MIRA INFORM REPORT
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Report Date : |
02.09.2013 |
IDENTIFICATION DETAILS
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Name : |
TOPPAN PRINTING CO LTD |
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Registered Office : |
1-5-1 Taito Taitoku Tokyo |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
June 1908 |
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Com. Reg. No.: |
0105-01-016231 (Tokyo-Taitoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Subject is Printing house: diversified into seven areas of business - securities & cards, commercial printing, publications printing, packaging, industrial materials electronics, and semiconductor solutions |
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No. of Employees : |
48,878 |
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 56,848.5 Million |
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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 – 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
TOPPAN PRINTING CO LTD
REGD NAME
Toppan Insatsu KK
MAIN OFFICE
1 Kanda-Izumicho Chiyodaku Tokyo 101-0024 JAPAN
Tel: 03-3835-5111
*.. Registered at: 1-5-1 Taito Taitoku Tokyo, as given
URL: http.//.www.toppan.co.jp
E-Mail address: (thru
the URL)
ACTIVITIES
Printing
Company
BRANCHES
Sapporo,
Sendai, Niigata, Chitose, Osaka, Fukuoka, Hiroshima, other (Tot 14)
OVERSEAS
USA
(4), UK, Greece, China (8), Hong Kong, Taiwan (2), Thailand, India, Indonesia,
Singapore (2)
FACTORIES
Sapporo,
Niigata, Chitose, Sendai, Sagamihara, Fukuoka, other
CHIEF EXEC
SHINGO
KANEKO, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,502,307 M
PAYMENTSNo Complaints CAPITAL Yen 104,986
M
TREND SLOW WORTH Yen 888,422 M
STARTED 1908 EMPLOYES 48,878
COMMENT
PRINTING HOUSE.
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 56,848.5 MILLION, 30 DAYS NORMAL TERMS
Unit: In Million Yen
Forecast (or estimated) figures for 31/03/2014
fiscal term
HIGHLIGHTS
This is one of the 2 largest printing companies, known for steady management. Promoting computerized printing. Printing out into diverse fields, such as electronic precision components like photo masks, IC lead frames, PCBs, etc. Has major consolidated subsidiaries listed on the Tokyo Stock Exchange. The company is targeting 20% market share in dedicated terminals for e-books in the Mar 2016 term, aiming at middle-aged and senior citizen customers. Related business is anticipated to post Yen 17 billion sales in the current term, from Yen 13 billion in the preceding term. Contact: Investor Relations Division, Tokyo Stock Exchange for financials.
FINANCIAL INFORMATION
The sales volume for 31/03/2013 fiscal term amounted to Yen 1,502,307 million, a 0.5% down from Yen 1,510,414 million in the previous term. Sales of catalogue printing and construction materials fared well, but the electronics business, including LCD filters failed to recover. The recurring profit was posted at Yen 36,966 million and the net profit at Yen 18,562 million, respectively, compared with Yen 30,850 million recurring profit and Yen 3,068 million net profit, respectively, a year ago. Net profit bloated on profit from the establishment of retirement benefit trust.
((Apr/Jun/2013 results): Sales Yen 363,179 million (up 0.5%)), operating profit Yen 4,927 million (up 184.2%), recurring profit Yen 9,206 million (up 229.6%), net profit Yen 4,111 million (up 758.3%). (% compared with the corresponding period a year ago). Strong smartphone demand and the weak Yen helped push its LCD parts & materials business into the black.
For the current term ending Mar/2014 the recurring profit is projected at Yen 35,000 million and the net profit at Yen 15,000 million, on a 1.2%% rise in turnover, to Yen 1,520,000 million. Publication printing will slump but IC cards, including for electronic money, will grow. The electronics business will recover, backed by bottomed-out sales of mainstay small & midsize LCD filters and photomasks.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 56,848.5 million, on 30 days normal terms.
REGISTRATION
Date Registered:
Jun 1908
Regd No.: 0105-01-016231 (Tokyo-Taitoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
2,700 million shares
Issued:
699,412,481 shares
Sum: Yen 104,986
million
Major shareholders (%): Company's Treasury Stock (7.8), Master Trust Bank of Japan (5.4), Nippon Life Ins (4.6), Japan Trustee Services T (4.0), Dai-ichi Life Ins (3.2), Employees’ S/Holding Assn (2.4), MUFG (2.2), SMBC (2.2), Kodansha Ltd (1.9), SSBT OD05 Omnibus Acct Treaty (1.7); foreign owners (17.5)
No. of shareholders: 34,373
Listed on the S/Exchange (s) of: Tokyo
Managements: Naoki Adachi, ch; Shingo Kaneko, pres; Jitsumei Takamiyagi, v pres; Yoshiro Furuya, s/mgn dir; Mitsuru Ominato, s/mn dir; Yoshiyuki Nagayama, s/mgn dir; Yuichi Kumamoto, s/mgn dir; Yukio Maeda, s/mgn dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Toppan Formes, Tosho Insatsu, Toppan Cosmo, other (tot 190 or more).
OPERATION
Activities: Printing house: diversified into seven areas of business: securities & cards, commercial printing, publications printing, packaging, industrial materials electronics, and semiconductor solutions (--100%)
(Sales breakdown by divisions): Information & network (59%), lifestyle & communications (25%), electronics (16%)
Overseas Sales Ratio (15%)
Clients: [Mfrs, business firms] Sharp Inc, Recruit, other
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, ink makers, wholesalers] Toyo Ink Mfg, International Pulp & Paper, other
Payment record: No Complaints
Location: Business area in Tokyo. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
SMBC
(Nihombashi)
MUFG
(H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2013 |
31/03/2012 |
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INCOME STATEMENT |
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Annual Sales |
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1,502,307 |
1,510,414 |
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Cost of Sales |
1,253,964 |
1,263,370 |
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GROSS PROFIT |
248,343 |
247,044 |
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Selling & Adm Costs |
216,250 |
215,489 |
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OPERATING PROFIT |
32,092 |
31,555 |
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Non-Operating P/L |
4,874 |
-705 |
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RECURRING PROFIT |
36,966 |
30,850 |
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NET PROFIT |
18,562 |
3,068 |
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BALANCE SHEET |
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Cash |
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166,613 |
173,968 |
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Receivables |
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410,241 |
426,715 |
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Inventory |
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91,661 |
100,153 |
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Securities, Marketable |
100,434 |
32,470 |
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Other Current Assets |
31,696 |
34,524 |
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TOTAL CURRENT ASSETS |
800,645 |
767,830 |
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Property & Equipment |
552,510 |
574,506 |
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Intangibles |
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20,169 |
18,450 |
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Investments, Other Fixed Assets |
259,741 |
226,037 |
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TOTAL ASSETS |
1,633,065 |
1,586,823 |
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Payables |
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265,997 |
280,833 |
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Short-Term Bank Loans |
12,959 |
11,817 |
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Other Current Liabs |
174,165 |
115,294 |
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TOTAL CURRENT LIABS |
453,121 |
407,944 |
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Debentures |
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123,079 |
119,740 |
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Long-Term Bank Loans |
100,371 |
111,933 |
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Reserve for Retirement Allw |
41,232 |
46,351 |
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Other Debts |
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26,840 |
34,636 |
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TOTAL LIABILITIES |
744,643 |
720,604 |
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MINORITY INTERESTS |
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Common
stock |
104,986 |
104,986 |
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Additional
paid-in capital |
117,738 |
117,738 |
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Retained
earnings |
582,095 |
575,105 |
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Evaluation
p/l on investments/securities |
24,322 |
14,782 |
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Others |
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115,200 |
109,198 |
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Treasury
stock, at cost |
(55,919) |
(55,591) |
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TOTAL S/HOLDERS` EQUITY |
888,422 |
866,218 |
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TOTAL EQUITIES |
1,633,065 |
1,586,823 |
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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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103,595 |
83,456 |
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Cash Flows
from Investment Activities |
-52,138 |
-69,030 |
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Cash
Flows from Financing Activities |
7,050 |
-89,754 |
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Cash,
Bank Deposits at the Term End |
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256,057 |
190,804 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
888,422 |
866,218 |
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Current
Ratio (%) |
176.70 |
188.22 |
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Net
Worth Ratio (%) |
54.40 |
54.59 |
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Recurring
Profit Ratio (%) |
2.46 |
2.04 |
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Net Profit
Ratio (%) |
1.24 |
0.20 |
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Return
On Equity (%) |
2.09 |
0.35 |
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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.66.57 |
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UK Pound |
1 |
Rs.103.34 |
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Euro |
1 |
Rs.88.16 |
INFORMATION DETAILS
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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.