MIRA
INFORM REPORT
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Report Date : |
31.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
EPE INTERNATIONAL CORPORATION |
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Registered Office : |
2-57-5 Nishi-Nippori Arakawaku Tokyo 116-0013 |
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Country : |
Japan |
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Financials (as on) : |
31.05.2008 |
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Date of Incorporation : |
June1996 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Export, Wholesale of Packaging Materials |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
YEN 8.7 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
EPE INTERNATIONAL
CORPORATION
REGD NAME: EPE International KK
MAIN OFFICE: 2-57-5 Nishi-Nippori Arakawaku Tokyo 116-0013
JAPAN
Tel:
03-3805-1112 Fax: 03-3805-6845
E-Mail address:uchida@epe.co.jp
ACTIVITIES
Import, export, wholesale of packaging materials
BRANCHES
Nil
OVERSEAS
USA, Belgium, Singapore, Malaysia, Australia, China, other
(of the two parents)
FACTORY (IES)
(subcontracted)
OFFICER(S)
KEITA YAMASHIRO, PRES
Shigeru Yamaguchi, dir
Masako Fukutome, dir
Fujio Mushiga, dir
Masakazu Yoshida, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 481 M
PAYMENTS REGULAR CAPITAL Yen 90 M
TREND STEADY WORTH Yen 209 M
STARTED 1996 EMPLOYES 4
COMMENT
TRADING FIRM SPECIALIZING IN PACKAGING MATERIALS, JOINTLY
OWNED
BY EPE CO LTD AND KANEKA
CORPORATION.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 8.7 MILLION, 30 DAYS NORMAL
TERMS
HIGHLIGHTS
The subject company was established on the basis of a trading division separated from EPE Co Ltd, mfg/wholesaling of packaging materials, at the caption address, jointly by Kaneka Corp, largest mfr of resins & caustic soda, Osaka (See REGISTRATION). This is a trading firm for import, export and wholesale of packaging materials handled by the two parents. Goods are imported and exported to overseas dealers of the two parents.
FINANCIAL INFORMATION
Financials are consolidated by Kaneka Corp, including those of the parent, EPE Co Ltd. They are as attached (See SUPPLEMENTS)
The sales volume for May/2007 fiscal term amounted to Yen 481 million, a 9% down from Yen 528 million in the previous term. Rising fuel oil prices were not totally passed onto clients. The operations plunged into the deficit to register Yen 33 million net losses for the term.
For the term that ended May 2008 the operations were projected to come back to profitability, believed, posting Yen 15 million net profit, on a 4% rise in turnover, to 500 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 8.7 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jun 1996
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 1,800 shares
Issued: 1,800 shares
Sum: Yen 90 million
Major shareholders (%)
EPE Co Ltd*(50), Kaneka Corp**(50)
No. of shareholders: 2
* Mfr (subcontracted) & wholesaler of packaging materials, at the caption address, capital Yen 30 million, turnover Yen 4,250 million, employees 54, pres Keita Yamashiro concurrently. Financials are consolidated by Kaneka Corp
** Mfr of PVC resins & caustic soda, Osaka, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 33,046 million, turnover Yen 502,966 million, operating profit Yen 35,745 million, recurring profit Yen 33,866 million, net profit Yen 18,817 million, total assets Yen 452,620 million, net worth Yen 261,262 million, employees 7,498, pres Kimikazu Sugawara
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: A trading firm for import, export and wholesale of packaging materials, made & handled by the two parents, EPE Co Ltd & Kaneka Corp.
Clients
[Mfrs, wholesalers] Exports to subsidiaries/agents of the both parent.
Domestically Toyota Tsusho, other
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Kaneka Corp and its overseas subsidiaries/agents.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
SMBC (Nippori)
MUFG (Tokyo)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms
Ending: |
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31/05/2008 |
31/05/2007 |
31/05/2006 |
31/05/2005 |
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Annual
Sales |
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500 |
481 |
528 |
434 |
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Recur.
Profit |
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Net
Profit |
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15 |
-33 |
14 |
15 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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209 |
242 |
228 |
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Capital,
Paid-Up |
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90 |
90 |
90 |
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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 |
3.95 |
-8.90 |
21.66 |
17.30 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
3.00 |
-6.86 |
2.65 |
3.46 |
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Notes: Financials are only partially disclosed.
Forecast (or estimated) figures for the 31/05/2008 fiscal term.
SUPPLEMENTS:
CONSOLIDATED
FINANCIALS OF KANEKA CORP FOR BOTH EPE CO LTD & EPE INT’L CORP
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2008 |
31/03/2007 |
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INCOME STATEMENT |
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Annual Sales |
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502,968 |
473,170 |
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Cost of Sales |
376,031 |
344,519 |
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GROSS PROFIT |
126,936 |
128,651 |
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Selling & Adm Costs |
91,191 |
91,985 |
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OPERATING PROFIT |
35,745 |
36,666 |
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Non-Operating P/L |
-1,879 |
273 |
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RECURRING PROFIT |
33,866 |
36,939 |
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NET PROFIT |
18,817 |
18,363 |
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BALANCE SHEET |
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Cash |
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20,379 |
20,396 |
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Receivables |
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113,224 |
118,401 |
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Inventory |
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71,313 |
65,277 |
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Securities, Marketable |
1,907 |
2,358 |
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Other Current Assets |
11,616 |
12,787 |
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TOTAL CURRENT ASSETS |
218,439 |
219,219 |
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Property & Equipment |
160,615 |
159,403 |
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Intangibles |
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2,822 |
3,030 |
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Investments, Other Fixed Assets |
70,744 |
85,457 |
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TOTAL ASSETS |
452,620 |
467,109 |
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Payables |
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67,921 |
69,014 |
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Short-Term Bank Loans |
22,020 |
20,266 |
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Other Current Liabs |
44,241 |
44,700 |
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TOTAL CURRENT LIABS |
134,182 |
133,980 |
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Debentures |
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10,000 |
15,000 |
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Long-Term Bank Loans |
17,207 |
17,196 |
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Reserve for Retirement Allw |
18,452 |
19,179 |
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Other Debts |
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5,181 |
10,474 |
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TOTAL LIABILITIES |
185,022 |
195,829 |
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MINORITY INTERESTS |
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Common
stock |
33,046 |
33,046 |
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Additional
paid-in capital |
34,836 |
34,857 |
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Retained
earnings |
194,740 |
188,417 |
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Evaluation
p/l on investments/securities |
10,625 |
24,115 |
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Others |
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3,368 |
5,324 |
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Treasury
stock, at cost |
(9,017) |
(14,479) |
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TOTAL S/HOLDERS` EQUITY |
267,598 |
271,280 |
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TOTAL EQUITIES |
452,620 |
467,109 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2008 |
31/03/2007 |
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Cash
Flows from Operating Activities |
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39,418 |
32,742 |
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Cash
Flows from Investment Activities |
-34,988 |
-33,894 |
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Cash
Flows from Financing Activities |
-4,433 |
-2,081 |
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Cash,
Bank Deposits at the Term End |
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21,988 |
22,635 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
267,598 |
271,280 |
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Current
Ratio (%) |
162.79 |
163.62 |
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Net
Worth Ratio (%) |
59.12 |
58.08 |
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Recurring
Profit Ratio (%) |
6.73 |
7.81 |
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Net
Profit Ratio (%) |
3.74 |
3.88 |
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Return
On Equity (%) |
7.03 |
6.77 |
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FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.37 |
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UK Pound |
1 |
Rs.84.00 |
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Euro |
1 |
Rs.65.96 |
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%)