MIRA INFORM REPORT
|
Report Date : |
10.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOYO SEIKAN GROUP HOLDINGS LTD |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
July 1941 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufactures food/beverage
containers, plastic bottles, other |
|
|
|
|
No. of Employees : |
18,344 |
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 35,140.0 million |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Regular |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
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 |
Company name and address
TOYO SEIKAN GROUP HOLDINGS LTD
REGD NAME: Toyo
Seikan Group Holdings KK
MAIN OFFICE: Osaki
Forest Bldg, 2-18-1 Higashi-Gotanda Shinagawaku Tokyo 141-8627
JAPAN
Tel:
03-4514-2000 Fax: 03-3280-8111 -
URL: http://www.tskg-hd.com
E-Mail
address: (thru the URL)
ACTIVITIES
Mfg of
food/beverage containers, plastic bottles, other
BRANCHES
18
nationwide
OVERSEAS
USA,
China, Thailand, Vietnam, Malaysia (--also factories)
FACTORIES
Chitose,
Osaka, Yokohama, Nagoya, other (Tot 15);
Overseas
as above
CHIEF EXEC
TAKAO
NAKAI, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 785,245 M
PAYMENTSREGULAR CAPITAL Yen
11,094 M
TREND UP WORTH Yen
667,765 M
STARTED 1941 EMPLOYES 18,344
COMMENT
MFR OF FOOD/BEVERATE CONTAINERS,
PLASTIC BOTTLES, OTHER
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 35,140.0
MILLION, 30 DAYS NORMAL TERMS
Unit: In Million Yen
Forecast figures for the 31/03/2015
fiscal term.
HIGHLIGHTS
This
is the top-ranked mfr of food/beverage containers and plastic bottles, maintaining
overwhelming market share. First
specialized can producer set up in 1917.
Current firm emerged from 1941 merger of 7 can makers. Moved into plastic containers in 1962. Strong in overseas business, having mfg
factories in China, Asia, USA, other. In
Apr 2013, the firm transferred to a holding company structure and company name
changed as captioned.
FINANCIAL INFORMATION
The sales volume for Mar/2014
fiscal term amounted to Yen 785,245 million, a 7.2% up from Yen 732,771 million
in the previous term. Increased
production capacity in Asian sites including Thailand contributed. The recurring profit was posted at Yen 29,605
million and the net profit at Yen 13,800 million, respectively, compared with
Yen 22,872 million recurring profit and Yen 11,232 million net profit,
respectively, a year ago.
(Apr/Jun/2024 results): Sales
Yen 201,552 million (up 1.7%), operating profit Yen 7,780 million (down 20.8%),
recurring profit Yen 8,180 million (down 31.6%), net profit Yen 4,689 million
(down 44.9%). (% as compared with the
corresponding period a year ago).
For the
current term ending Mar 2015 the recurring profit is projected at Yen 24,500
million and the net profit at Yen 13,000 million, respectively, on a 0.9% rise
in turnover, to Yen 792,000 million.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 35,140.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jul 1941
Legal Status: Limited Company (Kabushiki Kaisha
Authorized: 450 million shares
Issued:
217,775,067 shares
Sum: Yen 11,094
million
Major shareholders (%): Master Trust Bank of Japan T
(8.7), Toyo College of Food Technology (7.4), Company’s Treasury Stock (6.8), Japan
Trustee Services T (6.3), Toyo Institute of Food Tech (5.6), SMBC (2.9), Fukoku
Life Ins (2.5), Sumitomo Mitsui Trust Bank (2.5), Toyo Ink SC Holdings (1.7),
Gunma Bank (1.6); foreign owners (24.4)
No. of shareholders: 6,020
Listed on the S/Exchange (s) of:
Tokyo
Managements: Shunji Kaneko, ch; Takao Nakai, pres;
Fujio Yamagata, s/mgn dir; Yoshitsugu Maruhashi, s/mgn dir; Atsuo Fujii, s/mgn
dir; Mizuo Arai, dir; Katsuhiko Mitsuo, dir; Hideaki Kobayashi, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Toyo Seikan Co, Toyo Glass, Toyo
Seikan, Tokan Kogyo, other.
OPERATION
Activities: Manufactures food/beverage containers,
plastic bottles, other
(Sales Breakdown by Divisions):
Container-Related (86%): metal cans, plastic containers,
caps, bottles, paper containers & aerosol products, other;
Steel Plate-Related (5%): materials for cans, materials
for electric & electronic components, materials for automobile & industry
machinery parts, construction materials & materials for household
electronic appliances;
Real Estate-Related (1%);
Others (2%)
Overseas Sales Ratio (16%)
Clients: [Mfrs, wholesalers] Toyo Seikan Co,
Toyo Kohan Co, Tokan Kogyo, Nippon Closures Co, Toyo Aerosol Ind, Tokan
Material Technology, other
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Payment record:
Regular
Location: Business area in Tokyo. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References:
SMBC
(Hibiya)
MUFG
(Toranomon-Chuo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||
|
|
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
|
|
||
|
|
Annual Sales |
|
785,245 |
732,771 |
|
|
Cost of Sales |
674,751 |
636,233 |
|
|
|
GROSS PROFIT |
110,493 |
96,538 |
|
|
|
Selling & Adm Costs |
82,635 |
80,381 |
|
|
|
OPERATING PROFIT |
27,858 |
16,156 |
|
|
|
Non-Operating P/L |
1,747 |
6,716 |
|
|
|
RECURRING PROFIT |
29,605 |
22,872 |
|
|
|
NET PROFIT |
13,800 |
11,232 |
|
|
BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
130,855 |
123,674 |
|
|
Receivables |
|
229,467 |
228,328 |
|
|
Inventory |
|
113,151 |
108,567 |
|
|
Securities, Marketable |
|
|
|
|
|
Other Current Assets |
(274,694) |
22,050 |
|
|
|
TOTAL CURRENT ASSETS |
198,779 |
482,619 |
|
|
|
Property & Equipment |
340,034 |
312,317 |
|
|
|
Intangibles |
|
86,280 |
75,520 |
|
|
Investments, Other Fixed Assets |
443,432 |
120,615 |
|
|
|
TOTAL ASSETS |
1,068,525 |
991,071 |
|
|
|
Payables |
|
88,622 |
81,658 |
|
|
Short-Term Bank Loans |
30,954 |
27,956 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
72,014 |
72,391 |
|
|
|
TOTAL CURRENT LIABS |
191,590 |
182,005 |
|
|
|
Debentures |
|
5,000 |
5,000 |
|
|
Long-Term Bank Loans |
103,740 |
88,244 |
|
|
|
Reserve for Retirement Allw |
59,875 |
49,524 |
|
|
|
Other Debts |
|
40,555 |
31,356 |
|
|
TOTAL LIABILITIES |
400,760 |
356,129 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common
stock |
11,094 |
11,094 |
|
|
|
Additional
paid-in capital |
1,361 |
1,361 |
|
|
|
Retained
earnings |
568,766 |
557,704 |
|
|
|
Evaluation
p/l on investments/securities |
42,388 |
32,400 |
|
|
|
Others |
|
68,928 |
57,151 |
|
|
Treasury
stock, at cost |
(24,772) |
(24,769) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
667,765 |
634,941 |
|
|
|
TOTAL EQUITIES |
1,068,525 |
991,071 |
|
|
CONSOLIDATED CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
Cash
Flows from Operating Activities |
|
60,990 |
60,454 |
|
|
Cash
Flows from Investment Activities |
-66,887 |
-63,441 |
|
|
|
Cash
Flows from Financing Activities |
9,310 |
-3,717 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
127,308 |
121,063 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
|
|
Net Worth
(S/Holders' Equity) |
667,765 |
634,941 |
|
|
|
Current
Ratio (%) |
103.75 |
265.17 |
|
|
|
Net
Worth Ratio (%) |
62.49 |
64.07 |
|
|
|
Recurring
Profit Ratio (%) |
3.77 |
3.12 |
|
|
|
Net
Profit Ratio (%) |
1.76 |
1.53 |
|
|
|
Return
On Equity (%) |
2.07 |
1.77 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.04 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.77.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
PDT |
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.