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Report No. : |
357119 |
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Report Date : |
24.12.2015 |
IDENTIFICATION DETAILS
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Name : |
CHIYODA GRAVURE CORPORATION |
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Registered Office : |
1-18-16 Osaki Shinagawaku Tokyo 141-0032 |
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Country : |
Japan |
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Financials (as on) : |
31.08.2015 |
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Date of Incorporation : |
Dec., 1948 |
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Com. Reg. No.: |
0107-01-006054 (Tokyo-Shinagawaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Printing House |
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No. of Employees : |
340 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
Slow but correct |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Japan |
A1 |
A1 |
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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 an 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. Scarce in many natural resources,
Japan has long been dependent on imported raw materials. Since the complete
shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster
in 2011, Japan's industrial sector has become even more dependent than it was
previously on imported fossil 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
impressive - 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 aftereffects 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 four times
since 2008. 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 of that year disrupted
manufacturing. The economy has largely recovered in the four years since the
disaster, although reconstruction in the affected Tohoku region has lagged, in
part due to a shortage of labor in the construction sector. Japan enjoyed a
sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s
“Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of
monetary easing, “flexible” fiscal policy, and structural reform. Abe’s
government has replaced the preceding administration’s plan to phase out nuclear
power with a new policy of seeking to restart nuclear power plants that meet
strict new safety standards, and emphasizing nuclear energy’s importance as a
base-load electricity source. Japan joined the Trans-Pacific Partnership (TPP)
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 2014 stood as the fourth-largest economy in the
world after first-place China, which surpassed Japan in 2001, and third-place
India, which edged out Japan in 2012. While seeking to stimulate and reform the
economy, the government must also devise a strategy for reining in Japan's huge
government debt, which amounts to more than 230% of GDP. To help raise
government revenue, Japan adopted legislation in 2012 to gradually raise the
consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8%
implemented in April 2014. That increase had a contractionary effect on GDP,
however, so PM Abe in late 2014 decided to postpone the final phase of the
increase until April 2017 to give the economy more time to recover. Led by the
Bank of Japan’s aggressive monetary easing, Japan is making progress in ending
deflation, but demographics - low birthrate and an aging, shrinking population
- pose major long-term challenges for the economy.
|
Source
: CIA |
CHIYODA GRAVURE CORPORATION
REGD NAME: KK
Chiyoda Gravure
MAIN OFFICE: 1-18-16
Osaki Shinagawaku Tokyo 141-0032 JAPAN
Tel: 03-3492-5311 Fax: 03-3492-5314
URL: http://www.chiyodagr.co.jp
E-Mail address: (thru the URL)
Printing house
Osaka, Shizuoka
India, China,
Korea, Taiwan, Australia, New Zealand, South Africa, Europe, USA (2), Mexico,
Columbia
At the caption
address, Ibaraki (3), Saitama
HIROYOSHI SATO,
PRES
Hisayoshi Sato, ch
Kunihiro Mutata, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 9,957 M
PAYMENTSSLOW BUT CORRECT CAPITAL Yen 100 M
TREND SLOW WORTH Yen 2,670 M
STARTED 1948 EMPLOYES 340
PRINTING HOUSE.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established by Hiroo Sato as a printing house
and has been succeeded by his descendants.
This is a specialized printing house offering gravure printing as a
mainline. First successful color gravure
printing in the industry in 1950. Has
four printing operation divisions: newspaper, magazines & catalogs;
industrial materials; packaging materials and House decorative materials (See OPERATION). The newspaper, magazine and
catalogs Division was transferred in 2010 to a subsidiary, Chiyoda Print Media
Corp. Clients include printing firms, food makers, building firms, other,
nationwide.
The sales volume
for Aug/2015 fiscal term amounted to Yen 9,957 million, a 6% down from Yen
10,576 million in the previous term. The
recurring profit was posted at Yen 50 million and the net profit at Yen 82
million, respectively, compared with Yen 261 million recurring profit and Yen
246 million net profit, respectively, a year ago.
For the current
term ending Aug 2016 the recurring profit is projected at Yen 260 million and
the net profit at Yen 240 million, respectively, on a 5% rise in turnover, to
Yen 10,450 million.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date
Registered: Dec 1948
Regd
No.: 0107-01-006054 (Tokyo-Shinagawaku)
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized:
20 million shares
Issued:
5 million shares
Sum:
Yen 100 million
Major shareholders (%): Prime Solution
(47.5), Hiroyoshi Sato (19), other
No.
of shareholders: 12
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Printing house
offering color gravure printing in four business divisions (--100%).
(Business
Divisions):
Industrial
Materials: in-mold transfer foil, transfer foil for daily commodities and writing
tools, various panels for electric home appliances and electronic instruments,
interior decorative materials for automobiles, synthetic leather transfer
molding, in-mold transfer printing, hydro pressure transfer printing, design
and sales of transferring & processing systems, various industrial
materials, transfer foil for cosmetics packages, toys and transfer foils for
vacuum & press molding;
Packaging
Materials: soft packaging materials for foods, square bottom bags, medical & agricultural
packing materials, various shrink labels and other light packing materials;
House Decorative
Materials: melamine, decorative paper for polyester boards, printing for various
decorative plywood, decorative coated paper sheet, decorative plastic sheet,
interior and exterior materials for floors, walls and ceiling, furniture,
fixture, standing finish fixture, melamine/DAP resin impregnated coating,
development and engraving of project design;
Books &
Magazine Printing (Chiyoda Print Media Corporation): color gravure,
offset magazines, fine art gravure printing, general magazines, books, color
gravure newspaper printing, bookbinding, cover processing, etc.
Clients: [Mfrs,
wholesalers] Ito En (16%), Marubeni Building materials, Tajima Inc, Chiyoda Print
Media, Toppan Printing, Chuo Kagaku Co, Navitas Inmolding Solutions, Pilot Ink,
Daiso Corp, Osaka Sofa, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers]
Toyo Ink Mfg, Itochu Plastics, Dainichiseika Color & Chemicals Mfg, DIC
Corp, Mitsubishi Shoji Packaging Corp, other
Payment record: Slow but correct
Location: Business area in Tokyo. Office premises
at the caption address are owned and maintained satisfactorily.
Bank
References:
SMBC
(Shinjuku-Nishiguchi)
Mizuho Bank
(Gotanda)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/08/2016 |
31/08/2015 |
31/08/2014 |
31/08/2013 |
|
|
Annual
Sales |
|
10,450 |
9,957 |
10,576 |
9,877 |
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Recur.
Profit |
|
260 |
50 |
261 |
225 |
|
Net
Profit |
|
240 |
82 |
246 |
202 |
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Total
Assets |
|
|
9,179 |
10,450 |
10,480 |
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Current
Assets |
|
|
4,519 |
5,136 |
4,767 |
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Current
Liabs |
|
|
2,754 |
4,065 |
4,328 |
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Net
Worth |
|
|
2,670 |
2,590 |
2,346 |
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Capital,
Paid-Up |
|
|
100 |
100 |
100 |
|
Div.Ttl
in Million (¥) |
|
|
2.59 |
2.59 |
2.59 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.95 |
-5.85 |
7.08 |
1.77 |
|
Current Ratio |
|
.. |
164.09 |
126.35 |
110.14 |
|
N.Worth Ratio |
|
.. |
29.09 |
24.78 |
22.39 |
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R.Profit/Sales |
|
2.49 |
0.50 |
2.47 |
2.28 |
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N.Profit/Sales |
|
2.30 |
0.82 |
2.33 |
2.05 |
|
Return On Equity |
|
.. |
3.07 |
9.50 |
8.61 |
Notes: Forecast (or estimated) figures for the 31/08/2016
fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
YEN |
1 |
Rs.0.55 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
HEE |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.