MIRA INFORM REPORT

 

 

Report Date :

18.01.2012

 

IDENTIFICATION DETAILS

 

Name :

TOKYO PULP & PAPER INTERNATIONAL CO LTD

 

 

Registered Office :

Mitsui Takanawa Bldg 3F, 3-5-25 Takanawa Minatoku Tokyo 108-0074

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

August 1972

 

 

Com. Reg. No.:

(Tokyo-Minatoku) 020585

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, export, wholesale of pulp, wood chips, cardboard, paper products

 

 

No. of Employees :

50

 

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 417.1 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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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

 

TOKYO PULP & PAPER INTERNATIONAL CO LTD

REGD NAME:    Tokyo Kami Pulp International KK

MAIN OFFICE:  Mitsui Takanawa Bldg 3F, 3-5-25 Takanawa Minatoku Tokyo 108-0074 JAPAN

Tel: 03-3442-0365     Fax: 03-3442-3850

                       

URL:                 http://www.daio-paper.co.jp (of the parent, Daio Paper)

 

 

ACTIVITIES

 

Import, export, wholesale of pulp, wood chips, cardboard, paper products

 

BRANCHES   

 

Niigata

 

OVERSEAS   

 

USA (subsidiary)

 

 

OFFICERS

 

HIDETAKA IKAWA, PRES                     Hidekazu Miyamoto, mgn dir                                          

Nobuyuki Kitabayashi, dir                       Susumu Takada, dir

Hiroshi Nakatani, dir                               Munetaka Ikawa, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                             A/SALES          Yen 42,200 M

PAYMENTS                  REGULAR                     CAPITAL           Yen 30 M

TREND             STEADY                       WORTH            Yen 1,564 M

STARTED                     1972                             EMPLOYES      50

 

COMMENT

 

TRADING HOUSE SPECIALIZING IN PULP & PAPER, WHOLLY OWNED BY DAIO PAPER CORP.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 417.1 MILLION, 30 DAYS NORMAL TERMS.  .

 

 

HIGHLIGHTS

           

            The subject company was established on the basis of a trading division separated from Daio Paper Corp, paper mfr, Tokyo (See REGISTRATION).  This is a trading firm specializing in import, export and wholesale of pulp & paper, wood chips, logs, coal, cardboard, other paper products.  Goods are exported to Taiwan, Korea, China, Hong Kong, Australia, USA, etc.  Export products are mainly baby diaper, adult diaper, sanitary napkins, other.  Main clients are Daio Paper and group firms.

 

 

FINANCIAL INFORMATION

           

            Financials are released in digest form.  We attach full financials of the parent, Daio Paper Corp (See SUPPLEMENTS).

 

            The sales volume for Mar/2011 fiscal term amounted to Yen 42,200 million, a shade up from Yen 42,000 million in the previous term.  Exports were brisk, although hurt by the high Yen.  The net profit is believed posted at Yen 160 million (as the firm does not precisely disclose the figures), compared with Yen 171 million a year ago.

 

For the current term ending Mar 2012 the net profit is projected at Yen 165 million, on a 3% rise in turnover, to Yen 43,500 million.  Exports continue steady into China, Korea, other S/E Asian countries.　China-bound exports will lead a sales growth.

 

The financial situation is considered maintained FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 417.1 million, on 30 days normal terms. 

 

 

REGISTRATION

 

Date Registered:  Aug 1972

Regd No.:         (Tokyo-Minatoku) 020585

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         240,000 shares

Issued:                60,000 shares

Sum:                   Yen 30 million

Major shareholders (%): Daio Paper Corp*(100)

 

*.. Third largest paper mfr, Tokyo, founded 1943, listed Tokyo, Osaka S/E’s, capital Yen 30,415 million, turnover Yen 410,159 million, recurring profit Yen 5,515 million, net        losses Yen 8,084 million, total assets Yen 684,518 million, net worth Yen 129,687 million, employees 7,465, pres Masayoshi Sako

           

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

 

 

OPERATION

 

Activities: Imports, exports and wholesales pulp & paper, woods, wood chips, paper board, cardboard, other paper products, coal, other; exports mainly baby diaper, adult  diaper, sanitary napkins, other (--100%).

 

Clients: [Mfrs, wholesalers] Daio Paper and group firms. 

Exports to Taiwan, Korea, Hong Kong, China, USA, New Zealand, Australia, other. 

No. of accounts: 800

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Daio Paper, Itochu Corp, Marubeni Corp, Mitsubishi Corp, other. 

Imports from North America, North Europe, Australia, Korea, Indonesia, other.

 

Payment record: Regular

 

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

 

Bank References:

Ehime Bank (Tokyo)

Kagawa Bank (Tokyo)

Relations: Satisfactory.

 

 

FINANCES

 (In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

43,500

42,200

42,000

41,377

Recur. Profit

　

　

　

　

　

Net Profit

　

165

160

13

192

Total Assets

　

　

9,514

9,485

10,764

Current Assets

　

　

8,908

8,839

10,111

Current Liabs

　

　

7,757

7,833

9,150

Net Worth

　

　

1,564

1,486

1,315

Capital, Paid-Up

　

　

30

30

30

Div.P.Share(₯)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

3.08

0.48

1.51

9.88

    Current Ratio

 

..

114.84

112.84

110.50

    N.Worth Ratio

..

16.44

15.67

12.22

    R.Profit/Sales

 

..

..

..

..

    N.Profit/Sales

0.38

0.38

0.03

0.46

    Return On Equity

..

10.23

0.87

14.60

 

Note:  Forecast (or estimated) for the 31/03/2012 fiscal term.

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, DAIO PAPER CORP

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

410,159

423,105

 

  Cost of Sales

327,375

330,108

 

      GROSS PROFIT

82,783

92,997

 

  Selling & Adm Costs

69,556

70,221

 

      OPERATING PROFIT

13,227

22,776

 

  Non-Operating P/L

-7,712

-8,918

 

      RECURRING PROFIT

5,515

13,858

　

      NET PROFIT

-8,084

1,554

BALANCE SHEET

 

 

 

 

  Cash

　

130,153

136,070

 

  Receivables

 

93,952

98,584

 

  Inventory

 

54,425

50,472

 

  Securities, Marketable

　

　

 

  Other Current Assets

13,625

8,900

 

      TOTAL CURRENT ASSETS

292,155

294,026

 

  Property & Equipment

320,240

336,349

 

  Intangibles

 

16,260

17,376

 

  Investments, Other Fixed Assets

55,863

59,302

 

      TOTAL ASSETS

684,518

707,053

 

  Payables

 

42,430

41,566

 

  Short-Term Bank Loans

62,320

64,819

 

　

 

　

　

 

  Other Current Liabs

140,203

134,859

 

      TOTAL CURRENT LIABS

244,953

241,244

 

  Debentures

 

35,560

40,886

 

  Long-Term Bank Loans

252,736

264,561

 

  Reserve for Retirement Allw

13,247

13,124

 

  Other Debts

　

8,334

10,088

 

      TOTAL LIABILITIES

554,830

569,903

 

      MINORITY INTERESTS

 

 

 

Common stock

30,415

30,415

 

Additional paid-in capital

29,402

29,402

 

Retained earnings

59,480

68,548

 

Evaluation p/l on investments/securities

(3,317)

(4,207)

 

Others

 

17,404

16,629

 

Treasury stock, at cost

(3,697)

(3,638)

 

      TOTAL S/HOLDERS` EQUITY

129,687

137,149

　

      TOTAL EQUITIES

684,518

707,053

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

41,036

73,881

 

Cash Flows from Investment Activities

-25,379

-21,417

 

Cash Flows from Financing Activities

-20,747

-17,987

　

Cash, Bank Deposits at the Term End

　

124,251

129,497

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

129,687

137,149

 

 

Current Ratio (%)

119.27

121.88

 

 

Net Worth Ratio (%)

18.95

19.40

 

 

Recurring Profit Ratio (%)

1.34

3.28

 

 

Net Profit Ratio (%)

-1.97

0.37

 

 

Return On Equity (%)

-6.23

1.13

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.06

UK Pound

1

Rs.78.48

Euro

1

Rs.64.99

 

 

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.