MIRA
INFORM REPORT
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Report Date : |
11.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ITOCHU PLASTICS INC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Apr 1986 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Import, export, wholesale of
packaging materials, electronics materials, other |
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 1468.7 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
ITOCHU PLASTICS INC
REGD NAME
KK Itochu Plastics
MAIN OFFICE
Tel : 03-6415-3800
Fax : 03-6415-3850
URL : http://www.itc-ps.co.jp
E-Mail
address: Hpinfo@itc-ps.co.jp
ACTIVITIES
Import,
export, wholesale of packaging materials, electronics materials, other
BRANCHES
OVERSEAS
OFFICERS
RYUICHI
KOMATSUZAKI, PRES Koichi
Hatano, ch
Tsuyoshi
Aoki, dir Kiichiro
Watanabe, dir
Akira
Nagatomo, dir Yuji
Fukuda, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 199,829 M
PAYMENTS REGULAR CAPITAL Yen 1,000 M
TREND STEADY WORTH Yen
4,932 M
STARTED 1986 EMPLOYES 350
COMMENT
TRADING HOUSE SPECIALIZING IN PACKAGING MATERIALS, ELECTRONICS,
OTHER, WHOLLY OWNED BY ITOCHU CORP. FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 1,468.7 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established on the basis of a chemical division separated from Itochu Corp, leading general trading house. Specializes in import, export and wholesale of packaging materials, materials for electronic devices, housing/construction materials, other.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 199,829 million, a 10.7% up from Yen 180,583 million in the previous term. Imports & exports expanded. Materials prices hikes contributed, too. The recurring profit was posted at Yen 4,106 million, and the net profit at Yen 2,618 million, respectively, compared with Yen 3,194 million recurring profit and Yen 1,778 million net profit, respectively, a year ago.
For the term ended Mar 2007 the recurring profit was projected at Yen 4,400 million and the net profit at Yen 2,850 million, respectively, on a 10% rise in turnover, to Yen 218,900 million. Business keeps on rising. Weaker Yen may have contributed.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,468.7 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Apr 1986
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 40,000 shares
Issued: 20,000 shares
Sum: Yen 1,000 million
Major shareholders (%): Itochu
Corporation*(100)
*.. Major general trading house of Japan, Tokyo, founded 1949, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 202,241 million, sales Yen 10,473,885 million, recurring profit Yen 216,869 million, net profit Yen 145,146 million, total assets Yen 4,797,013 million, net worth Yen 726, 816 million, employees 42,967, pres Eizo Kobayashi
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports, exports and wholesales:
(Sales
breakdown by divisions):
Packaging Materials Div (23%): container packaging materials for convenience stores, restaurant industry & food mfrs, materials related to stationery, and packaging materials for medication;
Electronics Devices Materials Div (25%): Materials for LCDs used for mobile phones, personal computers, and projectors, materials for semiconductor and rechargeable batteries;
Synthetic Resin Div (44%): synthetic resin raw materials, plate materials & finished products (for automobiles, home appliances and office automation equipment, store sign boards, industrial materials & parts;
Industrial Materials Div (8%): Materials for housing, construction and marine operations, Interior-related business (office design & construction), fixtures & fittings, other.
Overseas trading ratio (27%).
Clients: [Mfrs, wholesalers] Japan Fresh Foods Coops, Novatex Hanstar Display, LG Chemicals, other.
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Asahi Kasei Chemicals, Bayer, Nissan Chemical, Tosoh Corp, Zeon Corp, other.
Payment
record: Regular
Location: Business area in
Bank References
Mizuho
Bank (Gaienmae)
MUFG
(H/O)
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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218,900 |
199,829 |
180,583 |
174,779 |
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Recur.
Profit |
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4,400 |
4,106 |
3,194 |
3,516 |
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Net
Profit |
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2,850 |
2,618 |
1,778 |
1,821 |
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Total
Assets |
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57,833 |
52,995 |
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Current
Assets |
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54,070 |
49,472 |
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Current
Liabs |
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51,575 |
48,180 |
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Net
Worth |
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4,932 |
3,636 |
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Capital,
Paid-Up |
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1,000 |
1,000 |
1,000 |
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Div.P.Share(¥) |
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90.00 |
75.00 |
67.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
9.54 |
10.66 |
3.32 |
52.98 |
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Current Ratio |
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104.84 |
102.68 |
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N.Worth Ratio |
.. |
8.53 |
6.86 |
.. |
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R.Profit/Sales |
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2.01 |
2.05 |
1.77 |
2.01 |
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N.Profit/Sales |
1.30 |
1.31 |
0.98 |
1.04 |
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Return On Equity |
.. |
53.08 |
48.90 |
.. |
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Note: Forecast
(or estimated) for the 31/03/2007 fiscal term.
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%)