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Report Date : |
04.10.2014 |
IDENTIFICATION DETAILS
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Name : |
ITOCHU PLASTICS INC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
April 1986 |
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Com. Reg. No.: |
0110-01-042970 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export, wholesale of packaging materials, synthetic resins,
electronics materials |
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No. of Employees : |
473 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. 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
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Source
: CIA |
ITOCHU PLASTICS INC
REGD NAME: KK
Itochu Plastics
MAIN OFFICE:
Tel:
03-6415-3800 Fax: 03-6415-3850
URL: http://www.itc-ps.co.jp
E-Mail address: Hpinfo@itc-ps.co.jp
Import, export,
wholesale of packaging materials, synthetic resins, electronics materials,
other
Osaka, Nagoya,
Nagano, Gunma, Hiroshima, Sendai
Los Angeles,
Seoul, Taipei, Hong Kong, China
TOSHIO OHBAYASHI,
PRES Akio Takagi, dir
Naoji Ohnishi, dir Kazuhiko
Kobayashi, dir
Ken’ichi Moriyama,
dir Keita Ishii, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 207,339 M
PAYMENTSREGULAR CAPITAL Yen
1,000 M
TREND UP WORTH Yen 10,759 M
STARTED 1986 EMPLOYES 473
TRADING HOUSE SPECIALIZING IN PACKAGING MATERIALS, ELEC TRONICS, OTHER,
WHOLLY OWNED BY ITOCHU CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject company was established on the basis of a chemical division
separated from Itochu Corp, leading general trading house in Japan (See REGISTRATION). This is an in-house company belonging to
Chemicals, Forest Products & General Merchandise Division, the division’
sales accounting for about 10% of the total consolidated sales. Specializes in import, export and wholesale
of packaging materials, synthetic resins & organic/inorganic chemicals,
materials for electronic devices, housing/construction materials, other.
The sales volume for Mar/2014 fiscal term amounted to Yen 207,339
million, an 11% up from Yen 186,288 million in the previous term. Weaker Yen contributed. The recurring profit was posted at Yen 4,565
million, and the net profit at Yen 2,810 million, respectively, compared with
Yen 3,712 million recurring profit and Yen 1,786 million net profit,
respectively, a year ago.
For the current term ending Mar 2015 the recurring profit is projected
at Yen 4,600 million and the net profit at Yen 3,000 million, respectively, on
a 5% rise in turnover, to Yen 217,000 million.
Weak Yen continues to raise export revenues increase in Yen terms.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Date Registered: Apr 1986
Regd No.:
0110-01-042970 (Tokyo-Shibuyaku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
40,000 shares
Issued:
20,000 shares
Sum: Yen 1,000 million
Major
shareholders (%): Itochu Corporation*(100)
*.. Major general trading house of Japan,
Tokyo, founded 1949, listed Tokyo, Nagoya, Fukuoka, Sapporo S/E’s, capital Yen
202,241 million, sales Yen 14,566,820 million, operating profit Yen 279,094
million, recurring profit Yen 373,808 million, net profit Yen 310,267 million,
total assets Yen 7,848,440 million, net worth Yen 2,146,963 million, employees
102,376, pres Masahiro Okafuji.
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Imports, exports and wholesales:
(Sales breakdown by divisions):
Packaging Materials Div (32%): container packaging materials for convenience stores, restaurant industry & food mfrs, materials related to stationery, and packaging materials for medication;
Electronics Devices Materials Div (11%): Materials for LCDs used for mobile phones, personal computers, and projectors, materials for semiconductor and rechargeable batteries;
Synthetic Resin Div (50%): synthetic resin raw materials, plate materials & finished products (for automobiles, home appliances and office automation equipment, store sign boards, industrial materials & parts;
Industrial Materials Div (7%): Materials for housing, construction and marine opera- tions, Interior-related business (office design & construction), fixtures & fittings, other.
Overseas Trading Ratio (42%).
Clients: [Mfrs,
wholesalers] Nippon Access Inc, Itochu Shanghai, Itochu Corp, Prima Meat
Packers, Kanaoka Inc, Adachi Light Inc, Itochu Retailing, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Teijin Chemicals, Itochu Corp, Asahi Kasei Chemicals,
Tosoh Corp, Zeon Corp, LG Chemicals, Nissan Chemical Ind, Toyobo Co,
other.
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
Mizuho Bank (Gaienmae)
MUFG (H/O)
Relations: Satisfactory
.
(In Million Yen)
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Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
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Annual
Sales |
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217,000 |
207,339 |
186,288 |
199,896 |
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Recur.
Profit |
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4,600 |
4,565 |
3,712 |
3,620 |
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Net
Profit |
|
3,000 |
2,810 |
1,786 |
1,977 |
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Total
Assets |
|
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64,331 |
61,637 |
62,956 |
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Current
Assets |
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60,611 |
56,960 |
57,112 |
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Current
Liabs |
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52,490 |
51,074 |
52,968 |
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Net
Worth |
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10,759 |
9,383 |
8,915 |
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Capital,
Paid-Up |
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|
1,000 |
1,000 |
1,000 |
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Div.P.Share(¥) |
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104,000.00 |
77,000.00 |
63,200.00 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth
Rate |
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4.66 |
11.30 |
-6.81 |
-3.75 |
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Current Ratio |
|
.. |
115.47 |
111.52 |
107.82 |
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N.Worth Ratio |
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.. |
16.72 |
15.22 |
14.16 |
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R.Profit/Sales |
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2.12 |
2.20 |
1.99 |
1.81 |
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N.Profit/Sales |
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1.38 |
1.36 |
0.96 |
0.99 |
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Return On Equity |
|
.. |
26.12 |
19.03 |
22.18 |
Note: Forecast (or
estimated) for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
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|
1 |
Rs.100.07 |
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Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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-- |
NB |
New Business |
-- |
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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.