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Report Date : |
07.06.2014 |
IDENTIFICATION DETAILS
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Name : |
SHINSEI PULP & PAPER CO LTD |
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Registered Office : |
1-8 Kanda-Nishikicho Chiyodaku Tokyo 101-8451 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
March 1918 |
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Com. Reg. No.: |
0100-01-023862 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Wholesale of printing paper, board paper, pulp |
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No. of Employees |
660 |
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 |
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Status : |
Satisfactory |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy
|
Source
: CIA |
SHINSEI PULP & PAPER CO LTD
REGD NAME: Shinsei
Kami Pulp Shoji KK
MAIN OFFICE: 1-8
Kanda-Nishikicho Chiyodaku Tokyo 101-8451 JAPAN
Tel:
03-3259-5080 Fax: 03-3233-0991
E-Mail address: info@sppcl.co.jp
Wholesale of
printing paper, board paper, pulp, other
Tokyo, Osaka,
Nagoya, Fukuoka, Sapporo, Sendai, Toyama
China (3), Hong
Kong, Singapore (--subsidiaries); Melbourne (rep office)
Tokyo (3), Saitama
(2), Osaka (4), Aichi (2), Fukuoka, Sapporo (2), Miyagi,
Toyama (--
distribution centers)
NORIO WAKABAYASHI,
PRES Jiro Itoh, s/mgn dir
Manabu Haruno, mgn
dir Hiroshi Okawa, mgn dir
Hikaru Oshima, mgn dir Kojiro Kato, mgn dir
Amount : In
million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 284,932 M
PAYMENTS REGULAR CAPITAL Yen 3,228 M
TREND SLOW WORTH Yen
37,605 M
STARTED 1918 EMPLOYES 660
TRADING HOUSE SPECIALIZING IN PULP & PAPER.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS
The subject company was born by the merger of Okura Miyuki Co Ltd, as
the surviving body, and Okamoto Co Ltd (including its 3 subsidiaries) in Oct
2005. The merger effected to push the
subject to No.2 in the paper trading industry.
Excels in printing paper, plastic films and board paper. Core sales agent for Nippon Paper Ind, one of
two largest paper mfrs in rivalry with Oji Paper. Clients include printing houses, publishing
firms, etc. The firm’s Sendai Office was
damaged by the North East Japan Earthquake that occurred in Mar/2011 but not to
the extent of total loss.
The sales volume for Mar/2013fiscal term amounted to Yen 284,932
million, a 4% down from Yen 297,850 million in the previous term. The recurring profit was posted at Yen 3,858
million and the net profit at Yen 792 million, respectively, compared with Yen
3,864 million recurring profit and Yen 777 million net profit, respectively, a
year ago.
For the term that ended May 2014 the recurring profit was projected at
Yen 3,900 million and the net profit at Yen 850 million, respectively, on a 5%
rise in turnover, to Yen 299,000 million.
Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Mar
1918
Regd No.:
0100-01-023862 (Tokyo-Chiyodaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 300 million shares
Issued:
81,265,640 shares
Sum: Yen 3,228 million
Major
shareholders (%): Nippon Paper Ind (11.0), Hokuetsu Kishu Paper Mills (10.9), Tokushu Paper Mfg (5.0), Oji Paper (4.2),
Showa PAXX Co (3.2), Sun-A Kaken Co (3.2)
No. of shareholders: 1,160
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Wholesales
printing paper, pulp, coated paper, board paper, packaging paper & materials
(--97%), paper processing works (2%), real estate leasing (1%).
Export: 3%.
Clients: [Wholesalers, printing houses, publishers]
Toppan Printing, Shogakukan, Shueisha,
Kodansha, Kadokawa Group Holdings, Kokuyo Co, Kobunsha, Dai Nippon Printing, Otsuka Corp, Taisei Lamick Co, other.
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Paper mills, wholesalers] Nippon Paper,
Oji Paper, Chuetsu Pulp & Paper, Hokuetsu Kishu Paper Mills, Tokushu Paper
Mfg, Daio Paper, Futamura Chemical,
Nippon Daishowa
Paperboard Co, Toyobo Co, Kishu Paper Co, Futamura Chemical Co, other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
SMBC (Ningyocho)
MUFG (Tokyo)
Relations:
Satisfactory
(In Million
Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
299,000 |
284,932 |
297,850 |
309,869 |
|
Recur.
Profit |
|
3,900 |
3,858 |
3,864 |
|
|
Net
Profit |
|
850 |
792 |
777 |
530 |
|
Total
Assets |
|
|
141,257 |
153,422 |
150,754 |
|
Current
Assets |
|
|
104,250 |
115,153 |
|
|
Current
Liabs |
|
|
93,836 |
107,848 |
|
|
Net
Worth |
|
|
37,605 |
36,024 |
35,523 |
|
Capital,
Paid-Up |
|
|
3,228 |
3,228 |
3,228 |
|
Div.P.Share(¥) |
|
|
8.00 |
8.00 |
8.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.94 |
-4.34 |
-3.88 |
-2.06 |
|
|
Current Ratio |
.. |
111.10 |
106.77 |
.. |
|
|
N.Worth Ratio |
.. |
26.62 |
23.48 |
23.56 |
|
|
R.Profit/Sales |
1.30 |
1.35 |
1.30 |
.. |
|
|
N.Profit/Sales |
0.28 |
0.28 |
0.26 |
0.17 |
|
|
Return On Equity |
.. |
2.11 |
2.16 |
1.49 |
|
Notes: Forecast
(or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.20 |
|
|
1 |
Rs.99.52 |
|
Euro |
1 |
Rs.80.83 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
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 |
|
|
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 |
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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.