MIRA
INFORM REPORT
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Report Date : |
23.04.2013 |
IDENTIFICATION DETAILS
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Name : |
RISO KAGAKU CORPORATION |
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Registered Office : |
Tamachi Center Bldg, 5-34-7 Shiba Minatoku
Tokyo 108-8385 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
January 1955 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of ink jet printers |
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No. of Employees : |
3599 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 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. Japan's industrial sector is
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 three
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. The economy has largely
recovered in the two years since the disaster, but reconstruction in the Tohoku
region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared
the economy his government's top priority; he has pledged to reconsider his
predecessor's plan to permanently close nuclear power plants and is pursuing an
economic revitalization agenda of fiscal stimulus and regulatory reform and has
said he will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 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 new government will continue a longstanding debate on
restructuring the economy and reining in Japan's huge government debt, which
exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth,
and an aging and shrinking population are other major long-term challenges for the
economy.
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Source : CIA |
company name
RISO KAGAKU CORPORATION
REGD NAME
Riso Kagaku Kogyo
KK
MAIN OFFICE
Tamachi Center
Bldg, 5-34-7 Shiba Minatoku Tokyo 108-8385 JAPAN
Tel:
03-5441-6611
Fax:
03-5441-6612
URL: http://www.riso.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of
ink jet printers
BRANCHES
Sapporo,
Sendai, Saitama, Nagoya, Osaka, Hiroshima, other (Tot 62)
OVERSEAS
USA (2),
Canada, Brazil, UK, Germany, France, Spain, Italy, Russia, China (3),
Kazakhstan,
South Africa, Hong Kong (2), Thailand (2), India, Korea
FACTORIES
Ibaraki
(3), Yamaguchi
CHIEF EXEC
AKIRA
HAYAMA, PRES
Yen
Amount: In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 744,847 M
PAYMENTS No
Complaints CAPITAL Yen
14,114 M
TREND SLOW WORTH Yen
61,825 M
STARTED 1955 EMPLOYES 3,599
COMMENT
MFR OF INK JET PRINTERS
FINANCIAL SITUATION COSIDERED FAIR
AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast figures for the 31/03/2013
fiscal term.
HIGHLIGHTS
This is a developer/mfr/marketer of stencil printing “RISO-Graph”
machines and its supplies, with domestic market share of over 60%. Also major maker of ink jet printers. Well-known for small home-use printer “Print
Gocco” lithograph printer. With many business
footholds overseas, stressing local sub in India. Aiming to cultivate demand private sectors in
the overseas markets, the company will teach how to market features of ink jet
printers to local agencies. Effective
March 31, 2011, the company terminated a joint business with Olympus Corp and
established a system that conducts both mfg and development of inkjet printer
on a stand-alone basis.
FINANCIAL INFORMATION
The sales volume for Mar/2012 fiscal term amounted to Yen 74,847
million, a 2.7% down from Yen 76,897 million in the previous term. Sales were down due to struggling overseas
sales and the effect foreign exchange.
The recurring profit was posted at Yen 4,309 million and the net profit
at Yen 2,886 million, respectively, compared with Yen 4,939 million recurring
profit and Yen 6,288 million net profit, respectively, a year ago.
For the term that ended Mar 2013 the recurring profit was projected at
Yen 4,600 million and the net profit at Yen 4,300 million, on a 1.1% down in
turnover, to Yen 74,000 million. Final
results are yet to be released
The financial situation is considered FAIR and good for ORDINARY
business engagements.
REGISTRATION
Date Registered: Jan 1955
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 67,840,000 shares
Issued:
25,703,166 shares
Sum: Yen 14,114
million
Major shareholders (%): Riso Co (9.6), Company’s Treasury Stock (9.0), RISO Educational Foundation (5.1), Northern Trust (AVFC) American (4.4), Employees’ S/Holding Assn (4.0), Silchester Int’l Investor VET (3.2), Northern Trust AVFC (3.0), Tokyo Tomin Bank (3.0), Noboru Hayama (2.9), Osamu Hayama (2.6); foreign owners (18.3)
No. of shareholders: 2,946
Listed on the S/Exchange (s) of: Tokyo
Managements: Akira Hayama, pres; Yasuhiro Takahashi, mgn dir; Takeshi Kunitani, mgn dir; Kazuo Abe, mgn dir; Kihachiro Endo, mgn dir; Hidenori Fujioka, dir; Yasunobu Takahashi, dir; Masahiro Ueda, dir; Soichiro Hashimoto, dir; Yoshiomi Narumiya, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Riso Ink, RISO China, other.
OPERATION
Activities: Manufactures stencil printing machines #RISO-Graph”, full color inkjet printers, digital duplicatos, digital screen markets, and supplies (98%), real estate & others (2%).
Overseas Sales Ratio (35%)
Clients: [Mfrs, wholesalers] Kobo Co, DDK Ltd, Raymay Fujii Co, other
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Sun Trading, NP Trading, Toshiba Tech, RISO Hong Kong, Nippon Papylia Co, other
Payment record: No Complaints
Location: Business area in Tokyo. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
Tokyo Tomin Bank (H/O)
SMBC (Ginza)
Relations: Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2012 |
31/03/2011 |
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INCOME STATEMENT |
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Annual Sales |
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74,847 |
76,897 |
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Cost of Sales |
34,259 |
38,273 |
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GROSS PROFIT |
40,588 |
38,624 |
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Selling & Adm Costs |
36,538 |
34,217 |
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OPERATING PROFIT |
4,050 |
4,406 |
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Non-Operating P/L |
259 |
533 |
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RECURRING PROFIT |
4,309 |
4,939 |
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NET PROFIT |
2,886 |
6,288 |
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BALANCE SHEET |
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Cash |
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13,377 |
13,780 |
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Receivables |
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14,240 |
13,881 |
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Inventory |
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11,392 |
12,933 |
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Securities, Marketable |
8,731 |
4,096 |
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Other Current Assets |
2,967 |
4,573 |
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TOTAL CURRENT ASSETS |
50,707 |
49,263 |
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Property & Equipment |
27,540 |
28,442 |
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Intangibles |
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6,709 |
7,315 |
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Investments, Other Fixed Assets |
4,741 |
4,834 |
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TOTAL ASSETS |
89,697 |
89,854 |
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Payables |
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11,197 |
12,366 |
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Short-Term Bank Loans |
2,227 |
2,160 |
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Other Current Liabs |
9,252 |
7,741 |
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TOTAL CURRENT LIABS |
22,676 |
22,267 |
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Debentures |
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Long-Term Bank Loans |
38 |
53 |
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Reserve for Retirement Allw |
3,691 |
3,597 |
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Other Debts |
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1,467 |
1,842 |
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TOTAL LIABILITIES |
27,872 |
27,759 |
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MINORITY INTERESTS |
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Common
stock |
14,114 |
14,114 |
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Additional
paid-in capital |
14,779 |
14,779 |
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Retained
earnings |
37,874 |
36,249 |
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Evaluation
p/l on investments/securities |
(107) |
(21) |
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Others |
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(2,824) |
(2,515) |
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Treasury
stock, at cost |
(2,011) |
(511) |
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TOTAL S/HOLDERS` EQUITY |
61,825 |
62,095 |
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TOTAL EQUITIES |
89,697 |
89,854 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2012 |
31/03/2011 |
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Cash Flows
from Operating Activities |
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8,945 |
6,362 |
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Cash
Flows from Investment Activities |
-2,212 |
-3,006 |
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Cash
Flows from Financing Activities |
-2,773 |
-3,622 |
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Cash,
Bank Deposits at the Term End |
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20,976 |
17,130 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
61,825 |
62,095 |
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Current
Ratio (%) |
223.62 |
221.24 |
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Net
Worth Ratio (%) |
68.93 |
69.11 |
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Recurring
Profit Ratio (%) |
5.76 |
6.42 |
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Net
Profit Ratio (%) |
3.86 |
8.18 |
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Return
On Equity (%) |
4.67 |
10.13 |
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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.54.17 |
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UK Pound |
1 |
Rs.82.45 |
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Euro |
1 |
Rs.70.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.