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Report No. : |
315678 |
|
Report Date : |
10.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
KDDI CORPORATION |
|
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|
|
Registered Office : |
Garden Air Tower 25F, 3-10-10 Iidabashi Chiyodaku Tokyo 102-8460 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
June, 1984 |
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Com. Reg. No.: |
0111-01-031552 (Tokyo-Shinjukuku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Telecommunications Service Provider |
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No. of Employees : |
28,271 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. 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 |
KDDI CORPORATION
REGD NAME: KDDI
KK
MAIN OFFICE: Garden
Air Tower 25F, 3-10-10 Iidabashi Chiyodaku Tokyo 102-8460 JAPAN
Tel:
03-3347-0077 Fax: 03-3347-7000
E-Mail address: info@kddi.com
Telecommunications
service provider
Sapporo, Sendai, Saitama, Yokohama, Kanazawa, Nagoya, Osaka,
Hiroshima, Fukuoka, other (Tot180).
USA (3), Asia (3),
Europe (3), Oceania (1), South Africa, other
TADASHI TANAKA,
PRES & CEIO
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 4,333,628 M
PAYMENTSREGULAR CAPITAL Yen 141,851 M
TREND STEADY WORTH Yen 2,916,989 M
STARTED 1984 EMPLOYES 28,271
TELECOMMUNICATIONS SERVICE PROVIDER.
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 |
3,434,545 |
440,676 |
255,122 |
(%) |
2,171,839 |
|
(Consolidated) |
31/03/2012 |
3,572,098 |
451,178 |
238,604 |
4.00 |
2,128,624 |
|
31/03/2013 |
3,662,288 |
514,421 |
241,469 |
2.52 |
2,323,363 |
|
|
31/03/2014 |
4,333,628 |
662,887 |
322,038 |
18.33 |
2,916,989 |
|
|
31/03/2015 |
4,600,000 |
735,000 |
424,000 |
6.15 |
.. |
Unit: In Million Yen
Forecast
(or estimated) figures for 31/03/2015 fiscal term
This is the
comprehensive communications service provider of fixed and mobile phone
service, with mobile phone (branded as “au”) business as mainline. Second ranked in the mobile phone market in Japan after NTT DoCoMo. Affiliate of
Kyocera Corp. Merged with KDD and IDO
in Oct 2000. Emphasis placed more on expansion of the IP networks and broad-band business. Make J. COM its consolidated subsidiary. The company will
address service disruptions that occurred frequently from early 2013 under the
direct control of the president. It aims for
double-digit growth of operating profit each year by the March 2016 term. Payout ratio will be targeted at 30%-plus.
The sales volume
for Mar/2014 fiscal term amounted to Yen 4,333,628 million, an 18.3% up from
Yen 3,662,288 million in the previous term.
“J-Com” made a contribution. Revenues
in the mobile communications services rose, backed by the growth in demand for
LTE smartphones. The fixed telephone
service business became profitable, aided by discount combined with
smartphones. The recurring profit was
posted at Yen 662,887 million and the net profit at Yen 322,038 million,
respectively, compared with Yen 514,421 million recurring profit and Yen
241,469 million net profit, respectively, a year ago.
(Apr/Dec/2014
results): Sales Yen 3351,924 million (up 5.4%), operating profit Yen 585,021
million (up 9.7%), recurring profit Yen 593,102 million (up 10.1%), net profit
Yen 350,971 million (up 30.6%). (% as
compared with the corresponding period a year ago)
For the current
term ending Mar 2015 the recurring profit is projected at Yen 735,000 million
and the net profit at Yen 424,000 million, on a 6.1% rise in turnover, to Yen
4,600,000 million. The mobile
communications service will continue expanding.
Net profits will reach a new high consecutively.
The financial situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Jun 1984
Regd No.:
0111-01-031552
(Tokyo-Shinjukuku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized:
700 million shares
Issued: 448,481,800
shares
Sum: Yen
141,851 million
Major shareholders
(%):
Kyocera Corp (12.7), Toyota Motor (11.0), Company’s Treasury Stock (6.9),
Master Trust Bank of Japan T (5.3), Japan Trust Bank of Japan T (4.2), State Street Bank & Trust (2.9), State
Street Bank & Trust 505223 (1.6), Chase London SL Omnibus Acct (1.4), State
Street Bank & Trust 505225 (1.0), Mellon Bank Mellon Omnibus US P (0.8);
foreign owners (38.0).
No. of shareholders: 52,993
Listed on the S/Exchange (s) of: Tokyo
Managements: Tadashi Onodera,
ch; Tadashi Tanaka, pres; Hirofumi Morozumi, v pres; Makoto Takahashi, s/mgn
dir; Yoshiharu Shimatani, s/mgn dir; Yuzo Ishikawa, s/mgn dir; Masahiro Inoue,
mgn dir; Hideo Yuasa, mgn dir; Tsutomu Fukuzaki, mgn dir; Hidehiko Tajima, mgn dir
Nothing
detrimental is known as to the commercial morality of executives.
Related
companies: KDDI Network & Solutions, Okinawa Cellular Phone Co, JCN, Chubu Telecommunication, other
Activities:
Telecommunications service provider: telephone service, Internet service, Intranet service, data center services,
domestic & overseas: personal (76%), value (4%), Business (14%), global (5%), others (1%).
Clients: Business firms, individual users, other
No. of accounts:
Unavailable
Domestic areas of
activities: Nationwide
Suppliers: Mfrs, wholesalers.
Payment record: Regular
Location: Business area in Tokyo.
Office premises at the caption address are leased and maintained
satisfactorily.
Bank References:
MUFG (Tokyo)
Mizuho Bank (H/O)
Relations: Satisfactory
|
FINANCES: (Consolidated
in million yen) |
||||
|
|
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Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
||||
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Annual Sales |
|
4,333,628 |
3,662,288 |
|
|
Cost of Sales |
1,826,481 |
1,840,571 |
||
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GROSS PROFIT |
2,507,147 |
1,921,717 |
||
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Selling & Adm Costs |
1,843,902 |
79,486 |
||
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OPERATING PROFIT |
663,245 |
512,669 |
||
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Non-Operating P/L |
-358 |
1,752 |
||
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RECURRING PROFIT |
662,887 |
514,421 |
||
|
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NET PROFIT |
322,038 |
241,469 |
|
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BALANCE SHEET |
||||
|
Cash |
|
222,050 |
96,952 |
|
|
Receivables |
1,094,919 |
971,244 |
||
|
Inventory |
86,060 |
56,942 |
||
|
Securities, Marketable |
273 |
231 |
||
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Other Current Assets |
142,297 |
125,500 |
||
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TOTAL CURRENT ASSETS |
1,545,599 |
1,250,869 |
||
|
Property & Equipment |
1,764,732 |
1,667,538 |
||
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Intangibles |
197,918 |
210,260 |
||
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Investments, Other Fixed Assets |
1,437,507 |
956,332 |
||
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TOTAL ASSETS |
4,945,756 |
4,084,999 |
||
|
Payables |
|
|
||
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Short-Term Bank Loans |
233,466 |
176,436 |
||
|
|
|
|
||
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Other Current Liabs |
1,795,301 |
1,585,199 |
||
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TOTAL CURRENT LIABS |
2,028,767 |
1,761,635 |
||
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Debentures |
204,998 |
259,997 |
||
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Long-Term Bank Loans |
518,697 |
244,727 |
||
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Reserve for Retirement Allw |
17,339 |
13,509 |
||
|
Other Debts |
|
(741,034) |
(518,233) |
|
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TOTAL LIABILITIES |
2,028,767 |
1,761,635 |
||
|
MINORITY INTERESTS |
||||
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Common
stock |
141,851 |
141,851 |
||
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Additional
paid-in capital |
385,942 |
367,144 |
||
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Retained
earnings |
2,291,730 |
2,055,586 |
||
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Evaluation
p/l on investments/securities |
45,731 |
38,882 |
||
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Others |
213,556 |
65,901 |
||
|
Treasury
stock, at cost |
(161,821) |
(346,001) |
||
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TOTAL S/HOLDERS` EQUITY |
2,916,989 |
2,323,363 |
||
|
|
TOTAL EQUITIES |
4,945,756 |
4,084,999 |
|
|
CONSOLIDATED CASH FLOWS |
||||
|
Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
Cash
Flows from Operating Activities |
|
772,207 |
523,908 |
|
|
Cash
Flows from Investment Activities |
-546,257 |
-472,992 |
||
|
Cash
Flows from Financing Activities |
-105,643 |
-140,249 |
||
|
|
Cash,
Bank Deposits at the Term End |
|
212,530 |
87,288 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
Net
Worth (S/Holders' Equity) |
2,916,989 |
2,323,363 |
||
|
Current
Ratio (%) |
76.18 |
71.01 |
||
|
Net Worth
Ratio (%) |
58.98 |
56.88 |
||
|
Recurring
Profit Ratio (%) |
15.30 |
14.05 |
||
|
Net
Profit Ratio (%) |
7.43 |
6.59 |
||
|
Return
On Equity (%) |
11.04 |
10.39 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.26 |
|
|
1 |
Rs.92.49 |
|
Euro |
1 |
Rs.66.99 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
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|
Report Prepared
by : |
NIT |
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 |
|
|
-- |
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.