MIRA
INFORM REPORT
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Report Date : |
22.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
JAPACK’S INC |
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Registered Office : |
Yagokan Bldg 2F, 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 : |
August 1998 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, wholesale, mfg (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 21.4 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
JAPACK’S INC
REGD NAME: KK Japack’s
MAIN OFFICE: Yagokan Bldg 2F,
1-4-8 Higashikanda Chiyodaku Tokyo 101-0031 JAPAN
Tel:
03-5822-5771 Fax: 03-5822-5772
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 6,032 M
PAYMENTS REGULAR CAPITAL Yen 45 M
TREND STEADY WORTH Yen 156 M
STARTED 1998 EMPLOYES 51
COMMENT
IMPORTER
AND WHOLESALER SPECIALIZING IN PLASTIC BAGS & FILMS. FINANCIAL SITUATION
CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$250,000 / O/A 60 DAYS. .
MAX CREDIT LIMIT
YEN 21.4 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, owned & 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/2007 fiscal term amounted to Yen 6,032 million, a 53% up from Yen 3,953 million in the previous term. This is attributed to stricter standards employed by municipalities, nationwide, on quality, materials, etc for garbage disposal bags & films. Higher materials prices also assisted to boost sales. The net profit, however, decreased to Yen 2 million, sharply down from Yen 63 million a year ago. This is referred to higher materials costs which have not been passed on to clients.
For the term just ended Mar 2007 the recurring profit was projected at Yen 20 million and the net profit at Yen 10 million, on a 1% rise in turnover, to Yen 6,100 million. 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 21.4 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 (61), Aicello Chemical Co*(11), Sinliplas SDN BHD (Malaysia) (6)
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 17,347 million, net profit Yen 336 million, employees 469, pres Hirokazu Itoh
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports, exports, wholesales and manufactures (subcontracted overseas) 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: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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6,100 |
6,032 |
3,953 |
2,708 |
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Recur.
Profit |
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20 |
5 |
112 |
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Net
Profit |
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10 |
2 |
63 |
44 |
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Total
Assets |
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3,082 |
1,741 |
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Current
Assets |
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2,306 |
1,329 |
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Current
Liabs |
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1,613 |
812 |
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Net
Worth |
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156 |
169 |
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Capital,
Paid-Up |
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45 |
45 |
45 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.13 |
52.59 |
45.97 |
44.81 |
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Current Ratio |
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142.96 |
163.67 |
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N.Worth Ratio |
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5.06 |
9.71 |
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R.Profit/Sales |
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0.33 |
0.08 |
2.83 |
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N.Profit/Sales |
0.16 |
0.03 |
1.59 |
1.62 |
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Return On Equity |
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1.28 |
37.28 |
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Notes: Financials are disclosed in full for the first time
for the 31/03/2006 fiscal term.
Forecast (or estimated) for the 31/03/2008 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. |
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%)