|
Report No. : |
325937 |
|
Report Date : |
04.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
MARUBENI PLAX CORPORATION |
|
|
|
|
Registered Office : |
Koraku Mori Bldg 9F, 1-4-14 Koraku Bunkyoku Tokyo 112-0004 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
December 1975 |
|
|
|
|
Com. Reg. No.: |
0100-01-057352 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Imports, exports and wholesales synthetic
resins & materials (66%), functional chemicals & products (10%),
packaging materials (24%) |
|
|
|
|
No. of Employees : |
157 |
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 : |
Slow but correct |
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
Since the complete shutdown of Japan’s nuclear reactors after the earthquake
and tsunami disaster in 2011, Japan's industrial sector has become 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 four 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. A sales tax increase caused
the economy to contract during the 2nd and 3rd quarters of 2014. The economy
has largely recovered in the three years since the disaster, but reconstruction
in the Tohoku region has been uneven due to labor shortages. 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 2014 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 government will continue a
longstanding debate on restructuring the economy and reining in Japan's huge
government debt, which amounts to more than 240% 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 2015, although the government
in 2014 decided to postpone the final phase of the increase until 2017 to give
the economy time to recover from the 2014 increase. 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 |
MARUBENI PLAX CORPORATION
Marubeni Plax KK
Koraku Mori Bldg
9F, 1-4-14 Koraku Bunkyoku Tokyo 112-0004 JAPAN
Tel:
03-6891-7700 Fax: 03-6891-7640
URL: http://www.plax.co.jp
E-Mail address: plax.L16@plax.marubeni.co.jp
ACTIVITIES: Import,
export, wholesale resins, packaging materials, construction materials
BRANCHES: Osaka,
Nagoya, Fukuoka
OVERSEAS: China (2), Hong Kong, Thailand, and
Singapore (--subsidiaries)
OFFICERS: HIROTSUGU UCHIDA, PRES
Hisanobu Ichikawa,
mgn dir
Hirofumi Yamazaki
dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 106,316 M
PAYMENTSSLOW BUT
CORRECT CAPITAL Yen 1,000 M
TREND UP WORTH Yen 4,177 M
STARTED 1975 EMPLOYES 157
COMMENT: TRADING HOUSE SPECIALIZING IN PLASTICS & PACKAGING MATERIALS, WHOLLY OWNED BY MARUBENI CORP. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS
The subject company was established on the basis of plastics division separated from Marubeni Corp, major general trading house, Tokyo (See REGISTRATION). In 1997, merged three sister companies in order to streamline group operations (three sister companies: Marubeni Plax, Marubeni Planet & Marubeni Toplas) to form new Marubeni Plax Corporation. This is a specialized trading firm of plastics, packaging materials, electronics materials and construction materials. In Apr 2001, the whole of plastic business operations were transferred to the firm from the parent, Marubeni Corp. In Aug 2003, set up Marubeni Plax China in order to actively advance into China market. The China subsidiary was reorganized in Feb 2007 and consolidated into Marubeni Chemicals (Shanghai) and Marubeni Chemicals & Plastics (Hong Kong). In 2009 transferred housing/construction materials business to Takashima & Co Ltd.
The sales volume for Mar/2014 fiscal term amounted to Yen 106,316 million, a 10% up from Yen 96,423 million in the previous term. Demand was robust from automobile industry. The recurring profit was posted at Yen 740 million and the net profit at Yen 471 million, respectively, compared with Yen 591 million recurring profit and Yen 372 million net profit, respectively, a year ago.
For the term that ended Mar 2015 the recurring profit was projected at Yen 750 million and the net profit at Yen 480 million, respectively, on a 3% rise in turnover, to Yen 109,500 million. Final results are yet to be released.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements.
Date Registered: Dec 1975
Regd No.:
0100-01-057352
(Tokyo-Bunkyoku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 8
million shares
Issued: 2 million shares
Sum: Yen
1,000 million
Major shareholders (%): Marubeni Corporation*(100)
*.. One of big 5 general trading houses, founded 1949, listed Tokyo S/E, capital Yen 262,686 million, turnover Yen 13,925,339 million, operating profit Yen 160,688 million, recurring profit Yen 124,614 million, net profit Yen 112,729 million, total assets Yen 7,673,064 million, net worth Yen 1,678,763 million, employees 4,385, pres Fumiya Kokubu.
Nothing detrimental is known as to the commercial morality of executives.
Activities: Imports, exports
and wholesales synthetic resins & materials (66%), functional chemicals
& products (10%), packaging materials (24%)
Overseas
Sales Ratio (25%)
Clients: [Mfrs,
wholesalers] Marubeni Corp, Daiei Inc, Calsonic Kansei Corp, FP Corp, Tsuchiya Co, Yazaki Industrial Chemical,
Fukusuke Kogyo, Daiwabo Polytec, Daiei Tsuchiya, Kimoto Co, other.
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Marubeni Corp, Mitsui
Chemical, DIC Corp, Toyobo Co,
Asahi Kasei Corp,
DuPont KK, Prime Polymer, Japan Polypropylene Corp, Mitsubishi
Plastics, Toyobo
Corp, Japan Polyethylene, 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
(Semba)
MUFG (Ohdenmacho)
Relations:
Satisfactory
(In Million Yen)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual
Sales |
|
109,500 |
106,316 |
96,423 |
99,604 |
|
Recur.
Profit |
|
750 |
740 |
591 |
839 |
|
Net
Profit |
|
480 |
471 |
372 |
446 |
|
Total
Assets |
|
|
23,501 |
23,577 |
28,034 |
|
Current
Assets |
|
|
22,914 |
22,832 |
24,145 |
|
Current
Liabs |
|
|
19,274 |
19,639 |
21,253 |
|
Net
Worth |
|
|
4,177 |
3,891 |
3,750 |
|
Capital,
Paid-Up |
|
|
1,000 |
1,000 |
1,000 |
|
Div.Ttl
in Million (¥) |
|
|
186 |
223 |
0 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
2.99 |
10.26 |
-3.19 |
-7.40 |
|
Current Ratio |
|
.. |
118.89 |
116.26 |
113.61 |
|
N.Worth Ratio |
|
.. |
17.77 |
16.50 |
13.38 |
|
R.Profit/Sales |
|
0.68 |
0.70 |
0.61 |
0.84 |
|
N.Profit/Sales |
|
0.44 |
0.44 |
0.39 |
0.45 |
|
Return On Equity |
|
.. |
11.28 |
9.56 |
11.89 |
Note: Forecast (or
estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.85 |
|
|
1 |
Rs.98.12 |
|
Euro |
1 |
Rs.71.28 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.