MIRA INFORM REPORT
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Report Date : |
01.10.2013 |
IDENTIFICATION DETAILS
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Name : |
PANASONIC CORPORATION |
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Registered Office : |
1006 Kadoma Kadoma City Osaka-Pref 571-0050 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
December, 1935 |
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Com. Reg. No.: |
1200-01-158218 (Osaka-Kadoma) |
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Legal Form : |
Limited Company |
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Line of Business : |
Mfg of AV, other home electric appliances |
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No. of Employees : |
293,742 |
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, 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
PANASONIC CORPORATION
REGD NAME
Panasonic KK
MAIN OFFICE
1006 Kadoma Kadoma
City Osaka-Pref 571-0050 JAPAN
Tel:
06-6908-1121 Fax: 06-6901-7130 -
URL: http://www.panasonic.co.jp
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of AV, other
home electric appliances
BRANCHES
Sapporo, Sendai,
Tokyo, Osaka, Fukuoka, other (Tot 100)
OVERSEAS
Worldwide
FACTORIES
At the caption address,
Kobe, Kusatsu, Hikone, Takatsuki, Niigata, other
CHIEF EXEC
KAZUHIRO TSUGA,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 7,303,045 M
PAYMENTSREGULAR CAPITAL Yen
258,740 M
TREND UP WORTH Yen 1,264,032 M
STARTED 1935 EMPLOYES 293,742
COMMENT
MFR OF HOME ELECTRIC APPLIANCES
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 109,133.9 MILLION, 30 DAYS NORMAL TERMS
Unit: In Million Yen
Forecast figures
for the 31/03/204 fiscal term.
HIGHLIGHTS
This is the largest comprehensive mfr of AV and other home electric
appliances. Under its auspices, controls
2 core operating subsidiaries: Panasonic Electric Works, major housing
materials & equipment maker, and Sanyo Electric excelling in field of
energy. Around 50% of consolidated sales
generated by overseas business. The
company is targeting operating profit at Yen 350 billion and operating profit
ratio at 50% in the March 2016 term under the new medium-term business
plan. Achievement of those targets
depends on shift away from in-house products and profit emergence in the TV and
semiconductor businesses. It aims to
expand sales of products for enterprise.
FINANCIAL INFORMATION
The sales volume for Mar/2013 fiscal term amounted to Yen 7,303,045
million, a 6.9% down from Yen 7,846,216 million in the previous term. The operations continued in the deficit to
post Yen 398,386 million recurring loss and Yen 754,250 million net losses,
respectively, compared with Yen 812,844 million recurring loss and Yen 772,172
million net losses, respectively, a year ago.
(Apr/Jun/2013 results): Sales Yen 1,824,515 million (up 0.6%), operating
profit Yen 64,201 million (up 66.3%), recurring profit Yen 122,612 million (up
224.2%), net profit Yen 107,831 million (up 741.8%). (% compared with the corresponding period a
year ago).
For the current term ending Mar 2014 the recurring profit is projected
at Yen 140,000 million and the net profit at Yen 50,000 million, on a 1.4% fall
in turnover, to Yen 7,200,000 million.
AV equipment sales will remain slumping.
But orders for home appliances and housing and automobile-related
products will grow. Operating profits
will rise, aided by drop in depreciation and cut in staff costs.
The financial situation is considered ^FAIR
and good for^ ORDINARY business engagements.
REGISTRATION
Date Registered: Dec 1935
Regd No:
1200-01-158218
(Osaka-Kadoma)
Legal Status: Limited
Company (Kabushiki Kaisha
Authorized:
4,950 million shares
Issued: 2,453,053,497
shares
Sum: Yen
258,740 million
Major
shareholders (%): Company’s Treasury Stock (5.7), Master Trust Bank of Japan T (4.1),
Japan Trustee Services T (3.3), Nippon Life Ins (3.1), State Street Bank &
Trust (2.8), SMBC (2.7), SSBT OD05 Omnibus Acct Treaty Cl (2.4), Moxley &
Co (2.4), Employees’ s/Holding Assn (2.2), Sumitomo Life Ins (1.5); foreign
owners (25.3)
No.
of shareholders: 522,392
Listed on the S/Exchange (s) of: Tokyo
Managements: Shusaku Nagase,
ch; Masayuki Matsushita, v ch; Kazuhiro Tsuga, pres; Ikusaburo Kashima, s/mgn dir;
Yoshihiko Yamada, s/mgn dir; Yoshiiku Miyata, s/mgn dir; Kazunori Takami, s/mgn
dir; Takashi Toyama, mgn dir; Hideaki Kawai, mgn dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Sanyo Electric, Panasonic Electric Works,
other.
OPERATION
Activities: Manufactures AVC
(15%), AP (17%), system communications (8%), Eco solutions (16%), PAS (8%),
devices (14%), others (21%)
Overseas
Sales Ratio (48%)
Clients: [Mfrs,
wholesalers] Sekisui House, Kansai Kikai Hambai, Hitachi Hi-Technologies,
Panasonic Consumer marketing, Toyota Motor, other
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Hitachi
Hi-Technologies, Sanyo Electric, other
Payment record: Regular
Location: Business area in
Kadoma, Osaka-Pref. Office premises at
the caption address are owned and maintained satisfactorily.
Bank References:
SMBC (Osaka H/O)
Resona Bank
(Osaka)
Relations:
Satisfactory
FINANCES
(In Million
Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2013 |
31/03/2012 |
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INCOME STATEMENT |
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Annual Sales |
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7,303,045 |
7,846,216 |
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Cost of Sales |
5,419,888 |
5,864,515 |
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GROSS PROFIT |
1,883,157 |
1,981,701 |
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Selling & Adm Costs |
1,722,221 |
1,937,976 |
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OPERATING PROFIT |
160,936 |
43,725 |
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Non-Operating P/L |
-559,552 |
-856,569 |
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RECURRING PROFIT |
-398,386 |
-812,844 |
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NET PROFIT |
-754,250 |
-772,172 |
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BALANCE SHEET |
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Cash |
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496,283 |
574,411 |
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Receivables |
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905,973 |
963,202 |
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Inventory |
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786,845 |
801,991 |
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Securities, Marketable |
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Other Current Assets |
3,208,711 |
4,261,451 |
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TOTAL CURRENT ASSETS |
5,397,812 |
6,601,055 |
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Property & Equipment |
1,675,428 |
1,762,558 |
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Intangibles |
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Investments, Other Fixed Assets |
(1,675,428) |
(1,762,558) |
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TOTAL ASSETS |
5,397,812 |
6,601,055 |
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Payables |
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739,581 |
797,770 |
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Short-Term Bank Loans |
480,304 |
633,847 |
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Other Current Liabs |
1,379,274 |
1,447,887 |
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TOTAL CURRENT LIABS |
2,599,159 |
2,879,504 |
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Debentures |
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480,304 |
633,847 |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
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Other Debts |
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1,014,076 |
1,110,138 |
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TOTAL LIABILITIES |
4,093,539 |
4,623,489 |
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MINORITY INTERESTS |
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Common
stock |
258,740 |
258,740 |
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Additional
paid-in capital |
1,110,686 |
1,117,530 |
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Retained
earnings |
96,259 |
94,512 |
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Evaluation
p/l on investments/securities |
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Others |
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85,616 |
753,802 |
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Treasury
stock, at cost |
(247,028) |
(247,018) |
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TOTAL S/HOLDERS` EQUITY |
1,304,273 |
1,977,566 |
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TOTAL EQUITIES |
5,397,812 |
6,601,055 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2013 |
31/03/2012 |
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Cash
Flows from Operating Activities |
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388,750 |
1,983 |
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Cash Flows
from Investment Activities |
16,406 |
-341,876 |
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Cash
Flows from Financing Activities |
-491,058 |
-53,094 |
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Cash,
Bank Deposits at the Term End |
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496,283 |
574,411 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
1,304,273 |
1,977,566 |
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Current
Ratio (%) |
207.68 |
229.24 |
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Net
Worth Ratio (%) |
24.16 |
29.96 |
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Recurring
Profit Ratio (%) |
-5.46 |
-10.36 |
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Net Profit
Ratio (%) |
-10.33 |
-9.84 |
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Return
On Equity (%) |
-57.83 |
-39.05 |
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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.62.78 |
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1 |
Rs.101.42 |
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Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.