MIRA INFORM REPORT
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Report Date : |
24.05.2011 |
IDENTIFICATION DETAILS
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Name : |
SHINSEI PULP & PAPER CO LTD |
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Registered Office : |
1-8 Kanda-Nishikicho Chiyodaku Tokyo
101-8451 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
March 1918 |
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Com. Reg. No.: |
(Tokyo-Chiyodaku) 012862 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wholesale of printing paper,
board paper, pulp, 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 5,962.0 Million |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Regular |
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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
SHINSEI PULP &
PAPER CO LTD
REGD NAME
Shinsei Kami Pulp
Shoji KK
MAIN OFFICE
1-8
Kanda-Nishikicho Chiyodaku Tokyo 101-8451 JAPAN
Tel:
03-3259-5080 Fax: 03-3233-0991
E-Mail address: info@sppcl.co.jp
ACTIVITIES
Wholesale
of printing paper, board paper, pulp, other
BRANCHES
Tokyo,
Osaka, Nagoya, Fukuoka, Sapporo, Sendai, Toyama
OVERSEAS
China
(3), Hong Kong, Singapore (--subsidiaries); Melbourne (rep office)
FACTORIES
Tokyo (3),
Saitama (2), Osaka (4), Aichi (2), Fukuoka, Sapporo (2), Miyagi, Toyama (--
distribution centers)
OFFICERS
Takeo
Nishimura, ch NORIO
WAKABAYASHI, PRES
Hiroaki Tanaka, s/mgn dir Toshio Nakashima, s/mgn dir
Ryoichi Hiranuma, mgn dir Tomozumi Oikawa, mgn dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 325,045 M
PAYMENTS REGULAR CAPITAL Yen 3,228 M
TREND SLOW WORTH Yen 38,871 M
STARTED 1918 EMPLOYES 1,113
COMMENT
TRADING HOUSE SPECIALIZING IN PAPER & PULP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT
ENGAGEMENTS: US$100,000 / O/A 90 DAYS.
MAX
CREDIT LIMIT: YEN 5,962.0 MILLION, 30 DAYS NORMAL TERMS
Note: Forecast for the 31/03/2011 fiscal term.
HIGHLIGHTS
The subject company was born by the merger of Okura Miyuki Co Ltd, as the surviving body, and Okamoto Co Ltd (including its 3 subsidiaries) in Oct 2005. The merger effected to push the subject to No.2 in the paper trading industry. Excels in printing paper, plastic films and board paper. Core sales agent for Nippon Paper Ind, one of two largest paper mfrs in rivalry with Oji Paper. Clients include printing houses, publishing firms, etc.
The firm’s Sendai Office was damaged by the recent North East Japan Earthquake but not to the total loss. Inventories were scattered and it is presently difficult to make regular shipment of commodities. The secondary effect of the earthquake is being most concerned as there are frequent after-quake trembles in the area.
FINANCIAL INFORMATION
The sales volume for Mar/2010 fiscal term amounted to Yen 325,045 million, a 9.6% down from Yen 359,580 million in the previous term, as affected by the global economic downturn particularly in the first half of the term. It recovered in the second half but the loss in the first half was not sufficiently recovered. In the printing industry demand for printing paper declined substantially due to the corporate cost-saving efforts for PR and printing operations. The recurring profit was posted at Yen 3,855 million and the net profit at Yen 2,487 million, respectively, compared with Yen 4,011 million recurring profit and Yen 1,866 million net profit, respectively, a year ago.
For the term that ended Mar 2011 the recurring profit was projected at Yen 3,800 million and the net profit at Yen 2,400 million, respectively, on an almost similar turnover, at Yen 325,000 million. The figures were projected well before the said Earthquake and taking into damage/loss by the earthquake will have to be accounted for. The firm does not revise the outlook figures. Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 5,962.0 million, on 30 days normal terms. The proposed amount for 90 days terms is considered well within the firm’s financial capacities.
REGISTRATION
Date Registered: Mar 1918
Regd No.: (Tokyo-Chiyodaku) 012862
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
300 million shares
Issued:
81,265,640 shares
Sum: Yen 3,228
million
Major shareholders (%): Nippon Paper Ind (9.8), Hokuetsu Kishu Paper Mills (9.7), Tokushu Paper Mfg (4.8), Oji Paper (4.1), Showa PAXX Co (3.1), Sun-A Kaken Co (3.1)
No. of shareholders: 1,276
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Wholesales printing paper, pulp, coated paper, board paper, packaging paper & materials (--97%), paper processing works (2%), real estate leasing (1%). Export: 3%.
Clients: [Wholesalers, printing houses, publishers] Toppan Printing, Shogakukan, Shueisha, Kodansha, Kadokawa Group Holdings, Kokuyo Co, Kobunsha, Dai Nippon Printing, Otsuka Corp, Taisei Lamick Co, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Paper mills, wholesalers] Nippon Paper, Oji Paper, Chuetsu Pulp & Paper, Hokuetsu Kishu Paper Mills, Tokushu Paper Mfg, Daio Paper, Futamura Chemical, Nippon Daishowa Paperboard Co, Toyobo Co, Kishu Paper Co, Futamura Chemical Co, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
SMBC
(Ningyocho)
MUFG
(Tokyo)
Relations:
Satisfactory
FINANCIALS
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2010 |
31/03/2009 |
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INCOME STATEMENT |
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Annual Sales |
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325,045 |
359,580 |
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Cost of Sales |
306,278 |
338,750 |
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GROSS PROFIT |
18,766 |
20,829 |
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Selling & Adm Costs |
15,129 |
16,778 |
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OPERATING PROFIT |
3,637 |
4,051 |
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Non-Operating P/L |
218 |
-40 |
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RECURRING PROFIT |
3,855 |
4,011 |
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NET PROFIT |
2,467 |
1,866 |
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BALANCE SHEET |
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Cash |
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2,672 |
2,766 |
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Receivables |
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106,589 |
111,017 |
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Inventory |
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10,087 |
11,006 |
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Securities, Marketable |
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Other Current Assets |
1,538 |
1,713 |
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TOTAL CURRENT ASSETS |
120,886 |
126,502 |
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Property & Equipment |
23,095 |
23,405 |
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Intangibles |
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421 |
189 |
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Investments, Other Fixed Assets |
22,005 |
19,423 |
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TOTAL ASSETS |
166,407 |
169,519 |
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Payables |
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86,933 |
86,210 |
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Short-Term Bank Loans |
24,854 |
30,644 |
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Other Current Liabs |
9,099 |
9,648 |
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TOTAL CURRENT LIABS |
120,886 |
126,502 |
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Debentures |
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500 |
550 |
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Long-Term Bank Loans |
6,975 |
8,249 |
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Reserve for Retirement Allw |
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Other Debts |
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(825) |
(1,717) |
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TOTAL LIABILITIES |
127,536 |
133,584 |
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MINORITY INTERESTS |
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Common
stock |
3,228 |
3,228 |
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Additional
paid-in capital |
1,848 |
1,848 |
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Retained
earnings |
33,150 |
31,578 |
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Evaluation
p/l on investments/securities |
557 |
(699) |
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Others |
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88 |
(21) |
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Treasury
stock, at cost |
0 |
0 |
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TOTAL S/HOLDERS` EQUITY |
38,871 |
35,934 |
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TOTAL EQUITIES |
166,407 |
169,519 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2010 |
31/03/2009 |
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Cash
Flows from Operating Activities |
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9,214 |
5,007 |
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Cash
Flows from Investment Activities |
-831 |
-2,708 |
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Cash Flows
from Financing Activities |
-8,409 |
-2,256 |
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Cash,
Bank Deposits at the Term End |
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2,356 |
2,351 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2010 |
31/03/2009 |
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Net
Worth (S/Holders' Equity) |
38,871 |
35,934 |
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Current
Ratio (%) |
100.00 |
100.00 |
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Net
Worth Ratio (%) |
23.36 |
21.20 |
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Recurring
Profit Ratio (%) |
1.19 |
1.12 |
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Net
Profit Ratio (%) |
0.76 |
0.52 |
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Return
On Equity (%) |
6.35 |
5.19 |
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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.45.28 |
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UK Pound |
1 |
Rs.73.30 |
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Euro |
1 |
Rs.63.61 |
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 |
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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NB |
New Business |
---- |
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.