MIRA INFORM REPORT

 

 

Report Date :

19.10.2013

 

IDENTIFICATION DETAILS

 

Name :

PAN PACIFIC COPPER CO LTD

 

 

Registered Office :

JX Bldg 7F, 2-6-3 Ohtemachi Chiyodaku Tokyo 100-0004

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

October 2000

 

 

Com. Reg. No.:

0100-01-133626

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Import, export, wholesale of copper products, copper smelting

 

 

No. of Employees :

688

 

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 :

Good

Payment Behaviour :

Regular

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

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 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

Company name and address

 

PAN PACIFIC COPPER CO LTD

 

REGD NAME:    Pan Pacific Copper KK

MAIN OFFICE:  JX Bldg 7F, 2-6-3 Ohtemachi Chiyodaku Tokyo 100-0004 JAPAN

Tel: 03-5299-7400         

Fax: 03-5299-7419

 

URL:                 http://www.ppcu.co.jp

E-Mail address: webmaster@ppcu.co.jp

 

 

ACTIVITIES  

 

Import, export, wholesale of copper products, copper smelting (subsidiaries)

 

 

BRANCHES   

 

Osaka, Nagoya, Fukuoka, Okayama

 

 

OVERSEAS

 

Chile, Taiwan, Thailand

 

 

FACTORIES  

 

Okayama, Saganoseki, Tamano (--subsidiaries)

 

 

OFFICER(S)  

 

YOSHIMASA ADACHI, PRES     Keiichi Goto, v pres

     Minoru Machida, rep dir                     Takao Shibue, v pres                                                     

     Shigeru Oi, dir                                  Yoshihiro Nishiyama, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                 A/SALES          Yen 591,508 M

PAYMENTS      REGULAR         CAPITAL           Yen 58,132 M

TREND \SLOW             WORTH            Yen 152,674 M

STARTED         2000                 EMPLOYES      688

 

 

COMMENT    

 

TRADING FIRM SPECIALIZING IN COPPER PRODUCTS, AFFILIATED TO                                                NIPPON MINING & METALS IND.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY

BUSINESS ENGAGEMENTS.

 

           

HIGHLIGHTS

           

The subject company was established on the basis of a division separated from Nippon Mining & Metals Ind (now JX Nippon Mining & Metals Corp, See REGISTRATION).  This is a trading firm specializing in copper products, mainly of the parent’s and group products.  Engaged in copper smelting and refining works, operated by subsidiaries, HIBI Kyodo Smelting & Refining Co Ltd, Japan Copper Casting Co Ltd, Hitachi Wire & Rod Co Ltd, other.  Clients are major copper & electronic mfrs.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2013 fiscal term amounted to Yen 591,508 million, a 6% down from Yen 626,670 million in the previous term.  The recurring profit was posted at Yen 6,241 million and the net profit at Yen 1,496 million, respectively, compared with Yen 7,448 million recurring profit and Yen 3,377 million net profit, respectively, a year ago. 

 

For the current term ending Mar 2014 the recurring profit is projected at Yen 6,400 million and the net profit at Yen 1,600 million, respectively, on a 5% rise in turnover, to Yen 621,000 million.  Supported by demand from China and other emerging nations, both sales & earnings will surpass the plan for copper foils.

           

The financial situation is considered FAIR and good for ORDINARY business engagements.           

 

 

REGISTRATION

 

Date Registered   Oct 2000

Regd No.:            0100-01-133626 (Tokyo-Chiyodaku) 

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         4.6 million shares

Issued:                1.16 million shares

Sum:                   Yen 58,132 million

           

Major shareholders (%): JX Nippon Mining & Metals Inc*(66), Mitsui Mining & Smelting**

(34)

No. of shareholders: 2

 

* Copper mining at the caption address, founded 1981, under JX Holdings Inc, formed in Apr 2010 thru business consolidation of Nippon Oil, largest oil refiner, and Nippon Mining Holdings to have Japan Energy & Nippon Mining & Metals under its wing, listed Tokyo S/E: Nippon Mining Holdings Inc: capital Yen 100,000 million, sales Yen 11,219,474 million, operating profit Yen 251,467 million, recurring profit Yen 328,300 million, net profit Yen 159,477 million, total assets Yen 7,154,755 million, net worth Yen 2,003,627 million (figures of JX Holdings Inc), employees 25,569, pres Isao Matsushita

 

**.. Mitsui Mining & Smelting Co Ltd, leading nonferrous metal mfr, Tokyo, founded 1950, listed Tokyo S/E, capital Yen 42,129 million, sales Yen 417,219 million, operating profit Yen 16,557 million, recurring profit Yen 16,194 million, net profit Yen 9,910 million, total assets Yen 456,066 million, net worth Yen 155,474 million, employees 10,154, pres Sadao Senda

           

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Import, exports and wholesales reined copper (copper cathode), copper cake & billets, copper wire rods, copper concentrate, sulphuric acid, precious metals; copper smelting & refining by subsidiary makers, other (-100%).         

 

Clients: [Mfrs, wholesalers] Hitachi Electric Wire, Furukawa Electric Ind, Fujikura, Nippon Mining & Metals Ind, Kuninaga Metals, Showa Electric Cables, Matsuda Sangyo, Yazaki Corp, Tanaka Kikinzoku Kogyo, other

No. of accounts: 500

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] JX Nippon Mining & Metals Ind, BHP Billiton, Los-Palambres, Philex Mining, other.

Imports from South America, other.

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are owned by the parent and maintained satisfactorily.

 

Bank References:        SMBC (H/O)

                                    Mizuho Corporate Bank (H/O)

                                    Relations: Satisfactory

 

 

FINANCES

 

 (In Million Yen)

       Terms Ending:

31/03/2014

31/03/2013

31/03/2012

31/03/2011

Annual Sales

　

621,000

591,508

626,670

612,100

Recur. Profit

　

6,400

6,241

7,448

5,109

Net Profit

　

1,600

1,496

3,377

13,768

Total Assets

　

　

349,211

308,951

325,280

Current Assets

　

　

205,183

195,195

223,881

Current Liabs

　

　

190,612

177,475

202,768

Net Worth

　

　

152,674

121,059

108,509

Capital, Paid-Up

　

　

58,132

42,400

42,400

Div.Ttl in Million (¥)

　

　

1,688

78

1,031

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

4.99

-5.61

2.38

14.05

    Current Ratio

 

..

107.64

109.98

110.41

    N.Worth Ratio

..

43.72

39.18

33.36

    R.Profit/Sales

 

1.03

1.06

1.19

0.83

    N.Profit/Sales

0.26

0.25

0.54

2.25

    Return On Equity

..

0.98

2.79

12.69

 

Notes: Forecast (or estimated) figures for the 31/03/2014 fiscal term.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.28

UK Pound

1

Rs.99.03

Euro

1

Rs.83.80

 

 

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

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.