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MIRA INFORM REPORT
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Report No. : |
504520 |
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Report Date : |
17.04.2018 |
IDENTIFICATION DETAILS
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Name : |
KYOCERA CORPORATION |
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Registered Office : |
6 Takeda-Tobadonocho Fushimiku Kyoto 612-8501 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2018 |
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Date of Incorporation : |
April, 1959 |
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Com. Reg. No.: |
1300-01-000049 (Kyoto-Fushimiku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Ceramics. |
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No. of Employees : |
18,233 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
Yen 71,961.5 Million |
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Status : |
Good |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
JAPAN - ECONOMIC OVERVIEW
Over the past 70 years, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (slightly less than 1% of GDP) have helped Japan develop an advanced economy. Two notable characteristics of the post-World War II 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 have significantly eroded under the dual pressures of global competition and domestic demographic change.
Measured on a purchasing power parity basis that adjusts for price differences, Japan in 2017 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. For three postwar decades, overall real economic growth was impressive - a 10% average in the 1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the aftereffects of inefficient investment and the collapse of an asset price bubble in the late 1980s, which entailed considerable 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.
Japan enjoyed an 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. Led by the Bank of Japan’s aggressive monetary easing, Japan is making modest progress in ending deflation, but demographic decline – a low birthrate and an aging, shrinking population – poses a major long-term challenge for the economy. The government currently faces the quandary of balancing its efforts to stimulate growth and institute economic reforms with the necessity of addressing its sizable public debt, which stands at 235% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate. However, the first such increase, in April 2014, led to another recession, so Prime Minister ABE has twice postponed the next increase, now scheduled for October 2019. Structural reforms to unlock productivity are seen as central to strengthening the economy in the long-run.
Scarce in critical natural resources, Japan has long been dependent on imported energy and raw materials. After the complete shutdown of Japan’s nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than before on imported fossil fuels. However, ABE’s government is seeking to restart nuclear power plants that meet strict new safety standards and is emphasizing nuclear energy’s importance as a base-load electricity source. In August 2015, Japan successfully restarted one nuclear reactor at the Sendai Nuclear Power Plant in Kagoshima prefecture, and several other reactors around the country have since resumed operations; however, opposition from local governments has delayed several more restarts that remain pending. Reforms of the electricity and gas sectors, including full liberalization of Japan’s energy market in April 2016 and gas market in April 2017, constitute an important part of Prime Minister Abe’s economic program.
In October 2015, Japan and 11 trading partners reached agreement on the Trans-Pacific Partnership (TPP), a pact that had promised to open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Japan was the first country to ratify the TPP in December 2016; the United States signaled its withdrawal from the TPP in January 2017, and in November 2017 the remaining 11 countries agreed on the core elements of a modified agreement, which they renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
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Source
: CIA |
Company
name and address
KYOCERA CORPORATION
REGD NAME: Kyocera
KK
MAIN OFFICE: 6
Takeda-Tobadonocho Fushimiku Kyoto 612-8501 JAPAN
Tel:
075-604-3500 Fax: 075-604-3501
URL: http://www.kyocera.co.jp/
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of ceramics
BRANCHES
Tokyo, Sapporo,
Nagoya, Osaka, other (Tot 37)
OVERSEAS
USA, Europe,
China, S/E Asia, other
FACTORIES
Shiga, Kagoshima
(2), Mie, Fukushima, Hokkaido, other (Tot 15)
CHIEF
EXECS
HIDEO TANIMOTO,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,422,794 M
PAYMENTS NO COMPLAINTS CAPITAL Yen 115,703 M
TREND SLOW WORTH Yen
2,334,219 M
STARTED 1959 EMPLOYES 18,233
COMMENT
MFR OF CERAMICS & PRODUCTS, OTHER.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 71,961.5 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
Major comprehensive ceramics mfr. Highly competitive
in ceramic products such as IC
packages and capacitors. Also major maker of telecom equipment, solar cell modules and copiers. Has many
wholly-owned production subsidiaries
throughout the world. Cultivating the photovoltaic cell business for industrial & housing
use as well.
FINANCIAL
INFORMATION
The sales volume
for Mar/2017 fiscal term amounted to Yen 1,422,794 million, a 3.84% fall from
Yen 1,479,627 million in the
previous term. The recurring profit was posted at Yen 137,849 million and the net
profit at Yen103,843 million, respectively, compared with Yen 145,583 million
recurring profit and Yen 109.047 million net profit, respectively, a year ago.
For the term that
ended Mar 2018 the recurring profit was projected at Yen 170,000 million and
the net profit at Yen 108,000 million, respectively, on a 9.65% rise in
turnover, to Yen 1,560,000 million.
Final results are yet to be released.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen
71,961.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr 1959
Regd No.:
1300-01-000049 (Kyoto-Fushimiku)
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized: 600 million shares
Issued:
377,618,580 shares
Sum:
Yen 115,703 million
Major shareholders
(%):
Master Trust Bank of Japan T (12.1), Japan Trustee Services T (6.7), State
Street Bank &Trust (4.2), Bank of Kyoto (3.8), Kazuo Inamori (2.9),
Company’s Treasury Stock (2.6), Inamori Foundation (2.4), Keiai Kosan (1.8),
Trust & Custody Services Inv. T (1.7), JP Morgan Chase Bank (1.7); foreign
owners (35.1)
No. of
shareholders: 43,049
Listed
on the S/Exchange (s) of: Tokyo, New York
Managements:
Goro
Yamaguchi, ch; Hideo Tanimoto, pres; Takeshi Ishii, s/mgn dir; Hiroshi Shoku,
s/mgn dir; Yoji Date, s/mgn dir; Keiji Itsukushima, mgn dir; Takehiko Ina, mgn
dir; Koichi Kano, mgn dir; Shoichi Aoki, mgn dir; Takashi Ito, mgn dir
Nothing detrimental is known as to the
commercial morality of executives.
Related
companies: AVX Corp, Kyocera Mita, other (Tot 229)
OPERATION
Activities: Manufactures
ceramics & products: fine ceramic parts (16%), semiconductor parts (17%),
fine ceramic-applied products (16%), electronic devices (17%), communications
equipment, information equipment, others (34%).
Overseas Sales
Ratio (58%)
Clients: [Mfrs, wholesalers]
KDDI, Hitachi Ltd, Sony Corp, Kyocera Solar Corp, Kyocera Communications, other
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Sharp Corp, Panasonic, Hitachi Ltd, Kyocera Telecom Equipment, Kyocera
(Tianjin) Solar Energy, other
Payment
record: No Complaints
Location: Business area in Kyoto. Office premises at
the caption address are owned and maintained satisfactorily.
Bank
References:
Bank
of Kyoto (H/O)
MUFG
(Kyoto)
Relations:
Satisfactory
FINANCES
(in Million Yen)
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Terms Ending: |
31/03/2018 |
31/03/2017 |
31/03/2016 |
31/03/2015 |
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Annual
Sales |
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1,560,000 |
1,422,754 |
1,479,627 |
1,526,536 |
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Recur.
Profit |
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170,000 |
137,849 |
145,583 |
121,862 |
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Net
Profit |
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108,000 |
103,843 |
109,047 |
115,875 |
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Total
Assets |
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3,110,470 |
3,095,049 |
3,021,184 |
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Current
Assets |
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1,438,697 |
1,434,761 |
1,457,547 |
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Current
Liabs |
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364,661 |
367,832 |
356,251 |
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Net
Worth |
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2,334,219 |
2,284,264 |
2,215,319 |
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Capital,
Paid-Up |
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115,703 |
115,703 |
115,703 |
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Div.
Per (¥) |
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282.60 |
297.20 |
315.90 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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9.65 |
-3.84 |
-3.07 |
5.47 |
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Current Ratio |
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.. |
394.53 |
390.06 |
409.13 |
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N.Worth Ratio |
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.. |
75.04 |
73.80 |
73.33 |
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R.Profit/Sales |
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10.90 |
9.69 |
9.84 |
7.98 |
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N.Profit/Sales |
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6.92 |
7.30 |
7.37 |
7.59 |
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Return On Equity |
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.. |
4.45 |
4.77 |
5.23 |
Notes:
Forecast (or estimated) figures for the 31/03/2018 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.45 |
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1 |
INR 93.28 |
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Euro |
1 |
INR 80.74 |
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Yen |
1 |
INR 0.61 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.