MIRA
INFORM REPORT
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Report Date : |
30.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
PAN PACIFIC COPPER CO LTD |
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Registered Office : |
Shin-Nikko Bldg 8F, 2-10-1 Toranomon Minatoku Tokyo 105-0001 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
October 2000 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Export, Wholesale of Copper Products |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
YEN 18,343.6 Million |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
name & address
PAN PACIFIC COPPER
CO LTD
REGD NAME: Pan Pacific Copper KK
MAIN OFFICE: Shin-Nikko Bldg 8F, 2-10-1 Toranomon Minatoku
Tokyo 105-0001 JAPAN
Tel:
03-3560-8000 Fax: 03-3560-8001
URL: http://www.ppcu.co.jp
E-Mail address: webmaster@ppcu.co.jp
ACTIVITIES
Import, export, wholesale of copper products
BRANCHES
Osaka, Nagoya, Fukuoka, Okayama
OVERSEAS
Chile, Taiwan
OFFICER(S)
EIJI KATOH, PRES
Yoshiaki Kitagawa, rep dir
Keiichi Satoh, rep sir
Tohru Higuchi, dir
Tsuneo Maruyama, dir
Keiichi Gotoh, dir
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 752,152 M
PAYMENTS REGULAR CAPITAL Yen 22,700 M
TREND STEADY WORTH Yen 77,965 M
STARTED 2000 EMPLOYES 136
COMMENT
TRADING FIRM SPECIALIZING IN COPPER PRODUCTS, AFFILIATED TO NIPPON
MINING & METALS IND.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 18,343.6 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a division separated from Nippon Mining & Metals Ind (See REGISTRATION). This is a trading firm specializing in copper products, mainly of the parent’s and group products. Clients are major copper & electronic mfrs.
FINANCIAL INFORMATION
The sales volume for Mar//2008 fiscal term amounted to Yen 752,162 million, a 10% hike from Yen 181,334 million in the previous term. This is thanks to the risings costs of materials. Imports & exports rose. The net recurring profit was posted at Yen 22,595 million and the net profit at Yen 13,171 million, respectively, compared with Yen 26,965 million recurring profit and Yen 15,834 million net profit, respectively, a year ago. Rising cost of operation ate into profits.
For the current term ending Mar 2009 the recurring profit is projected at Yen 28,600 million and the net profit at Yen 13,200 million, respectively, on a 5% rise in turnover, to Yen 19,000 million. Business is seen on the upswing.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 18,343.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Oct 2000
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 10,300 shares
Issued: 10,300 shares
Sum: Yen 22,700 million
Major shareholders (%)
Nippon Mining & Metals Ind*(66), Mitsui Mining & Smelting (34)
No. of shareholders: 2
* Copper mining at the caption address, founded 1981, capital Yen 24,500 million, sales Yen 231,000 million, net profit Yen 9,400 million, employees 2,000, pres Masanori Okada
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Import, exports and wholesales reined copper (copper cathode), copper cake & billets, copper wire rods, copper concentrate, sulphiric acid, precious metals, other (-100%).
Clients
[Mfrs, wholesalers] Hitachi Electric Wire, Furukawa Electric Ind, Fujikura, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Nippon Mining & Metals Ind, Mitsui Mining & Smelting, other.
Imports from South America, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are owned by the parent and maintained satisfactorily.
Bank References
SMBC (H/O)
MUFG (Tokyo)
Relations: Satisfactory
FINANCES: (In Million Yen)
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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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752,152 |
681,334 |
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Cost of Sales |
714,605 |
640,298 |
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GROSS PROFIT |
37,547 |
41,036 |
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Selling & Adm Costs |
14,834 |
14,472 |
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OPERATING PROFIT |
22,713 |
26,562 |
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Non-Operating P/L |
-118 |
403 |
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RECURRING PROFIT |
22,595 |
26,965 |
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NET PROFIT |
13,171 |
15,834 |
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BALANCE SHEET |
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Cash |
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851 |
509 |
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Receivables |
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46,231 |
40,598 |
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Inventory |
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106,408 |
99,373 |
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Securities, Marketable |
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Other Current Assets |
45,747 |
48,206 |
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TOTAL CURRENT ASSETS |
199,237 |
188,686 |
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Property & Equipment |
2,059 |
1,911 |
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Intangibles |
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8,246 |
11,085 |
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Investments, Other Fixed Assets |
43,562 |
34,744 |
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TOTAL ASSETS |
253,104 |
236,426 |
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Payables |
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52,414 |
35,973 |
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Short-Term Bank Loans |
91,734 |
102,088 |
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Other Current Liabs |
26,445 |
29,382 |
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TOTAL CURRENT LIABS |
170,593 |
167,443 |
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Debentures |
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Long-Term Bank Loans |
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590 |
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Reserve for Retirement Allw |
1 |
47 |
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Other Debts |
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4,545 |
1,449 |
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TOTAL LIABILITIES |
175,139 |
169,529 |
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MINORITY INTERESTS |
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Common
stock |
24,950 |
22,700 |
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Additional
paid-in capital |
23,821 |
21,571 |
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Retained
earnings |
14,181 |
15,834 |
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Evaluation
p/l on investments/securities |
35 |
60 |
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Others |
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6,731 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
77,965 |
66,896 |
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TOTAL EQUITIES |
253,105 |
236,426 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
77,965 |
66,896 |
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Current
Ratio (%) |
116.79 |
112.69 |
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Net
Worth Ratio (%) |
30.80 |
28.29 |
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Recurring
Profit Ratio (%) |
3.00 |
3.96 |
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Net
Profit Ratio (%) |
1.75 |
2.32 |
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Return
On Equity (%) |
16.89 |
23.67 |
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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.46.94 |
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UK Pound |
1 |
Rs.85.57 |
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Euro |
1 |
Rs.67.79 |
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%)