MIRA
INFORM REPORT
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Report Date : |
28.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
TOKYO PULP & PAPER INTERNATIONAL CO LTD |
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Registered Office : |
Mitsui Takanawa Bldg, 3-5-25 Takanawa Minatoku Tokyo 108-0074 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Aug 1972 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of pulp,
wood chips, cardboard, paper products |
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 161.1 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
TOKYO PULP & PAPER INTERNATIONAL CO LTD
REGD NAME
Tokyo Kami Pulp International KK
MAIN OFFICE
Mitsui Takanawa Bldg, 3-5-25 Takanawa Minatoku Tokyo 108-0074 JAPAN
Tel : 03-3442-0366
URL : http://www.daio-paper.co.jp
(of the parent, Daio Paper)
ACTIVITIES
Import, export, wholesale of pulp, wood chips, cardboard,
paper products
BRANCHES
Nil
OFFICERS
Takao Ikawa, ch HIDETAKA
IKAWA, PRES
Hidekazu Miyamoto, mgn dir Kenzo
Matsubara, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 23,222 M
PAYMENTS REGULAR CAPITAL Yen 30 M
TREND STEADY WORTH Yen 988 M
STARTED 1972 EMPLOYES 40
COMMENT
TRADING HOUSE SPECIALIZING IN PULP & PAPER, WHOLLY OWNED BY
DAIO PAPER CORP. FINANCIAL SITUATION
CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 161.1 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established on the basis of a trading
division separated from Daio Paper Corp, paper mfr, Tokyo (See
REGISTRATION). This is a trading house
specializing in import, export and
wholesale of pulp & paper, wood chips, logs, coal, cardboard, other paper products.
Goods are exported to Taiwan, Korea, China, Hong Kong, USA, etc. Main clients are Daio Paper and group firms.
FINANCIAL INFORMATION
Financials are released in digest form. We attach full financials of the parent, Daio Paper Corp.
The sales volume for Mar/2006 fiscal term amounted to Yen 23,229 million, inched up from Yen 23,112 million in the previous term. Exports continued steady. The net profit was posted at Yen 88 million, down from Yen 108 million a year ago. The previous term’s profits included some extraordinary incomes.
For the term just ended Mar 2007 the net profit was projected
and believed posted at Yen 85 million, on a 2% rise in turnover, to Yen 23,700
million. Exports increased. Weaker Yen should have helped to raise sales
amount in Yen terms.
The financial situation is considered maintained FAIR and good
for ORDINARY business engagements. Max credit
limit is estimated at Yen 161.1 million, on 30 days normal terms. The parent’s max credit limit is estimated
at Yen 4,357.8 million, 30 days terms.
REGISTRATION
Date Registered: Aug
1972
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 240,000
shares
Issued: 60,000
shares
Sum: Yen
30 million
Major shareholders (%): Daio Paper Corp*(100)
*.. Third largest paper mfr, Tokyo, founded 1943, listed Tokyo,
Osaka S/E’s, capital Yen 30,361 million, turnover Yen 402,273 million, recurring
profit Yen 23,960 million, net profit Yen 9,302 million, total assets Yen
664,293 million, net worth Yen 109,431 million, employees 7,813, pres
Katsutoshi Futagami
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports, exports and wholesales pulp & paper,
woods, wood chips, paper board, cardboard, other paper products, coal, other
(--100%).
Clients: [Mfrs, wholesalers] Daio Paper and group firms. Also exports to Taiwan, Korea, Hong Kong, China, USA, other.
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Daio Paper, Itochu Corp,
Marubeni Corp, Mitsubishi Corp, other.
Goods are also imported.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
Ehime Bank (Tokyo)
Mizuho Bank (Takanawadai)
Relations: Satisfactory.
FINANCES
(In Million Yen)
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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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23,700 |
23,229 |
23,112 |
22,846 |
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Recur.
Profit |
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Net
Profit |
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85 |
88 |
108 |
82 |
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Total
Assets |
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8,478 |
7,941 |
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Current
Assets |
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7,796 |
7,264 |
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Current
Liabs |
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7,173 |
6,765 |
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Net
Worth |
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988 |
856 |
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Capital,
Paid-Up |
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30 |
30 |
30 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.03 |
0.51 |
1.16 |
6.03 |
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Current Ratio |
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108.69 |
107.38 |
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N.Worth Ratio |
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11.65 |
10.78 |
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R.Profit/Sales |
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.. |
.. |
.. |
.. |
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N.Profit/Sales |
0.36 |
0.38 |
0.47 |
0.36 |
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Return On Equity |
.. |
8.91 |
12.62 |
.. |
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Note: Forecast (or
estimated) for the 31/03/2007 fiscal term.
CONSOLUDATED
FINANCIALS OF THE PARENT, DAIO PAPER CORP
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME STATEMENT |
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Annual Sales |
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402,273 |
395,376 |
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Cost of Sales |
296,902 |
289,628 |
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GROSS PROFIT |
105,370 |
105,747 |
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Selling & Adm Costs |
75,247 |
73,282 |
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OPERATING PROFIT |
30,123 |
32,465 |
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Non-Operating P/L |
-6,163 |
-7,114 |
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RECURRING PROFIT |
23,960 |
25,351 |
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NET PROFIT |
9,302 |
4,287 |
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BALANCE SHEET |
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Cash |
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77,593 |
75,364 |
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Receivables |
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124,133 |
120,004 |
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Inventory |
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53,740 |
52,168 |
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Securities, Marketable |
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Other Current Assets |
11,989 |
12,389 |
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TOTAL CURRENT ASSETS |
267,455 |
259,925 |
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Property & Equipment |
305,263 |
304,179 |
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Intangibles |
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7,915 |
10,578 |
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Investments, Other Fixed Assets |
65,518 |
63,445 |
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TOTAL ASSETS |
646,151 |
638,127 |
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Payables |
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47,646 |
44,292 |
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Short-Term Bank Loans |
74,148 |
77,112 |
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Other Current Liabs |
123,543 |
128,175 |
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TOTAL CURRENT LIABS |
245,337 |
249,579 |
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Debentures |
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42,376 |
42,965 |
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Long-Term Bank Loans |
195,483 |
195,951 |
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Reserve for Retirement Allw |
12,848 |
13,240 |
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Other Debts |
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11,626 |
16,650 |
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TOTAL LIABILITIES |
507,670 |
518,385 |
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MINORITY INTERESTS |
24,672 |
20,775 |
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Common
stock |
30,119 |
29,927 |
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Additional
paid-in capital |
29,629 |
29,438 |
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Retained
earnings |
58,683 |
51,320 |
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Evaluation
p/l on investments/securities |
7,290 |
2,253 |
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Others |
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(3,425) |
(6,292) |
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Treasury
stock, at cost |
(8,488) |
(7,680) |
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TOTAL S/HOLDERS` EQUITY |
113,807 |
98,966 |
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TOTAL EQUITIES |
646,151 |
638,127 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2006 |
31/03/2005 |
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Cash
Flows from Operating Activities |
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42,495 |
49,443 |
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Cash
Flows from Investment Activities |
-6,966 |
-15,059 |
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Cash
Flows from Financing Activities |
-29,463 |
-35,641 |
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Cash,
Bank Deposits at the Term End |
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75,977 |
67,682 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
113,807 |
98,966 |
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Current
Ratio (%) |
109.02 |
104.15 |
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Net
Worth Ratio (%) |
17.61 |
15.51 |
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Recurring
Profit Ratio (%) |
5.96 |
6.41 |
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Net
Profit Ratio (%) |
2.31 |
1.08 |
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Return
On Equity (%) |
8.17 |
4.33 |
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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%)