|
Report Date : |
05.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAKATA INX CORPORATION |
|
|
|
|
Registered Office : |
1-23-37 Edobori Nishiku Osaka 550-0002 |
|
|
|
|
Country : |
Japan |
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|
|
|
Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
September, 1920 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of printing inks |
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No. of Employees : |
3,503 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
Prime Minister Shinzo ABE has declared the economy his government's top
priority; he has overturned his predecessor's plan to permanently close nuclear
power plants and is pursuing an economic revitalization agenda of fiscal
stimulus, monetary easing, and structural reform. Japan joined the Trans
Pacific Partnership 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 2013 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 is exceeding 230% of GDP. To help raise
government revenue and reduce public debt, Japan decided in 2013 to gradually
increase the consumption tax to a total of 10% by the year 2015. Japan is
making progress on ending deflation due to a weaker yen and higher energy
costs, but reliance on exports to drive growth and an aging, shrinking
population pose other major long-term challenges for the economy.
|
Source
: CIA |
SAKATA INX
CORPORATION
REGD NAME: Sakata Inks KK
MAIN OFFICE: 1-23-37 Edobori
Nishiku Osaka 550-0002 JAPAN
Tel:
06-6447-5811
Fax:
06-6447-5829 -
URL: http://www.inx.co.jp
E-Mail address: inx-prir@inx.co.jp
Mfg of printing inks
Tokyo, Nagoya, Fukuoka, Sapporo, Shizuoka, other (Tot 17)
USA (2), Europe (6), Asia (11, including 4 in China)
Noda, Hanyu, Itami
KOTARO MORITA, PRES
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen
123,098 M
PAYMENTS NO COMPLAINTS CAPITAL Yen 7,472 M
TREND UP WORTH Yen 45,533 M
STARTED 1920 EMPLOYES 3,503
MFR OF PRINTING INKS
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
113,669 |
4,742 |
3,089 |
(%) |
35,974 |
|
(Consolidated) |
31/03/2011 |
117,663 |
6,276 |
3,757 |
3.51 |
36,866 |
|
31/03/2012 |
119,571 |
4,952 |
2,981 |
1.62 |
37,404 |
|
|
31/03/2013 |
123,098 |
6,809 |
5,588 |
2.95 |
45,533 |
|
|
31/03/2014 |
139,000 |
8,700 |
5,400 |
12.92 |
.. |
Unit: In Million
Yen
Forecast figures
for the 31/03/2014 fiscal term.
This is the third largest mfr of printing inks. Founded in 1896, the first company to produce
newspaper ink in Japan. Has strength in
inks for newspaper and metals. Leads
others in advancing to overseas including Asia and North America. Has 11 branch offices in Asia and 2 in North
America. Also has presence in
India. Maintains capital alliance with
Toyo Ink SC Holdings. The company will
be opening three new facilities in 2014, beginning with offset ink plant in
Panoli, India, in Feb, and followed soon after by flexographic ink plant in
Hanoi, Vietnam, in Mar and packaging product plant in Ohio, US, in the period
of autumn..
The sales volume for Mar/2013 fiscal term amounted to Yen 123,098
million, a 3.0% up from Yen 119,571 million in the previous term. The recurring profit was posted at Yen 6,89
million and the net profit at Yen 5,588 million, respectively, compared with
Yen 4,952 million recurring profit and Yen 2,981 million net profit,
respectively, a year ago.
(Apr/Dec/2013 results): Sales Yen 103,062 million (up 11.8%), operating
profit Yen 6,508 million (up 44.8%), recurring profit Yen 7,472 million (up
39.2%), net profit Yen 4,764 million (up 53.1%). (% compared with the corresponding period a
year ago).
For the current term ending Mar 2014 the recurring profit is projected
at Yen 8,700 million and the net profit at Yen 5,400 million, on a 12.9% rise
in turnover, to Yen 139,000 million.
Asian sales are growing on back of weaker Yen. North American sales are also helping. Sales volume of functional materials is
increasing. Operating profits will
expand.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Sept 1920
Legal Status: Limited Company (Kabushiki Kaisha
Authorized: 144 million
shares
Issued: 62,601,181 shares
Sum: Yen 7,472 million
Major shareholders (%): Toyo Ink SC Holdings (16.8), Japan Trustee
Services T (5.8), Sumitomo Life Ins (5.6), Master Trust Bank of Japan T (4.2),
Kanbe Bussan Ltd (4.0), JP Morgan Chase Bank (3.5), Company’s Treasury Stock
(3.3), Kanbe Co (3.1), Employees’ S/Holding Assn (2.7), Resona Bank (2.4);
foreign owners (18.1)
No. of shareholders: 2,102
Listed on the S/Exchange (s) of: Tokyo
Managements: Hirotsugu Takamaru, ch; Kotaro Morita, pres; Masanori Kano,
s/mgn dir; Yoshiaki Uesaka, s/mgn dir; Naohisa Yasui, mgn dir; Yasuhiro
Hashimoto, dir; Toshiyuki Sawada, dir; Masaki Nakamura, dir; Kouichi Hirao,
dir; Hitoshi Nakamura, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Sakata Trading, IGL Group, Sakata Inx (India), other.
Activities: Manufactures printing inks: newspaper printing inks,
commercial printing inks, packaging inks, flexible packaging gravure, metal
decorating inks, printing/packaging equipment & supplies; printing inks
& equipment in Japan (48%), printing inks and equipment in Asia (15%),
North America (21%), Europe (5%), functional materials (5%), others (6%)
Overseas Sales Ratio (45%)
Clients: [Mfrs, wholesalers] Rengo Co, Asahi Printec, Inx Gravure,
Sankei Newspaper Printing, Yomiuri Tokyo, Kyodo Printing, other
No. of accounts: 600
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Nagase Corp, Handa Trading, Konica
Minolta Business Solutions, Kodak Japan, Saiden Chemical, other
Payment record: No complaints
Location: Business area in Osaka.
Office premises at the caption address are owned and maintained
satisfactorily.
Bank References:
Resona Bank
(Osaka)
SMBC Bank
(Umeda)
Relations:
Satisfactory
|
FINANCES: (Consolidated in million yen) |
||||
|
|
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
|
INCOME STATEMENT |
||||
|
Annual Sales |
|
123,098 |
119,571 |
|
|
Cost of Sales |
95,521 |
94,141 |
||
|
GROSS PROFIT |
27,576 |
25,429 |
||
|
Selling & Adm Costs |
21,786 |
21,168 |
||
|
OPERATING PROFIT |
5,789 |
4,260 |
||
|
Non-Operating P/L |
1,020 |
692 |
||
|
RECURRING PROFIT |
6,809 |
4,952 |
||
|
|
NET PROFIT |
5,588 |
2,981 |
|
|
BALANCE
SHEET |
||||
|
Cash |
|
5,861 |
5,198 |
|
|
Receivables |
38,197 |
36,546 |
||
|
Inventory |
12,016 |
10,927 |
||
|
Securities, Marketable |
|
|
||
|
Other Current Assets |
1,148 |
1,996 |
||
|
TOTAL CURRENT ASSETS |
57,222 |
54,667 |
||
|
Property & Equipment |
22,894 |
19,239 |
||
|
Intangibles |
1,158 |
1,147 |
||
|
Investments, Other Fixed Assets |
18,375 |
15,941 |
||
|
TOTAL ASSETS |
99,649 |
90,994 |
||
|
Payables |
22,294 |
22,295 |
||
|
Short-Term Bank Loans |
5,788 |
6,488 |
||
|
|
|
|
||
|
Other Current Liabs |
12,510 |
14,226 |
||
|
TOTAL CURRENT LIABS |
40,592 |
43,009 |
||
|
Debentures |
|
|
||
|
Long-Term Bank Loans |
7,835 |
6,299 |
||
|
Reserve for Retirement Allw |
2,876 |
2,726 |
||
|
Other Debts |
|
2,812 |
1,556 |
|
|
TOTAL LIABILITIES |
54,115 |
53,590 |
||
|
MINORITY INTERESTS |
||||
|
Common stock |
7,472 |
7,472 |
||
|
Additional paid-in capital |
5,672 |
5,868 |
||
|
Retained earnings |
38,084 |
33,363 |
||
|
Evaluation p/l on
investments/securities |
1,891 |
902 |
||
|
Others |
(6,946) |
(9,563) |
||
|
Treasury stock, at cost |
(640) |
(638) |
||
|
TOTAL S/HOLDERS` EQUITY |
45,533 |
37,404 |
||
|
|
TOTAL EQUITIES |
99,649 |
90,994 |
|
|
CONSOLIDATED
CASH FLOWS |
||||
|
Terms ending: |
31/03/2013 |
31/03/2012 |
||
|
Cash Flows from Operating Activities |
|
6,574 |
5,230 |
|
|
Cash Flows from Investment
Activities |
-3,132 |
-1,823 |
||
|
Cash Flows from Financing Activities |
-3,162 |
-2,220 |
||
|
|
Cash, Bank Deposits at the Term End |
|
5,861 |
5,193 |
|
ANALYTICAL
RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
||
|
Net Worth (S/Holders' Equity) |
45,533 |
37,404 |
||
|
Current Ratio (%) |
140.97 |
127.11 |
||
|
Net Worth Ratio (%) |
45.69 |
41.11 |
||
|
Recurring Profit Ratio (%) |
5.53 |
4.14 |
||
|
Net Profit Ratio (%) |
4.54 |
2.49 |
||
|
Return On Equity (%) |
12.27 |
7.97 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.