3,000 |
3,000 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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3.00 |
3.79 |
11.45 |
0.88 |
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Current
Ratio |
|
.. |
116.75 |
107.92 |
105.80 |
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N.Worth Ratio |
|
.. |
40.60 |
36.79 |
34.68 |
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R.Profit/Sales |
|
5.78 |
5.81 |
3.85 |
1.85 |
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N.Profit/Sales |
|
3.34 |
3.38 |
0.66 |
1.11 |
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Return On Equity |
|
.. |
11.05 |
2.32 |
3.54 |
Notes: Forecast
(or estimated) figures for the 31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.64.97 |
|
|
1 |
Rs.100.55 |
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Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ANK |
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.