MIRA
INFORM REPORT
|
Report Date : |
03.09.2011 |
IDENTIFICATION DETAILS
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Name : |
NIPPON PAPER INDUSTRIES CO LTD |
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Registered Office : |
1-2-2 Hitotsubashi Chiyodaku Tokyo
100-0003 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
August 1949 |
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Com. Reg. No.: |
(Tokyo-Chiyodaku) 009422 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of paper & pulp |
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 6,490.8 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
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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 and address
NIPPON PAPER INDUSTRIES CO LTD
REGD NAME: Nippon
Seishi KK
MAIN OFFICE: 1-2-2
Hitotsubashi Chiyodaku Tokyo 100-0003 JAPAN
Tel: 03-6685-1111 Fax: 03-6665-3001
URL: http//:www.np-g.com
E-mail: (thru the URL)
ACTIVITIES
Mfg of paper &
pulp
BRANCHES
Tokyo, Osaka,
Nagoya, other (Tot10)
FACTORIES
At the caption address,
Osaka, Kushiro, Ishinomaki, Fuji, other (tot 10)
OFFICER(S)
YOSYIO HAGA, PRES Tsuyoshi Yamashita, v pres
Masayuki Hayashi,
v pres Fumihiro Noguchi, s/mgn
dir
Masaru Motomura,
s/mgn dir Hidenobu Yamada, mgn dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 527,019 M
PAYMENTS REGULAR CAPITAL Yen 104,873 M
TREND SLOW WORTH Yen 258,997 M
STARTED 1949 EMPLOYES 3,885
COMMENT
MFG OP. PULP &
PAPER, OWNED BY NIPPON PAPER GROUP INC
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR CREDIT ENGAGEMENTS: US$1,100,000 / O/A 60DAYS
MAX CREDIT LIMIT:
YEN 6,490.8 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established
originally in 1949 and in 2001 formed a holding company, Nippon Paper Group
Inc, and became its wholly owned subsidiary.
This is the core company in the group firms, specializing in mfg pulp
& paper. Good are both imported and
exported. Two factories in Miyagi-Pref
were hurt and damaged by the North Japan Earthquake & Tsunami that hit the
area on 11/03/2011. Clients are paper
industries, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal
term amounted to Yen 527,019 million, a 4% down from Yen 546,398 million in the
previous term., as its two factories (Ishinomaki & Nakoso in Miyagi-Pref)
were damaged by the said Earthquake in March.
Recurring profit was posted at Yen 7,823 million, but the bottom end
registered Yen 36,439 million net losses coming from the extraordinary losses
relating to the Earthquake. This
compares with Yen 15,178 million recurring profit and Yen 16,310 million net
profit, respectively, a year ago.
For the current term ending Mar 2012 the
recurring profit is projected at Yen 8,000 million and the net profit at Yen
1,000 million, respectively, on a 3% fall in turnover, to Yen 510,000
million. Production at the mainstay
Ishinomaki Factory will be resumed by Sept 2011. It aims to restore monthly production for the
domestic market to 600,000 tons before the year-end but 400,000 tons for export
will be discontinued until complete restoration.
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 6,490.8 million,
on 30 days normal terms. The proposed
amount is considered well within the firm’s financial capacities.
REGISTRATION
Date Registered: Aug
1949
Regd No.:
(Tokyo-Chiyodaku) 009422
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 830 million shares
Issued:
209,746 shares
Sum: Yen 104,873 million
Major shareholders (%): Nippon Paper
Group Inc* (100)
*.. Holding company formed in Mar 2001 via
business combination between Nippon Paper Ind & Daishowa Paper Mfg, one of 2
largest companies in paper industry, listed Tokyo, Osaka, Nagoya S/E’s, capital
Yen 55,730 million, sales Yen 1,099,817 million, operating profit Yen 35,608
million, recurring profit Yen 31,599 million, net losses Yen 24,171 million,
employees 13,834, pres Yoshio Haga
Consolidated
Financials are attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures
paper & pulp: newsprint, printing & writing paper, business
communication paper & industrial paper, paper for telephone directories,
thermal paper, other (--100%).
Clients: [Mfrs,
wholesalers] NP Trading Co, Shinsei Pulp & Paper Co, Kokusai Pulp &
Paper Co, Asahi Newspaper, Yomiuri Newspaper, Daishowa Paper Mfg Ind, OG Corp, other,
No. of accounts:
1000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] North Pacific Paper Corp, NP Trading Co, Nippon Paper Lumber Co,
Hokuetsu Kishu Paper, Nippon Daishowa paperboards Co, 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
(H/O)
SMBC (H/O)
Relations: Satisfactory
FINANTIALS
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
|
510,000 |
527,019 |
546,398 |
626,329 |
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Recur.
Profit |
|
8,000 |
7,823 |
15,179 |
8,137 |
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Net
Profit |
|
1,000 |
-36,439 |
16,310 |
-20,300 |
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Total
Assets |
|
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1,311,898 |
1,257,303 |
1,304,681 |
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Current
Assets |
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|
536,660 |
502,337 |
546,440 |
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Current
Liabs |
|
|
478,681 |
368,311 |
426,634 |
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Net
Worth |
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|
258,997 |
311,258 |
305,232 |
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Capital,
Paid-Up |
|
|
104,873 |
104,873 |
104,873 |
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Div.P.Share(¥) |
|
|
13508.00 |
10806.00 |
9726.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
-3.23 |
-3.55 |
-12.76 |
-5.56 |
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Current Ratio |
|
.. |
112.11 |
136.39 |
128.08 |
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N.Worth Ratio |
.. |
19.74 |
24.76 |
23.40 |
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R.Profit/Sales |
|
1.57 |
1.48 |
2.78 |
1.30 |
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N.Profit/Sales |
0.20 |
-6.91 |
2.99 |
-3.24 |
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Return On Equity |
.. |
-14.07 |
5.24 |
-6.65 |
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Notes: Forecast (or
estimated) figures for the 31/03/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT, NIPPON PAPER
GROUP INC
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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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1,099,817 |
1,095,233 |
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Cost of Sales |
854,238 |
844,033 |
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GROSS PROFIT |
245,579 |
251,199 |
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Selling & Adm Costs |
209,970 |
208,050 |
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OPERATING PROFIT |
35,608 |
43,149 |
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Non-Operating P/L |
-4,009 |
-5,602 |
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RECURRING PROFIT |
31,599 |
37,547 |
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NET PROFIT |
-24,172 |
30,050 |
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BALANCE SHEET |
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Cash |
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104,826 |
24,258 |
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Receivables |
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210,750 |
223,736 |
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Inventory |
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141,356 |
153,468 |
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Securities, Marketable |
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Other Current Assets |
58,460 |
49,067 |
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TOTAL CURRENT ASSETS |
515,392 |
450,529 |
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Property & Equipment |
798,482 |
837,698 |
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Intangibles |
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25,974 |
27,771 |
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Investments, Other Fixed Assets |
220,744 |
184,248 |
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TOTAL ASSETS |
1,560,592 |
1,500,246 |
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Payables |
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110,078 |
110,837 |
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Short-Term Bank Loans |
272,788 |
199,405 |
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Other Current Liabs |
167,419 |
113,001 |
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TOTAL CURRENT LIABS |
550,285 |
423,243 |
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Debentures |
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68,000 |
73,000 |
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Long-Term Bank Loans |
461,923 |
459,387 |
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Reserve for Retirement Allw |
31,237 |
33,859 |
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Other Debts |
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40,384 |
50,778 |
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TOTAL LIABILITIES |
1,151,829 |
1,040,267 |
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MINORITY INTERESTS |
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Common
stock |
55,730 |
55,730 |
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Additional
paid-in capital |
266,254 |
266,254 |
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Retained
earnings |
95,014 |
128,455 |
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Evaluation
p/l on investments/securities |
(6,873) |
2,819 |
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Others |
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(67) |
7,987 |
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Treasury
stock, at cost |
(1,296) |
(1,267) |
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TOTAL S/HOLDERS` EQUITY |
408,762 |
459,978 |
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TOTAL EQUITIES |
1,560,592 |
1,500,246 |
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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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115,454 |
116,908 |
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Cash
Flows from Investment Activities |
-93,467 |
-70,934 |
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Cash
Flows from Financing Activities |
59,053 |
-38,214 |
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Cash,
Bank Deposits at the Term End |
|
104,739 |
24,041 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
408,762 |
459,978 |
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Current
Ratio (%) |
93.66 |
106.45 |
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Net
Worth Ratio (%) |
26.19 |
30.66 |
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Recurring
Profit Ratio (%) |
2.87 |
3.43 |
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Net
Profit Ratio (%) |
-2.20 |
2.74 |
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Return
On Equity (%) |
-5.91 |
6.53 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.89 |
|
|
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.65.41 |
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 |
|
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 |
-- |
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.