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Report Date : |
06.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
NIPPON PARISON CO LTD |
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Registered Office : |
1880 Kawaicho Iwakura City Aichi-Pref |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
January
1997 |
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Com. Reg. No.: |
1800-01-088196
(Aichi-Iwakura) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer
of PET bottles |
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No. of Employees : |
170 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
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 |
JAPAN - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.
|
Source : CIA |
NIPPON PARISON CO LTD
Nippon Parison KK
880 Shimokobashi
Sakaicho Sarushimagun Ibaraki-Pref 306-0432 JAPAN
Tel:
0280-87-8404 Fax: 0280-86-6887
*.. Registered at: 1880 Kawaicho Iwakura City Aichi-Pref
URL: www.ishizuka.co.jp (Of the parent, Ishizuka Glass Co Ltd)
E-mail: (thru the URL)
Mfg of
PET bottles
Nil
Ibaraki,
Aichi, Gunma
TAKAHIRO
MORI, PRES Norio Nukada, dir
Naomi Shimoyama, dir Nobuyuki Nagashima, dir
Akihiro Yamanaka, dir Hisatsugu Ishizuka, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 16.043 M
PAYMENTS No Complaints CAPITAL Yen 1,530 M
TREND UP WORTH Yen 2,949 M
STARTED 1997 EMPLOYES 170
MFR OF PET BOTTLES, OWNED BY ISHIZUKA GLASS CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR
AND GOOD FOR CREDIT ENGAGEMENTS: US$8,500,000 / O/A 180 DAYS
The subject company was established by Ishihara Glass Co Ltd (See REGISTRATION) as its mfg division for making PET bottles & containers. Has mfg bases in three areas centrally mfg PET bottles & containers. Clients include Coca Cola Japan.
The
sales volume for Mar/2012 fiscal term amounted to Yen 16,043 million, a 2% up
from Yen 15,671 million in the previous term.
Demand for PET bottles & containers was brisk after the Great East
Japan Earthquake that hit in Mar 2011.
The recurring profit was posted at Yen 346 million and the net profit at
Yen 183 million, respectively, compared with Yen 123 million recurring profit
and Yen 26 million net profit, respectively, a year ago. .
For
the current term ending Mar 2013 the recurring profit is projected at Yen 350
million and the net profit at Yen 190 million, respectively, on a 3% rise in
turnover, to Yen 16,500 million.
Business is seen expanding steadily.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
Date Registered: Jan 1997
Regd No.: 1800-01-088196 (Aichi-Iwakura)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 30,600 shares
Issued: 30,600 shares
Sum: Yen
1,530 million
Major shareholders (%):
Ishihara Glass Co Ltd* (89.8), other
No. of shareholders: 3
*.. Ishizuka Glass Co Ltd, mfr of glass bottles & tableware, founded 1941, listed Tokyo, Nagoya S/E’s, capital Yen 5,911 million, sales Yen 56,900 million, operating profit Yen 611 million, recurring profit Yen 597 million, net loss Yen 412 million, total assets Yen 68,943 million, net worth Yen 18,620 million, employees 1,534, pres Akihiro Yamanaka
Consolidated Financials are attached (See ATTACHMENTS)
Nothing detrimental is known as to the commercial morality of executives.
Activities: Manufactures PET bottles & containers (--100%).
Clients: [Mfrs, wholesalers] Ishizuka Glass, Coca Cola Japan, other
No. of accounts: Limited
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Ishizuka Glass, Coca Cola Business Service, other.
Imports from China, other.
Payment record: No Complaints
Location: Business area in Ibaraki-Pref. Office premises at the caption address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank (Nagoya-Chuo)
MUFG (Nagoya)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
|
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Annual
Sales |
|
16,500 |
16,043 |
15,691 |
14,206 |
|
Recur.
Profit |
|
350 |
346 |
123 |
78 |
|
Net
Profit |
|
190 |
183 |
26 |
14 |
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Total
Assets |
|
|
14,582 |
11,688 |
10,986 |
|
Current
Assets |
|
|
8,621 |
8,020 |
6,975 |
|
Current
Liabs |
|
|
7,873 |
6,162 |
5,846 |
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Net
Worth |
|
|
2,949 |
2,764 |
2,726 |
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Capital,
Paid-Up |
|
|
1,530 |
1,530 |
1,530 |
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Div.Ttl
in Million(¥) |
|
|
8.1 |
4.5 |
8.1 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
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S.Growth Rate |
2.85 |
2.24 |
10.45 |
-9.89 |
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Current Ratio |
|
.. |
109.50 |
130.15 |
119.31 |
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N.Worth Ratio |
.. |
20.22 |
23.65 |
24.81 |
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R.Profit/Sales |
|
2.12 |
2.16 |
0.78 |
0.55 |
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N.Profit/Sales |
1.15 |
1.14 |
0.17 |
0.10 |
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Return On Equity |
.. |
6.21 |
0.94 |
0.51 |
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Notes:
Forecast (or estimated) figures for the 31/03/2013 fiscal term.
CONSOLIDATED FINANCIALS OF THE PARENT,
ISHIZUKA GLASS CO LTD
|
FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2012 |
31/03/2011 |
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INCOME STATEMENT |
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Annual Sales |
|
56,900 |
56,006 |
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Cost
of Sales |
47,252 |
45,117 |
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GROSS PROFIT |
9,648 |
10,889 |
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Selling & Adm Costs |
9,037 |
9,629 |
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OPERATING PROFIT |
611 |
1,260 |
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Non-Operating P/L |
-14 |
-253 |
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RECURRING PROFIT |
597 |
1,007 |
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NET PROFIT |
-412 |
-671 |
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BALANCE SHEET |
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Cash |
|
2,588 |
1,763 |
||
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Receivables |
|
10,055 |
11,416 |
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Inventory |
|
12,853 |
12,557 |
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Securities, Marketable |
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|||
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Other Current Assets |
1,899 |
1,335 |
|||
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TOTAL CURRENT ASSETS |
27,395 |
27,071 |
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Property & Equipment |
34,817 |
31,459 |
|||
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Intangibles |
|
37 |
26 |
||
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Investments, Other Fixed Assets |
6,699 |
8,567 |
|||
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TOTAL ASSETS |
68,948 |
67,123 |
|||
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Payables |
|
5,507 |
5,684 |
||
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Short-Term Bank Loans |
11,870 |
11,883 |
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Other Current Liabs |
8,484 |
6,981 |
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TOTAL CURRENT LIABS |
25,861 |
24,548 |
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Debentures |
|
8,637 |
9,259 |
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Long-Term Bank Loans |
6,202 |
4,595 |
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Reserve for Retirement Allw |
3,957 |
3,972 |
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Other Debts |
|
5,671 |
6,288 |
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TOTAL LIABILITIES |
50,328 |
48,662 |
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MINORITY INTERESTS |
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Common
stock |
5,911 |
5,911 |
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Additional
paid-in capital |
4,149 |
4,149 |
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Retained
earnings |
945 |
1,508 |
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Evaluation
p/l on investments/securities |
919 |
550 |
|||
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Others |
|
6,964 |
6,610 |
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Treasury
stock, at cost |
(268) |
(267) |
|||
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TOTAL S/HOLDERS` EQUITY |
18,620 |
18,461 |
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TOTAL EQUITIES |
68,948 |
67,123 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2012 |
31/03/2011 |
||
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Cash
Flows from Operating Activities |
|
3,890 |
5,902 |
||
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Cash
Flows from Investment Activities |
-4,019 |
-3,808 |
|||
|
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Cash
Flows from Financing Activities |
559 |
-2,774 |
|||
|
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Cash,
Bank Deposits at the Term End |
|
1,688 |
963 |
||
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
||||
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Net
Worth (S/Holders' Equity) |
18,620 |
18,461 |
||
|
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Current
Ratio (%) |
105.93 |
110.28 |
||
|
|
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Net Worth
Ratio (%) |
27.01 |
27.50 |
||
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Recurring
Profit Ratio (%) |
1.05 |
1.80 |
||
|
|
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Net
Profit Ratio (%) |
-0.72 |
-1.20 |
||
|
|
|
Return
On Equity (%) |
-2.21 |
-3.63 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.89 |
|
UK Pound |
1 |
Rs.88.63 |
|
Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.