|
Report Date : |
16.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
NISSHA PRINTING CO LTD |
|
|
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Registered Office : |
3 Mibu Hanaicho Nakagyoku Kyoto 604-8551 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
December 1946 |
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Legal Form : |
Limited Company (Kabushiki Kaisha |
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Line of Business : |
Subject is engaged in Printing firm, mfg of industrial materials,
electronics devices |
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|
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No. of Employees |
3,409 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
Yen 2,693.1 Million |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
NISSHA PRINTING CO LTD
REGD NAME: Nihon
Shashin Insatsu KK (Shashin means Photo, Insatsu Printing)
MAIN OFFICE: 3 Mibu
Hanaicho Nakagyoku Kyoto 604-8551 JAPAN
Tel:
075-811-8111 Fax: 075-801-8250-
URL: http://www.nissha.co.jp
E-Mail address: info@nissha.co.jp
Printing firm, mfg
of industrial materials, electronics devices
Tokyo, Osaka,
Nagoya
USA (7), Europe
(4), Asia (9 of which 5 in China)
At the caption
address, Tokyo, Kameoka, Kaga, Koga, Tsu, Yachiyo, Himeji
JUNYA SUZUKI, PRES
Yen Amount: In
million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 89,427 M
PAYMENTS SLOW BUT CORRECT CAPITAL Yen
5,684 M
TREND SLOW WORTH Yen 44,491 M
STARTED 1946 EMPLOYES 3,409
PRINTING HOUSE
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 2,693.1 MILLION, 30 DAYS NORMAL TERMS
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
126,965 |
12,061 |
6,934 |
(%) |
88,700 |
|
(Consolidated) |
31/03/2011 |
114,054 |
-5,396 |
-2,464 |
-10.17 |
80,396 |
|
|
31/03/2012 |
80,160 |
-11,320 |
-28,684 |
-29.72 |
48,986 |
|
|
31/03/2013 |
89,427 |
-4,643 |
-5,438 |
11.56 |
44,491 |
|
|
31/03/2014 |
113,000 |
2,500 |
1,800 |
26.36 |
.. |
Unit: In Million Yen
Forecast figures for the 31/03/2014 fiscal term.
The subject company was established by Naoki Suzuki as a printing house. Medium-scale comprehensive printing
house. Well-known for art books &
other multicolor printing. Developed
high-precision film presser system.
Surface treatment for TVs & OA equipment has grown. Also engaged in the special printing areas,
such as touch panels for smartphones & tablets. Active in overseas operations with 23
overseas offices: 7 in USA, 4 in Europe and 9 in Asia, of which 5 in
China. Application of decorative films
expanding to automobile interiors, becoming a new mainstay area replacing
tablet PC applications. The company will
reinforce its sales structure, targeting sales expansion in Europe and the US.
The sales volume for Mar/2013 fiscal term amounted to Yen 89,427 million,
an 11.6% up from Yen 80,160 million in the previous term. The operations continued in the red to post
Yen 4,643 million recurring loss and Yen 5,438 million net losses,
respectively, compared with Yen 11320 million recurring loss and Yen 28,684 million
net losses, respectively, a year ago.
(Apr/Dec/2013 results): Sales Yen 87,127 million (up 35.4%, operating
profit 2,920 million (previously Yen 5,033 million loss), recurring profit Yen
6,396 million (previously Yen 4,272 million loss), net profit Yen 5,507 million
(previously Yen 4,869 million loss). (%
& figures compared with the corresponding period a year ago).
For the term that ended Mar 2014 the recurring profit was projected at
Yen 2,500 million and the net profit at Yen 1,800 million, on a 26.4% rise in
turnover, to Yen 113,000 million. Sales
of touch panel products expanded.
Extraordinary loss on disposal was absent. Forex gain was booked in the non-operating
account. Final results are yet to be
released.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 2,693.1 million, on 30 days normal terms.
Date Registered: Dec 1946
Legal Status: Limited Company (Kabushiki Kaisha
Authorized: 180 million shares
Issued: 45,029,493 shares
Sum: Yen 5,684 million
Major
shareholders (%): Taiyo Fund LP (8.1), Suzuki Kosan (5.6), Meiji Yasuda Ins (5.2),
Company’s Treasury Stock (4.6), Mizuho Bank (4.6), Northern Trust (AVFC)
British (4.0), Bank of Kyoto (3.2),
Customers’ S/Holding Assn (2.2), Japan Trustee Services T (2.0), DIC (2.0);
foreign owners (19.0)
No. of shareholders: 9,861
Listed on the S/Exchange (s) of: Tokyo
Managements: Junya Suzuki,
pres; Takao Hashimoto, s/mgn dir; Takuji Shibata, mgn dir; Hayato Nishihara,
mgn dir; Ryoji Tsuji, dir; Kenji Ojima, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related
companies: Nissha USA Inc, Nissha Europe GmbH, Eimo Technologies Inc, other (Tot
21 consolidated subsidiaries)
Activities: Printing house
with mfr divisions:
(Sales
breakdown by Divisions):
Industrial
Materials (31%): Nissha IMD, Nissha IML, heat transfer foils;
Electronics
Materials (48%): decorative resistive type “Touch Window”, capacitive type “Capacitive”;
Information
& Communication (21%): printing & publishing, commercial printing,
sales promotion, art solution, other;
Overseas
Sales Ratio (58%)
Clients: [Mfrs,
wholesalers] Nintendo Co, Apple Operations, Shiseido Co, Nissha Korea, Nissha
Korea, Scroll Corp, Sanyo Electric,
Sharp Corp, Panasonic Corp, Mitsubishi Pencil Co, Panasonic Electric Ind
Creates Co, Panasonic Electric Ind, Seiko Epson, other
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Nitto Denko Corp,
Nitec Industries, Teijin Ltd, Panasonic
Corp, Asahi Kasei E-Materials, Nagase &
Co, Fuji Printing Ink Mfg, Mec Co, Yamato
Sangyo Co, other
Payment record: Slow but correct
Location: Business area in
Kyoto. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank
(Kyoto-Chuo)
Bank of Kyoto
(H/O)
Relations:
Satisfactory
(In Million
Yen)
|
FINANCES: (Consolidated
in million yen) |
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|||
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Terms Ending: |
31/03/2013 |
31/03/2012 |
|
INCOME STATEMENT |
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||
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Annual Sales |
|
89,427 |
80,160 |
|
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Cost of Sales |
83,508 |
79,759 |
|
|
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GROSS PROFIT |
5,918 |
401 |
|
|
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Selling & Adm Costs |
12,702 |
12,117 |
|
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OPERATING PROFIT |
6,783 |
-11,716 |
|
|
|
Non-Operating P/L |
-11,426 |
396 |
|
|
|
RECURRING PROFIT |
-4,643 |
-11,320 |
|
|
|
NET PROFIT |
-5,438 |
-28,684 |
|
|
BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
23,974 |
19,735 |
|
|
Receivables |
|
21,996 |
17,034 |
|
|
Inventory |
|
9,254 |
7,371 |
|
|
Securities, Marketable |
|
|
|
|
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Other Current Assets |
4,056 |
3,910 |
|
|
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TOTAL CURRENT ASSETS |
59,280 |
48,050 |
|
|
|
Property & Equipment |
45,282 |
43,524 |
|
|
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Intangibles |
|
3,702 |
4,593 |
|
|
Investments, Other Fixed Assets |
6,700 |
9,083 |
|
|
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TOTAL ASSETS |
114,964 |
105,250 |
|
|
|
Payables |
|
24,663 |
14,126 |
|
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Short-Term Bank Loans |
21,099 |
25,094 |
|
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|
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|
|
|
|
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Other Current Liabs |
15,382 |
7,184 |
|
|
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TOTAL CURRENT LIABS |
61,144 |
46,404 |
|
|
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Debentures |
|
|
|
|
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Long-Term Bank Loans |
|
|
|
|
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Reserve for Retirement Allw |
5,884 |
5,734 |
|
|
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Other Debts |
|
3,444 |
4,126 |
|
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TOTAL LIABILITIES |
70,472 |
56,264 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common
stock |
5,684 |
5,684 |
|
|
|
Additional
paid-in capital |
7,355 |
7,355 |
|
|
|
Retained
earnings |
32,591 |
38,029 |
|
|
|
Evaluation
p/l on investments/securities |
2,483 |
2,807 |
|
|
|
Others |
|
(696) |
(1,964) |
|
|
Treasury
stock, at cost |
(2,926) |
(2,925) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
44,491 |
48,986 |
|
|
|
TOTAL EQUITIES |
114,964 |
105,250 |
|
|
CONSOLIDATED CASH FLOWS |
|
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||
|
|
|
Terms ending: |
31/03/2013 |
31/03/2012 |
|
|
Cash
Flows from Operating Activities |
|
13,864 |
3,541 |
|
|
Cash
Flows from Investment Activities |
-7,206 |
-4,277 |
|
|
|
Cash
Flows from Financing Activities |
-4,677 |
3,076 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
23,692 |
19,490 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
44,491 |
48,986 |
|
|
|
Current
Ratio (%) |
96.95 |
103.55 |
|
|
|
Net
Worth Ratio (%) |
38.70 |
46.54 |
|
|
|
Recurring
Profit Ratio (%) |
-5.19 |
-14.12 |
|
|
|
Net
Profit Ratio (%) |
-6.08 |
-35.78 |
|
|
|
Return
On Equity (%) |
-12.22 |
-58.56 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.26 |
|
|
1 |
Rs.101.71 |
|
Euro |
1 |
Rs.83.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared by
: |
NIS |
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 |
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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 |
|
|
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 |
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|
-- |
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.