MIRA
INFORM REPORT
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Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
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Name : |
DAI NIPPON PRINTING CO LTD |
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Registered Office : |
1-1-1 Ichigaya-Kagacho Shinjukuku Tokyo 162-9001 |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
January 1894 |
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Com. Reg. No.: |
(Tokyo-Shinjukuku) 012069 |
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Legal Form : |
Limited Company |
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Line of Business : |
Printing Company |
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 63,377.1 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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 |
Name and address
DAI NIPPON PRINTING CO LTD
REGD NAME: Dai
MAIN OFFICE: 1-1-1
Ichigaya-Kagacho Shinjukuku
Tel:
03-3266-2111 Fax: 03-5225-8239
E-Mail address: info@dnp.co.jp
ACTIVITIES
Printing company
BRANCHES
OVERSEAS
Düsseldorf,
FACTORIES
(Overseas):
CHIEF EXEC
YOSHITOSHI
KITAJIMA, PRES & CEO
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES GOOD A/SALES Yen 1,583,382 M
PAYMENTS REGULAR CAPITAL Yen 114,464 M
TREND STEADY WORTH Yen
956,863 M
STARTED 1894 EMPLOYES 39,643
COMMENT
PRINTING HOUSE
FINANCIAL
SITUATION CONSIDERED GOOD AND RESPONSIBLE FOR
ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 63,377.1 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2011 fiscal term
HIGHLIGHTS
The subject company was established originally in 1876 as a printing house and was
Incorporated in 1894. This is the nation’s largest printing house. Boasts powerful marketing
capability and involved heavily in such areas as
information, telecommunications, construction ma-terials, packaging materials
and electronics. Of particular emphasis
is on electronics components (including shadow masks, LCD color printers) and
information media supplies. Bolstering
opera- tions in precision electronics
parts. In Jan 2006, entered into
collaboration with Intel for future mask technology
development. Production of 5G LC color
filters in June at
filters in Sept at Yawata factory 2006. Two-fold expansion of production facilities
for 8th-generation filters delayed until Mar 2010 term. Tie-ups with DoCoMo in the e-book business
from end October & began services in November. The firm will triple its output capacity for
high-performance films used in lithium-ion batteries and solar cells by
bringing a new factory online in
FINANCIAL INFORMATION
The sales volume
for Mar/2010 fiscal term amounted to Yen 1,583,382 million, a 0.1% down from
Yen 1,584,844 million in the previous term.
Business investment declined and employment remained sluggish because of
the delayed recovery of the global economy.
By divisions, Information/Communications up 3.0% to Yen 739,600 million;
Life style industry down 2.8% to Yen 536,600 million; Electronics up 0.6% to
Yen 257,500 million; Nonalcoholic beverages down 12.4% to Yen 62,800 million,
due to competition on prices. The
recurring profit was posted at Yen 68,841 million and the net profit at Yen
23,278 million, respectively, compared with Yen 47,390 million recurring profit
and Yen 20,933 net losses, respectively, a year ago. Hike of fuel prices and materials costs ate
into profits.
(Apr/Dec/2010 results):
Sales Yen 1,200,454 million (up 2.2%), operating profit Yen 55,113 million (up
20.4%), recurring profit Yen 54,769 million (up 22.7%), net profit Yen 25,820
million (up 31.6%). (% compared with the
corresponding period a year ago).
For the current
term ending Mar 2011 the recurring profit is projected at Yen 73,000 million
and the net profit at Yen 32,500 million, on a 3.6% rise in turnover, to Yen
1,640,000 million. The conversion of
Bunkyodo to a subsidiary will make an extra contribution of Yen 40,000 million,
but the effect on profits is marginal.
In printing, publication printing is in deep slump, but sales of
non-glare films are increasing. The
electronics business is also continuing the steady growth. Operating profit will post a substantial
increase, backed by material price reductions.
The financial
situation is considered maintained GOOD and responsible for ORDINARY business
engagements. Max credit limit is
estimated at Yen 63,377.1 million, on 30 days normal terms.
REGISTRATION
Date Registered:
Jan 1894
Regd No.: (Tokyo-Shinjukuku) 012069
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 1.49 million shares
Issued: 740,480,693 shares
Sum: Yen 114,464 million
Major
shareholders (%): Company’s Treasury Stock (7.9),Master Trust Bank of Japan T (5.6),
Dai-ichi Life Ins (4.4), Japan Trustee Services T (4.2), BONY Mellon for
Depositary RH (3.8), Mizuho Corporate Bank (2.1), Nippon Life Ins (2.0), Mizuho
Bank (1.7), Employees S/Holding Assn (1.6), Japan Trustee Services T9 (1.1);
foreign owners (25.3)
No. of shareholders: 23,352
Listed on the S/Exchange (s) of:
Managements: Yoshitoshi Kitajima, pres & CEO; Koichi
Takanami, v pres; Satoshi
Saruwatari, v pres; Masayoshi Yamada, v
pres; Yoshinari Kitajima, v pres; Mitsuhiko Hakii, s/mgn dir; Osamu Tsuchida,
s/mgn dir; Teruomi Yoshino, s/mgn dir; Yujiro Kuroda, smgn dir; Masahiko Wada,
s/mgn dir; Kazumasa Hiroki, mgn dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies:
OPERATION
Activities: Printing house (Sales breakdown by
divisions):
Information/Communications Div (46%): textbooks, books
& magazines, AD prints,
security papers, office
documents & supplies, design, mfg of sales promotional materials (AD), other;
Lifestyle/Industry
Div (33%): containers, packaging materials, packaging equipment & systems, building exterior materials,
industrial materials, other;
Electronics
Div (16%): shadow masks, lead frames, photo masks, color filters for LCD color
printers, screens for projection TV’s, other;
Non-alcoholic
Beverage Div (4%): Coca-Cola, soda, other soft drinks.
Overseas Sales Ratio (12.2%):
Clients: [Business firms, publishers] Hitachi Ltd,
Shueisha Co, Shogakukan Inc, Lion Corp, Kodansha
Ltd, JPS Alpha Technology, Recruit Media Communications, other.
No. of accounts:
2,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] The Inctec, Japan Paper & Pulp, DNK, Dai Nippon Trading, NKK
Trading Panac Co, Mitsubishi Paper Sales, other
Payment record: Regular
Location: Business area in
Bank References:
Mizuho Corporate
Bank (Ohtemachi)
MUFG (H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2010 |
31/03/2009 |
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INCOME STATEMENT |
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Annual Sales |
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1,583,382 |
1,584,844 |
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Cost of Sales |
1,286,682 |
1,324,522 |
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GROSS PROFIT |
296,700 |
260,322 |
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Selling & Adm Costs |
230,186 |
214,144 |
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OPERATING PROFIT |
66,513 |
46,177 |
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Non-Operating P/L |
2,328 |
1,213 |
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RECURRING PROFIT |
68,841 |
47,390 |
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NET PROFIT |
23,278 |
-20,933 |
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BALANCE SHEET |
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Cash |
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152,416 |
123,569 |
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Receivables |
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449,020 |
405,876 |
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Inventory |
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118,818 |
113,357 |
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Securities, Marketable |
8 |
8 |
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Other Current Assets |
19,689 |
33,339 |
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TOTAL CURRENT ASSETS |
739,951 |
676,149 |
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Property & Equipment |
616,847 |
604,904 |
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Intangibles |
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34,717 |
48,850 |
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Investments, Other Fixed Assets |
227,338 |
206,653 |
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TOTAL ASSETS |
1,618,853 |
1,536,556 |
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Payables |
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308,630 |
290,871 |
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Short-Term Bank Loans |
50,547 |
59,875 |
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Other Current Liabs |
112,768 |
119,053 |
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TOTAL CURRENT LIABS |
471,945 |
469,799 |
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Debentures |
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101,167 |
51,000 |
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Long-Term Bank Loans |
11,018 |
10,490 |
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Reserve for Retirement Allw |
43,229 |
41,451 |
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Other Debts |
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34,631 |
23,731 |
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TOTAL LIABILITIES |
661,990 |
596,471 |
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MINORITY INTERESTS |
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Common
stock |
114,464 |
114,464 |
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Additional
paid-in capital |
144,898 |
144,898 |
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Retained
earnings |
756,428 |
751,869 |
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Evaluation
p/l on investments/securities |
8,059 |
(3,882) |
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Others |
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27,030 |
26,620 |
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Treasury
stock, at cost |
(94,016) |
(93,884) |
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TOTAL S/HOLDERS` EQUITY |
956,863 |
940,085 |
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TOTAL EQUITIES |
1,618,853 |
1,536,556 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2010 |
31/03/2009 |
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Cash
Flows from Operating Activities |
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140,574 |
131,669 |
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Cash
Flows from Investment Activities |
-120,683 |
-100,726 |
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Cash
Flows from Financing Activities |
13,126 |
-33,951 |
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Cash,
Bank Deposits at the Term End |
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151,709 |
117,200 |
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ANALYTICAL RATIOS
Terms ending: |
31/03/2010 |
31/03/2009 |
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Net
Worth (S/Holders' Equity) |
956,863 |
940,085 |
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Current
Ratio (%) |
156.79 |
143.92 |
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Net
Worth Ratio (%) |
59.11 |
61.18 |
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Recurring
Profit Ratio (%) |
4.35 |
2.99 |
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Net
Profit Ratio (%) |
1.47 |
-1.32 |
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Return
On Equity (%) |
2.43 |
-2.23 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.27 |
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1 |
Rs.72.95 |
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Euro |
1 |
Rs.63.08 |
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 |
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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.