MIRA INFORM REPORT
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Report Date : |
21.05.2013 |
IDENTIFICATION DETAILS
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Name : |
MARUBENI PLAX CORPORATION |
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Registered Office : |
Koraku Mori Bldg 9F, 1-4-14 Koraku Bunkyoku Tokyo 112-0004 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
December, 1975 |
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Com. Reg. No.: |
0100-01-057352 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export, wholesale resins, packaging materials, construction
materials |
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No. of Employees : |
151 |
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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 |
MARUBENI PLAX
CORPORATION
Marubeni Plax KK
Koraku Mori Bldg 9F, 1-4-14 Koraku Bunkyoku Tokyo 112-0004 JAPAN
Tel: 03-6891-7700
Fax: 03-6891-7640
URL: http://www.plax.co.jp
E-Mail address: plax.L16@plax.marubeni.co.jp
Import, export, wholesale resins, packaging materials, construction
materials
Osaka, Nagoya, Fukuoka
Marubeni Chemicals (Shanghai), Marubeni Chemicals & Plastics (Hong
Kong) (--subsidiaries)
HIROTSUGU UCHIDA, PRES
Tetsuaki Saitoh, v pres
Hisanobu Ichikawa, mgn dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 99,604 M
PAYMENTS REGULAR CAPITAL Yen
1,000 M
TREND SLOW WORTH Yen 3,750 M
STARTED 1975 EMPLOYES 151
TRADING HOUSE SPECIALIZING IN PLASTICS & PACKAGING MATERIALS, WHOLLY
OWNED BY MARUBENI CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$650,000 / O/A 180 DAYS
The subject company was established on the basis of plastics division
separated from Marubeni Corp, major general trading house, Tokyo (See REGISTRATION). In 1997, merged three sister companies in
order to streamline group operations (three sister companies: Marubeni Plax,
Marubeni Planet & Marubeni Toplas) to form new Marubeni Plax
Corporation. This is a specialized
trading firm of plastics, packaging materials, electronics materials and
construction materials. In Apr 2001, the
whole of plastic business operations were transferred to the firm from the
parent, Marubeni Corp. In Aug 2003, set
up Marubeni Plax China in order to actively advance into China market. The China subsidiary was reorganized in Feb
2007 and consolidated into Marubeni Chemicals (Shanghai) and Marubeni Chemicals
& Plastics (Hong Kong). In 2009
transferred housing/construction materials business to Takashima & Co
Ltd.
The sales volume for Mar/2012 fiscal term amounted to Yen 199,604
million, a 7% down from Yen 107,558 million in the previous term. The sales were negatively affected by the
Great North Japan Earthquake and Thai floods.
The recurring profit was posted at Yen 839 million and the net profit at
Yen 446 million, respectively, compared with Yen 1,042 million recurring profit
and Yen 596 million net profit, respectively, a year ago.
For the term that ended Mar 2013 the recurring profit was projected at
Yen 890 million and the net profit at Yen 460 million, respectively, on a 4%
rise in turnover, to Yen 103,800 million.
Final results are yet to be released.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements.
Date Registered: Dec
1975
Regd No.: 0100-01-057352
(Tokyo-Bunkyoku)
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 8 million shares
Issued:
2 million
shares
Sum: Yen
1,000 million
Major shareholders
(%): Marubeni
Corporation*(100)
*.. One of big 5 general trading houses, founded 1949, listed Tokyo,
Osaka, Nagoya S/E’s,
capital Yen 262,686 million, turnover Yen 10,509,088 million, operating profit
Yen 122,932 million, recurring profit Yen 247,543 million, net profit Yen
205,696 million, total assets Yen 5,965,086 million, net worth Yen 1,188,379
million, employees 4,198, pres Fumiya Kokubu.
Nothing detrimental is known as to the commercial morality of
executives.
Activities: Imports, exports
and wholesales synthetic resins, packaging materials, electronics &
construction materials:
(Sales Breakdown
by Divisions):
Plastics Div
(37%): PP, PE, PS, EVA, nylon film, PET film, PP films, masking film, plastic
fastener, gum rosin, terpene oil, other;
Industrial
Plastics Div (27%): PP, PS, EVA, HDPE, LLDPE, ABS, Asia, PET, PA6,
PA66, PA 12, PPS, POM, PBT, PMMA, elastomers, PC, LCP, silicon, synthetic
rubber, compounded materials, polyimide, polyimdeamide, PES, phenol, non-woven
materials, felt, film & sheet, mold, injection machines, other;
Retails &
Packaging Materials Div (26%): plastic resins, wrapping film, plastic sheet, food
containers (tray, etc), plastic bags (garbage bags, T-shirt bags), PE glove,
rolled plastic bags, non-woven materials, others;
Construction &
Housing Materials (5%): housing units, construction materials, steel
structural materials for housing, extruded cement panel, interior insulation
panel, heat resistant materials, rain water storage & infiltration tank,
other;
Other Div (5%): functional
products, other.
Export: (25%).
Clients: [Mfrs,
wholesalers] Marubeni Corp, Daiei Inc, Calsonic Kansei Corp, FP Corp, Tsuchiya Co, Yazaki
Industrial Chemical, Fukusuke Kogyo, Daiwabo Polytec, Daiei Tsuchiya, Kimoto
Co, other.
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Marubeni Corp, Mitsui Chemical, DIC
Corp, Toyobo Co,
Asahi Kasei Corp, DuPont KK, Prime Polymer,
Japan Polypropylene Corp, Mitsubishi
Plastics, Toyobo Corp,
Japan Polyethylene, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Mizuho Corporate Bank (Ohtemachi)
MUFG (Ohdenmacho)
Relations: Satisfactory
(In Million Yen)
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Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
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Annual
Sales |
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103,800
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99,604
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107,558
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97,674
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Recur.
Profit |
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890 |
839 |
1,042
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610 |
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Net
Profit |
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460 |
446 |
596 |
314 |
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Total
Assets |
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25,034
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26,202
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26,575
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Current
Assets |
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24,145
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24,563
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24,591
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Current
Liabs |
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21,253
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22,157
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24,591
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Net
Worth |
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3,750
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3,595
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3,164
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Capital,
Paid-Up |
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1,000
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1,000
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1,000
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Div.P.Share(¥) |
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223.00
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150.00
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79.00
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<Analytical
Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.21 |
-7.40
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10.12
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-12.56
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Current Ratio |
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.. |
113.61
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110.86
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100.00
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N.Worth Ratio |
.. |
14.98
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13.72
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11.91
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R.Profit/Sales |
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0.86 |
0.84 |
0.97 |
0.62 |
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N.Profit/Sales |
0.44 |
0.45 |
0.55 |
0.32 |
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Return On Equity |
.. |
11.89
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16.58
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9.92 |
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Note: Forecast (or estimated) figures for the 31/03/2013 fiscal
term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.04 |
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1 |
Rs.83.61 |
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Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.