MIRA INFORM REPORT
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Report No. : |
337721 |
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Report Date : |
15.09.2015 |
IDENTIFICATION DETAILS
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Name : |
USHIO INC |
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Registered Office : |
2-6-1 Ohtemachi Chiyodaku Tokyo 100-8150 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
March 1964 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufactures: light sources (45%), industrial equipment (53%), others
(2%) |
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No. of Employee : |
5,540 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 6,066.3 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 |
Company
name and address
USHIO INC
REGD NAME: Ushio
Denki KK
MAIN OFFICE: 2-6-1
Ohtemachi Chiyodaku Tokyo 100-8150 JAPAN
Tel: 03-3242-1811
Fax: 03-3245-0589 -
URL: http://www.ushio.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of lamps,
equipment, other
BRANCHES
Himeji, Shizuoka,
Yokohama, Osaka (Tot 5)
OVERSEAS
Europe (8), USA
(9), Asia (11) (--subsidiaries)
FACTORIES
Harima, Shizuoka,
Yokohama
CHIEF
EXEC
KENJI HAMASHIMA,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 159,365 M
PAYMENTSREGULAR CAPITAL Yen
19,556 M
TREND UP WORTH Yen
218,723 M
STARTED 1964 EMPLOYES 5,540
COMMENT
MFR OF INDUSTRIAL LAMPS, OTHER
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 6,066.3 MILLION, 30
DAYS NORMAL TERMS
Unit: In Million Yen
Forecast
figures for the 31/10/2016 fiscal term.
HIGHLIGHTS
This is the fast growing mfr of special lamps. World’s largest player in industrial-use
lamps, including halogen lamps and xenon lamps.
Also involved in optical-use mfg equipment such as exposure systems for
semiconductor and LCD. Also engaged in
cinema projector-use xenon lamps. New businesses
such as biological & medical devices are also being strengthened.
FINANCIAL
INFORMATION
The sales volume for Mar/2015 fiscal term amounted to Yen 159,365
million, a 1% up from Yen 157,800 million in the previous term. The recurring profit was posted at Yen 13,708
million and the net profit at Yen 11,279 million, respectively, compared with
Yen 15,904 million recurring profit and Yen 10,770 million net profit,
respectively, a year ago.
(Apr/Jun/2015 results): Sales Yen 41,138 million (up 19.4%), operating
profit Yen 2,339 million (up 61.9%), recurring profit Yen 3,315 million (up
86.4%), net profit Yen 2,625 million (up 89.1%). (% as compared with the corresponding period
a year ago).
For the current term ending Mar 2016 the recurring profit is projected
at Yen 15,000 million and the net profit at Yen 12,000 million, respectively,
on a 12.9% rise in turnover, to Yen 180,000 million. Sales of imaging equipment for movie theaters
will be bolstered by audio equipment.
Sales of flight training devices, a new product, will also make a
contribution to earnings. .
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 6,066.3 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Mar 1964
Legal Status: Limited
Company (Kabushiki Kaisha
Authorized:
300 million shares
Issued: 139,628,721
shares
Sum: Yen
19,556 million
Major
shareholders (%): Master Trust Bank of Japan T (6.3), Company’s Treasury Stock (6.1),
Trustee Services T (4.1), OM04 SSB Client Omnibus (3.7), Aioi Nissay Dowa Ins
(3.0), MUF (3.0), p Morgan Chase Bank 385174 (2.9), Resona Bank(2.5), Asahi
Life Ins (2.3), Jiro Ushio (2.3); foreign owners (39.8)
No.
of shareholders: 10,018
Listed on the S/Exchange (s) of: Tokyo
Managements: Jiro Ushio, ch;
Kenji Hamashima, pres; Keizo Tokuhiro, dir; Shiro Ushio, dir; Hiroaki Banno, dir;
Yoneta Tanaka, dir; Nobuyuki Kobayashi, dir; Shiro Sugata, dir; Tadashi
Nakamae, dir; Yoshinaru Hara, dir; Yasufumi Kanemaru, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Christy Digital Systems, other.
OPERATION
Activities: Manufactures:
light sources (45%), industrial equipment (53%), others (2%)
Overseas
Sales Ratio (81%)
Clients: [Mfrs,
wholesalers] Shinko Electric Ind, Ushio Group firms, Screen Holdings, Citizen
Watch, other
No. of accounts:
450
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Ushio Group firms,
Shin-Etsu Quartz, Allied Material, ADTEC
Engineering, Minebea, TDK, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
MUFG (Tokyo)
Resona Bank
(Tokyo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2015 |
31/03/2014 |
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INCOME STATEMENT |
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Annual Sales |
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159,365 |
157,800 |
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Cost of Sales |
98,030 |
101,809 |
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GROSS PROFIT |
61,335 |
55,991 |
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Selling & Adm Costs |
50,977 |
43,881 |
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OPERATING PROFIT |
10,357 |
12,110 |
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Non-Operating P/L |
3,351 |
1,794 |
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RECURRING PROFIT |
13,708 |
15,904 |
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NET PROFIT |
11,279 |
10,770 |
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BALANCE SHEET |
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Cash |
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60,765 |
46,146 |
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Receivables |
39,796 |
39,853 |
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Inventory |
52,246 |
41,848 |
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Securities, Marketable |
13,503 |
12,724 |
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Other Current Assets |
12,464 |
12,433 |
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TOTAL CURRENT ASSETS |
178,774 |
153,004 |
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Property & Equipment |
40,014 |
39,126 |
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Intangibles |
7,098 |
4,159 |
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Investments, Other Fixed Assets |
68,656 |
59,049 |
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TOTAL ASSETS |
294,542 |
255,338 |
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Payables |
17,786 |
16,757 |
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Short-Term Bank Loans |
4,272 |
1,669 |
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Other Current Liabs |
22,828 |
21,531 |
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TOTAL CURRENT LIABS |
44,886 |
39,957 |
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Debentures |
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Long-Term Bank Loans |
8,430 |
3,334 |
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Reserve for Retirement Allw |
9,170 |
10,687 |
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Other Debts |
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13,332 |
10,113 |
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TOTAL LIABILITIES |
75,818 |
64,091 |
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MINORITY INTERESTS |
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Common
stock |
19,556 |
19,556 |
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Additional
paid-in capital |
28,301 |
28,371 |
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Retained
earnings |
143,883 |
134,798 |
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Evaluation
p/l on investments/securities |
29,892 |
21,407 |
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Others |
9,941 |
358 |
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Treasury
stock, at cost |
(12,850) |
(13,244) |
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TOTAL S/HOLDERS` EQUITY |
218,723 |
191,246 |
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TOTAL EQUITIES |
294,542 |
255,338 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2015 |
31/03/2014 |
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Cash
Flows from Operating Activities |
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9,876 |
10,622 |
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Cash Flows
from Investment Activities |
-3,710 |
-4,476 |
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Cash
Flows from Financing Activities |
1,210 |
-6,670 |
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Cash,
Bank Deposits at the Term End |
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56,889 |
45,342 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2015 |
31/03/2014 |
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Net
Worth (S/Holders' Equity) |
218,723 |
191,246 |
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Current
Ratio (%) |
398.28 |
382.92 |
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Net
Worth Ratio (%) |
74.26 |
74.90 |
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Recurring
Profit Ratio (%) |
8.60 |
10.08 |
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Net
Profit Ratio (%) |
7.08 |
6.83 |
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Return
On Equity (%) |
5.16 |
5.63 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.37 |
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|
1 |
Rs.102.54 |
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Euro |
1 |
Rs.75.32 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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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.