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Report Date : |
11.12.2013 |
IDENTIFICATION DETAILS
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Name : |
CHIKAZAWA PAPER CO LTD |
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Registered Office : |
4003 Inocho Agawagun Kochi-Pref 781-2110 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
April 1953 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of paper diaper for the old (including underwear type, flat
type, pull-up type, layer-built type, tape type, pad type), nursing care
goods. |
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No. of Employees : |
116 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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 small agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. While self-sufficient in rice production, Japan imports about 60%
of its food on a caloric basis. 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. Modest economic
growth continued after 2000, but the economy has fallen into recession three
times since 2008. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan 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 and the
ensuing tsunami in March disrupted manufacturing. The economy has largely
recovered in the two years since the disaster, but reconstruction in the Tohoku
region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared
the economy his government's top priority; he has pledged to reconsider his
predecessor's plan to permanently close nuclear power plants and is pursuing an
economic revitalization agenda of fiscal stimulus and regulatory reform and has
said he will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 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 2012. The new government will continue a longstanding debate 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 |
CHIKAZAWA PAPER CO LTD
KK Chikazawa
Seishijo
4003 Inocho
Agawagun Kochi-Pref 781-2110 JAPAN
Tel:
088-992-0126 Fax: 088-992-1963
URL: www.chikazawa.co.jp
E-Mail address: (thru the URL)
Mfg of paper diaper, nursing care products
Nil
At the
caption address, contain (Kochi)
TAKASHI
KONDO, PRES Toshiyuki
Kondo, ch
Takahiko
Fujii, dir Ketsu
Yoshida, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 3,758 M
PAYMENTS Slow
but Correct CAPITAL Yen
10 M
TREND SLOW WORTH Yen 261 M
STARTED 1953 EMPLOYES 116
MFR OF PAPER DIAPER & NURSING CARE PRODUCTS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established for production of tissue paper
“Kyohanagami”, and in 1962 started production of mild medicines and sanitary
napkins, and further in 1975 started the production of paper diapers for the
old (layer-built type). In 1987
installed a production line for paper diapers for the old (underwear type) and
expanded the production. In 1999
completed the construction off the Konotani Plant. This is a specialized mfr of paper diaper for
the old, nursing care products, other.
The firm calls the old-aging society as “society of longevity”. Goods are exported.
The sales volume for Mar/2013 fiscal term amounted to Yen 3,758 million,
a 2% down from Yen 3,839 million in the previous term. The recurring profit was posted at Yen 5
million and the net profit at Yen 4 million, respectively, compared with Yen 29
million recurring profit and yen 29 million net profit, respectively, a year
ago.
For the current term ending Mar 2014 the recurring profit is projected
at Yen 30 million and the net profit at Yen 20 million, respectively, on a 4%
rise in turnover, to Yen 3,900 million.
Business is seen expanding steadily.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Apr 1953
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
80,000 shares
Issued:
20,000 shares
Sum: Yen 10 million
Major shareholders (%): Takashi Chikazawa (55), Hiroko
Chikazawa (25), Toshiyuki Chikazawa (10), Seiji Chikazawa (10)
No. of shareholders: 4
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
paper diaper for the old (underwear type, flat type, pull-up type, layer-built
type, tape type, pad type, other), nursing care goods, others (--100%)
Clients: [Mfrs,
wholesalers] Oji Nepia Co, Caremax Corp, Toyotsu Lifecare Corp, Kawamoto Corp,
Long Life Co, Uni-Charm Molnlycke KK, Taketora Inc, Okamoto Shoten Corp,
Daikoku Medical Co, Pigeon Corp, Sanotec Co, other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Chikami Miltec Inc, Toyota Tsusho Corp, Oishi Sangyo Co,
Weyerhaeuser Japan, Oji Nepia Co, Fukusuke Kogyo, Murakami Sangyo, Kinsei
Seishi Co, PHP Hyogo Co, Itochu Corp, Rayonier Far East Ltd, Sumitomo 3M Ltd,
Toyota Tsusho Celltec Corp, other
Payment record: Slow but Correct
Location: Business area in
Kochi. Office premises at the caption
address are owned and maintained satisfactorily.
Bank
References:
Shikoku Bank (Ino)
Kochi Bank (Ino)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
3,900 |
3,758 |
3,839 |
3,911 |
|
Recur.
Profit |
|
30 |
5 |
29 |
|
|
Net
Profit |
|
20 |
4 |
29 |
37 |
|
Total
Assets |
|
|
3,843 |
3,837 |
3,958 |
|
Current
Assets |
|
|
1,147 |
1,219 |
|
|
Current
Liabs |
|
|
985 |
881 |
|
|
Net
Worth |
|
|
261 |
257 |
228 |
|
Capital,
Paid-Up |
|
|
10 |
10 |
10 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.78 |
-2.11 |
-1.84 |
-0.31 |
|
|
Current Ratio |
|
.. |
116.45 |
138.37 |
.. |
|
N.Worth Ratio |
.. |
6.79 |
6.70 |
5.76 |
|
|
R.Profit/Sales |
|
0.77 |
0.13 |
0.76 |
.. |
|
N.Profit/Sales |
0.51 |
0.11 |
0.76 |
0.95 |
|
|
Return On Equity |
.. |
1.53 |
11.28 |
16.23 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.21 |
|
UK Pound |
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.15 |
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 |
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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 |
|
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.