MIRA INFORM REPORT

 

 

Report Date :

28.06.2007

 

IDENTIFICATION DETAILS

 

Name :

MARUBENI PLAX CORPORATION

 

 

Registered Office :

Bakurocho No.1 Bldg 9F, 1-4-16 Nihombashi-Bakurocho Chuoku Tokyo 103-0002

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

Dec 1975

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Import, export, wholesale resins, packaging material and construction material.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 982.2 millions

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

--

 

 

name

 

MARUBENI PLAX CORPORATION

 

 

REGD NAME

 

Marubeni Plax KK

 

 

MAIN OFFICE

 

Bakurocho No.1 Bldg 9F, 1-4-16 Nihombashi-Bakurocho Chuoku Tokyo 103-0002 JAPAN

Tel        : 03-5641-6806    

Fax       : 03-5641-5877

URL      : http://www.plax.co.jp

E-Mail address: plax.L16@plax.marubeni.co.jp

 

 

ACTIVITIES

 

Import, export, wholesale resins, packaging mtrl, construction mtrl

 

 

BRANCHES

 

Osaka, Nagoya, Fukuoka

 

 

OVRSEAS

 

Marubeni Plax China (Hong Kong) (subsidiary)

 

 

OFFICERS

 

IKUO WATANABE, PRES          Takeshi Igarashi, mgn dir

Sumio Takeuchi, dir                   Jun’ichi Fujiwara, dir

Yoichi Nishino, dir                      Shizuo Akimoto, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                 A/SALES          Yen 116,549 M

PAYMENTS      REGULAR         CAPITAL           Yen 1,000 M

TREND             STEADY           WORTH            Yen 2,758 M

STARTED         1975                 EMPLOYES      167

 

 

COMMENT

 

TRADING HOUSE SPECIALIZING IN PLASTICS & PACKAGING MATERIALS, WHOLLY OWNED BY MARUBENI CORP.   FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 982.2 MILLION, 30 DAYS NORMAL TERMS. 

 

 

HIGHLIGHTS

           

The subject company was established on the basis of plastics division separated from Marubeni Corp, major general trading house, Tokyo (See REGISTRATION). In 1997, merged three sister companies to streamline operations and became specialized trader of plastics, packaging materials, electronics materials and construction materials.  In Aug 2003, set up Marubeni Plax China in order to actively advance into China market. 

 

 

FINANCIAL INFORMATION

           

The sales volume for Mar/2006 fiscal term amounted to Yen 116,549 million, a 5% up from Yen 111,273 million in the previous term.  Exports to China and other S/E Asian countries rose.  Material price hikes also contributed.  The recurring profit was posted at Yen 939 million and the net profit at Yen 544 million, respectively, compared with Yen 928 million recurring profit and Yen 525 million net profit, respectively, a year ago.

 

For the term ended Mar 2007 the recurring profit was projected at Yen 1,070 million and the net profit at Yen 560 million, respectively, on a 7.8% rise in turnover, to Yen 125,600 million.  Business continues on the upswing.

 

The financial situation is considered maintained FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 982.2 million, on 30 days normal terms. 

 

 

REGISTRATION

 

Date Registered:            Dec 1975

Legal Status:                 Limited Company (Kabushiki Kaisha)

Authorized:                    8 million shares

Issued:                          2 million shares

Sum:                            Yen 1,000 million

Major shareholders (%): Marubeni Corporation*(100)

*.. One of big 5 general trading houses, founded 1949, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 362,686 million, turnover Yen 9,554,943 million, recurring profit Yen 193,815 million, net profit Yen 119,349 million, total assets Yen 4,873,304 million, net worth Yen 845,454 million, employees 28,442, pres Nobuo Katsumata.

 

Financials as attached.

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

 

 

 

OPERATION

 

Activities: Imports, exports and wholesales synthetic resins, packaging materials, electronics & construction materials:

 

(Sales breakdown by divisions):

 

Synthetic Resin Div (30%): PP, PE, PS, EVA, nylon film, PET film, PP films, other;

Functional Products Div (33%): electronics materials, PET film, synthetic paper, lamp reflector, reflective films, backlight units, prism sheets, other;

Retails & Packaging Materials Div (23%): plastic film, plastic sheet, containers, pallets, other for consumer use;

Construction Materials (5%): housing units, construction materials, other

Other Div (9%): functional products, other.

Export:  (25%).

 

Clients: [Mfrs, wholesalers] Marubeni Corp, Daiei Inc, Calsonic Kansei Corp, FP Corp, Tsuchiya Co, Yazaki Industrial Chemical, Fukusuke Kogyo, other. 

 

No. of accounts: 1,000

 

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Marubeni Corp, Mitsui Chemical, Dainippon Ink & Chemicals, Toyobo Co, Asahi Kasei Corp, DuPont KK, Prime Polymer, Japan Polypropylene Corp, other.

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

 

Bank References

 

Mizuho Corporate Bank (Ohtemachi)

Mizuho Bank (Semba)

 

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

 

       Terms Ending:

31/03/2007

31/03/2006

31/03/2005

31/03/2004

Annual Sales

　

125,600

116,549

111,273

91,563

Recur. Profit

　

1,070

939

928

707

Net Profit

　

560

544

525

434

Total Assets

　

　

28,376

25,204

　

Current Assets

　

　

27,081

24,158

　

Current Liabs

　

　

25,610

22,739

　

Net Worth

　

　

2,758

2,229

　

Capital, Paid-Up

　

　

1,000

1,000

1,000

Div.P.Share(¥)

　

　

135.00

30.00

50.00

<Analytical Data>

(%)

(%)

(%)

(%)

       S.Growth Rate

7.77

4.74

21.53

17.72

       Current Ratio

 

..

105.74

106.24

..

       N.Worth Ratio

..

9.72

8.84

..

       R.Profit/Sales

 

0.85

0.81

0.83

0.77

       N.Profit/Sales

0.45

0.47

0.47

0.47

       Return On Equity

..

19.72

23.55

..

 

Note: Forecast (or estimated) for the 31/03/2007 fiscal term.

 

 

Attachments:

 

CONSOLIDATED FINANCIALS OF THE PARENT, MARUBENI CORP

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2007

31/03/2006

INCOME STATEMENT

 

 

 

  Annual Sales

　

9,554,943

8,686,532

 

  Cost of Sales

9,023,772

8,184,508

 

      GROSS PROFIT

531,171

502,024

 

  Selling & Adm Costs

366,151

358,776

 

      OPERATING PROFIT

165,020

143,248

 

  Non-Operating P/L

28,795

-41,795

 

      RECURRING PROFIT

193,815

101,453

　

      NET PROFIT

119,349

73,801

BALANCE SHEET

 

 

 

 

  Cash

　

414,952

368,936

 

  Receivables

 

1,032,790

896,781

 

  Inventory

 

420,533

395,599

 

  Securities, Marketable

26,693

20,989

 

  Other Current Assets

607,624

486,312

 

      TOTAL CURRENT ASSETS

2,502,592

2,168,617

 

  Property & Equipment

731,452

780,809

 

  Intangibles

 

　

　

 

  Investments, Other Fixed Assets

1,639,260

1,637,646

 

      TOTAL ASSETS

4,873,304

4,587,072

 

  Payables

 

1,024,959

948,543

 

  Short-Term Bank Loans

170,423

368,491

 

　

 

　

　

 

  Other Current Liabs

684,884

644,195

 

      TOTAL CURRENT LIABS

1,880,266

1,961,229

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

2,130,137

1,879,739

 

  Reserve for Retirement Allw

12,075

9,129

 

  Other Debts

　

29,987

26,189

 

      TOTAL LIABILITIES

4,052,465

3,876,286

 

      MINORITY INTERESTS

75,385

48,999

 

Common stock

262,686

262,686

 

Additional paid-in capital

155,905

155,903

 

Retained earnings

298,011

193,772

 

Evaluation p/l on investments/securities

102,899

109,035

 

Others

 

(73,560)

(57,283)

 

Treasury stock, at cost

(487)

(326)

 

      TOTAL S/HOLDERS` EQUITY

745,454

663,787

　

      TOTAL EQUITIES

4,873,304

4,589,072

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2007

31/03/2006

 

Cash Flows from Operating Activities

　

152,075

133,408

 

Cash Flows from Investment Activities

-135,147

-193,781

 

Cash Flows from Financing Activities

24,819

-46,037

　

Cash, Bank Deposits at the Term End

　

414,952

368,936

ANALYTICAL RATIOS            Terms ending:

31/03/2007

31/03/2006

 

 

Net Worth (S/Holders' Equity)

745,454

663,787

 

 

Current Ratio (%)

133.10

110.57

 

 

Net Worth Ratio (%)

15.30

14.46

 

 

Recurring Profit Ratio (%)

2.03

1.17

 

 

Net Profit Ratio (%)

1.25

0.85

 

 

Return On Equity (%)

16.01

11.12

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions