MIRA INFORM REPORT

 

 

Report Date :

30.08.2012

 

 

 

Tel. No.:

81 3 3566 2360

Fax No.:

81 3 3566 2349

 

IDENTIFICATION DETAILS

 

Name :

MITSUBISHI PAPER SALES CO LTD

 

 

Registered Office :

2-6-4 Kyobashi Chuoku Tokyo 104-8372

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

August, 1956

 

 

Com. Reg. No.:

0100-01-058083 (Tokyo-Chuoku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, Export, Wholesale of Pulp And Paper

 

 

No. of Employees :

316

 

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

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

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 31, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 and address

 

MITSUBISHI PAPER SALES CO LTD

 

REGD NAME:    Mitsubishi Seishi Hambai KK

 

MAIN OFFICE:  2-6-4 Kyobashi Chuoku Tokyo 104-8372 JAPAN

Tel:                   03-3566-2300     

Fax:                  03-3566-2339

URL:                 http://www.mitsubishi-kamihan.co.jp

E-Mail address: webmaster@mitsubishi-kamihan.co.jp

 

 

ACTIVITIES

 

Import, export, wholesale of pulp & paper

 

 

BRANCHES

 

Osaka, Nagoya, Sendai, Fukuoka, Hachinohe, Sapporo

 

 

OFFICERS

 

KAZUO NAKASE, PRES                        Naoyuki Soh, s/mgn dir

Akira Ouchi, mgn dir                              Hideo Ooye, mgn dir

Takeshi Ichikawa, mgn dir                       Mitsuo Ushijima, dir

                       

Yen Amount:                In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                             A/SALES          Yen 113,926 M

PAYMENTS      NO COMPLAINT            CAPITAL           Yen 600 M

TREND             SLOW                          WORTH            Yen 5,158 M

STARTED         1956                             EMPLOYES      316

 

 

COMMENT    

 

TRADING FIRM SPECIALIZING IN PULP & PAPER, OWNED BY MITSUBISHI PAPER MILLS LTD.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

HIGHLIGHTS

           

The subject company was established on the basis of a marketing division separated from Mitsubishi Paper Mills Ltd (See REGISTRATION).  This is a trading firm for import, export and wholesale of pulp & paper.  Sales agent for: Hokuetsu Kishu Paper Co Ltd and Daio Paper Corp.  Clients include major printing houses, other, nationwide

 

 

FINANCIAL INFORMATION

           

The sales volume for Mar/2012 fiscal term amounted to Yen 113,926 million, a 17% down from Yen 136,437 million in the previous term.  This is referred to the parent’s three mfg bases in northern Japan were seriously damaged by the Great East Earthquake that occurred in March 2011, disrupting supply chains and sources.  Particularly serious was Hachinohe Factory which was totally destroyed.  The operations plunged into the red to register Yen 1,148 million recurring loss and Yen 1,207 million net losses, respectively, compared with Yen 243 million recurring profit and Yen 32 million net profit, respectively, a year ago.

 

For the current term ending Mar 2013 the operations are projected to come back to profitability to post Yen 200 million recurring profit and Yen 200 million net profit, respectively, on a 5% rise in turnover, to Yen 120,000 million.  Mainline printing & information papers will fully benefit from the complete resumption of the Hachinohe Plant in Nov 2011. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 826.4 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:                      Aug 1956

Regd No.:                                             0100-01-058083 (Tokyo-Chuoku)

Legal Status:                           Limited Company (Kabushiki Kaisha)

Authorized:                              5 million shares

Issued:                                     1.34 shares

Sum:                                        Yen 600 million

Major shareholders (%):           Mitsubishi Paper Mills Ltd* (68.4), Mitsubishi Corp (28.8)

No. of shareholders:                18

 

*.. Mitsubishi Paper Mills Ltd, Tokyo, founded 1898, listed Tokyo S/E, capital Yen 32,756 million, sales Yen 194,856 million, operating profit Yen 2,164 million, recurring profit Yen 888 million, net profit Yen 565 million, total assets Yen 276,305 million net worth Yen 52,108 million, employees 4,341, pres Kunio Suzuki

 

Consolidated Financials are attached (See SUPPLEMENTS)

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

           

Activities: Imports, exports and wholesales papers (82%), pulp (3%), chemicals, pharmaceuticals (6%), packaging equipment, oil filters, others (9%).

 

(Handling Papers): printing papers, information papers, coated papers, quality papers, high performance papers, board papers, other

 

Clients: [Mfrs, wholesalers] Dai Nippon Printing Co, Toppan Printing Co, Shiroki Co, Takeo Co, Toppan Forms Co, other 

No. of accounts: 500

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Mitsubishi Paper Mills, Mitsubishi Corp, Mitsubishi Gas Chemical Co, Daio Paper Corp, Hokuetsu Kishu Paper Co, other

 

Payment record: No Complaint

 

Location: Business area in Tokyo.  Office premises at the caption address are owned and maintained satisfactorily.

 

 

Bank References

 

MUFG (H/O)

Norin Chukin Bank (H/O)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2013

31/03/2012

31/03/2011

31/03/2010

Annual Sales

　

120,000

113,926

136,437

142,197

Recur. Profit

　

200

-1,148

243

598

Net Profit

　

200

-1,207

32

418

Total Assets

　

　

59,875

55,619

66,458

Current Assets

　

　

51,877

47,329

55,901

Current Liabs

　

　

51,596

45,442

56,739

Net Worth

　

　

5,158

6,505

7,778

Capital, Paid-Up

　

　

600

600

600

Div.P.Share(¥)

　

　

0.00

0.00

90.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

5.33

-16.50

-4.05

-11.50

    Current Ratio

 

..

100.54

104.15

98.52

    N.Worth Ratio

..

8.61

11.70

11.70

    R.Profit/Sales

 

0.17

-1.01

0.18

0.42

    N.Profit/Sales

0.17

-1.06

0.02

0.29

    Return On Equity

..

-23.40

0.49

5.37

Notes: Forecast (or estimated) figures for the 31/03/2013 fiscal term.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, MITSUBISHI PAPER MILLS LTD

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2012

31/03/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

194,856

210,846

 

  Cost of Sales

163,507

173,381

 

      GROSS PROFIT

31,349

37,465

 

  Selling & Adm Costs

29,185

33,987

 

      OPERATING PROFIT

2,164

3,477

 

  Non-Operating P/L

-1,276

-1,361

 

      RECURRING PROFIT

888

2,116

　

      NET PROFIT

565

-14,497

BALANCE SHEET

 

 

 

 

  Cash

　

13,306

8,878

 

  Receivables

 

50,121

42,168

 

  Inventory

 

46,101

41,287

 

  Securities, Marketable

　

　

 

  Other Current Assets

6,568

5,099

 

      TOTAL CURRENT ASSETS

116,096

97,432

 

  Property & Equipment

129,203

117,792

 

  Intangibles

 

461

583

 

  Investments, Other Fixed Assets

30,545

32,699

 

      TOTAL ASSETS

276,305

248,506

 

  Payables

 

30,623

20,960

 

  Short-Term Bank Loans

87,260

87,978

 

　

 

　

　

 

  Other Current Liabs

26,002

24,186

 

      TOTAL CURRENT LIABS

143,885

133,124

 

  Debentures

 

　

650

 

  Long-Term Bank Loans

68,573

51,601

 

  Reserve for Retirement Allw

7,257

5,373

 

  Other Debts

　

4,482

5,641

 

      TOTAL LIABILITIES

224,197

196,389

 

      MINORITY INTERESTS

 

 

 

Common stock

32,756

32,756

 

Additional paid-in capital

19,716

19,717

 

Retained earnings

(4,989)

(5,577)

 

Evaluation p/l on investments/securities

1,949

1,794

 

Others

 

2,813

3,563

 

Treasury stock, at cost

(137)

(136)

 

      TOTAL S/HOLDERS` EQUITY

52,108

52,117

　

      TOTAL EQUITIES

276,305

248,506

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2012

31/03/2011

 

Cash Flows from Operating Activities

　

-1,929

18,043

 

Cash Flows from Investment Activities

-9,021

1,783

 

Cash Flows from Financing Activities

15,432

-16,020

　

Cash, Bank Deposits at the Term End

　

13,073

8,594

ANALYTICAL RATIOS            Terms ending:

31/03/2012

31/03/2011

 

 

Net Worth (S/Holders' Equity)

52,108

52,117

 

 

Current Ratio (%)

80.69

73.19

 

 

Net Worth Ratio (%)

18.86

20.97

 

 

Recurring Profit Ratio (%)

0.46

1.00

 

 

Net Profit Ratio (%)

0.29

-6.88

 

 

Return On Equity (%)

1.08

-27.82

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.65

UK Pound

1

Rs.88.10

Euro

1

Rs.69.84

 

INFORMATION DETAILS

 

Report Prepared by :

SHG

 

 

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

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

----

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%)

 

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.