|
Report Date : |
03.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
KYODO PRINTING CO LTD |
|
|
|
|
Registered Office : |
4-14-12 Koishikawa Bunkyoku Tokyo 112-8501 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
December, 1918 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Subject is a Printing company |
|
|
|
|
No. of Employees : |
1,857 |
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 |
|
Maximum Credit Limit : |
Yen 3,497.0 million |
|
Status : |
Satisfactory |
|
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 – 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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 |
KYODO
PRINTING CO LTD
REGD
NAME: Kyodo Insatsu KK
MAIN
OFFICE: 4-14-12 Koishikawa Bunkyoku Tokyo
112-8501 JAPAN
Tel: 03-3817-2111 Fax: 03-3817-2617 -
URL: http://www.kyodoprinting.co.jp
E-Mail address: (thru the URL)
Printing company
Nagoya, Osaka, Kyoto
At the caption address, Ibaragi, Saitama
(2), Wakayama, Kyoto, other (Tot 8)
YOSHIAKI FUJIMORI, PRES
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 94,479 M
PAYMENTS NO
COMPLAINTS CAPITAL Yen 4,510 M
TREND UP WORTH Yen 51,074 M
STARTED 1918 EMPLOYES 1,857
COMPREHENSIVE PRINTING COMPANY
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 3,497.0 MILLION, 30
DAYS NORMAL TERMS
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
98,328 |
1,159 |
-1,592 |
(%) |
47,626 |
|
(Consolidated) |
31/03/2012 |
97,040 |
2,534 |
1,320 |
-1.31 |
48,324 |
|
31/03/2013 |
94,220 |
2,443 |
1,437 |
-2.91 |
49,840 |
|
|
31/03/2014 |
94,479 |
2,832 |
1,592 |
0.27 |
51,074 |
|
|
31/03/2015 |
96,000 |
3,000 |
1,700 |
1.61 |
.. |
Unit:
In Million Yen
Forecast figures
for the 31/03/2015 fiscal term.
This is the third largest
comprehensive printing company, though much smaller in scale than Big 2. Commercial printing is the mainline. Strengthening PS (data print service) and
website selling e-comics businesses.
Also engaged in production of lifestyle products, such as toothpaste
tubes and paper containers. The company
aims to stimulate printing demand through strengthening digital capabilities
and planning proposals, including appendices.
It will reinforce ties between sales and manufacturing departments.
The sales volume
for Mar/2014 fiscal term amounted to Yen 94,479 million, a 0.3% up from Yen
94,220 million in the previous term.
Printing was affected by slumping books and struggling packaging
materials for foods. But magazines and comics
fared well, and catalog printing rose, backed by blanket orders integrating
sales promotions and business support.
The recurring profit was posted at Yen 2,832 million and the net profit
at Yen 1,592 million, respectively, compared with Yen 2,443 million recurring
profit and Yen 1,437 million net profit, respectively, a year ago.
For the current
term ending Mar 2015 the recurring profit is projected at Yen 3,000 million and
the net profit at Yen 1,700 million, respectively, on a 1.6% rise in turnover,
to Yen 96,000 million. Comic’s sales
promotion and business support will drive sales.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 3,497.0
million, on 30 days normal terms.
Date Registered: Dec 1918
Legal
Status: Limited Company (Kabushiki Kaisha
Authorized: 360.8 million shares
Issued:
90,200,000 shares
Sum: Yen 4,510 million
Major shareholders
(%):
MTBJ (DIC) (9.4), Japan Trustee Services T (6.6), Tokyo Printing Ink Mfg (6.4),
Mizuho Bank 3.1), Japan Trustee Services T4 (3.0), Company’s Treasury Stock
(2.6), Asahi Life Ins (2.4), Toyo Ink SC Holdings (2.4), CBNYDFA Int’l Small
Cap Value P (2.2), Employees’ S/Holding Assn (2.0); foreign owners (8.3)
No. of
shareholders: 6,035
Listed
on the S/Exchange (s) of: Tokyo
Managements: Toshiaki Inagi,
ch; Yoshiaki Fujimori, pres; Mikio Miyoshi, mgn dir; Makoto Ogasawars, mgn dir;
Kazushi Shimizu, mgn dir; Haruo Osawa, mgn dir; Minoru Hitomi, mgn dir; Masaaki
Handa, dir; Kazuyoshi Ido, dir
Nothing detrimental is known as to the
commercial morality of executives.
Related companies: Kyodo Butsuryu
(Distribution), Kyodo Printing Nishinippon, Cosmo Graphic, other.
Activities: Printing firm:
Publishing & commercial printing (50%), business media (28%), lifestyle and
industrial materials (20%), others (2%)
Clients: [Mfrs,
wholesalers] Shueisha Inc, Nippon Zettoc Co, Kao Corp, Baseball Magazine,
Mizuho Bank, Kodansha Ltd, Plus Corp, Shogakukan Inc, other
No.
of accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Kokusai Pulp & Paper Inc, Nippon Pulp & Paper
Trading, Dinos Inc, Cosmo Graphic, other
Payment
record: No complaints
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank
References:
Mizuho
Bank (H/O)
SMBC
(Ueno)
Relations:
Satisfactory
|
FINANCES: (Consolidated in million yen) |
|
|||
|
|
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
||||
|
Annual Sales |
|
94,479 |
94,220 |
|
|
Cost of Sales |
78,881 |
79,210 |
||
|
GROSS PROFIT |
15,598 |
15,010 |
||
|
Selling & Adm Costs |
13,498 |
13,196 |
||
|
OPERATING PROFIT |
2,100 |
1,813 |
||
|
Non-Operating P/L |
732 |
630 |
||
|
RECURRING PROFIT |
2,832 |
2,443 |
||
|
|
NET PROFIT |
1,592 |
1,437 |
|
|
BALANCE SHEET |
||||
|
Cash |
|
13,552 |
13,403 |
|
|
Receivables |
26,511 |
27,437 |
||
|
Inventory |
4,953 |
5,113 |
||
|
Securities, Marketable |
7 |
|
||
|
Other Current Assets |
1,003 |
1,529 |
||
|
TOTAL CURRENT ASSETS |
46,026 |
47,482 |
||
|
Property & Equipment |
37,378 |
38,141 |
||
|
Intangibles |
1,237 |
980 |
||
|
Investments, Other Fixed Assets |
11,363 |
10,135 |
||
|
TOTAL ASSETS |
96,004 |
96,738 |
||
|
Payables |
18,656 |
18,460 |
||
|
Short-Term Bank Loans |
2,250 |
3,179 |
||
|
|
|
|
||
|
Other Current Liabs |
8,911 |
6,865 |
||
|
TOTAL CURRENT LIABS |
29,817 |
28,504 |
||
|
Debentures |
5,000 |
7,000 |
||
|
Long-Term Bank Loans |
2,931 |
5,160 |
||
|
Reserve for Retirement Allw |
6,104 |
5,264 |
||
|
Other Debts |
|
1,078 |
970 |
|
|
TOTAL LIABILITIES |
44,930 |
46,898 |
||
|
MINORITY INTERESTS |
||||
|
Common stock |
4,510 |
4,510 |
||
|
Additional paid-in capital |
1,742 |
1,742 |
||
|
Retained earnings |
43,078 |
42,188 |
||
|
Evaluation p/l on
investments/securities |
2,665 |
1,942 |
||
|
Others |
(376) |
3 |
||
|
Treasury stock, at cost |
(545) |
(545) |
||
|
TOTAL S/HOLDERS` EQUITY |
51,074 |
49,840 |
||
|
|
TOTAL EQUITIES |
96,004 |
96,738 |
|
|
CONSOLIDATED CASH FLOWS |
||||
|
Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
Cash Flows from Operating Activities |
|
8,065 |
6,197 |
|
|
Cash Flows from Investment
Activities |
-3,736 |
-3,216 |
||
|
Cash Flows from Financing Activities |
-4,145 |
-1,770 |
||
|
|
Cash, Bank Deposits at the Term End |
|
13,271 |
13,077 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
Net Worth (S/Holders' Equity) |
51,074 |
49,840 |
||
|
Current Ratio (%) |
154.36 |
166.58 |
||
|
Net Worth Ratio (%) |
53.20 |
51.52 |
||
|
Recurring Profit Ratio (%) |
3.00 |
2.59 |
||
|
Net Profit Ratio (%) |
1.69 |
1.53 |
||
|
Return On Equity (%) |
3.12 |
2.88 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.97 |
|
|
1 |
Rs.102.90 |
|
Euro |
1 |
Rs.82.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.