|
Report Date : |
15.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOPPAN PRINTING CO LTD |
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Registered Office : |
1-5-1, Taito, Taito-ku, Tokyo 110-8560 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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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 a Printing house which has been diversified into seven Business areas such as Securities & Cards, Commercial Printing, Publications Printing, Packaging, Industrial Materials, Electronics & Semiconductor Solutions |
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No of Employees : |
48,478 |
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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|
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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 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 |
TOPPAN PRINTING CO LTD
Toppan Insatsu KK
1-5-1, Taito, Taito-ku, Tokyo 110-8560, Japan
Tel: (03) 3835-5111
1 Kanda-Izumicho
Chiyodaku Tokyo 101-0024 JAPAN
Tel: 03-3835-5111
*.. The is its Osaka Office
URL: http.//.www.toppan.co.jp
E-Mail address: (thru the URL)
Subject is a Printing house which has been diversified into seven Business areas such as Securities & Cards, Commercial Printing, Publications Printing, Packaging, Industrial Materials, Electronics & Semiconductor Solutions
Sapporo,
Sendai, Niigata, Chitose, Osaka, Fukuoka, Hiroshima, other (Tot 14)
USA
(4), UK, Greece, China (9), Hong Kong, Taiwan (4), Thailand, India, Indonesia,
Singapore (2)
Sapporo, Niigata, Chitose, Sendai, Sagamihara, Fukuoka, other
SHINGO KANEKO, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 1,532,042 M
PAYMENTS No
Complaints CAPITAL Yen 104,986 M
TREND STEADY WORTH Yen 913,107 M
STARTED 1908 EMPLOYES 48,478
PRINTING HOUSE.
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
1,556,457 |
44,522 |
12,153 |
(%) |
864,016 |
|
(Consolidated) |
31/03/2012 |
1,510,414 |
30,850 |
3,068 |
-2.96 |
866,218 |
|
|
31/03/2013 |
1,502,307 |
36,966 |
18,562 |
-0.54 |
888,422 |
|
|
31/03/2014 |
1,532,042 |
37,717 |
20,621 |
1.98 |
913,107 |
|
|
31/03/2015 |
1,560,000 |
40,000 |
20,000 |
1.82 |
.. |
Unit: In Million Yen
Forecast (or estimated) figures for
31/03/2015 fiscal term
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 will reinforce sales of IC cards and packaging materials for foods and daily goods in Europe and the USA. It will also start issuing services of non-contact IC credit cards for smartphones.
The sales volume for Mar/2014 fiscal term amounted to Yen 1,532,042 million, a 2.0% up from Yen 1,502,307 million in the previous term. Printing business, including magazines, slumped. But business on consignment grew. Sales of LCD filters also recovered. The recurring profit was posted at Yen 37,717 million and the net profit at Yen 20,621 million, respectively, compared with Yen 38,966 million recurring profit and Yen 18,562 million net profit, respectively, a year ago.
For the current term ending Mar/2015 the recurring profit is projected at Yen 40,000 million and the net profit at Yen 20,000 million, on a 1.8% rise in turnover, to Yen 1,560,000 million. Printing of magazines & fliers will struggle, but IC cards and business on consignment will expand. Sales of LCD filters will also rise steadily. Operating profit will post consecutive growth.
The financial situation is considered FAIR and good for ORDINARY business engagements.
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 (5.1), Nippon Life Ins (4.6), Japan Trustee Services T (3.6), Dai-ichi Life Ins (3.2), Employees’ S/Holding Assn (2.4), MUFG (2.2), SMBC (2.2), Kodansha Ltd (1.9), Toyo Ink SC Holdings (1.5); foreign owners (19.8)
No. of shareholders: 32,810
Listed on the S/Exchange (s) of: Tokyo
Managements: Naoki Adachi, ch; Shingo Kaneko, pres; Jitsumei Takamiyagi, v pres; Yo shiro Furuya, s/mgn dir; Mitsuru Ominato, s/mn dir; Yoshiyuki Nagayama, s/mgn dir; Yuichi Kumamoto, mgn dir; Yukio Maeda, mgn dir; Shin’ichi Ohkubo, mgn dir; Atsushi Ito, mgn dir; Hidetaka Kakitani, mgn dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Toppan Formes, Tosho Insatsu, Toppan Cosmo, other
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, Japan Display, Dentsu Management Services Inc, Mizuho Factors Ltd, AMBC, Hisamitsu Pharmaceutical Co Inc, Recruit, other
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, ink makers, wholesalers] Toppan Graphic Communications, Toyo Ink Mfg, International Pulp & Paper, Toppan Plastic, Shinsei Pulp & Paper Co, 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
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
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|||
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Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
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||
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Annual Sales |
|
1,532,042 |
1,502,307 |
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Cost of Sales |
1,280,003 |
1,253,964 |
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GROSS PROFIT |
252,038 |
248,343 |
|
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Selling & Adm Costs |
216,316 |
216,250 |
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OPERATING PROFIT |
35,721 |
32,092 |
|
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Non-Operating P/L |
1,996 |
4,874 |
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RECURRING PROFIT |
37,717 |
36,966 |
|
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NET PROFIT |
20,621 |
18,562 |
|
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BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
182,373 |
166,613 |
|
|
Receivables |
|
398,105 |
410,241 |
|
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Inventory |
|
87,915 |
91,661 |
|
|
Securities, Marketable |
134,133 |
100,434 |
|
|
|
Other Current Assets |
34,155 |
31,696 |
|
|
|
TOTAL CURRENT ASSETS |
836,681 |
800,645 |
|
|
|
Property & Equipment |
553,291 |
552,510 |
|
|
|
Intangibles |
|
22,855 |
20,169 |
|
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Investments, Other Fixed Assets |
299,524 |
259,741 |
|
|
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TOTAL ASSETS |
1,712,351 |
1,633,065 |
|
|
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Payables |
|
276,595 |
265,997 |
|
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Short-Term Bank Loans |
15,537 |
12,959 |
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|
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Other Current Liabs |
128,020 |
174,165 |
|
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TOTAL CURRENT LIABS |
420,152 |
453,121 |
|
|
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Debentures |
|
125,338 |
123,079 |
|
|
Long-Term Bank Loans |
93,921 |
100,371 |
|
|
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Reserve for Retirement Allw |
0 |
41,232 |
|
|
|
Other Debts |
|
159,832 |
26,840 |
|
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TOTAL LIABILITIES |
799,243 |
744,643 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common
stock |
104,986 |
104,986 |
|
|
|
Additional
paid-in capital |
117,738 |
117,738 |
|
|
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Retained
earnings |
591,157 |
582,095 |
|
|
|
Evaluation
p/l on investments/securities |
33,070 |
24,322 |
|
|
|
Others |
|
122,160 |
115,200 |
|
|
Treasury
stock, at cost |
(56,004) |
(55,919) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
913,107 |
888,422 |
|
|
|
TOTAL EQUITIES |
1,712,351 |
1,633,065 |
|
|
CONSOLIDATED CASH FLOWS |
|
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||
|
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
Cash
Flows from Operating Activities |
|
118,026 |
103,595 |
|
|
Cash
Flows from Investment Activities |
-108,648 |
-52,138 |
|
|
|
Cash Flows
from Financing Activities |
15,012 |
7,050 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
287,689 |
256,057 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
913,107 |
888,422 |
|
|
|
Current
Ratio (%) |
199.14 |
176.70 |
|
|
|
Net
Worth Ratio (%) |
53.32 |
54.40 |
|
|
|
Recurring
Profit Ratio (%) |
2.46 |
2.46 |
|
|
|
Net
Profit Ratio (%) |
1.35 |
1.24 |
|
|
|
Return
On Equity (%) |
2.26 |
2.09 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.88 |
|
UK Pound |
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
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.