MIRA INFORM REPORT

 

 

Report Date :

09.05.2011

 

IDENTIFICATION DETAILS

 

Name :

PAN PACIFIC COPPER CO LTD

 

 

Registered Office :

JX Bldg 7F, 2-6-3 Ohtemachi Chiyodaku Tokyo 100-0004

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

October 2000

 

 

Com. Reg. No.:

(Tokyo-Chiyodaku) 042550

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, Export, Wholesale of copper products, copper smelting (subsidiaries)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 15,739.9 Million

Status :

Satisfactory

Payment Behaviour :

Regular 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company name

 

PAN PACIFIC COPPER CO LTD

 

 

REGD NAME

 

Pan Pacific Copper KK

 

 

MAIN OFFICE

 

JX Bldg 7F, 2-6-3 Ohtemachi Chiyodaku Tokyo 100-0004 JAPAN

Tel: 03-5299-7400

 

*.. Moved to the caption address in Apr 2010 and registered at the address.

 

URL:                             http://www.ppcu.co.jp

E-Mail address:             webmaster@ppcu.co.jp

 

 

ACTIVITIES

 

Import, export, wholesale of copper products, copper smelting (subsidiaries)

 

 

BRANCHES   

 

Osaka, Nagoya, Fukuoka, Okayama

 

 

OVERSEAS

 

Chile, Taiwan

 

 

FACTORIES  

 

Okayama, Saganoseki, Tamano (--subsidiaries)

 

OFFICER(S)

 

YOSHIMASA ADACHI, PRES                 Keiichi Satoh, s/mgn dir

Takashi Satoh, mgn dir                           Keiichi Gotoh, mgn dir

Toshitaka Nakamura, mgn dir                  Kazuhiro Sakai, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES                    FAIR                             A/SALES          Yen 536,713 M

PAYMENTS      REGULAR                     CAPITAL           Yen 31,750 M

TREND             SLOW                          WORTH            Yen 84,494 M

STARTED                     2000                             EMPLOYES      178

 

 

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 15,739.9 MILLION, 30 DAYS NORMAL TERMS

 

                     Forecast (or estimated) for the 31/03/2011 fiscal term.

 

 

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.  Engaged in copper smelting and refining works, operated by subsidiaries, HIBI Kyodo Smelting & Refining Co Ltd, Japan Copper Casting Co Ltd, Hitachi Wire & Rod Co Ltd, other.  Clients are major copper & electronic mfrs.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2010 fiscal term amounted to Yen 536,713 million, a 7% down from Yen 576,146 million in the previous term.  The global economic downturn that began in 2008 continued and severe economic conditions persisted in Japan with domestic employment situation, decreased spending and other deteriorating conditions.  Electric copper sales volume fell compared to the previous year because of sluggish domestic demand.  Although the international copper market prices rose compared to the previous year, the average prices in Yen were lower compared to the previous year due to the stronger yen.  The Yen’s appreciation was another factor shrinking revenues in Yen terms.  The operations plunged into the red to register Yen 409 million net losses for the term, compared with Yen 2,343 million recurring profit and Yen 1,154 million net profits, respectively, a year ago.  Wrote off Yen 2,213 million sales losses of copper slag. 

 

For the current term ending Mar 2011 the recurring profit is projected at Yen 2,000 million and the net profit at Yen 1,000 million, respectively, on a 5% rise in turnover, to Yen 563,000 million.  Sales of copper foils will recover.  For Apr/Jun period, shipments of copper foil for use in printed circuit board of PCs & mobile phones have been stronger.  Supported by demand from China and other developing nations, both sales & earnings surpassed the plan for copper foils.

           

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 15,739.9 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:　       Oct 2000

Regd No.:                                 (Tokyo-Chiyodaku) 042550

Legal Status:               Limited Company (Kabushiki Kaisha)

Authorized:                  2,272,000 shares

Issued:                         635,000 shares

Sum:                            Yen 31,750 million

 

Major shareholders (%): JX Nippon Mining & Metals Inc*(66), Mitsui Mining & Smelting**

(34)

           

No. of shareholders: 2

 

* Copper mining at the caption address, founded 1981, under JX Holdings Inc, formed in Apr 2010 thru business consolidation of Nippon Oil, largest oil refiner, and Nippon Mining Holdings to have Japan Energy & Nippon Mining & Metals under its wing, listed Tokyo, Osaka, Nagoya S/E’s: Nippon Mining Holdings Inc: capital Yen 40,000 million, sales Yen 3,233,738 million, recurring profit Yen 73,967 million, net profit Yen 29,811 million, total assets Yen 2,067,507 million, net worth Yen 706,563 million (figures of Mar/2010 fiscal term before the merger), employees 3,132, pres Masanori Okada

 

**.. Mitsui Mining & Smelting Co Ltd, leading nonferrous metal mfr, Tokyo, founded 1950, listed Tokyo, Osaka S/E’s, capital Yen 42,129 million, sales Yen 392,364 million, operating profit Yen 27,881 million, recurring profit Yen 25,639 million, net profit Yen 13,899 million, total assets Yen 416,541 million, net worth Yen 111,342 million, employees 9,851, pres Sadao Senda

           

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, sulphuric acid, precious metals; copper smelting & refining by subsidiary makers, other (-100%).         

 

Clients: [Mfrs, wholesalers] Hitachi Electric Wire, Furukawa Electric Ind, Fujikura, Nippon Mining & Metals Ind, Kuninaga Metals, Showa Electric Cables, Matsuda Sangyo, Yazaki Corp, Tanaka Kikinzoku Kogyo, other

            No. of accounts: 500

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Nippon Mining & Metals Ind, Mitsui Mining & Smelting, BHP Billiton, Los-Palambres, Philex Mining, Free Port, LS-Nikko, Sumitomo Canada, 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)

Mizuho Corporate Bank (H/O)

Relations: Satisfactory

 

 

FINANCES: (In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2010

31/03/2009

INCOME STATEMENT

 

 

 

  Annual Sales

　

536,713

576,146

 

  Cost of Sales

520,508

553,675

 

      GROSS PROFIT

16,204

22,470

 

  Selling & Adm Costs

13,983

14,339

 

      OPERATING PROFIT

2,221

8,131

 

  Non-Operating P/L

-2,221

-5,788

 

      RECURRING PROFIT

0

2,343

　

      NET PROFIT

-409

1,153

BALANCE SHEET

 

 

 

 

  Cash

　

807

637

 

  Receivables

 

45,808

23,981

 

  Inventory

 

105,798

72,051

 

  Securities, Marketable

　

　

 

  Other Current Assets

16,120

34,374

 

      TOTAL CURRENT ASSETS

168,533

131,043

 

  Property & Equipment

2,202

2,276

 

  Intangibles

 

3,021

5,619

 

  Investments, Other Fixed Assets

59,091

54,222

 

      TOTAL ASSETS

232,847

193,160

 

  Payables

 

39,497

27,950

 

  Short-Term Bank Loans

83,148

53,017

 

　

 

　

　

 

  Other Current Liabs

20,932

40,250

 

      TOTAL CURRENT LIABS

143,577

121,217

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

　

　

 

  Reserve for Retirement Allw

4

3

 

  Other Debts

　

4,772

4,891

 

      TOTAL LIABILITIES

148,353

126,111

 

      MINORITY INTERESTS

 

 

 

Common stock

31,750

28,450

 

Additional paid-in capital

30,621

27,321

 

Retained earnings

21,909

22,511

 

Evaluation p/l on investments/securities

2

(23)

 

Others

 

212

(11,211)

 

Treasury stock, at cost

　

　

 

      TOTAL S/HOLDERS` EQUITY

84,494

67,048

　

      TOTAL EQUITIES

232,847

193,160

ANALYTICAL RATIOS            Terms ending:

31/03/2010

31/03/2009

 

 

Net Worth (S/Holders' Equity)

84,494

67,048

 

 

Current Ratio (%)

117.38

108.11

 

 

Net Worth Ratio (%)

36.29

34.71

 

 

Recurring Profit Ratio (%)

0.00

0.41

 

 

Net Profit Ratio (%)

-0.08

0.20

 

 

Return On Equity (%)

-0.48

1.72

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.78

UK Pound

1

Rs.73.43

Euro

1

Rs.65.27

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

C

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

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.