MIRA INFORM REPORT
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Report Date : |
16.03.2012 |
IDENTIFICATION DETAILS
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Name : |
UNICHARM PRODUCTS CO LTD |
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Registered Office : |
1496 Wadahama Toyohamacho Kannonji City
Kagawa-Pref 769-1602 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
March 1974 |
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Com. Reg. No.: |
5000-01-014710
(Kagawa-Kannonji) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturing of paper diapers, sanitary napkins, feminine
sanitary goods, powder puffs |
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No. of Employees
: |
1,247 |
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 3,111.0 Million |
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Status : |
Good |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
UNICHARM PRODUCTS CO LTD
Unicharm Products
KK
1496 Wadahama
Toyohamacho Kannonji City Kagawa-Pref 769-1602 JAPAN
Tel:
0875-52-4711 Fax: 0875-52-4717
URL: http://www.unicharm.co.jp (Of
the parent, Unicharm Corp)
E-Mail address: (thru the URL)
Mfg of
paper diapers, sanitary napkins, feminine sanitary goods, powder puffs
Nil
At the
caption address, Shizuoka, Fukushima, Kagawa
EIJI
ISHIKAWA, PRES Masakatsu
Takai, dir
Yasuhisa
Takahara, dir Shinji Mori,
dir
Shinobu
Seki, dir Norio
Nomura, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen
97,271 M
PAYMENTS REGULAR CAPITAL Yen
2,005 M
TREND SLOW WORTH Yen
21,256 M
STARTED 1974 EMPLOYES 1,247
MFR OF SANITARY NAPHKINS & GOODS, OWNED BY UNICHARM
CORP.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 3,111.0 MILLION, 30 DAYS NORMAL TERMS
The subject company was established on the basis of Ehime Factory of
Unicharm Corp (See REGISTRATION) separated as an independent entity. This is the mfg plant of Unicharm Corp for
making paper diapers, sanitary napkins, feminine sanitary goods, powder puffs,
other. Goods are all shipped to the
parent.
The sales volume for Mar/2011 fiscal term amounted to Yen 97,271
million, a 4% down from Yen 101,467 million in the previous term. This is referred to the Fukushima Plant as
quake-hit and damaged by the North East Japan Earthquake that occurred on
11/03/2011. The recurring profit was
posted at Yen 4,886 million and the net profit at yen 2,468 million,
respectively, compared with Yen 8,962 million recurring profit and Yen 5,422
million net profit, respectively, a year ago.
For the current term ending Mar 2012 the recurring profit is projected
at Yen 5,000 million and the net profit at Yen 2,500 million, respectively, on
a 3% rise in turnover, to Yen 100,000 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 3,111.0 million, on 30 days normal terms.
Date Registered: Mar 1974
Regd No.: 5000-01-014710 (Kagawa-Kannonji)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
20 million shares
Issued: 5,211,000 shares
Sum: Yen 2,605.5 million
Major shareholders (%): Unicharm Corp* (100)
*..Top-ranked mfr of
sanitary napkins & paper diaper, Tokyo, founded 1961, listed Tokyo S/E,
capital Yen 15,992 million, sales Yen 378,247 million, operating profit Yen
45,561 million, recurring profit Yen 43,137
million, net profit Yen 33,550 million, total assets Yen 444,015 million, net
worth Yen 219,632 million, employees 7,229, pres Takahisa Takahara
Consolidated Financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Manufactures
sanitary goods: sanitary napkins, infant paper diapers, feminine sanitary
goods, powder puffs, other (--100%)
Clients: [Mfr] Shipped
wholly to the parent, Unicharm Corp
No. of accounts: 1
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Itochu Corp, Unicharm Corp & group firms, Mitsui Chemical Ind,
other
Payment record: Regular
Location: Business area in
Kagawa. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Iyo
Bank (Kawanoe)
Hyakujushi
Bank (Toyohama)
Relations:
Satisfactory
(In Million Yen)
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Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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100,000 |
97,271 |
101,467 |
111,497 |
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Recur.
Profit |
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5,000 |
4,886 |
8,962 |
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Net
Profit |
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2,500 |
2,468 |
5,422 |
4,782 |
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Total
Assets |
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50,312 |
55,481 |
59,343 |
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Current
Assets |
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22,867 |
28,101 |
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Current
Liabs |
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28,570 |
30,750 |
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Net
Worth |
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21,256 |
24,295 |
24,380 |
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Capital,
Paid-Up |
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2,605 |
2,605 |
2,605 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.81 |
-4.14 |
-9.00 |
7.27 |
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Current Ratio |
|
.. |
80.04 |
91.39 |
.. |
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N.Worth Ratio |
.. |
42.25 |
43.79 |
41.08 |
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R.Profit/Sales |
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5.00 |
5.02 |
8.83 |
.. |
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N.Profit/Sales |
2.50 |
2.54 |
5.34 |
4.29 |
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Return On Equity |
.. |
11.61 |
22.32 |
19.61 |
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Notes:
Forecast (or estimated) figures for the 31/03/2012 fiscal term.
CONSOLIDATED FINANCIALS OF THE PARENT,
UNICHARM CORP
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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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376,947 |
356,825 |
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Cost of Sales |
203,394 |
193,012 |
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GROSS PROFIT |
173,553 |
163,813 |
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Selling & Adm Costs |
126,991 |
118,747 |
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OPERATING PROFIT |
46,561 |
45,066 |
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Non-Operating P/L |
-3,424 |
849 |
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RECURRING PROFIT |
43,137 |
45,855 |
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NET PROFIT |
33,560 |
24,463 |
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BALANCE SHEET |
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Cash |
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118,569 |
99,875 |
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Receivables |
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46,038 |
41,643 |
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Inventory |
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22,392 |
20,085 |
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Securities, Marketable |
701 |
1,499 |
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Other Current Assets |
17,019 |
9,149 |
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TOTAL CURRENT ASSETS |
204,719 |
172,251 |
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Property & Equipment |
98,389 |
95,356 |
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Intangibles |
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67,489 |
14,612 |
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Investments, Other Fixed Assets |
73,418 |
25,554 |
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TOTAL ASSETS |
444,015 |
307,773 |
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Payables |
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37,991 |
36,135 |
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Short-Term Bank Loans |
8,371 |
6,305 |
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Other Current Liabs |
43,781 |
49,884 |
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TOTAL CURRENT LIABS |
90,143 |
92,324 |
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Debentures |
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80,642 |
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Long-Term Bank Loans |
47,354 |
943 |
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Reserve for Retirement Allw |
2,623 |
2,325 |
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Other Debts |
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3,621 |
4,767 |
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TOTAL LIABILITIES |
224,383 |
100,359 |
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MINORITY INTERESTS |
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Common
stock |
15,992 |
15,992 |
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Additional
paid-in capital |
18,802 |
18,802 |
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Retained
earnings |
217,111 |
188,696 |
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Evaluation
p/l on investments/securities |
3,276 |
2,795 |
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Others |
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8,375 |
17,457 |
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Treasury
stock, at cost |
(43,924) |
(36,329) |
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TOTAL S/HOLDERS` EQUITY |
219,632 |
207,413 |
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TOTAL EQUITIES |
444,015 |
307,773 |
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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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-17,239 |
55,032 |
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Cash
Flows from Investment Activities |
-69,527 |
-22,239 |
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Cash
Flows from Financing Activities |
116,972 |
-9,455 |
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Cash,
Bank Deposits at the Term End |
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113,007 |
84,270 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
219,632 |
207,413 |
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Current
Ratio (%) |
227.10 |
186.57 |
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Net
Worth Ratio (%) |
49.46 |
67.39 |
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Recurring
Profit Ratio (%) |
11.44 |
12.85 |
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Net
Profit Ratio (%) |
8.90 |
6.86 |
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Return
On Equity (%) |
15.28 |
11.79 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.50.22 |
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UK Pound |
1 |
Rs.78.64 |
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Euro |
1 |
Rs.65.54 |
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.