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Report No. : |
307794 |
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Report Date : |
11.02.2015 |
IDENTIFICATION DETAILS
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Name : |
KOKUSAI PULP & PAPER CO LTD |
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Registered Office : |
6-24 Akashicho Chuoku Tokyo 104-0044 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
December 1924 |
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Com. Reg. No.: |
0100-01-048806 |
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Legal Form : |
Limited Company |
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Line of Business : |
Imports, Exports and Wholesales Pulp & Paper, Paper Products
(--100%) |
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No. of Employees : |
973 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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.
|
Source
: CIA |
KOKUSAI PULP &
PAPER CO LTD
Kokusai Kami Pulp Shoji KK
6-24 Akashicho Chuoku Tokyo 104-0044 JAPAN
Tel: 03-3542-4111
Fax: 03-3542-4282
E-Mail address: (thru the URL)
ACTIVITIES: Import, export, wholesale of pulps &
paper, paper products
BRANCHES: Osaka, Nagoya, Kyoto, Sendai, Sapporo,
Fukuoka
OVERSEAS: USA (2), China (3), Korea, Brazil,
Indonesia, Vietnam, Australia (2),
Singapore (8),
India (4), other (Tot 24)
OFFICERS: MADOKA TANABE, PRES Yasuo Akamatsu, ch
Munetaka Hioki,
s/mgn dir Akira Imahori, s/mgn
dir
Masahiro
Takada, mgn dir Masahiro Kakitsu,
mgn dir
Yen Amount: In million Yen,
unless otherwise stated
FINANCES FAIR A/SALES Yen 375,098 M
PAYMENTS REGULAR CAPITAL Yen 3,442 M
TREND UP WORTH Yen 38,300 M
STARTED 1924 EMPLOYES 973
COMMENT: TRADING FIRM SPECIALIZING IN PULP &
PAPER.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
The subject company was established in 1924 as KK Daido Yoshiten, and in
1999 merged with Nichia Corp and renamed as captioned. This is a trading firm specializing in
import, export and wholesale of pulp & paper, paper products, others (See OPERATION). In Jan 2013 merged with Sumisho Pulp &
Paper Shoji KK. Major clients are Oji
Paper and Nippon Paper Co. Clients
include government agencies, newspaper publishing companies, publishers,
printing houses, other.
The sales volume for Mar/2014 fiscal term amounted to Yen 375,098
million, a 15% up from Yen 327,512 million in the previous term. The said merger with Sumisho Pulp & Paper
Shoji contributed for the growth in full-term.
Due to the high Yen imports were decreased, while domestic production
and demand rose much. The recurring
profit was posted at Yen 3,013 million and the net profit at Yen 2,032 million,
respectively, compared with Yen 2,147 million recurring profit and Yen 5
million net profit, respectively, a year ago.
For the current term ending Mar 2015 the recurring profit is projected
at Yen 3,500 million and the net profit at Yen 2,200 million, respectively, on
a 5% rise in turnover, to Yen 393,000 million.
Price hikes on paper will contribute to earnings.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 6,449.1 million, on 30 days normal terms.
Date Registered: Dec
1924
Regd No.: 0100-01-048806
(Tokyo-Chuoku)
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 180 million shares
Issued:
67.02 million
shares
Sum: Yen
3,442 million
Major shareholders
(%): Oji Paper (19.1), Nippon
Paper (10.1), Mizuho Bank (4.2), MUFG (3.9), SMBC
(3.9), Norin
Chukin Bank (3.9), others
No. of
shareholders: 1,001
Nothing detrimental is known as to the commercial morality of
executives.
Group &
subsidiary companies: Daiei Papers International Corp, Daido Kami
Hambai Corp, Narumiya Kami Shoji KK, other
Activities: Imports, exports
and wholesales pulp & paper, paper products (--100%)
Domestic (87%),
Overseas (13%)
(Handling products): paper,
paperboard, pulp, used paper, carbonless paper, thermal paper, tuck paper,
plastic, crossing, aluminum foil, cellophane, wrapping materials, machinery,
office supplies, industrial medicine, daily necessities & miscellaneous
goods, others
Clients: [Government
Agencies, newspaper offices, publishers, printing houses, wholesalers, business
firms] Toppan Printing, Toppan Forms, Dainippon Printing, Sony Chemical &
Information Device, Japan Consumers’ Coops, Shueisha, Angel Playing Card Mfg,
Shogakukan, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Oji Paper, Nippon paper, Hokuetsu Kishu Paper, Chuetsu Pulp &
Paper, Oji Materia, Oji Paperboard Co, Nippon Daishowa Paperboard Co, Oji Tac
Co, Marubeni Corp, Oji Imaging Media, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Mizuho Corporate Bank (H/O)
MUFG (Kyobashi)
Relations: Satisfactory
(Consolidated in
Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual Sales |
|
393,000 |
375,098 |
327,512 |
340,503 |
|
Recur. Profit |
|
3,500 |
3,013 |
2,147 |
2,152 |
|
Net Profit |
|
2,200 |
2,032 |
5 |
1,368 |
|
Total Assets |
|
|
182,530 |
176,125 |
177,659 |
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Current Assets |
|
|
136,776 |
132,365 |
131,420 |
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Current Liabs |
|
|
123,887 |
121,378 |
128,527 |
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Net Worth |
|
|
38,300 |
34,132 |
30,574 |
|
Capital, Paid-Up |
|
|
3,442 |
3,442 |
3,442 |
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Div.P.Share(¥) |
|
|
8.00 |
6.00 |
6.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.77 |
14.53 |
-3.82 |
-3.26 |
|
|
Current Ratio |
.. |
110.40 |
109.05 |
102.25 |
|
|
N.Worth Ratio |
.. |
20.98 |
19.38 |
17.21 |
|
|
R.Profit/Sales |
0.89 |
0.80 |
0.66 |
0.63 |
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|
N.Profit/Sales |
0.56 |
0.54 |
0.00 |
0.40 |
|
|
Return On Equity |
.. |
5.31 |
0.01 |
4.47 |
|
Notes: Forecast (or estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.96 |
|
|
1 |
Rs.94.41 |
|
Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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.