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Report No. : |
306183 |
|
Report Date : |
31.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
PANASONIC CORPORATION |
|
|
|
|
Registered Office : |
1006 Kadoma Kadoma City Osaka-Pref 571-0050 |
|
|
|
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Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
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Date of Incorporation : |
December 1935 |
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|
|
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Com. Reg. No.: |
1200-01-158218 |
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Legal Form : |
Limited Company |
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|
|
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Line of Business : |
Manufactures of AVC (20%), AP (14%), Eco solutions (21%), AIS (32%),
others (13%). |
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|
|
|
No. of Employee : |
289,756 |
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 143,003.5 Million |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
PANASONIC CORPORATION
Panasonic KK
1006 Kadoma Kadoma
City Osaka-Pref 571-0050 JAPAN
Tel:
06-6908-1121
Fax:
06-6901-7130 -
URL: http://www.panasonic.co.jp
E-Mail address: (thru the URL)
ACTIVITIES: Mfg
of AV, other home electric appliances
BRANCHES: Sapporo,
Sendai, Tokyo, Osaka, Fukuoka, other (Tot 100)
OVERSEAS: Worldwide
FACTORIES: At
the caption address, Kobe, Kusatsu, Hikone, Takatsuki, Niigata, other
CHIEF EXEC: KAZUHIRO
TSUGA, PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 7,736,541 M
PAYMENTSREGULAR CAPITAL Yen
258,740 M
TREND UP WORTH Yen 1,586,438 M
STARTED 1935 EMPLOYES 289,756
COMMENT: MFR OF HOME ELECTRIC APPLIANCES FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 143,003.5 MILLION, 30 DAYS NORMAL TERMS
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
8,692,672 |
178,807 |
74,017 |
(%) |
2,946,335 |
|
(Consolidated) |
31/03/2012 |
7,846,216 |
-812,844 |
-772,172 |
-9.74 |
1,977,566 |
|
31/03/2013 |
7,303,045 |
-398,336 |
-754,250 |
-6.92 |
1,304,273 |
|
|
31/03/2014 |
7,736,541 |
206,225 |
120,442 |
5.94 |
1,586,438 |
|
|
31/03/2015 |
7,750,000 |
120,000 |
140,000 |
0.17 |
.. |
Unit: In Million Yen
Forecast figures for the 31/03/205 fiscal term.
This is the largest comprehensive mfr of AV and other home electric
appliances. Under its auspices, controls
2 core operating subsidiaries: Panasonic Electric Works, major housing
materials & equipment maker, and Sanyo Electric excelling in field of
energy. Around 50% of consolidated sales
generated by overseas business. The
company is targeting operating profit at Yen 350 billion and operating profit
ratio at 50% in the March 2016 term under the new medium-term business
plan. Achievement of those targets
depends on shift away from in-house products and profit emergence in the TV and
semiconductor businesses. It aims to
expand sales of products for enterprise.
The company will buy a leading wiring device maker in Turkey, and will
vigorously spend capital in growing fields.
The sales volume for Mar/2014 fiscal term amounted to Yen 7,736,541
million, a 5.9% up from Yen 7,303,045 million in the previous term. Sales of air-conditioners slumped in
China. But orders for housing-related
products went better than projected.
Demand for car-mounted products was steady. The operations came back to profitability to
post Yen 206,225 million recurring profit and Yen 120,142 million net profit,
respectively, compared with Yen 398,386 million recurring loss and Yen 754,250
million net losses, respectively, a year ago.
For the current term ending Mar 2015 the recurring profit is projected
at Yen 120,000 million and the net profit at Yen 140,000 million, on a 0.7%
rise in turnover, to Yen 7,750,000 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 143,003.5 million, on 30 days normal terms.
Date
Registered: Dec 1935
Regd
No: 1200-01-158218 (Osaka-Kadoma)
Legal Status: Limited
Company (Kabushiki Kaisha
Authorized:
4,950 million shares
Issued: 2,453,053,497
shares
Sum: Yen
258,740 million
Major
shareholders (%): Company’s Treasury Stock (5.7), Japan Trustee Services T
(4.7), Master Trust Bank of Japan T (4.4),
State Street Bank & Trust (3.6), Nippon Life Ins
(2.9), Bank of New York Treaty Jasdec (2.3),
Moxely & Co (2.3), Employees’ S/Holding
Assn (2.2), Sumitomo Life Ins (1.5),
Matsushita Real Estate (1.1); foreign owners (30.1)
No.
of shareholders: 471,337
Listed on the S/Exchange (s) of: Tokyo
Managements: Shusaku Nagase,
ch; Masayuki Matsushita, v ch; Kazuhiro Tsuga, pres; Yoshihiko Yamada, v pres;
Ikusaburo Kashima, s/mgn dir; Yoshiiku Miyata, s/mgn dir; Kazunori Takami,
s/mgn dir; Hideaki Kawai, s/mgn dir; Yoshiyuki Miyabe, s/mgn dir; Takashi Toyama,
mgn dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Sanyo Electric, Panasonic Electric Works,
other.
Activities: Manufactures AVC (20%),
AP (14%), Eco solutions (21%), AIS (32%), others (13%).
Overseas
Sales Ratio (48%)
(Mfg
Items):
Digital
AV: projector, digital cameras, cameras, dual camera, ventilator, air
purifier, portable power supply, telephones, network cameras
Car
AV & Navigation System
Home
Appliances & Batteries
Beauty
& Healthcare: hair dryer, hair iron, facial ionic steamer, eyelash curler, epilator,
compact toothbrush, oxygen concentrator, massage chairs, hygiene toilet seat,
blood pressure meter, other
Clients: [Mfrs,
wholesalers] Sekisui House, Kansai Kikai Hambai, Hitachi Hi-Technologies,
Panasonic Consumer Marketing, Toyota Motor, Panasonic North America, Panasonic
Europe, other
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Hitachi
Hi-Technologies, Sanyo Electric, other
Payment record: Regular
Location: Business area in
Kadoma, Osaka-Pref. Office premises at
the caption address are owned and maintained satisfactorily.
Bank References:
SMBC (Osaka H/O)
Resona Bank
(Osaka)
Relations:
Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
||||
|
|
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
||||
|
Annual Sales |
|
7,736,541 |
7,303,045 |
|
|
Cost of Sales |
5,638,869 |
5,419,888 |
||
|
GROSS PROFIT |
2,097,672 |
1,883,157 |
||
|
Selling & Adm Costs |
1,792,558 |
1,722,221 |
||
|
OPERATING PROFIT |
305,114 |
160,936 |
||
|
Non-Operating P/L |
-98,889 |
-237,400 |
||
|
RECURRING PROFIT |
206,225 |
-398,336 |
||
|
|
NET PROFIT |
120,442 |
-754,250 |
|
|
BALANCE SHEET |
||||
|
Cash |
|
592,467 |
496,283 |
|
|
Receivables |
958,451 |
905,973 |
||
|
Inventory |
750,681 |
786,845 |
||
|
Securities, Marketable |
|
|
||
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Other Current Assets |
352,393 |
304,982 |
||
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TOTAL CURRENT ASSETS |
2,653,992 |
2,494,083 |
||
|
Property & Equipment |
1,425,449 |
1,675,428 |
||
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Intangibles |
|
|
||
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Investments, Other Fixed Assets |
1,133,553 |
1,228,301 |
||
|
TOTAL ASSETS |
5,212,994 |
5,397,812 |
||
|
Payables |
736,652 |
739,581 |
||
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Short-Term Bank Loans |
84,738 |
480,304 |
||
|
|
|
|
||
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Other Current Liabs |
1,616,469 |
1,379,274 |
||
|
TOTAL CURRENT LIABS |
2,437,859 |
2,599,159 |
||
|
Debentures |
|
|
||
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Long-Term Bank Loans |
557,374 |
663,091 |
||
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Reserve for Retirement Allw |
|
|
||
|
Other Debts |
|
631,323 |
831,289 |
|
|
TOTAL LIABILITIES |
3,626,556 |
4,093,539 |
||
|
MINORITY INTERESTS |
||||
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Common
stock |
258,740 |
258,740 |
||
|
Additional
paid-in capital |
1,109,501 |
1,110,686 |
||
|
Retained
earnings |
878,742 |
769,863 |
||
|
Evaluation
p/l on investments/securities |
|
|
||
|
Others |
(413,413) |
(587,988) |
||
|
Treasury
stock, at cost |
(247,132) |
(247,028) |
||
|
TOTAL S/HOLDERS` EQUITY |
1,586,438 |
1,304,273 |
||
|
|
TOTAL EQUITIES |
5,212,994 |
5,397,812 |
|
|
CONSOLIDATED CASH FLOWS |
||||
|
Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
Cash
Flows from Operating Activities |
|
581,950 |
338,750 |
|
|
Cash
Flows from Investment Activities |
12,128 |
16,406 |
||
|
Cash
Flows from Financing Activities |
-532,315 |
-491,058 |
||
|
|
Cash,
Bank Deposits at the Term End |
|
592,467 |
496,283 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
Net
Worth (S/Holders' Equity) |
1,586,438 |
1,304,273 |
||
|
Current
Ratio (%) |
108.87 |
95.96 |
||
|
Net
Worth Ratio (%) |
30.43 |
24.16 |
||
|
Recurring
Profit Ratio (%) |
2.67 |
-5.45 |
||
|
Net
Profit Ratio (%) |
1.56 |
-10.33 |
||
|
Return
On Equity (%) |
7.59 |
-57.83 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.93.13 |
|
Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.