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Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
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Name : |
ITOCHU PLASTICS INC |
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Registered Office : |
Shibuya Mark City West Bldg 15F, 1-12-1 Dogenzaka Shibuyaku Tokyo 150-8525 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
April 1986 |
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Com. Reg. No.: |
0110-01-042970 (Tokyo-Shibuyaku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of
packaging materials, synthetic resins, electronics materials |
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No. of Employees : |
448 |
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 : |
Satisfactory |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Japan |
A1 |
A1 |
|
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 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
ITOCHU PLASTICS INC
REGD NAME: KK Itochu Plastics
MAIN OFFICE: Shibuya Mark City West Bldg 15F, 1-12-1 Dogenzaka Shibuyaku Tokyo 150-8525 JAPAN
Tel: 03-6415-3800
Fax: 03-6415-3850
URL: http://www.itc-ps.co.jp
E-Mail address: Hpinfo@itc-ps.co.jp
Import, export, wholesale of
packaging materials, synthetic resins, electronics materials, other
Osaka, Nagoya, Nagano, Gunma,
Hiroshima, Sendai
Los Angeles, Seoul, Taipei, Hong
Kong, China
RYUICHI KOMATSUZAKI, PRES
Akira Nagatomo, dir Akio Takagi, dir
Kazuhiko Kobayashi, dir Masafumi Ono, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 186,288 M
PAYMENTS REGULAR CAPITAL Yen 1,000 M
TREND SLOW WORTH Yen 9,383 M
STARTED 1986 EMPLOYES 448
TRADING HOUSE SPECIALIZING IN
PACKAGING MATERIALS, ELEC TRONICS,
OTHER, WHOLLY OWNED BY ITOCHU CORP.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was
established on the basis of a chemical division separated from Itochu Corp,
leading general trading house (See REGISTRATION). This is an in-house company belonging to
Chemicals, Forest Products & General Merchandise Division, the division’
sales accounting for about 10% of the total consolidated sales. Specializes in import, export and wholesale
of packaging materials, synthetic resins & organic/inorganic chemicals,
materials for electronic devices, housing/construction materials, other.
The sales volume for Mar/2013
fiscal term amounted to Yen 186,288 million, a 7% down from Yen 199,896 million
in the previous term. Imports &
exports sales were hurt by the high Yen,
reducing revenues in Yen terms. The
recurring profit was posted at Yen 3,712 million, and the net profit at Yen
1,786 million, respectively, compared with Yen 3,626 million recurring profit
and Yen 1,977 million net profit, respectively, a year ago.
For the current term ending Mar
2014 the recurring profit is projected at Yen 3,800 million and the net profit
at Yen 1,850 million, respectively, on a 5% rise in turnover, to Yen 195,500
million. Weak Yen may help export
revenues increase in Yen terms.
The financial situation is
considered FAIR and good for ORDINARY business engagements.
Date Registered: Apr 1986
Regd No.: 0110-01-042970
(Tokyo-Shibuyaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 40,000 shares
Issued: 20,000
shares
Sum: Yen 1,000 million
Major shareholders (%):
Itochu Corporation*(100)
*.. Major general trading house of
Japan, Tokyo, founded 1949, listed Tokyo S/E, capital Yen 202,241 million,
sales Yen 12,551,557 million, operating profit Yen 244,219 million, recurring
profit Yen 311,112 million, net profit Yen 280,297 million, total assets Yen
7,117,446 million, net worth Yen 1,765,435 million, employees 77,513, pres
Masahiro Okafuji.
Nothing detrimental is known as to
the commercial morality of executives.
Activities:
Imports, exports and wholesales:
(Sales breakdown by divisions):
Packaging Materials Div (26%): container packaging materials for convenience stores, restaurant industry & food mfrs, materials
related to stationery, and packaging materials for medication;
Electronics Devices Materials Div (16%): Materials for LCDs used for mobile phones, personal computers, and projectors, materials
for semiconductor and rechargeable batteries;
Synthetic Resin Div (52%): synthetic resin raw materials, plate materials &
finished products (for automobiles, home appliances and office automation
equipment, store sign boards, industrial materials & parts;
Industrial Materials Div (6%): Materials for housing, construction and marine
opera-tions, Interior-related business (office design & construction),
fixtures & fittings, other.
Overseas Trading Ratio (23%).
Clients: [Mfrs,
wholesalers] Nippon Access Inc, Itochu Shanghai, Itochu Corp, Prima Meat
Packers, Kanaoka Inc, Adachi Light Inc, other
No.
of accounts: 500
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Teijin
Chemicals, Itochu Corp, Asahi Kasei Chemicals,
Tosoh
Corp, Zeon Corp, LG Chemicals, Nissan Chemical Ind, other.
Payment record:
Regular
Location: Business
area in Tokyo. Office premises at the
caption address are leased and maintained satisfactorily.
Bank References: Mizuho Bank (Gaienmae)
MUFG
(H/O)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
195,500
|
186,288
|
199,896
|
207,683
|
|
Recur.
Profit |
|
3,800 |
3,712 |
3,620 |
3,764 |
|
Net
Profit |
|
1,850 |
1,786 |
1,977 |
2,196 |
|
Total
Assets |
|
|
61,637 |
62,956 |
61,099 |
|
Current
Assets |
|
|
56,960 |
57,112 |
57,851 |
|
Current
Liabs |
|
|
51,074 |
52,968 |
51,785 |
|
Net
Worth |
|
|
9,383 |
8,915 |
8,484 |
|
Capital,
Paid-Up |
|
|
1,000 |
1,000 |
1,000 |
|
Div.P.Share(¥) |
|
|
77,000.00
|
63,200.00
|
77,250.00
|
|
<Analytical
Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.95 |
-6.81 |
-3.75 |
13.16 |
|
|
Current Ratio |
|
.. |
111.52 |
107.82 |
111.71 |
|
N.Worth Ratio |
.. |
15.22 |
14.16 |
13.89 |
|
|
R.Profit/Sales |
|
1.94 |
1.99 |
1.81 |
1.81 |
|
N.Profit/Sales |
0.95 |
0.96 |
0.99 |
1.06 |
|
|
Return On Equity |
.. |
19.03 |
22.18 |
25.88 |
|
Note: Forecast (or estimated) for the
31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.83.87 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
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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 |
|
-- |
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.