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MIRA INFORM REPORT
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Report No. : |
489362 |
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Report Date : |
31.01.2018 |
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) : |
31.08.2017 |
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Date of Incorporation : |
Dec., 1948 |
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Com. Reg. No.: |
0107-01-006043 (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 : |
363 |
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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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 second country to ratify the TPP in December 2016; the United States signaled its withdrawal from the TPP on January 23, 2017, and as of April 2017 the agreement has not gone into effect.
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Source
: CIA |
Company
name and address
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)
ACTIVITIES
Printing house
BRANCHES
Osaka, Shizuoka
OVERSEAS
India, China, Korea,
Taiwan, Australia, New Zealand, South Africa, Europe, USA, Mexico, Columbia
FACTORIES
At the caption
address, Ibaraki (3), Saitama (Tot 6)
OFFICERS
HIROYOSHI SATO,
PRES
Hisayoshi Sato, ch
Kunihiro Mutata, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 10,844 M
PAYMENTS REGULAR CAPITAL Yen 100 M
TREND STEADY WORTH Yen 3,167 M
STARTED 1948 EMPLOYES 363
COMMENT
PRINTING HOUSE.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
HIGHLIGHTS
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 Divisions were transferred in 2010 to a subsidiary, Chiyoda Print Media Corp. Clients include
printing firms, food makers, wholesalers, other, nationwide.
FINANCIAL
INFORMATION
The sales volume
for Aug/2017 fiscal term amounted to Yen 10,844 million, a 4% up from Yen
10,395 million in the previous term. The
recurring profit was posted at Yen 295 million and the net profit at Yen 229
million, respectively, compared with Yen 107 million recurring profit and Yen
272 million net profit, respectively, a year ago.
For the current
term ending Aug 2018 the recurring profit is projected at Yen 310 million and
the net profit at Yen 240 million, respectively, on a 3% rise in turnover, to
Yen 11,170 million.
The financial situation
is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
Date
Registered: Dec 1948
Regd
No.: 0107-01-006043
(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.
OPERATION
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 (15%), Marubeni Building materials, Tajima Inc, Chiyoda
Print Media, Toppan Printing, Chuo Kagaku Co, Navitas Inmolding Solutions,
Pilot Ink, Daiso Corp, Osaka Sofa, SMB Building Ind, other
No. of accounts: 350
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: Regular
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
FINANCES
(In Million Yen)
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Terms Ending: |
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31/08/2018 |
31/08/2017 |
31/08/2016 |
31/08/2015 |
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Annual
Sales |
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11,170 |
10,844 |
10,395 |
9,957 |
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Recur.
Profit |
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310 |
295 |
107 |
50 |
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Net
Profit |
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240 |
229 |
272 |
82 |
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Total
Assets |
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10,091 |
9,360 |
9,179 |
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Net
Worth |
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3,167 |
2,940 |
2,670 |
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Capital,
Paid-Up |
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100 |
100 |
100 |
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Div.Ttl
in Million (¥) |
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2.95 |
2.95 |
2.95 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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3.01 |
4.32 |
4.40 |
-5.85 |
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Current Ratio |
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.. |
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.. |
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N.Worth Ratio |
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31.38 |
31.41 |
29.09 |
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N.Profit/Sales |
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2.15 |
2.11 |
2.62 |
0.82 |
Notes: Forecast (or estimated) figures for the
31/08/2018 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 63.75 |
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1 |
INR 89.39 |
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Euro |
1 |
INR 78.75 |
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Yen |
1 |
INR 0.58 |
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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DIV |
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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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.