MIRA
INFORM REPORT
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Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
TOHO TOKUSHU PULP CO LTD |
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Formerly Known as : |
TOHO WARA (STRAW) PULP KK |
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Registered Office : |
Ohtemachi 21 Bldg, 1-4-1 Kanda Chiyodaku Tokyo |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
December 1937 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Non-Wood Pulps: Straw, Hemp, Cotton,
Kanaf, Bagasse, 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 111.4 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
TOHO TOKUSHU PULP
CO LTD
* Corporate
Expression changed from 1997 (Tokushu means Special)
REGD NAME: Toho Tokushu Pulp KK (Formerly Toho Wara
(Straw) Pulp KK)
MAIN OFFICE: 340 Mamada Oyama City Tochigi-Pref 329-0205
JAPAN
Tel:
0285-45-1213 Fax: 0285-45-1010
* Registered ant
Tokyo Headquarters at: Ohtemachi 21 Bldg, 1-4-1 Kanda
Chiyodaku Tokyo;
Tel: 03-3295-7740; Fax: 03-3295-7760
URL: http://www.ttp.biz
E-Mail address: info@ttp.biz
ACTIVITIES
Mfg of non-wood pulps: straw, hemp, cotton, kanaf, bagasse,
other
BRANCHES
Tokyo
FACTORY
At the caption address. Kitagami (Iwate)
OFFICER(S)
MASAAKI IGUCHI, PRES
Yoshio Kakehi, dir
Yoshinori Yazawa, dir
Manabu Watanabe, dir
Koji Kanuka, dir
Eiji Itoh, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,747 M
PAYMENTS REGULAR CAPITAL Yen 60 M
TREND STEADY WORTH Yen 1,280 M
STARTED 1937 EMPLOYES 46
COMMENT
MFR SPECIAQLIZING IN PULPS, OWNED BY MITSUBISHI PAPER MILLS
LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 111.4 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
This an old-established company dating back to 1937 when local entrepreneurs started Toho Straw Pulp KK for mfg straw pulps; in 1950 went into capital & business tie-ups with Mitsubishi Paper Mills Ltd, Japan’s fifth largest paper mfr of Mitsubishi Group, Tokyo (See REGIS-TRATION). That year started mfg hemp pulps; in 1979 developed mfg of cotton pulps; in 1997 founded Kitagami Plant and started mfg Manila hemp pulps (abaca), thereat changed to name as captioned from the original Toho Wara (Straw) Pulp KK. Manufactures all of non-wood pulps (See OPERATION). 50% of the products are shipped to the National Printing Bureau.
FINANCIAL INFORMATION
Financials are consolidated by the parent, Mitsubishi Paper Mills Ltd, and are disclosed in digested forms.
The sales volume for Mar/2008 fiscal term amounted to Yen 2,747 million, a 15% up from Yen 2,397 million in the previous term. Material price hikes contributed. Also demand from
private sectors expanded. The recurring profit was posted at Yen 68 million and the net profit at Yen 30 million, respectively, compared with Yen 52 million recurring profit and Yen 24 million net profit, respectively, a year ago.
For the current term ending Mar 2009 the recurring profit is projected at Yen 73 million and the net profit at Yen 32 million, respectively, on an 8% rise in turnover, to Yen 2,960 million. Business is seen steadily rising.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 111.4 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1937
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 4.8 million shares
Issued: 1, 2 million shares
Sum: Yen 60 million
Major shareholders (%)
Mitsubishi Paper Mills Ltd *(64%), Mitsubishi Paper Sales Co Ltd**(36)
No. of shareholders: 2
* Mitsubishi Paper Mills Ltd, Fifth largest paper mfr, Tokyo, founded 1898, listed Tokyo, Osaka S/E’s, capital Yen 32,756 million, sales Yen 258,536 million, operating profit Yen 9,302 million, recurring profit Yen 7,120 million, net profit Yen 3,654 million, total assets Yen 303,052 million, net worth Yen 73,916 million, employees 4,574, pres Takashi Sato
Consolidated Financials are as attached (See SUPPLEMENTS)
** Mitsubishi Paper Sales Co Ltd, sales of Mitsubishi Paper Mills’ products, Tokyo, founded 1956, unlisted, capital Yen 600 million, owned by Mitsubishi Paper Mills & group firms, sales Yen 145,500 million, net profit Yen 671 million, employees 314, pres Yukio Hiramatsu
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures non-wood pulps: straw pulp, Manila hemp pulps (abaca), Ecuadorian hemp pulps, cotton pulps, kanaf pulps, bagasse pulps, bamboo pulps, reed pulps, others (--100%).
Clients
[Governments, mfrs, wholesalers] National Printing Bureau (50%), Mitsui & Co, Mitsubishi Corp, Aoi Sangyo, Daifuku Paper Mfg, Nippon Kodoshi Corp, other.
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Seika Corp, Japan Pulp & Paper, Soda Nikka Co, Mitsubishi Paper Sales, Sojitz Energy Corp, Itabashi Co, other.
Payment record: Regular
Location
Business area in Oyama City, Tochigi-Pref. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
MUFG (H/O)
Norin Chukin Bank (H/O)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2009 |
31/03/2008 |
31/03/2007 |
31/03/2006 |
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Annual
Sales |
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2,960 |
2,747 |
2,397 |
2,430 |
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Recur.
Profit |
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73 |
68 |
52 |
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Net
Profit |
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32 |
30 |
24 |
37 |
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Total
Assets |
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2,514 |
2,500 |
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Current
Assets |
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1,174 |
1,097 |
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Current
Liabs |
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4,139 |
849 |
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Net
Worth |
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1,280 |
1,262 |
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Capital,
Paid-Up |
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60 |
60 |
60 |
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Div.P.Share(¥) |
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7.00 |
7.00 |
7.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
7.75 |
14.60 |
-1.36 |
-18.73 |
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Current Ratio |
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28.36 |
129.21 |
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N.Worth Ratio |
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50.91 |
50.48 |
.. |
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R.Profit/Sales |
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2.47 |
2.48 |
2.17 |
.. |
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N.Profit/Sales |
1.08 |
1.09 |
1.00 |
1.52 |
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Return On Equity |
.. |
2.34 |
1.90 |
.. |
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Notes: Financials are consolidated by the parent, Mitsubishi
Paper Mills Ltd, and disclosed only in digested
forms.
Forecast (or estimated) figures for the 31/03/2009 fiscal
term
SUPPLEMENTS:
CONSOLIDATED
FINANCIALS OF THE PARENT, MITSUBISHI PAPER MILLS LTD
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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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258,536 |
244,260 |
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Cost of Sales |
208,974 |
197,581 |
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GROSS PROFIT |
49,562 |
46,678 |
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Selling & Adm Costs |
40,259 |
39,422 |
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OPERATING PROFIT |
9,302 |
7,256 |
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Non-Operating P/L |
-2,182 |
-1,986 |
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RECURRING PROFIT |
7,120 |
5,270 |
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NET PROFIT |
3,654 |
7,297 |
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BALANCE SHEET |
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Cash |
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2,522 |
10,610 |
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Receivables |
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55,854 |
71,140 |
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Inventory |
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50,165 |
43,188 |
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Securities, Marketable |
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Other Current Assets |
7,593 |
5,148 |
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TOTAL CURRENT ASSETS |
116,134 |
130,086 |
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Property & Equipment |
134,621 |
128,760 |
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Intangibles |
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2,093 |
2,585 |
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Investments, Other Fixed Assets |
50,204 |
59,172 |
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TOTAL ASSETS |
303,052 |
320,603 |
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Payables |
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33,459 |
33,302 |
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Short-Term Bank Loans |
97,496 |
118,587 |
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Other Current Liabs |
29,535 |
27,271 |
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TOTAL CURRENT LIABS |
160,490 |
179,160 |
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Debentures |
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11,000 |
11,000 |
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Long-Term Bank Loans |
38,499 |
33,047 |
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Reserve for Retirement Allw |
7,039 |
8,513 |
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Other Debts |
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6,387 |
8,556 |
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TOTAL LIABILITIES |
223,415 |
240,276 |
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MINORITY INTERESTS |
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Common
stock |
32,756 |
30,865 |
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Additional
paid-in capital |
19,273 |
17,792 |
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Retained
earnings |
14,035 |
11,349 |
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Evaluation
p/l on investments/securities |
7,145 |
12,944 |
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Others |
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6,511 |
8,111 |
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Treasury
stock, at cost |
(84) |
(735) |
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TOTAL S/HOLDERS` EQUITY |
79,636 |
80,326 |
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TOTAL EQUITIES |
303,052 |
320,603 |
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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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18,820 |
9,412 |
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Cash
Flows from Investment Activities |
-17,749 |
4,135 |
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Cash Flows
from Financing Activities |
-9,022 |
-13,014 |
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Cash,
Bank Deposits at the Term End |
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2,324 |
10,240 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
79,636 |
80,326 |
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Current
Ratio (%) |
72.36 |
72.61 |
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Net
Worth Ratio (%) |
26.28 |
25.05 |
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Recurring
Profit Ratio (%) |
2.75 |
2.16 |
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Net
Profit Ratio (%) |
1.41 |
2.99 |
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Return
On Equity (%) |
4.59 |
9.08 |
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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.45.77 |
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UK Pound |
1 |
Rs.80.67 |
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Euro |
1 |
Rs.64.20 |
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%)