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Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
JAPAN
POLYPROPYLENE CORPORATION |
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Registered Office : |
Palace Bldg 16F, 1-1-1 Marunouchi
Chiyodaku Tokyo 100-0005 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 (Estimated) |
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Date of Incorporation : |
May 1996 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of polypropylene resins as a mainstay as well as other
chemicals |
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No of Employees : |
568 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 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 |
JAPAN POLYPROPYLENE CORPORATION
Nihon
Polypropylene KK
Palace Bldg 16F,
1-1-1 Marunouchi Chiyodaku Tokyo 100-0005 JAPAN
Tel:
03-6748-7190 Fax: 03-3286-1244
URL: http://www.pochem.co.jp
E-Mail address: (thru the URL)
Manufacturer of
polypropylene resins as a mainstay as well as other chemicals
Nagoya
Ibaraki,
Kanagawa, Chiba
KAZUHIRO
SUZUKI, PRES Kazuhiro Hitata, v
pres
Masato
Shishido, dir Tsuneyoshi
Nakamura, dir
Toshimasa Ishii, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 139,447 M
PAYMENTSSlow But Correct CAPITAL Yen 5,000 M
TREND UP WORTH Yen 5,060 M
STARTED 1996 EMPLOYES 568
MFG OF POLYPROPYLENE RESINS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established by Mitsubishi Chemical Holdings as
its subsidiary mfr of polypropylene resins, other chemicals. This specializes in mfg polypropylene resins
as a mainstay, other chemicals. Goods
are widely exported. Clients include
chemical mfrs, wholesalers, other, nationwide.
The sales volume for Mar/2013 fiscal term amounted to Yen 139,447
million, a 5% down from Yen 146,768 million in the previous term. The operations plunged into the red to post
Yen 2,741 million recurring loss and Yen 3,271 million net losses,
respectively, compared with Yen 1,044 million recurring profit and Yen 334
million net losses, respectively, a year ago.
Booked Yen 1,955 million extraordinary losses coming from the stoppage
of mfg plants.
For the term that ended Mar 2014 the recurring profit was projected at
Yen 3,000 million and the net profit at Yen 1,000 million, respectively, on a
5% rise in turnover, to Yen 146,000 million.
Final results are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: May 1996
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
400,000 shares
Issued: 100,000 shares
Sum: Yen 5,000 million
Major shareholders
(%): Japan Polychem Corp* (65), JNC Petrochem Corp* (35)
No. of shareholders: 2
*.. Group mfrs
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures
polypropylene resins, other chemicals (--100%)
Clients: [Mfrs,
wholesalers] Marubeni Plastics, Mitsubishi Shoji Plastics Corp, Nagase &
Co, Futamura Chemical, Toyota Motor, Nissan Motor, other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Mitsubishi Chemical, Chisso Corp, other
Payment record: Slow But
Correct
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
Mizuho
Bank (H/O)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
|
Annual
Sales |
|
146,000 |
139,447 |
146,768 |
152,611 |
|
Recur.
Profit |
|
3,000 |
-2,741 |
1,044 |
3,664 |
|
Net
Profit |
|
1,000 |
-3,271 |
-334 |
-313 |
|
Total
Assets |
|
|
93,935 |
99,589 |
92,290 |
|
Current
Assets |
|
|
67,896 |
72,805 |
61,885 |
|
Current
Liabs |
|
|
82,627 |
83,249 |
73,329 |
|
Net
Worth |
|
|
5,060 |
8,331 |
8,666 |
|
Capital,
Paid-Up |
|
|
5,000 |
5,000 |
5,000 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.70 |
-4.99 |
-3.83 |
285.51 |
|
|
Current Ratio |
.. |
82.17 |
87.45 |
84.39 |
|
|
N.Worth Ratio |
.. |
5.39 |
8.37 |
9.39 |
|
|
R.Profit/Sales |
2.05 |
-1.97 |
0.71 |
2.40 |
|
|
N.Profit/Sales |
0.68 |
-2.35 |
-0.23 |
-0.21 |
|
|
Return On Equity |
.. |
-64.64 |
-4.01 |
-3.61 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.75 |
|
UK Pound |
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.