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Report Date : |
30.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
PHP IBARAKI CORPORATION |
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|
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Registered Office : |
2068-1 Okadacho Hitachiohta Ibaraki-Pref 313-0031 |
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Country : |
Japan |
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Financials (as on) : |
31.01.2013 |
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Date of Incorporation : |
Jan 1995 |
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|
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Com. Reg. No.: |
0500-01-026579
(Ibaraki-Hitachiota) |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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|
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Line of Business : |
Manufactures wet wipers (babies & adults), non-woven
sanitary towels, other sanitary cloths, |
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No. of Employees : |
45 |
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 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
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 IBARAKI
CORPORATION
KK PHP Ibaraki
2068-1 Okadacho Hitachiohta
Ibaraki-Pref 313-0031 JAPAN
Tel:
0294-74-1700 Fax: 0294-74-1703
URL: http://www.php-ibaraki.com
E-Mail
address: phpi@pigion.com
Mfg of
wet wipes, non-woven sanitary towels
Nil
At the
caption address
YOSHIAKI
ISHIOKA, PRES Michio Morimi, dir
Osamu
Ichikawa, dir Tsutomu
Matsunaga, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 3,286 M
PAYMENTSUSUALLY
CORRECT CAPITAL Yen 222 M
TREND UP WORTH Yen 1,833 M
STARTED 1995 EMPLOYES 45
MFR OF WET WIPES, NON-WOVEN SANITARY TOWELS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$700,000 / O/A 60 DAYS.
The subject
company was established in Ehime-Pref and in 1996 moved to the caption
address. In 2003, the firm became a
group firm of Pigeon Corp (See REGISTRATION)
and in 2007 became a wholly owned subsidiary.
This is a specialized mfr of wet wipes, non-woven sanitary towels,
other. 70% 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 3,286 million, a 3% up from Yen
3,186 million in the previous term. The
recurring profit was posted at Yen 377 million and the net profit at Yen 205
million, respectively, compared with Yen 289 million recurring profit and Yen
143 million net profit, respectively, a year ago.
For the term
that ended Jan 2013 the recurring profit was projected at Yen 380 million and
the net profit at Yen 210 million, respectively, on a 3% rise in turnover, to
Yen 3,400 million. Sales in China
continued growing. Final results are yet
to be released.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
Date Registered: Jan 1995
Regd No.: 0500-01-026579 (Ibaraki-Hitachiota)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 17,760 shares
Issued: 4,440 shares
Sum: Yen 222 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.
OPERATION:
Activities: Manufactures wet wipers (babies &
adults), non-woven sanitary towels, other sanitary cloths, others (--100%)
Clients: [Mfrs, wholesalers] Pigeon Corp (70%),
Kuraray Co (30%)
No. of
accounts: 2
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Pigeon Corp,
Inabata & Co, Soda Nikka, Yoshino Kogyosho, other.
Imports from China, other
Payment record: Usually
Correct
Location:
Business area in Ibaraki-Pref. Office
premises at the caption address are leased and maintained satisfactorily.
Bank References:
Joyo
Bank (Ohta)
MUFG
(H/O)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/01/2013 |
31/01/2012 |
31/01/2011 |
31/01/2010 |
|
|
Annual
Sales |
|
3,400 |
3,286 |
3,186 |
3,466 |
|
Recur.
Profit |
|
380 |
377 |
289 |
253 |
|
Net
Profit |
|
210 |
205 |
143 |
143 |
|
Total
Assets |
|
|
2,734 |
2,514 |
2,835 |
|
Current
Assets |
|
|
939 |
750 |
938 |
|
Current
Liabs |
|
|
587 |
533 |
960 |
|
Net
Worth |
|
|
1,833 |
1,672 |
1,572 |
|
Capital,
Paid-Up |
|
|
222 |
222 |
222 |
|
Div.P.Share(¥) |
|
|
44.40 |
44.40 |
44.40 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.47 |
3.14 |
-8.08 |
-2.34 |
|
|
Current Ratio |
|
.. |
159.97 |
140.71 |
97.71 |
|
N.Worth Ratio |
.. |
67.04 |
66.51 |
55.45 |
|
|
R.Profit/Sales |
|
11.18 |
11.47 |
9.07 |
7.30 |
|
N.Profit/Sales |
6.18 |
6.24 |
4.49 |
4.13 |
|
|
Return On Equity |
.. |
11.18 |
8.55 |
9.10 |
|
Notes: Forecast (or estimated) figures for the
31/01/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.38 |
|
UK Pound |
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.