MIRA
INFORM REPORT
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Report Date : |
27.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
OJI INTERPACK CO LTD |
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Registered Office : |
Oji Seishi Ichigokan 4F, 5-12-8 Ginza Chuoku Tokyo 104-0061 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
February 1974 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Heavy Duty Packaging Materials, Returnable
Containers |
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 477.6 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
OJI INTERPACK CO LTD
REGD NAME: Oji Interpack KK
MAIN OFFICE: Oji Seishi Ichigokan
4F, 5-12-8 Ginza Chuoku Tokyo 104-0061 JAPAN
Tel:
03-6327-1021 Fax: 03-6226-5601
E-Mail address: info@hipl.co.jp
ACTIVITIES
Mfg of heavy duty packaging materials, returnable containers
BRANCHES
Osaka, Gunma, Shizuoka, Nagoya, Hiroshima, Fukuoka
OVERSEAS
USA, Singapore, Netherlands, Taiwan, Korea, Thailand, China
FACTORY(IES)
Kadoma (Osaka);
Oji Intertech Inc (USA)
OFFICER(S)
KAZUYUKI MORIOKA, PRES
Mitsuharu Hoshi, mgn dir
Hiroyoshi Imamura, dir
Hiroshi Yakutai, dir
Yasuo Nakanishi, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 11,100 M
PAYMENTS REGULAR CAPITAL Yen 213 M
TREND STEADY WORTH Yen 4,162 M
STARTED 1974 EMPLOYES 83
COMMENT
MFR OF PACKAGING MATGERIALS & CONTAINERS, WHOLLY OWNED
BY
OJI PAPER CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 477.6 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established originally as JV with Fukuoka Paper Co and Tri-Wall Inc, USA, for mfg packaging materials. Later when Fukuoka Paper merged into Oji Paper Co Ltd, the subject became a wholly owned subsidiary and renamed as captioned. Specializes in mfg heavy duty packaging materials, returnable containers, automotive lining board, other. Has a factory in USA for producing automotive lining board, membrane, laminated products, die-cut products for supply to auto parts makers in USA.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 11,100 million, a 14% up from Yen 9,900 million in the previous term. Materials prices hikes contributed to the sales growth. Weaker Yen also aided. The net profit was, however, decreased to Yen 324 million from Yen 734 million a year ago, due to skyrocketing fuel prices.
For the current term ending Mar 2008 the net profit is projected at Yen 340 million, on a 4% rise in turnover, to Yen 11,500 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 477.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Feb 1974
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 1.7
million shares
Issued: 427,500
shares
Sum: Yen
213.75 million
Major shareholders (%)
Oji Paper Co Ltd*(100)
* Oji Paper Co Ltd, one of two largest mfrs of papers, Tokyo, founded 1949, listed Tokyo, Osaka S/E’s, capital Yen 103,880 million, turnover Yen 1,265,735 million, operating profit Yen 63,186 million, recurring profit Yen 64,110 million, net profit Yen 17,150 million, total assets Yen 1,790,515 million, net worth Yen 520,111 million, employees 19,560, pres Kazuhisa Shinoda
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to ^the commercial morality
of executives.
OPERATION
Activities: Manufactures heavy duty packaging materials,
“HIPLE-ACE” (triple-wall corrugated fiberboard),
returnable containers, ancillary materials for heavy duty packaging &
box-making machinery,
automotive lining board, membrane, laminated products, die-cut products,
molding of
automotive lining boards, others (--100%)
Clients
[Mfrs, wholesalers] Yamato Packing Service, Chuoh Pack Ind, Nagashima Packaging Co, Suruga Co, other.
No. of accounts
500
Domestic areas of activities
Nationwide
Suppliers
[Mfrs] Oji Paper Co Ltd.
Payment record
Regular
Location
Business
area in Tokyo. Office premises at the
caption address are owned by the parent, Oji Paper Co Ltd, and maintained
satisfactorily.
Bank References
Mizuho Corporate Bank (Uchisaiwaicho)
MUFG (Roppongi)
Relations: Satisfactory
FINANCES: (In Million Yen)
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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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11,500 |
11,100 |
9,900 |
8,500 |
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Recur.
Profit |
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Net
Profit |
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340 |
324 |
734 |
255 |
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Total
Assets |
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6,998 |
6,340 |
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Current
Assets |
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4,384 |
3,721 |
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Current
Liabs |
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2,722 |
2,405 |
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Net
Worth |
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4,162 |
3,836 |
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Capital,
Paid-Up |
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213 |
213 |
213 |
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Div.P.Share(Ą) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.60 |
12.12 |
16.47 |
41.67 |
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Current Ratio |
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161.06 |
154.72 |
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N.Worth Ratio |
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59.47 |
60.50 |
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R.Profit/Sales |
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.. |
.. |
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.. |
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N.Profit/Sales |
2.96 |
2.92 |
7.41 |
3.00 |
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Return On Equity |
.. |
7.78 |
19.13 |
.. |
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Notes: Forecast (or estimated) figures for the 31/03/2008
fiscal term.
SUPPLEMNTS:
CONSOLIDATED FINANCIALS OF THE PARENT, OJI PAPER CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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1,265,735 |
1,213,881 |
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Cost of Sales |
973,060 |
918,281 |
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GROSS PROFIT |
292,675 |
295,600 |
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Selling & Adm Costs |
229,488 |
221,658 |
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OPERATING PROFIT |
63,186 |
73,941 |
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Non-Operating P/L |
924 |
-3,219 |
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RECURRING PROFIT |
64,110 |
70,722 |
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NET PROFIT |
17,150 |
21,024 |
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BALANCE SHEET |
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Cash |
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38,729 |
39,825 |
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Receivables |
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345,385 |
295,637 |
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Inventory |
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152,682 |
142,572 |
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Securities, Marketable |
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Other Current Assets |
39,640 |
39,792 |
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TOTAL CURRENT ASSETS |
576,436 |
517,826 |
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Property & Equipment |
910,095 |
890,835 |
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Intangibles |
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24,117 |
26,694 |
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Investments, Other Fixed Assets |
279,867 |
313,192 |
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TOTAL ASSETS |
1,790,515 |
1,748,547 |
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Payables |
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231,131 |
202,720 |
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Short-Term Bank Loans |
208,594 |
248,733 |
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Other Current Liabs |
280,447 |
263,550 |
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TOTAL CURRENT LIABS |
720,172 |
715,003 |
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Debentures |
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Long-Term Bank Loans |
327,505 |
232,436 |
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Reserve for Retirement Allw |
44,703 |
62,830 |
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Other Debts |
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174,503 |
202,620 |
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TOTAL LIABILITIES |
1,266,883 |
1,212,889 |
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MINORITY INTERESTS |
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7,782 |
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Common
stock |
103,880 |
103,880 |
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Additional
paid-in capital |
112,964 |
112,957 |
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Retained
earnings |
280,919 |
275,411 |
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Evaluation
p/l on investments/securities |
65,579 |
73,735 |
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Others |
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3,522 |
3,815 |
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Treasury
stock, at cost |
(43,233) |
(41,923) |
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TOTAL S/HOLDERS` EQUITY |
523,631 |
527,875 |
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TOTAL EQUITIES |
1,790,515 |
1,748,547 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash
Flows from Operating Activities |
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59,285 |
112,307 |
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Cash
Flows from Investment Activities |
-92,035 |
-106,637 |
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Cash
Flows from Financing Activities |
31,042 |
-12,874 |
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Cash,
Bank Deposits at the Term End |
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38,550 |
39,601 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
523,631 |
527,875 |
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Current
Ratio (%) |
80.04 |
72.42 |
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Net
Worth Ratio (%) |
29.24 |
30.19 |
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Recurring
Profit Ratio (%) |
5.07 |
5.83 |
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Net
Profit Ratio (%) |
1.35 |
1.73 |
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Return
On Equity (%) |
3.28 |
3.98 |
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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. |
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%)