MIRA
INFORM REPORT
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Report Date : |
25.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
JAPACK’S INC |
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Registered Office : |
1-4-8 Higashikanda Chiyodaku Tokyo 101-0031 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Aug 1998 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, wholesale, manufacturing (consigned) of PE plastic
bags, films, shopping bags |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 25 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
JAPACK’S INC
REGD NAME
KK Japack’s
MAIN OFFICE
1-4-8 Higashikanda Chiyodaku Tokyo 101-0031 JAPAN
Tel : 03-5822-5771
Fax : 03-5822-5772
URL : http://www.japacks.com
E-Mail address: info@japacks.com
ACTIVITIES
Import, wholesale, mfg (consigned) of PE plastic bags,
films, shopping bags
BRANCHES
Nagoya, Osaka; Tokyo, Ibaraki, Nagoya (--distribution &
logistics centers)
FACTORY(IES)
Sinliplas SDN BHD (Malaysia), Aicello Malaysia SDN BHD
(Malaysia), PT Super Eximsari Ltd (Indonesia), Genda Industrial Co (Taiwan), Naraipak
Company Ltd (Thailand) (-- subcontracted mfrs)
OFFICERS
TOSHIO OHKI, PRES
Yoko Ohki, dir
Takeshi Ohki, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 3,953 M
PAYMENTS REGULAR CAPITAL Yen 45 M
TREND STEADY WORTH Yen 169 M
STARTED 1998 EMPLOYES 24
COMMENT
IMPORTER AND WHOLESALER SPECIALIZING IN PLASTIC BAGS &
FILMS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS:
US$300,000 / O/A 60 DAYS. .
MAX CREDIT LIMIT: YEN 25 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by Toshio Ohki in order to make most of his experience in the subject line of business. This is a trading firm, operated by the Ohki family, for import and wholesale of polyethylene plastic (garbage) bags, films, shopping bags, other, for household & business use. Goods are manufactured at subcontracted factories in China, Taiwan, Hong Kong, Singapore, Jakarta, other S/E Asian countries, and imported.
First imports started from China in 2002. Clients include supermarkets, convenience stores,
wholesalers of packaging materials & cleaning products, other
nationwide. In Sept 2000, initiated
direct transactions with Ito-Yokado & group firms (now of holding company,
Seven & I Holdings Co Ltd, under which are: Ito-Yokado, Seven-Eleven Japan
and Denny’s Japan). This paved the way to expand businesses.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 3,953
million, a 46% up from Yen 2,708 million in the previous term. This is attributed to stricter standards recommended
by municipalities, nationwide, on quality, materials, etc of garbage disposal
bags & films. Higher materials
prices also assisted to boost sales.
The net profit increased to Yen 63 million from Yen 44 million a year
ago. Financials were disclosed in full
for the first time this term.
For the term just ended Mar 2007 the recurring profit was
projected at Yen 120 million and the net profit at Yen 70 million, on an 11%
rise in turnover, to Yen 4,400 million.
Weaker Yen may have increased sales volume in Yen terms. Final results are yet to be produced. Business is seen continuing rising.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 25 million, on 30 days normal terms. The proposed amount for 60 days terms is
considered within the firm’s financial capabilities.
REGISTRATION
Date Registered: Aug
1998
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 1,200
shares
Issued: 900
shares
Sum: Yen
45 million
Major shareholders (%): Toshio Ohki (53.3), Aicello Chemical
Co*(11.1), Sinliplas SDN BHD (Malaysia) (2.2)
No. of shareholders: 20
*.. Top-ranked mfr of plastic water soluble films, volatile
corrosion inhibiting films, clean containers & films sealant films for
lamination, other, Aichi-Pref, founded 1948, capital Yen 350 million, turnover
Yen 16,513 million, recurring profit Yen 807 million, net profit Yen 249
million, employees 425, pres Hirokazu Itoh
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports, exports, wholesales and manufactures
(subcontracted) Poly-ethylene plastic (garbage) bags, films, shopping bags,
other packaging materials, for household & business use (--100%).
Goods are subcontracted mfg to factories in China, Taiwan,
Malaysia, Singapore, Indonesia, other S/E Asian countries, and imported.
Clients: [Supermarkets, convenience stores, plastic bag mfrs]
Ito-Yokado group firms, Aicello Chemical, Chuo Bussan Corp, Paltac Corp, Valor
group stores (supermarket operator), Tokyo Bldg Management Coops, Arata Corp,
other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Aicello Chemical, Masuyama
Shoko, other. Imports from Sinliplas
SDN BHD, Aicello Malaysia SDN BHD (--Malaysia), PT Super Eximsari Ltd (Indonesia), Genda Industrial Co (Taiwan),
Naraipak Co (Thailand), other from China, Indonesia, Malaysia, Singapore,
Taiwan, other S/E Asian countries.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
SMBC (Asakusabashi)
Mizuho Bank (Ginza)
Relations: Satisfactory
FINANCES
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Terms Ending: |
31/03/2007 |
31/03/2006 |
31/03/2005 |
31/03/2004 |
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Annual
Sales |
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4,400 |
3,953 |
2,708 |
1,870 |
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Recur.
Profit |
(*) |
120 |
112 |
69 |
50 |
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Net
Profit |
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70 |
63 |
44 |
29 |
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Total
Assets |
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1,741 |
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Current
Assets |
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1,329 |
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Current
Liabs |
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812 |
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Net
Worth |
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169 |
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Capital,
Paid-Up |
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45 |
45 |
45 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
11.31 |
45.97 |
44.81 |
38.01 |
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Current Ratio |
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163.67 |
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N.Worth Ratio |
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9.71 |
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.. |
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R.Profit/Sales |
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2.73 |
2.83 |
2.55 |
2.67 |
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N.Profit/Sales |
1.59 |
1.59 |
1.62 |
1.55 |
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Return On Equity |
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37.28 |
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.. |
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Financials are disclosed in full for the first time for the
31/03/2006 fiscal term.
Forecast (or estimated) for the 31/03/2007 fiscal term.
(*) indicates Pretax Profits for the 31/03/2005 and
31/03/2004 terms disclosed from the Taxation Office.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)