|
Report Date : |
10.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHUETSU PULP
& PAPER CO LTD |
|
|
|
|
Registered Office : |
282 |
|
|
|
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Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
February 1947 |
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|
|
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Com. Reg. No.: |
0100-01-034877 |
|
|
|
|
Legal Form : |
Limited Company
(Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Manufactures of paper/pulp and paper processed products, paper processed products |
|
|
|
|
No. of Employees : |
1,644 |
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 : |
No complaints |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
CHUETSU PULP & PAPER CO LTD
REGD NAME: Chuetsu
Pulp Kogyo KK
MAIN OFFICE: 282
Yonejima Takaoka City Toyama-Pref 933-8533
Tel:
0766-26-2401
*.. Registered at:
2-10-6 Ginza Chuoku Tokyo -
URL: http://www.chuetsu-pulp.co.jp
E-Mail address: (thru the URL)
Mg of pulp &
paper
Tokyo, Osaka,
Nagoya, Toyama, Fukuoka
At the caption
address, Sendai (Kagoshima)
MASAFUMI HARADA,
PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 90,506 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 17,259 M
TREND SLOW WORTH Yen 49,781 M
STARTED 1947 EMPLOYES 1,644
MFR OF PULP & PAPER
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
100,406 |
1,741 |
24 |
(%) |
50,246 |
|
(Consolidated) |
31/03/2011 |
103,798 |
1,698 |
317 |
3.38 |
49,664 |
|
|
31/03/2012 |
100,637 |
3,515 |
1,100 |
-3.05 |
50,198 |
|
|
31/03/2013 |
90,506 |
380 |
249 |
-10.07 |
49,781 |
|
|
31/03/2014 |
98,000 |
3,000 |
500 |
8.28 |
.. |
Unit: In Million Yen
Forecast figures for the 31/03/2014 fiscal term.
This is a medium-scale paper mfr ranking 7th in
industry. Merged newsprint producing
subsidiary in 1984 and advanced into manufacturing of coated paper, etc. Newsprint and printing paper are major
profit-earners. Pulled out of paperboard
business. Has association with Oji Paper
group. Quingdao-based Oji Seitai, an
affiliate of the joint venture in China, started operations in July 2013, and
will commence commercial operations. The
power generation business will next focus on solar power and biomass. Price hikes on paper this year (2013) in
April and then again in October are expected to gradually penetrate.
The sales volume for Mar/2013 fiscal term amounted to Yen 90,506
million, a 10.1% down from Yen 100,637 million in the previous term. This is referred to the said withdrawal or
paperboard production. The recurring
profit was posted at Yen 380 million and the net profit at Yen 249 million,
respectively, compared with Yen 3,515 million recurring profit and Yen 1,100
million net profit, respectively, a year ago.
((Apr/Dec/2013 results); Sales Yen 73,324 million (up 8.9%), operating
profit Yen 2,011 million (previously Yen 276 million loss), recurring profit
Yen 2,139 million (previously Yen 209 million loss), net profit Yen 830 million
(previously Yen 37 million loss). (%
& figures as compared with the corresponding period a year ago)
For the current term ending Mar 2014 the recurring profit is projected
at Yen 3,000 million and the net profit at Yen 500 million, respectively, on an
8.3% rise in turnover, to Yen 98,000 million.
Sales volume of mainline printing paper is growing, backed by both the
decline in imported paper as a result of weaker Yen and the accident at another
firm in the same industry. Prices on
imported fuel and materials are not rising as much as anticipated.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Feb 1947
Regd No.: 0100-01-034877
(Tokyo-Chuoku)
Legal Status: Limited
Company (Kabushiki Kaisha
Authorized:
450 million shares
Issued: 116,654,883
shares
Sum: Yen
17,259 million
Major
shareholders (%): Oji Holding (9.0), Japan Trustee Services T (6.1), Japan Pulp &
Paper (6.1), Hokuriku Bank (4.9), Shinsei Pulp & Paper (4.8), Kokusai Pulp
& Paper (4.5), Mizuho Bank (3.4), Norin Chukin Bank (3.4), Japan Trustee Services
T4 (3.3), Mitsui Sumitomo Ins (2.0); foreign owners (9.7)
No.
of shareholders: 7,025
Listed on the S/Exchange (s) of: Tokyo
Managements: Masafumi Harada,
pres; Akiyoshi Kato, s/mgn dir; Fumio Ubashima, dir; Kiyotaka Furuta, dir; Shin
Takagishi, dir; Hisashi Uematsu, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Chuetsu Package, KK Bun’undo,
Sanzen-seishi Co, other.
Activities: Manufactures
paper/pulp and paper processed products (83%), paper processed products (13%),
others (4%)
(Mfg/handling
items): newsprint paper, printing paper, packing paper, special paper, paper
bags, paper tube, corrugated fiber board, notebook, wood chip & drainage
treatment drugs, forestation, greenery, tree plantation, paper
cutting/selection/wrapping, other
Clients: [mfrs,
wholesalers] Shinsei paper & Pulp, Kokusai Pulp & Paper, Japan Pulp
& Paper, Yomiuri Newspaper, other
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Itochu Corp, Marubeni
Corp, JX Nippon Oil & Mining Corp, other
Payment record: No complaints
Location: Business area in
Takaoka, Toyama-Pref. Office premises at
the caption address are owned and maintained satisfactorily.
Bank References: Mizuho Corporate
Bank (H/O)
Norin Chukin
Bank (H/O)
Relations:
Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||||
|
|
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
||
|
INCOME STATEMENT |
|
|
||||
|
|
Annual Sales |
|
90,506 |
100,637 |
||
|
|
Cost of Sales |
73,748 |
80,003 |
|||
|
|
GROSS PROFIT |
16,758 |
20,633 |
|||
|
|
Selling & Adm Costs |
16,499 |
16,963 |
|||
|
|
OPERATING PROFIT |
258 |
3,669 |
|||
|
|
Non-Operating P/L |
-78 |
-154 |
|||
|
|
RECURRING PROFIT |
380 |
3,515 |
|||
|
|
NET PROFIT |
249 |
1,100 |
|||
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BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
10,698 |
6,037 |
||
|
|
Receivables |
|
25,020 |
26,157 |
||
|
|
Inventory |
|
13,275 |
14,223 |
||
|
|
Securities, Marketable |
|
|
|||
|
|
Other Current Assets |
1,486 |
2,317 |
|||
|
|
TOTAL CURRENT ASSETS |
50,479 |
48,734 |
|||
|
|
Property & Equipment |
72,862 |
76,935 |
|||
|
|
Intangibles |
|
316 |
163 |
||
|
|
Investments, Other Fixed Assets |
7,039 |
7,075 |
|||
|
|
TOTAL ASSETS |
130,696 |
132,907 |
|||
|
|
Payables |
|
13,859 |
15,198 |
||
|
|
Short-Term Bank Loans |
34,139 |
35,231 |
|||
|
|
|
|
|
|
||
|
|
Other Current Liabs |
8,916 |
7,079 |
|||
|
|
TOTAL CURRENT LIABS |
56,914 |
57,508 |
|||
|
|
Debentures |
|
4,000 |
6,000 |
||
|
|
Long-Term Bank Loans |
15,399 |
14,611 |
|||
|
|
Reserve for Retirement Allw |
4,204 |
4,151 |
|||
|
|
Other Debts |
|
398 |
439 |
||
|
|
TOTAL LIABILITIES |
80,915 |
82,709 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Common
stock |
17,259 |
17,259 |
|||
|
|
Additional
paid-in capital |
14,651 |
14,654 |
|||
|
|
Retained
earnings |
17,401 |
17,974 |
|||
|
|
Evaluation
p/l on investments/securities |
489 |
275 |
|||
|
|
Others |
|
2 |
79 |
||
|
|
Treasury
stock, at cost |
(21) |
(43) |
|||
|
|
TOTAL S/HOLDERS` EQUITY |
49,781 |
50,198 |
|||
|
|
TOTAL EQUITIES |
130,696 |
132,907 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2013 |
31/03/2012 |
||
|
|
Cash
Flows from Operating Activities |
|
10,024 |
132,907 |
||
|
|
Cash
Flows from Investment Activities |
-4,286 |
-4,480 |
|||
|
|
Cash Flows
from Financing Activities |
-1,169 |
-5,724 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
10,698 |
6,037 |
||
|
ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
49,781 |
50,198 |
||
|
|
|
Current
Ratio (%) |
88.69 |
84.74 |
||
|
|
|
Net
Worth Ratio (%) |
38.09 |
37.77 |
||
|
|
|
Recurring
Profit Ratio (%) |
0.42 |
3.49 |
||
|
|
|
Net
Profit Ratio (%) |
0.28 |
1.09 |
||
|
|
|
Return
On Equity (%) |
0.50 |
2.19 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.32 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.84.68 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.