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Report Date : |
03.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
LINTEC CORPORATION |
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Registered Office : |
23-23 Honcho ItabashikuTokyo 173-0001 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
October, 1934 |
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Legal Form : |
Limited Company (Kabushiki Kaisha |
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Line of Business : |
Mfg of adhesive tapes, films,
packaging tapes |
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No. of Employees : |
4,283 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – 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 |
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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.
|
Source
: CIA |
LINTEC CORPORATION
Lintec KK
23-23 Honcho
ItabashikuTokyo 173-0001 JAPAN
Tel:
03-5248-7711 Fax: 03-5248-7760
*.. The is its Branch Office -
URL: http://www.lintec.co.jp
E-Mail
address: info@lintec.co.jp
Mfg of
adhesive tapes, films, packaging tapes
Sapporo,
Sendai, Toyama, Nagoya, Osaka, Fukuoka (Tot10)
China,
USA, Europe, other
Gunma,
Saitama (3),Chiba, Hyogo (3), Ehime (2), other
HIEOYUKI
NISHIO, PREES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 190,844 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 23,201 M
TREND SLOW WORTH Yen 143,569 M
STARTED 1934 EMPLOYES 4,283
MFR OF ADHESIVE MATERIALS; AFFILIATED TO NIPPON PAPER IND CO
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 |
189,348 |
11,300 |
7,284 |
(%) |
121,502 |
|
(Consolidated) |
31/03/2011 |
212,733 |
19,520 |
13,022 |
12.35 |
130,576 |
|
|
31/03/2012 |
200,905 |
13,613 |
8,648 |
-5.56 |
132,847 |
|
|
31/03/2013 |
190,844 |
10,981 |
7,681 |
-5.01 |
143,569 |
|
|
31/03/2014 |
210,000 |
15,000 |
10,500 |
10.04 |
.. |
Unit:
In Million Yen
Forecast figures for the
31/03/2014 fiscal term.
The
subject company was originally established for mfg adhesive tapes and has grown
to the largest mfr of gum and adhesive products such as tapes, films and
packaging tapes. Products are used widely
in construction, auto & IT Industries.
Also holds largest market share in calling card envelope and
fore-retardant wall papers. Accordingly,
products label-printing machines, packaging machines, etc. Specialty papers, processed papers and
processed films are also mainstay.
The
sales volume for Mar/2013 fiscal term amounted to Yen 190,844 million, a 5.6%
down from Yen 200,905 million in the previous term. The recurring profit was posted at Yen 10,981
million and the net profit at Yen 7,681 million, respectively, compared with
Yen 13,613 million recurring profit and Yen 8,648 million net profit,
respectively, a year ago.
(Apr/Sept/2013
results): Sales Yen 98,834 million (up 2.9%), operating profit Yen 6,762
million (up 18.3%), recurring profit Yen 6,811 million (up 20.9%), net profit
Yen 4,783 million (up 16.0%). (% as
compared with the corresponding period a year ago)
For
the current term ending Mar 2014 the recurring profit is projected at Yen
15,000 million and the net profit at Yen 10,500 million, on a 10.0% rise in
turnover, to Yen 210,000 million. Sales
of semiconductor adhesive products, including for smartphones and tablets, are
faring well.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
Date Registered: Oct 1934
Legal Status: Limited Company (Kabushiki Kaisha
Authorized: 300
million shares
Issued:
76,584.240
Sum: Yen 23,201 million
Major shareholders (%): Nippon Paper Industries
(28.3), Japan Trustee Services T9 (3.6), Japan Trustee Services T (3.6), Tamie
Shoji (3.0), Zenkyoren (2.9), Master Trust Bank of Japan T (2.9), Chase London
Sl Omnibus Acct (2.8), Eiko Shiwaku (2.6), Company’s Treasury Stock (2.4),
Goldman Sachs International (1.6); foreign owners (23.2)
No. of shareholders: 7,043
Listed on the S/Exchange (s) of:
Tokyo
Managements: Akihiko Ouchi, ch; Hiroyuki Nishio,
pres; Hitoshi Asai dir; Shigeru
Kawasaki, dir; Koji Ichihashi, dir; Toshiro Nakamori, dir; Hiroaki Chihara,
dir; Yoshio Miyaoshi, dir; Masahiro Yoshida, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies:
Lintec USA, Lintec Tianjin, other.
Activities: Manufactures pressure-sensitive
adhesive tapes, films, packaging materials, Label printing machines, optically
functional film, specialty papers, others;
(Sales Breakdown)
Printing materials and industrial materials-related (43%)
Electronics & Optical-related (38%)
Papers &work timbers-related (19%)
Overseas Sales Ratio (34%)
Clients: [Mfrs, wholesalers] Japan Seal
Printing Coop, San-Mic Chiyoda, other
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Sumitomo Chemical, San-Mic Chiyoda,, other
Payment record: No
Complaints
Location:
Business area in Tokyo. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References:
MUFG
(Itabashi)
Mizuho
Bank (Itabashi)
Relations:
Satisfactory
(In Million Yen)
|
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 |
|
190,844 |
200,905 |
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Cost
of Sales |
150,432 |
158,738 |
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GROSS
PROFIT |
40,411 |
42,167 |
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Selling
& Adm Costs |
29,847 |
28,192 |
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OPERATING
PROFIT |
10,564 |
13,975 |
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Non-Operating
P/L |
417 |
-362 |
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RECURRING
PROFIT |
10,981 |
13,613 |
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NET
PROFIT |
7,681 |
8,648 |
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BALANCE SHEET |
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Cash |
|
44,603 |
40,907 |
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Receivables |
|
61,791 |
64,765 |
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Inventory |
|
27,531 |
27,217 |
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Securities,
Marketable |
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Other
Current Assets |
4,580 |
4,340 |
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TOTAL
CURRENT ASSETS |
138,505 |
137,229 |
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Property
& Equipment |
64,915 |
62,273 |
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Intangibles |
|
3,047 |
2,345 |
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Investments,
Other Fixed Assets |
9,581 |
8,356 |
|
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TOTAL
ASSETS |
216,048 |
210,203 |
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Payables |
|
43,124 |
45,612 |
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Short-Term
Bank Loans |
1,430 |
1,320 |
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Other
Current Liabs |
12,357 |
15,143 |
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TOTAL
CURRENT LIABS |
56,911 |
62,075 |
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Debentures |
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Long-Term
Bank Loans |
|
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Reserve
for Retirement Allw |
14,136 |
13,914 |
|
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Other
Debts |
|
1,431 |
1,366 |
|
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TOTAL
LIABILITIES |
72,478 |
77,355 |
|
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MINORITY
INTERESTS |
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Common
stock |
23,201 |
23,201 |
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Additional
paid-in capital |
26,830 |
26,830 |
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Retained
earnings |
99,198 |
94,281 |
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Evaluation
p/l on investments/securities |
213 |
117 |
|
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Others |
|
(3,121) |
(8,832) |
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Treasury
stock, at cost |
(2,752) |
(2,750) |
|
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TOTAL
S/HOLDERS` EQUITY |
143,569 |
132,847 |
|
|
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TOTAL
EQUITIES |
216,018 |
210,203 |
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CONSOLIDATED CASH FLOWS |
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||
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Terms
ending: |
31/03/2013 |
31/03/2012 |
|
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Cash
Flows from Operating Activities |
|
19,619 |
18,910 |
|
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Cash
Flows from Investment Activities |
-13,966 |
-12,282 |
|
|
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Cash
Flows from Financing Activities |
-2,877 |
-12,262 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
40,739 |
36,036 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
||
|
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Net
Worth (S/Holders' Equity) |
143,569 |
132,847 |
|
|
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Current
Ratio (%) |
243.37 |
221.07 |
|
|
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Net
Worth Ratio (%) |
66.46 |
63.20 |
|
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Recurring
Profit Ratio (%) |
5.75 |
6.78 |
|
|
|
Net
Profit Ratio (%) |
4.02 |
4.30 |
|
|
|
Return
On Equity (%) |
5.35 |
6.51 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.48 |
|
|
1 |
Rs.102.95 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.