MIRA INFORM REPORT
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Report Date : |
27.05.2011 |
IDENTIFICATION DETAILS
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Name : |
MARUBENI PLAX CORPORATION |
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Registered Office : |
Koraku Mori Bldg 9F, 1-4-14 Koraku
Bunkyoku Tokyo 112-0004 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
December 1975 |
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Com. Reg. No.: |
(Tokyo-Bunkyoku) 057352 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Export, Wholesale Resins, Packaging Materials,
Construction 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 1,021.9 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
MARUBENI PLAX CORPORATION
REGD NAME
Marubeni Plax KK
MAIN OFFICE
Koraku Mori Bldg 9F,
1-4-14 Koraku Bunkyoku Tokyo 112-0004 JAPAN
Tel:
03-6891-7700 Fax: 03-6891-7640
URL: http://www.plax.co.jp
E-Mail address: plax.L16@plax.marubeni.co.jp
ACTIVITIES
Import,
export, wholesale resins, packaging materials, construction materials
BRANCHES
Osaka,
Nagoya, Fukuoka
OVERSEAS
Marubeni Chemicals (Shanghai), Marubeni Chemicals &
Plastics (Hong Kong) (--subsidiaries)
OFFICERS
HIROTSUGU
UCHIDA, PRES Tetsuki Saitoh, v pres
Ichiro
Nakasu, mgn dir Naoya
Iwashita, dir
Hitoshi
Iuchi, dir Tadashi
Hiroe, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 97,674 M
PAYMENTS REGULAR CAPITAL Yen
1,000 M
TREND SLOW WORTH Yen
3,164 M
STARTED 1975 EMPLOYES 157
COMMENT
TRADING
HOUSE SPECIALIZING IN PLASTICS & PACKAGING MATERIALS, WHOLLY OWNED BY
MARUBENI CORP.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT
ENGAGEMENTS: US$550,000 / O/A 60 DAYS
MAX CREDIT LIMIT: YEN 1,021.9
MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established on the basis of plastics division
separated from Marubeni Corp, major general trading house, Tokyo (See REGISTRATION). In 1997, merged three sister companies in
order to streamline group operations (three sister companies: Marubeni Plax,
Marubeni Planet & Marubeni Toplas) to form new Marubeni Plax
Corporation. This is a specialized
trading firm of plastics, packaging materials, electronics materials and
construction materials. In Apr 2001, the
whole of plastic business operations were transferred to the firm from the
parent, Marubeni Corp. In Aug 2003, set
up Marubeni Plax China in order to actively advance into China market. The China subsidiary was reorganized in Feb
2007 and consolidated into Marubeni Chemicals (Shanghai) and Marubeni Chemicals
& Plastics (Hong Kong). In 2009
transferred housing/construction materials business to Takashima & Co Ltd.
FINANCIAL INFORMATION
The sales volume for Mar/2010 fiscal term amounted to Yen 97,674
million, a 13% down from Yen 111,701 million in the previous term. This is largely referred to the said transfer
of housing & construction materials businesses to Takashima & Co
Ltd. The global economic downturn
affected as well. Exports decreased
substantially because of a decline in demand and the appreciation of the
Yen. Amid sharp deterioration in
corporate earnings, capital expenditure fell significantly and consumer
spending became sluggish. The recurring
profit was posted at Yen 610 million and the net profit at Yen 314 million,
respectively, compared with Yen 607 million recurring profit and Yen 11 million
net profit, respectively, a year ago.
For the term that ended Mar 2011 the recurring profit was projected at
Yen 650 million and the net profit at Yen 320 million, respectively, on a 10%
rise in turnover, to Yen 107,000 million.
Exports revived. In Japan,
business activities picked up rather firmly in the first half of the period,
because the economy was underpinned by a boost in foreign demand driven by the
recovery of overseas economies, centering on emerging economies. Sales rose due to the strong market
conditions for petrochemicals, increased transaction volume related to
electronic materials, growth in transaction volumes and unit prices of
synthetic resin for China, comments Marubeni Corp. Final results are yet to be released.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements. Max credit
limit is estimated at Yen 1,021.9 million, on 30 days normal terms. The proposed amount for 60 day terms is
considered well within the firm’s financial capacities.
REGISTRATION
Date Registered: Dec 1975
Regd No.: (Tokyo-Bunkyoku) 057352
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 8
million shares
Issued: 2 million shares
Sum: Yen 1,000 million
Major shareholders (%): Marubeni Corporation*(100)
*.. One of big 5 general trading houses, founded 1949,
listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 262,686 million, turnover Yen
9,020,468 million (up 13.3% from the previous term), operating profit Yen
145,774 million, recurring profit Yen 207,217 million, net profit Yen 136,541
million, total assets Yen 4,679,089 million, net worth Yen 831,730 million,
employees 31,547, pres Teruo Asada.
Consolidated
Financials are attached (See SUPPLEMENTS).
Nothing detrimental is known as
to the commercial morality of executives.
OPERATION
Activities: Imports, exports
and wholesales synthetic resins, packaging materials, electronics &
construction materials:
(Sales Breakdown
by Divisions):
Plastics Div
(32%): PP, PE, PS, EVA, nylon film, PET film, PP films, masking film, plastic
fastener, gum rosin, terpene oil, other;
Industrial
Plastics Div (24%): PP, PS, EVA, HDPE, LLDPE, ABS, Asia, PET, PA6,
PA66, PA 12, PPS, POM, PBT, PMMA, elastomers, PC, LCP, silicon, synthetic
rubber, compounded materials, polyimide, polyimdeamide, PES, phenol, non-woven
materials, felt, film & sheet, mold, injection machines, other;
Retails &
Packaging Materials Div (28%): plastic resins, wrapping film, plastic sheet, food
containers (tray, etc), plastic bags (garbage bags, T-shirt bags), PE glove,
rolled plastic bags, non-woven materials, others;
Construction &
Housing Materials (5%): housing units, construction materials, steel
structural materials for housing, extruded cement panel, interior insulation
panel, heat resistant materials, rain water storage & infiltration tank,
other;
Other Div (11%): functional
products, other.
Export: (25%).
Clients: [Mfrs,
wholesalers] Marubeni Corp, Daiei Inc, Calsonic Kansei Corp, FP Corp, Tsuchiya Co, Yazaki Industrial
Chemical, Fukusuke Kogyo, Daiwabo Polytec, other.
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Marubeni Corp, Mitsui Chemical, DIC Corp, Toyobo Co, Asahi Kasei Corp, DuPont KK, Prime Polymer, Japan
Polypropylene Corp, Mitsubishi Plastics, Toyobo Corp, Japan Polyethylene,
other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Mizuho
Corporate Bank (Ohtemachi)
Mizuho
Bank (Semba)
Relations:
Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
31/03/2011 |
31/03/2010 |
31/03/2009 |
31/03/2008 |
|
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Annual
Sales |
|
107,000 |
97,674 |
111,701 |
125,087 |
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Recur.
Profit |
|
650 |
610 |
607 |
1,091 |
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Net
Profit |
|
320 |
314 |
11 |
496 |
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Total
Assets |
|
|
26,575 |
26,294 |
28,964 |
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Current
Assets |
|
|
24,591 |
25,015 |
27,628 |
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Current
Liabs |
|
|
22,610 |
23,440 |
25,886 |
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Net
Worth |
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|
3,164 |
2,844 |
3,061 |
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Capital,
Paid-Up |
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|
1,000 |
1,000 |
1,000 |
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Div.P.Share(¥) |
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|
3.00 |
3.00 |
155.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
9.55 |
-12.56 |
-10.70 |
0.70 |
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Current Ratio |
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.. |
108.76 |
106.72 |
106.73 |
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N.Worth Ratio |
.. |
11.91 |
10.82 |
10.57 |
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R.Profit/Sales |
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0.61 |
0.62 |
0.54 |
0.87 |
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N.Profit/Sales |
0.30 |
0.32 |
0.01 |
0.40 |
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Return On Equity |
.. |
9.92 |
0.39 |
16.20 |
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Note: Forecast
(or estimated) figures for the 31/03/2011 fiscal term.
SUPPLEMENTs
CONSOLIDATED FINANCIALS OF THE PARENT, MARUBENI
CORPORATION
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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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9,020,468 |
7,965,055 |
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Cost of Sales |
8,498,316 |
7,473,382 |
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GROSS PROFIT |
522,152 |
491,673 |
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Selling & Adm Costs |
370,963 |
366,922 |
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OPERATING PROFIT |
151,189 |
124,751 |
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Non-Operating P/L |
56,028 |
41,676 |
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RECURRING PROFIT |
207,217 |
166,427 |
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NET PROFIT |
136,541 |
95,312 |
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BALANCE SHEET |
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Cash |
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616,003 |
570,789 |
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Receivables |
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884,874 |
864,760 |
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Inventory |
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372,156 |
328,915 |
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Securities, Marketable |
2,870 |
3,743 |
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Other Current Assets |
521,888 |
472,921 |
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TOTAL CURRENT ASSETS |
2,397,791 |
2,241,128 |
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Property & Equipment |
639,366 |
691,136 |
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Intangibles |
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8,540,692,388 |
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Investments, Other Fixed Assets |
(8,539,050,456) |
1,654,308 |
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TOTAL ASSETS |
4,679,089 |
4,586,572 |
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Payables |
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732,560 |
675,736 |
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Short-Term Bank Loans |
106,275 |
96,362 |
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Other Current Liabs |
897,317 |
831,674 |
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TOTAL CURRENT LIABS |
1,736,152 |
1,603,772 |
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Debentures |
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2,021,241 |
2,104,718 |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
53,411 |
44,154 |
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Other Debts |
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36,555 |
34,182 |
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TOTAL LIABILITIES |
3,847,359 |
3,786,826 |
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MINORITY INTERESTS |
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Common
stock |
262,686 |
262,686 |
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Additional
paid-in capital |
157,908 |
158,409 |
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Retained
earnings |
712,815 |
594,508 |
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Evaluation
p/l on investments/securities |
21,005 |
33,808 |
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Others |
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(322,003) |
(249,029) |
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Treasury
stock, at cost |
(681) |
(636) |
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TOTAL S/HOLDERS` EQUITY |
831,730 |
799,746 |
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TOTAL EQUITIES |
4,679,089 |
4,586,572 |
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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 |
|
210,044 |
280,610 |
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Cash
Flows from Investment Activities |
-128,495 |
-35,207 |
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Cash
Flows from Financing Activities |
-17,010 |
-254,655 |
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Cash,
Bank Deposits at the Term End |
|
616,003 |
570,789 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
831,730 |
799,746 |
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Current
Ratio (%) |
138.11 |
139.74 |
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Net
Worth Ratio (%) |
17.78 |
17.44 |
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Recurring
Profit Ratio (%) |
2.30 |
2.09 |
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Net
Profit Ratio (%) |
1.51 |
1.20 |
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Return
On Equity (%) |
16.42 |
11.92 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.29 |
|
UK Pound |
1 |
Rs.73.84 |
|
Euro |
1 |
Rs.64.18 |
RATING EXPLANATIONS
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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 |
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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 |
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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.