|
Report Date : |
30.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
PHP HYOGO CORPORATION |
|
|
|
|
Registered Office : |
1009-28 Nakamura Kamikawacho Kanzakigun Hyogo-Pref 679-2413 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.01.2012 |
|
|
|
|
Date of Incorporation : |
April 2002 |
|
|
|
|
Com. Reg. No.: |
1400-01-063584 (Hyogo-Kanzakigun) |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Manufacturer of wet wipes, non-woven sanitary towels |
|
|
|
|
No. of Employees : |
80 |
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 : |
Usually Correct |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 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
PHP HYOGO CORPORATION
REGD NAME: KK
PHP Hyogo
MAIN OFFICE: 1009-28
Nakamura Kamikawacho Kanzakigun Hyogo-Pref 679-2413 JAPAN
Tel:
0790-31-2940 Fax: 0790-31-2950
URL: http://www.php-hyogo.co.jp
E-Mail address: phph.honsha@pigeon.com
Mfg of wet wipes,
non-woven sanitary towels
Nil
At the caption
address
JUN’ICHI
YAMASHITA, PRES
Tsutomu Matsunaga, dir
Yusuke Nakada, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 3,380 M
PAYMENTSUSUALLY
CORRECT CAPITAL Yen 240 M
TREND UP WORTH Yen 2,108 M
STARTED 2002 EMPLOYES 80
MFR OF WET WIPES, NON-WOVEN SANITARY TOWELS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR CREDIT ENGAGEMENTS: US$500,000 / O/A 60 DAYS.
The subject company was
established on the basis of a Hyogo Plant separated from Fukuyo Ehime Co, under
Pigeon Corp (See REGISTRATION). This is a specialized mfr of wet wipes,
non-woven sanitary towels, other. 98% of
the goods are supplied to the parent, Pigeon Corp. Goods are also imported from China, other
The sales volume for
Jan/2012 fiscal term amounted to Yen 3,380 million, a 12% up from Yen 3,028
million in the previous term. Merged a group
subsidiary and sales rose. Business in
China and other S/E Asian countries were brisk.
The recurring profit was posted at Yen 387 million and the net profit at
Yen 227 million, respectively, compared with Yen 284 million recurring profit
and Yen 170 million net profit, respectively, a year ago.
For the term that ended
Jan 2013 the recurring profit was projected at Yen 390 million and the net
profit at Yen 230 million, respectively, on a 4% rise in turnover, to Yen 3,500
million. Sales in China continued
growing. Sales of wet wipes for elderly
adults sold well. Final results are yet
to be released.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
Date Registered: Apr 2002
Regd No.: 1400-01-063584 (Hyogo-Kanzakigun)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 19,200 shares
Issued: 4,800 shares
Sum: Yen 240 million
Major shareholders (%): Pigeon Corp*
(100)
*.. Largest mfr of diverse baby care goods,
Tokyo, founded 1957, listed Tokyo S/E, capital Yen 5,199 million, sales Yen
59,145 million, operating profit Yen 5,042 million, recurring profit Yen 4,917
million, net profit Yen 3,183 million, total assets Yen 46,904 million, net
worth Yen 29,116 million, employees 2,963, pres Akio Ohkoshi
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures wet
wipers (babies & adults), non-woven sanitary towels, other sanitary cloths,
others (--100%)
Clients: [Mfrs,
wholesalers] Pigeon Corp (98%), other
No. of accounts: 2
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Pigeon Corp, Kuraray Trading, Henkel Japan, Itochu Chemical
Frontier, Fukusuke Kogyo, Weyerhaeuser Japan, other.
Imports from China, other
Payment record: Usually Correct
Location: Business area in
Hyogo-Pref. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References:
Tanyo Shinkin Bank
(Awaga)
MUFG (H/O)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/01/2013 |
31/01/2012 |
31/01/2011 |
31/01/2010 |
|
|
Annual
Sales |
|
3,500 |
3,380 |
3,028 |
3,133 |
|
Recur.
Profit |
|
390 |
387 |
284 |
389 |
|
Net
Profit |
|
230 |
227 |
170 |
231 |
|
Total
Assets |
|
|
2,764 |
2,622 |
2,671 |
|
Current
Assets |
|
|
994 |
781 |
848 |
|
Current
Liabs |
|
|
656 |
669 |
817 |
|
Net
Worth |
|
|
2,108 |
1,952 |
1,854 |
|
Capital,
Paid-Up |
|
|
240 |
240 |
240 |
|
Div.Ttl
in Million (¥) |
|
|
72 |
72 |
72 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.55 |
11.62 |
-3.35 |
2.19 |
|
|
Current Ratio |
|
.. |
151.52 |
116.74 |
103.79 |
|
N.Worth Ratio |
.. |
76.27 |
74.45 |
69.41 |
|
|
R.Profit/Sales |
|
11.14 |
11.45 |
9.38 |
12.42 |
|
N.Profit/Sales |
6.57 |
6.72 |
5.61 |
7.37 |
|
|
Return On Equity |
.. |
10.77 |
8.71 |
12.46 |
|
Notes: Forecast (or estimated) figures for the
31/01/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.