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KANSAI PAINT CO.,LTD.KANSAI PAINT CO.,LTD.
Nov 21, 2016
FY2016 second quarterFinancial Results Briefing
KANSAI PAINT CO.,LTD.KANSAI PAINT CO.,LTD.
FY2016 second quarterFinancial Results Briefing1. Status of the Kansai Paint Group
2. Financial Results & Forecasts
3. Business Overview
4. Regional Overview
5. FY 2016 business forecast
6. The 15th Mid-Term Business Plan Progress
KANSAI PAINT CO.,LTD.KANSAI PAINT CO.,LTD.Page.01
By region(Consolidated)
By business(Consolidated)
38%
25%
25%
7%5%
43%
41%
7%9%
Status of the Kansai Paint Group1
OverseasJapan
Consolidated
Kansai Paint Sales 986 (1,022)(Automotive, Industrial/Decorative, Sales)
NKM Coatings 141 (111)(Marine , Sales)
Kanpe Shoji 75 (79)(Industrial, Sales)
Kanpe Hapio 66 (64)(Decorative, Manufacturing)
KNPL(India) 658 (695)(Decorative/Automotive, Manufacturing)
KPAL(South Africa) 293 (395)(Decorative/Automotive, Manufacturing)
TKP(Thailand) 142 (163)(Automotive/Industrial, Manufacturing)
KABS(Turkey) 172 (185)(Automotive/Industrial, Manufacturing)
Other 10 companies 21 in Asia, 20 in Africa, and 3 other companies
Equity method affiliates
Ogi Shokai 203 (236)(Decorative/Automotive, Sales)
Eru Mizuho 45 (57)(Industrial, Sales)
Hunan Xiangjiang Kansai (China) 393 (391)(Automotive, Manufacturing)
PKAF・US (United States) 160 (164)(Automotive, Manufacturing)
Cosco Kansai Paint (Shanghai, China) 106 (119)(Marine & Protective, Manufacturing)
12 other companies 13 in Asia, 4 in Africa, and 9 other companies
(Unit : 100M yen)
■ Main Group companies and their sales results Figures in parentheses are FY2014 results
Consolidated sales inFY2015: 328.1 billion yen
Founded : May 1918
Capital : 25.6 billion yen (as of March 31, 2016)
(Number of Shares Issued : 272 million)
Number of Employees : 12,491 (as of March 31, 2016)
● Japan● Asia● Africa● Europe and the United States
● Automotive● Industrial● Decorative● Marine & Protective● Other Paints
KANSAI PAINT CO.,LTD.KANSAI PAINT CO.,LTD.Page.02
The left graphs for each year are the second quarter figures
The left graphs for each year are the second quarter figures
20142013 20152012201120102009 2016(full fiscal
year forecast)
20142013 20152012201120102009 2016(full fiscal
year forecast)
0500
1000150020002500300035004000
0
100
200
300
400
500
0500
1000150020002500300035004000
0
100
200
300
400
500
600
Ordinary Profit (100M yen)
Financial Results (consolidated)
EBITDA (consolidated)
Sales (100mn yen)■ Second quarter
■ Second quarter EBITDA (100M yen)Sales (100mn yen)
1,547
169
1,650
167
1,708
196
1,622
188
1,037
88
1,209
93
1,388
133
1,204
135
Sales
Ordinary Profit
20162013 2014 20152009 2011 20122010
1,547
258
1,650
224
1,708
254
1,622
253
1,037
123
1,209
147
1,388
193
1,204
171
Sales
EBITDA
2013 2014 2015 20162009 2011 20122010
Financial Results & Forecasts2
■ Full Fiscal Year
3,204
354
3,493
377
3,281
397
3,400
420
2,224
226
2,565
214
2,940
283
2,369
235
Sales
Ordinary Profit
20162013 2014 20152009 2011 20122010
■ Full fiscal year
3,204
502
3,493
502
3,281
596
3,400
530
2,224
296
2,565
346
2,940
422
2,369
305
Sales
EBITDA
2013 2014 2015 20162009 2011 20122010
※EBITDA was calculated by adding and subtracting from profit before income taxes and minority interests
● Automotive ● Industrial ● Decorative ● Marine & Protective ● Other Paints ● Other Businesses Ordinary Profit
● Automotive ● Industrial ● Decorative ● Marine & Protective ● Other Paints ● Other Businesses EBITDA
KANSAI PAINT CO.,LTD.KANSAI PAINT CO.,LTD.Page.03
-200-100
0100200300
Cash Flows (consolidated)Cash Flows (100M yen)
● Operating CF ● Investing CF ● Financing CF
Financial Results & Forecasts2
■ Second quarter
■ Full fiscal year
255
-161
-65
319
-195
-96
314
-147
-148
335
-885
640
196
-77
-32
104
-219
147
251
-134
-34
183
-142
-47
Operating CF
Investing CF
Finacing CF
2013 2014 2015 20162009 2011 20122010
90
-95
-48
128
-51
-63
155
-90
-19
102
-626
788
79
-22
-21
13
-194
15
108
-88
-27
49
-100
-25
Operating CF
Investing CF
Finacing CF
2013 2014 2015 20162009 2011 20122010
-900-800-700-600
600700800
20142013 20152012201120102009 2016(full fiscal
year forecast)
The left graphs for each year are the second quarter figures
KANSAI PAINT CO.,LTD.KANSAI PAINT CO.,LTD.Page.04
0
100
200
300
400
500
600
700○ In India, year-on-year revenue rose due to increased auto production numbers of major clients.
○ In Indonesia, revenue fell year-on-year due to shrinking auto production.
○ In Thailand, revenue declined year-on-year despite signs of a recovery in auto production.
△ In the medium- to long-term, demand is expected to expand due to increases in auto production.
△ We will further accelerate efforts to break into or expand businesses with European and American automakers.
Automotive Coatings Overseas (excluding auto refinish)Sales (100M yen)
Business Overview - 1. Automotive (new vehicles)3
○ Due in part to the 2016 Kumamoto Earthquake, auto production numbers fell below previous-year levels, resulting in a year-on-year decline in revenue.
▷ In the second half of fiscal 2016, sales figures are forecast to suffer a slight year-on-year decline due to increased production aimed at recovering production declines caused by the Kumamoto Earthquake and from the effects of price adjustments despite increased auto output.
▷ Domestic auto production numbers for fiscal 2016 are forecast as 9.35 million vehicles.
Automotive Coatings in Japan (excluding auto refinish) Consolidated Sales (excluding auto refinish coatings)
0
100
200
300
400
500
600
700
0
2000
4000
6000
8000
10000
12000Auto Production Numbers (1,000)Sales (100M yen)
The left graphs for each year are the second quarter figures
The left graphs for each year are the second quarter figures
205 215170
219 218 227 227 218
421 413 422463 475 471 465465
530
3,8564,784
3,902
4,907 4,744 4,783 4,447 4,412
8,994 9,267 9,555 9,912 9,591 9,3509,1888,865
159192 183
208
268
379 373
471
546
288 303 287
635
561600
374
20 25 3015 20 2010 15 102014201520160102030
● India ● Thailand ● Indonesia ● Taiwan ● Malaysia ● China ●Turkey ● South Africa ● Others
● Sales Auto production numbers in Japan
20142013 20152012201120102009 2016(full fiscal
year forecast)
20142013 20152012201120102009 2016(full fiscal
year forecast)
Consolidated Sales (excluding auto refinish coatings)
From FY2010, sales of two-wheeled vehiclesand auto parts have been counted in Industrial.
From FY2010, sales of two-wheeled vehiclesand auto parts have been counted in Industrial.
KANSAI PAINT CO.,LTD.KANSAI PAINT CO.,LTD.Page.05
0
50
100
150
200
250
0
200
400
600
800
1000
■ Japan○ Amidst a slump in the market, we promoted sales expansion of products such as eco-friendly paint. As a result, revenue grew slightly year-on-year.
■ Overseas○ In Africa, revenue grew year-on-year on a local currency basis, despite low levels of economic growth.
▷ We will accelerate the breaking into and developing efforts in emerging countries.
■ Japan○ Revenue declined year-on-year due to the effects of a slowdown in demand especially for construction machinery.
△ We aim to expand market share by strengthening our competitiveness and exploring untapped markets.
■ Overseas○ In India, revenue increased year-on-year on a local currency basis due to increase in sales to Japanese manufacturers, among other things.
○ In Africa, revenue declined year-on-year due to fewer demand caused by a slowdown in the South African economy.
○ In every country, revenue decreased year-on-year due to the large impact of the currency conversion.
▷ We aim to attract demand of Japanese manufacturers shifting overseas as well as obtaining demand from new clients.
▷ In the second half of the fiscal year, sales from acquiring shares of U.S. Paint newly contributed to our financial results.
Auto Refinish
Industrial
Sales (100M yen)
● Japan ● Overseas
Consolidated Sales
Sales (100M yen)
Consolidated Sales● Japan ● Overseas
Business Overview - 2. Auto Refinish/Industrial3
7081
97104 102 101 100
64
141
172
200 206 211196
210
129
323 335 357409 417 434 412
207
645 671750
819873
818 845
444
The left graphs for each year are the second quarter figures
The left graphs for each year are the second quarter figures
20142013 20152012201120102009 2016(full fiscal
year forecast)
20142013 20152012201120102009 2016(full fiscal
year forecast)
KANSAI PAINT CO.,LTD.KANSAI PAINT CO.,LTD.Page.06
0
200
400
600
800
1000
1200
0
50
100
150
200
250
193 188 191 190199
224210
198
98 95 95 92 95107 100101
■ Japan○ Despite the domestic construction market not making a full-scale recovery, business results remained at the same level as the previous year due to signs of a recovery in housing construction.
▷ We aim to expand sales by introducing and expanding sales of products that meet market needs.
■ Overseas○ In India, revenue grew year-on-year, thanks to economic growth.○ In Africa, revenue increased year-on-year on a local currency basis amidst economic slowdowns in South Africa and neighboring countries.
○ However, revenue plunged in various countries due to the currency conversion.
▷ We aim to increase demand in the business deployment regions, including India, Africa, Malaysia, and Indonesia, and to further expand our business deployment regions.
■ Japan○ In the marine field, revenue declined year-on-year. This is because despite efforts to expand sales of fuel-efficient coating, the shipbuilding market was weak.
○ In the field of protective coating, revenue fell slightly year-on-year after the market did not achieve a full-scale recovery.
▷ We aim to obtain demand for investments into the Plan for National Resilience and the hosting of the 2020 Tokyo Olympics.
■ Overseas○ Consolidated sales remain unchanged overseas compared to the previous year despite business expansion in the ASEAN region.
▷ We aim to break into new markets for protective coating and develop the market amidst the establishment of infrastructure in emerging countries.
▷ Attempt to expand sales by using as a stepping stone the pipeline-internal-coating technology acquired from Mirodur.
Decorative
Marine & Protective
Sales (100M yen)
Sales (100M yen)
Business Overview - 3. Decorative/Marine & Protective3
237287
341384
445 453 427
220
460
612
771
935
832895
832
433
● Japan ● Overseas
Consolidated Sales
Consolidated Sales● Japan ● Overseas
The left graphs for each year are the second quarter figures
The left graphs for each year are the second quarter figures
20142013 20152012201120102009 2016(full fiscal
year forecast)
20142013 20152012201120102009 2016(full fiscal
year forecast)
KANSAI PAINT CO.,LTD.KANSAI PAINT CO.,LTD.Page.07
0
200
400
600
800
1000
0
20
40
60
80
100
120○ In the automotive field, sales grew due to increased auto output by major clients.○ In the decorative field, sales grew due to the continuation of growing demand.
○ As sales grew, material prices remained steady, resulting in increased year-on-year profit.
○ Businesses expanded due to the factors above, but suffered impacts of currency conversion.
▷ Demand is expected to continue growing in both the automotive and decorative fields.
▷ We plan to establish production structures to meet continued growing demand.
▷ We will expand businesses in Sri Lanka, Nepal and nearby countries.
○ As the economy weakened in South Africa and neighboring countries, we continued to promote sales activities. As a result, revenue increased year-on-year on a local currency basis. But revenue declined on a yen basis due to the impact of currency conversion.
○ Profit declined largely affected by rising materials costs related to a weak South African rand and transient costs.
▷ In the second half of fiscal 2016, we expect to see strong demand in the decorative field and a recovery in sales due to promotion of sales activities.
▷ In the medium- to long-term, we plan to break into markets in West Africa and East Africa by first breaking into the Nigerian and Kenyan markets. We expect business expansion bolstered by economic growth in Africa.
Kansai Nerolac Paints Ltd. (KNPL)
Kansai Plascon Africa Ltd. (KPAL)
Sales (100M yen) Ordinary Profit (100M yen)
Financial Results & Forecasts of KNPL in India
Regional Overview - 1. India and South Africa4
162 201 200 208251
335364 37329 26
2327
39
5359
26
404 421501 550
695658
770
358
50 4955
78
92115
54
50
The left graphs for each year are the second quarter figures
The left graphs for each year are the second quarter figures
Financial Results & Forecasts of KPAL in South Africa
Sales (100M yen) Ordinary Profit (100M yen)
0
100
200
300
400
217
321348
395
293 300
0
10
20
30
40
10
19
2428
4
-11
-30 0
-6
-18
15
1215
-6
-20
1
6 86
1
-14-10
-20
169 176134
73
140 156
20142013 20152012201120102009 2016(full fiscal
year forecast)
20142013 20152012201120102009 2016(full fiscal
year forecast)
●Automotive ●Industrial ●Decorative ●Other Paints Ordinary Profit
●Automotive ●Industrial ●Decorative ●Other Paints Ordinary Profit
KANSAI PAINT CO.,LTD.KANSAI PAINT CO.,LTD.Page.08
0100200300400500600700800
0102030405060708090100
○ In Thailand, profits increased year-on-year although auto production numbers did not achieve a full-scale recovery.
○ In Indonesia, profits rose year-on-year. In the automotive field, there was a reduction in the number of vehicles produced, and the decorative field was hurt by a weak Indonesian economy. However, sales in other fields rose.
○ In China, profit declined year-on-year. The automotive field saw the effects of a new tax incentive for compact cars, but demand for construction machinery weakened, and the company was hurt by exchange-rate losses.
▷ Despite the sluggish economic growth in each country, business expansion is expected from the increase in demand.
▷ Acquiring shares of Malaysia's Sancora Paint Industries newly contributed to the company's business performance.
○ In Turkey, profits increased year-on-year due to steady sales mainly in the automotive fields.
▷ Although there are concerns about the economy's future, demand is expected to continue to increase.
Ordinary profit in Asia
Ordinary profit in Europe andthe United States
Region Overview - 2. Asia, Europe, and the United States4
The left graphs for each year are the second quarter figures
The left graphs for each year are the second quarter figures
Sales ●Thailand ●Indonesia ●Taiwan ●Malaysia ●China ● Other Asian countries
Financial Results & Forecasts of Consolidated Subsidiaries in Asia
Ordinary Profit (100M yen)Sales (100M yen)
402
501
595
685
589565
366340
204 215
303 288 309283
192145
0
50
100
150
200
250
0
5
10
15
20
Sales ●Turkey ●Other countries in Europe ●the United States
Financial Results & Forecasts of Consolidated Subsidiaries in Europe and the United States
Ordinary Profit (100M yen)Sales (100M yen)
4 3 3
6
1
435
5
67
9 9
6
8
1196
149168
200188
215
10991
48
6783 91 96 94
6041
20
39 3033
2720
1629
46
30
48
7267
60
51
45
20142013 20152012201120102009 2016(full fiscal
year forecast)
20142013 20152012201120102009 2016(full fiscal
year forecast)
KANSAI PAINT CO.,LTD.KANSAI PAINT CO.,LTD.Page.09
-505
101520253035404550
Regional Overview - 3. Equity method affiliates4
○ In Japan, profits dipped slightly on the year due to a decline in domestic auto production numbers.
○ In China, profit surged year-on-year as sales to non-Japanese automakers enjoyed increased market share due to sales growth among others.
○ In Europe and the U.S. auto production numbers remained steady in North America, but profit declined year-on-year due to intensifying competition.
▷ In China, despite a weakening in the container market, we forecast a profit increase year-on-year thanks to growth of automotive products for non-Japanese automakers.
▷ Profit from acquired shares of Tukey's Polisan newly contributed to financial results.
▷ In Saudi Arabia, profit from acquired shares of Saudi Industrial Paint newly contributed to financial results.
Profits from equity method affiliates Profits from equity method affiliates (simple aggregation)
Sales (100M yen)The left graphs for each year are the second quarter figures
15
22
35
42 41
48
58 11 9
21 19
25 21
50
20142013 20152012201120102009 2016(full fiscal
year forecast)
● Japan ●China ●Europe and the United States ●Others
KANSAI PAINT CO.,LTD.KANSAI PAINT CO.,LTD.Page.10
About the fiscal 2016 business forecast5
Sales
Materials and costs
Ordinaryprofit
(Domestic)
(Overseas)
Compared to fiscal 2015 business results
In the automotive field, sales revenue is forecast to dip slightly in the full term. Although auto production numbers is expected to recover in the second half of the fiscal year and increase from the previous year, the price adjustments adversely affected results. In the marine and protective fields, revenue is forecast to slip due to a weak market trend. However, revenue is expected to rise in the industrial and decorative fields by promoting sales expansion. Overall, sales are expected to remain unchanged compared to fiscal 2015.
We expect demand to stagnate temporarily in some regions due to a weakening economy and effects of political uncertainty. However, revenue is expected to continue growing due to growing demand mainly in emerging countries. We expect demand to grow especially in India, which will be the engine behind revenue growth.
Materials costs are forecast to remain stable despite a slight rise in the second half of the fiscal year. We aim to improve profitability by continuing to promote cost-reduction efforts.
--Ordinary profit is expected to grow by 2.3 billion yen from the previous year.--Parent-only ordinary profit is estimated to grow by 2.8 billion yen, consolidated ordinary profit from domestic businesses is expected to decline by 1.3 billion yen, while consolidated ordinary profit from overseas businesses is seen growing by 200 million yen.--Investment gain on equity method grew by 700 million yen, but this was offset by dividend income and other factors, resulting in a 100 million yen loss.
KANSAI PAINT CO.,LTD.KANSAI PAINT CO.,LTD.Page.11
The 15th Mid-Term Business Plan Progress - 1. Performance plan6
Sales
Ordinary profit
3,281
397
Result
2015
Forecast
2016
3,400
420
Target
2018
4,200
600
■ Consolidated figures
0
1000
2000
3000
4000
5000
0
100
200
300
400
500
600
2018201720162015(Target)(Forecast)(Result)
sales ordinary profitSales (100mn yen) Ordinary profit (100mn yen)
(100mn yen)
The fiscal 2016 plan will remain at the initial estimate of 340.0 billion yen in consolidated sales and 42.0 billion yen in consolidated ordinary profit. In the last year of our 15th Mid-Term Business Plan, we aim to achieve 420.0 billion yen in consolidated sales and 60.0 billion yen in consolidated ordinary profit.
KANSAI PAINT CO.,LTD.KANSAI PAINT CO.,LTD.Page.12
The 15th Mid-Term Business Plan - 2. Priority measures and progress etc.6
Main contentPrioritymeasures Progress up until now etc.
○ Acquired shares of Polisan Turkey, and accepted share allocations from third parties
○ Acquired shares of U.S. Paint in the U.S.○ Acquired shares of Saudi Industrial Paint in Saudi Arabia
○ Acquired shares of Sancora Paint Industries in Malaysia
○ Planned to establish a joint venture in Nigeria and Kenya
○ Acquired pipeline-internal-painting technology from Mirodur in Italy
○ Promote measures to develop businesses for non-Japanese clients and to boost shares
○ Promote the entry and development of the European and U.S. automakers
○ Expand sales of functional products such as plaster paint and insect repellent paint
○ Open the “Paint Gallery”
○ Issue convertible bonds○ start considering the construction of headquarters’ functions
1. Sharing and promoting the resource utilization within the group
2. Establishing the headquarters’ function and building the organization
3. Integrating current regions into seven global regions and establishing a supervisory control function
1. Increasing earning power by expanding market share
2. Reducing costs through efficiency and optimization
1. Expanding and strengthening our businesses in existing markets
2. Entering into new markets and regions
Strengthening the Group’s Management Foundations
Increasing Profitability
Accelerating Globalization
KANSAI PAINT CO.,LTD.KANSAI PAINT CO.,LTD.Page.13
Issuance of convertible bonds issued in Euro and yen with warrants attached
(Overview)
(Target)
(Goal)
The15th Mid-Term Business Plan - 3. Priority measures, progress etc.6
*Obtained a total of roughly 20.0 billion yen in shareholders' equity
Total value of company bonds
Conversion value
Interest rate
Maturity date
40.0 billion yen
2,663 yen
0.00%
17-Jun-19
Convertible bonds with warrant attached maturing in 2019
Convertible bonds with warrant attached maturing in 2022
60.0 billion yen
3,217 yen
0.00%
17-Jun-22
In addition to procuring growing funds at low cost to invest in the Group’s expanding businesses, we will maintain a strong and highly flexible financial foundation in order to engage in active strategic investments in the future.
1) Issue zero coupon
2) Set a conversion value surpassing the market value
3) Adding a soft call clause
4) Issue convertible bonds with new warrants with different time limits (maturing either in 2019 or 2022)
5) Pre-fix a conversion value for the convertible bonds maturing in 2019, then calculate and decide offer prices based on market trends such as investor demands
enables the minimization of interest costs.
expect effects to reduce the dilution of current net earnings per share after issuance.promote conversion to stocks, and enable the strengthening of shareholders' equity.
disperse the timing of dilution.
maximize the paid-in amount to our company, and enable the booking of profit or loss from issuance.
KANSAI PAINT CO.,LTD.KANSAI PAINT CO.,LTD.Page.14
Acquiring shares of Polisan in Turkey -- Breaking into Turkey’s construction paint market --
The15th Mid-Term Business Plan - 3. Priority measures, progress etc.6
Polisan
1) Overview of target company
2) Overview of purchase, target and others
○ Company name: Polisan Boya Sanayi ve Ticaret A.S
○ Location: Gebze City, Kocaeli Province, Turkey
○ Business size (2015):Sales of approximately 16.0 billion yen, operating profit of approximately 1.8 billion yen
○ Polisan is one of Turkey’s major paint manufacturers that has a strong presence in the field of decorative paint. It has an especially strong presence in interior paint.
○ The firm has a sales network all over Turkey.
○ Its business model focuses on consumers’ brand value under the concept of “Home Cosmetics.”
○ Capital contribution ratio: Kansai Paint has 50% (affiliated company accounted for by the equity-method)
○ Acquired shares and accepted allocation of new shares to a third party
○ Purchase price: approximately 11.5 billion yen (estimate)
○ Breaking into the Turkish decorative paint market
○ In addition to paint for automobiles and industrial paint, in which we already do business, we aim to further expand business by breaking into the market for paint for decorative purposes.
○ We are attempting to expand business by effectively using Polisan’s brand and sales networks.
KANSAI PAINT CO.,LTD.KANSAI PAINT CO.,LTD.Page.15
The15th Mid-Term Business Plan - 3. Priority measures, progress etc.6
The U.S. : Acquiring shares of U.S. Paint-- Strengthening the business structure in industrial and auto parts paint in North America --
U.S.Paint
1) Overview of target company
2) Overview of purchase, target and others
○ Location: St. Louis, Missouri, the U.S.
○ Business size (2015): Sales of approximately 3.7 billion yen, operating profit of approximately 900 million yen
○ U.S. Paint is a local paint manufacturer that mainly deals with paint for autoparts
○ Receives technology and know-how from Musashi Paint Holdings Co., Ltd. about paint for automobile interiors, then supplies paint to Japanese users.
○ Kansai Paint and its wholly owned subsidiary acquired shares
○ Capital contribution ratio: The Kansai Paint Group owns 51% (we turned U.S. Paint into a consolidated subsidiary)
○ Purchase price: 51million US dollars (approximately 5.3 billion yen)
○ Expand business for local users and Japanese firms by using Kansai Paint’s brand name recognition and credit worthiness.
○ Secure a manufacturing base in North America for industrial paint as well as autoparts paint
KANSAI PAINT CO.,LTD.KANSAI PAINT CO.,LTD.Page.16
The15th Mid-Term Business Plan - 3. Priority measures, progress etc.6
Opening the “Paint Gallery” -- More paint in our daily lives --
Under the brand concept of “More paint in our daily lives,” the “Paint Gallery“ will open within our company’s Tokyo office in June 2016 as a base where consumers (customers) can experience the information they need such as the special functions of paint, the texture, and the free expressions unique to paint. ⦆This facility is used as a space to showcase the significance of paint and coating, their functionality and design to consumers through design companies, architectural firms, construction firms, paint companies and other firms.
KANSAI PAINT CO.,LTD.KANSAI PAINT CO.,LTD.
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