MIRA INFORM REPORT

 

 

Report Date :

16.06.2014

 

IDENTIFICATION DETAILS

 

Name :

FUJIMORI KOGYO CO LTD

 

 

Registered Office :

Shinjuku First West 1F, 1-23-7 Nishi-Shinjuku Shinjukuku Tokyo 160-0023

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

November, 1936

 

 

Legal Form :

Limited Company (Kabushiki Kaisha

 

 

Line of Business :

Manufacturing of plastic wrapping materials

 

 

No. of Employees :

1,566

 

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 – 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

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately 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

 

 

 

 

Company name and address

 

FUJIMORI KOGYO CO LTD

 

REGD NAME:   Fujimori Kogyo KK

MAIN OFFICE:  Shinjuku First West 1F, 1-23-7 Nishi-Shinjuku Shinjukuku Tokyo 160-0023

JAPAN

                        Tel: 03-6381-4211    

Fax: 03-5909-5711     -

 

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

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Mfg of plastic wrapping materials

 

 

BRANCHES

 

Osaka, Fukuoka

 

 

OVERSEAS   

 

USA, China (2), Thailand

 

 

FACTORIES  

 

Yokohama, Shizuoka (2), Mie (2), Gunma (2)

 

 

CHIEF EXEC

 

EISHI FUYAMA, PRES

 

 

Yen Amount    

 

In million Yen, unless otherwise stated

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 87,450 M

PAYMENTS      NO COMPLAINTS          CAPITAL           Yen 6,600 M

TREND             UP                                WORTH             Yen 45,464 M

STARTED         1936                             EMPLOYES      1,566

 

 

COMMENT

 

MFR OF PLASTIC WRAPPING MATERIALS 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

Business

Terms Ending

Annual Sales*

R.Profit*

N.Profit*

S.Growth

Net Worth*

   Results:

31/03/2011

78,033

4,858

2,657

(%)

30,434

(Consolidated)

31/03/2012

82,571

5,233

2,828

5.82

32,516

31/03/2013

84,728

6,308

4,462

2.61

40,814

31/03/2014

87,450

8,067

4,966

3.21

45,464

31/03/2015

93,300

8,550

5,350

6.68

..

Unit: In Million Yen

Forecast figures for the 31/03/2015 fiscal term.

 

 

HIGHLIGHTS

 

This is the leading mfr of plastic wrapping materials for electronic functional materials and medical care and food and pharmaceutical makers such as eco-friendly PTP wrapping materials for use in pharmaceuticals.  World’s largest mfr of protective films for polarizing plant.  The company will start up the films plant in Taiwan, built at a cost of Yen 5.7 billion, in autumn 2014, and undertake customer development mainly for TVs.  It is targeting Yen 7 billion sales in the March 2018 term.  On the domestic market, it will focus on the medical field, including thrombus monitoring devices.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2014 fiscal term amounted to Yen 87,450 million, a 3.2% up from Yen 84,728 million in the previous term.  Sales of mainline protective films rose, shored up by robust growth for smartphones.  Packaging materials for lifestyle products also expanded.  The recurring profit was posted at Yen 8,067 million and the net profit at Yen 4,966 million, respectively, compared with Yen 6,308 million recurring profit and Yen 4,462 million net profit, respectively, a year ago. 

           

For the current term ending Mar 2015 the recurring profit is projected at Yen 8,550 million and the net profit at Yen 5,350 million, on a 6.7% rise in turnover, to Yen 93,300 million.  Peaked-out depreciation costs and the start of refill packaging production will drive up operating profits. 

 

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

 

 

REGISTRATION

           

Date Registered:　Nov 1936

Legal Status:        Limited Company (Kabushiki Kaisha

Authorized:          45 million shares

Issued:                19,267,760 shares

Sum:                   Yen 6,600 million

 

Major shareholders (%): Master Trust Bank of Japan T (5.4), Japan Trustee Services T (5.3), Cad Co (4.4), HN Co (3.7), CMBL SA Re Mutual Funds (3.4), Akihiko Fujimori (2.6), Yukihiko Fujimori (2.6), Hirohiko Fujimori (2.6), Masahiko Fujimori (2.6); foreign owners (13.6)

 

No. of shareholders: 3,037

 

Listed on the S/Exchange (s) of: Tokyo

 

Managements: Akihiko Fujimori, ch; Eishi Fuyama, pres; Nobuhiko Fujimori, rep dir; Akijiro Yoshino, mgn dir; Yukihiko Fujimori, dir; Kimihiko Shiomi, dir

 

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

 

Related companies: Thai FPC Co, Fujimori Sangyo, FS China Co, Zacros America Inc, other.

 

 

OPERATION

           

Activities: Manufactures plastic wrapping materials (flexible packing materials, protect films, liquid containers, construction materials, plastic products, other) for: Life Science (49%), Information Electronics (41%), Construction Materials (10%)

           

Clients: [Mfrs, wholesalers] Inabata & Co, Proctor & Gamble International Operations, Ajinomoto Fine Techno, Morinaga Milk Ind, Nitto Denko Corp, other

            No. of accounts: 1,000

            Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Mitsubishi Plastics, Nippon Carbide Ind, Toyobo Corp,  Fujimori Pra Chemical, Teijin DuPont Film, Nippon Packaging, other

 

Payment record: No complaints

 

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

Bank References:

                        Mizuho Bank (Marunouchi-Chuo)

                        SMBC (Tokyo-Chuo)

                        Relations: Satisfactory

 

 

FINANCES (In Million Yen)

 

FINANCES: (Consolidated in million yen)

　

　

Terms Ending:

31/03/2014

31/03/2013

INCOME STATEMENT

  Annual Sales

　

87,450

84,728

  Cost of Sales

68,651

67,181

      GROSS PROFIT

18,799

17,547

  Selling & Adm Costs

11,320

11,626

      OPERATING PROFIT

7,478

5,920

  Non-Operating P/L

589

388

      RECURRING PROFIT

8,067

6,308

　

      NET PROFIT

4,966

4,462

BALANCE SHEET

  Cash

　

7,975

5,368

  Receivables

26,660

27,444

  Inventory

5,232

5,352

  Securities, Marketable

2,599

2,997

  Other Current Assets

(28,416)

(28,720)

      TOTAL CURRENT ASSETS

14,050

12,441

  Property & Equipment

28,713

29,898

  Intangibles

220

236

  Investments, Other Fixed Assets

34,097

33,995

      TOTAL ASSETS

77,080

76,570

  Payables

18,074

20,402

  Short-Term Bank Loans

855

784

　

　

　

  Other Current Liabs

6,220

7,393

      TOTAL CURRENT LIABS

25,149

28,579

  Debentures

　

　

  Long-Term Bank Loans

1,359

2,215

  Reserve for Retirement Allw

3,278

3,066

  Other Debts

　

1,830

1,895

      TOTAL LIABILITIES

31,616

35,755

      MINORITY INTERESTS

Common stock

66,000

66,000

Additional paid-in capital

7,654

7,654

Retained earnings

29,380

25,295

Evaluation p/l on investments/securities

803

749

Others

(58,264)

(58,775)

Treasury stock, at cost

(109)

(109)

      TOTAL S/HOLDERS` EQUITY

45,464

40,814

　

      TOTAL EQUITIES

77,080

76,570

CONSOLIDATED CASH FLOWS

Terms ending:

31/03/2014

31/03/2013

Cash Flows from Operating Activities

　

6,672

12,589

Cash Flows from Investment Activities

-3,518

-4,886

Cash Flows from Financing Activities

-1,335

-3,763

　

Cash, Bank Deposits at the Term End

　

10,504

9,295

ANALYTICAL RATIOS            Terms ending:

31/03/2014

31/03/2013

Net Worth (S/Holders' Equity)

45,464

40,814

Current Ratio (%)

55.87

43.53

Net Worth Ratio (%)

58.98

53.30

Recurring Profit Ratio (%)

9.22

7.45

Net Profit Ratio (%)

5.68

5.27

Return On Equity (%)

10.92

10.93

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.48

UK Pound

1

Rs.100.93

Euro

1

Rs.80.71

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NNA

 

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.