MIRA INFORM REPORT
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Report Date : |
19.08.2011 |
IDENTIFICATION DETAILS
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Name : |
NISSHO IWAI PAPER & PULP CORP |
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Registered Office : |
Akasaka 1-Chome Center Bldg 11F, 1-11-30 Akasaka Minatoku
Tokyo 107-0052 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
July 1988 |
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Com. Reg. No.: |
(Tokyo-Minatoku) 094513 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Export, Wholesale of printing paper, pulp,
packaging materials |
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 548.8 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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Litigation : |
---- |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Japan |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
NISSHO IWAI PAPER & PULP CORP
REGD NAME
Nissho Iwai Kami
Pulp KK
MAIN OFFICE
Akasaka 1-Chome
Center Bldg 11F, 1-11-30 Akasaka Minatoku Tokyo
107-0052 JAPAN
Tel:
03-6234-6350 Fax: 03-6234-6360
E-Mail address: info@nipap.co.jp
ACTIVITIES
Import,
export, wholesale of printing paper, pulp, packaging materials
BRANCHES
Osaka,
Fukuoka
OVERSEAS
Germany,
Indonesia, Vietnam, Hong Kong, Taiwan, Korea, USA, Canada
FACTORIES
Japan Paper Technology (Vietnam) (JV mfr)
OFFICER(S)
JUTOKU
ABE, PRES Katsuhisa Naya,
ch
Yoshimi
Miyano, s/mgn dir Shin’ichi
Matsuo, mgn dir
Takeshi Nakano, mgn dir Tatsuo Koiso, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 57,242 M
PAYMENTS REGULAR CAPITAL Yen 327 M
TREND STEADY WORTH Yen 2,337 M
STARTED 1988 EMPLOYES 77
COMMENT
TRADING HOUSE SPECIALIZING IN PAPER & PULP, AFFILIATED WITH SOJITZ CORP.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 548.8 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a pulp & paper
section separated from Nissho Iwai Corp (now renamed Sojitz Corp after merger
with Nichimen Corp), for marketing paper products, originally named NI Package
Co Ltd. In Apr 1992, renamed as
captioned. In Apr 2000 took over pulp
& paper business from Kanematsu Corp, one of leading trading houses. This is a trading house specializing in
import, export and wholesale of paper & pulp, raw materials & products,
cardboard, corrugated boards, other (See OPERATION). Goods are imported from Canada, USA, Norway,
Indonesia, Vietnam (JV factory), other.
Also exports to China, Indonesia, etc.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 57,242
million, a 20% up from Yen 47,898 million in the previous term. This is attributed to growing demand for used
& waste paper from China and domestically.
Exports were brisk for industrial paper.
As a result, the recurring profit was posted at Yen 682 million and the
net profit at Yen 357 million, respectively, compared with Yen 524 million
recurring profit and Yen 229 million net profit, respectively, a year ago. This is the highest profits ever recorded.
For the current term ending Mar 2012 the recurring profit is projected
at Yen 700 million and net profit at Yen 380 million, respectively, on a 10%
rise in turnover, to Yen 63,000 million.
Brisk exports continue. Demand
for used paper (to be recycled) remains steady.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 548.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jul 1988
Regd No.: (Tokyo-Minatoku) 094513
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
23,800 shares
Issued: 6,556 shares
Sum: Yen 327.8
million
Major
shareholders (%): Sojitz Corp*(30.5), Rengo Co (12.2), Daio Paper (6.1),
Tokai Pulp (6.1), Kishu Paper (4.6)
No. of shareholders: 14
* Sixth-ranked
general trading house, born by the merger of former Nissho Iwai Corp &
Nichimen Corp in 2003, listed Tokyo, Osaka S/E’s, capital Yen 160,339 million,
sales Yen 4,014,639 million, operating profit Yen 37,519 million, recurring
profit Yen 45,316 million, net profit Yen 15,981 million, total assets Yen
2,116,960 million, net worth Yen 355,510 million, employees 16,456, pres Yutaka
Kase
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Imports, exports
and wholesales printing paper (29%), pulp (20%), paper boards (36%), raw paper
materials (including used/waste paper) (13%), others (2%). (Import 70%, export 30%)
(Handling Items):
Waste Paper: recovered paper,
office paper, printed/unprinted paper;
Printing Paper: newsprint, wood free
paper, mechanical paper, ground wood paper, coated paper, LWC & lightly
coated paper, colored wood free paper, other printing & communication
paper;
Pulp: paper pulp, fluff
pulp, chemical pulp;
Industrial Paper: Kraft paper, MG
poster paper, paper carton, paper cup, paper bag & paper tube, metal/glass
interleaving paper & other industrial paper, synthetic paper, cellophane,
other packaging & wrapping paper;
Packaging Paper: corrugated sheet
& container, linerboard, corrugating medium, boxboard, cupboard, other
paperboards.
Clients: [Printing
houses, paper dealers] Rengo Co (4.9%), Kami Shoji Corp (4%), Livedo Corp
(3.2%), Gold Shoji Co (3.1%) Oji Paper, Oji Container, Japan Pulp & Paper,
Toppan Printing, Kodansha, Kyodo Printing, Lee & Man Paper, other.
Exports to China, Indonesia, other S/E Asian countries.
No. of accounts: 2,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] International Paper (Canada), Oji Inter Pack, Oji Paper, Japan
Pulp & Paper, Daio Paper, Kishu Paper, Otsu Itagami Co, other.
Imports from Norske Skog (Canada), other from USA, Norway, Indonesia,
Vietnam, etc.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
·
Norin Chukin Bank (H/O)
·
MUFG (Tokyo)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
|
63,000 |
57,242 |
47,898 |
54,026 |
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Recur.
Profit |
|
700 |
682 |
524 |
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Net
Profit |
|
380 |
357 |
229 |
175 |
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Total
Assets |
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21,599 |
18,891 |
18,893 |
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Current
Assets |
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19,970 |
17,285 |
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Current
Liabs |
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17,392 |
15,530 |
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Net Worth |
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2,337 |
2,024 |
1,739 |
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Capital,
Paid-Up |
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|
327 |
327 |
327 |
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Div.P.Share(¥) |
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5.20 |
5.00 |
5.20 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
10.06 |
19.51 |
-11.34 |
-5.41 |
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Current Ratio |
|
.. |
114.82 |
111.30 |
.. |
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N.Worth Ratio |
.. |
10.82 |
10.71 |
9.20 |
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R.Profit/Sales |
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1.11 |
1.19 |
1.09 |
.. |
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N.Profit/Sales |
0.60 |
0.62 |
0.48 |
0.32 |
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Return On Equity |
.. |
15.28 |
11.31 |
10.06 |
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Notes:
Forecast (or estimated) figures for the 31/03/2012 fiscal term
SUPPLEMENTS
CONSOLIDATED
FINANCIALS OF THE PARENT, SOJITZ CORP
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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4,014,639 |
3,844,418 |
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Cost of Sales |
3,821,914 |
3,666,215 |
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GROSS PROFIT |
192,725 |
178,203 |
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Selling & Adm Costs |
155,205 |
162,074 |
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OPERATING PROFIT |
37,519 |
16,128 |
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Non-Operating P/L |
7,797 |
-2,426 |
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RECURRING PROFIT |
45,316 |
13,702 |
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NET PROFIT |
15,981 |
8,974 |
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BALANCE SHEET |
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Cash |
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415,694 |
455,728 |
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Receivables |
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478,880 |
462,233 |
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Inventory |
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243,210 |
248,629 |
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Securities, Marketable |
5,437 |
6,131 |
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Other Current Assets |
123,408 |
112,556 |
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TOTAL CURRENT ASSETS |
1,266,629 |
1,285,277 |
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Property & Equipment |
215,774 |
222,665 |
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Intangibles |
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132,595 |
114,445 |
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Investments, Other Fixed Assets |
501,962 |
538,531 |
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TOTAL ASSETS |
2,116,960 |
2,160,918 |
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Payables |
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414,984 |
377,468 |
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Short-Term Bank Loans |
247,656 |
256,652 |
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Other Current Liabs |
227,904 |
207,413 |
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TOTAL CURRENT LIABS |
890,544 |
841,533 |
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Debentures |
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82,719 |
123,647 |
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Long-Term Bank Loans |
723,926 |
763,098 |
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Reserve for Retirement Allw |
13,136 |
13,280 |
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Other Debts |
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51,124 |
41,956 |
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TOTAL LIABILITIES |
1,761,449 |
1,783,514 |
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MINORITY INTERESTS |
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Common
stock |
160,339 |
160,339 |
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Additional
paid-in capital |
152,160 |
152,160 |
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Retained
earnings |
159,358 |
146,489 |
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Evaluation
p/l on investments/securities |
12,310 |
14,845 |
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Others |
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(128,487) |
(96,260) |
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Treasury
stock, at cost |
(170) |
(169) |
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TOTAL S/HOLDERS` EQUITY |
355,510 |
377,404 |
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TOTAL EQUITIES |
2,116,960 |
2,160,918 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash
Flows from Operating Activities |
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67,863 |
107,222 |
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Cash
Flows from Investment Activities |
-19,903 |
28,439 |
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Cash
Flows from Financing Activities |
-72,054 |
-102,597 |
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Cash,
Bank Deposits at the Term End |
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415,261 |
454,262 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
355,510 |
377,404 |
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Current
Ratio (%) |
142.23 |
152.73 |
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Net
Worth Ratio (%) |
16.79 |
17.46 |
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Recurring
Profit Ratio (%) |
1.13 |
0.36 |
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Net
Profit Ratio (%) |
0.40 |
0.23 |
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Return
On Equity (%) |
4.50 |
2.38 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.61 |
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UK Pound |
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.