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MIRA INFORM REPORT
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Report No. : |
512444 |
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Report Date : |
30.05.2018 |
IDENTIFICATION DETAILS
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Name : |
SHINSEI PULP & PAPER CO LTD |
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Registered Office : |
1-8 Kanda-Nishikicho Chiyodaku
Tokyo 101-8451 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2017 |
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Date of Incorporation : |
March 1918 |
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Com. Reg. No.: |
0100-01-023862 |
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Legal Form : |
Limited Company |
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Line of Business : |
Wholesales printing paper, pulp, coated paper, board
paper, packaging paper & materials, paper processing works, real estate
leasing |
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No. of Employees : |
607 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
Yen 5,672.6 million |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
JAPAN - ECONOMIC OVERVIEW
Over the past 70 years, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (slightly less than 1% of GDP) have helped Japan develop an advanced economy. Two notable characteristics of the post-World War II 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 have significantly eroded under the dual pressures of global competition and domestic demographic change.
Measured on a purchasing power parity basis that adjusts for price differences, Japan in 2017 stood as the fourth-largest economy in the world after first-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. For three postwar decades, overall real economic growth was impressive - averaging 10% in the 1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the aftereffects of inefficient investment and the collapse of an asset price bubble in the late 1980s, which resulted in several years of economic stagnation as firms sought to reduce excess debt, capital, and labor. Modest economic growth continued after 2000, but the economy has fallen into recession four times since 2008.
Japan enjoyed an uptick in growth since 2013, supported by Prime Minister Shinzo ABE’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Led by the Bank of Japan’s aggressive monetary easing, Japan is making modest progress in ending deflation, but demographic decline – a low birthrate and an aging, shrinking population – poses a major long-term challenge for the economy. The government currently faces the quandary of balancing its efforts to stimulate growth and institute economic reforms with the need to address its sizable public debt, which stands at 235% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate. However, the first such increase, in April 2014, led to a sharp contraction, so Prime Minister ABE has twice postponed the next increase, which is now scheduled for October 2019. Structural reforms to unlock productivity are seen as central to strengthening the economy in the long-run.
Scarce in critical natural resources, Japan has long been dependent on imported energy and raw materials. After the complete shutdown of Japan’s nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than before on imported fossil fuels. However, ABE’s government is seeking to restart nuclear power plants that meet strict new safety standards and is emphasizing nuclear energy’s importance as a base-load electricity source. In August 2015, Japan successfully restarted one nuclear reactor at the Sendai Nuclear Power Plant in Kagoshima prefecture, and several other reactors around the country have since resumed operations; however, opposition from local governments has delayed several more restarts that remain pending. Reforms of the electricity and gas sectors, including full liberalization of Japan’s energy market in April 2016 and gas market in April 2017, constitute an important part of Prime Minister Abe’s economic program.
Under the Abe Administration, Japan’s government sought to open the country’s economy to greater foreign competition and create new export opportunities for Japanese businesses, including by joining 11 trading partners in the Trans-Pacific Partnership (TPP). Japan became the first country to ratify the TPP in December 2016, but the United States signaled its withdrawal from the agreement in January 2017. In November 2017 the remaining 11 countries agreed on the core elements of a modified agreement, which they renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Japan also reached agreement with the European Union on an Economic Partnership Agreement in July 2017, and is likely seek to ratify both agreements in the Diet this year.
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Source
: CIA |
Company
summery
SHINSEI PULP & PAPER CO LTD
REGD NAME: Shinsei Kami Pulp Shoji KK
MAIN OFFICE: 1-8 Kanda-Nishikicho Chiyodaku Tokyo 101-8451 JAPAN
Tel: 03-3259-5080 Fax: 03-3233-0991
E-Mail
address: info@sppcl.co.jp
ACTIVITIES: Wholesale of printing paper, board paper,
pulp, other
BRANCHES: Tokyo, Osaka, Nagoya, Fukuoka, Sapporo,
Sendai, Toyama
OVERSEAS: China (3), Hong Kong, Singapore
(--subsidiaries); Melbourne (rep office)
FACTORIES: (subcontracted) Tokyo (3), Saitama (2),
Osaka (4), Aichi (2), Fukuoka, Sapporo (2), Miyagi,
Toyama (-- distribution
centers)
OFFICERS: YASUJIRO KATO, PRES Norio Wakabayashi, ch
Hiroshi
Okawa, s/mgn dir Manabu
Haruno, dir
Etsuo Sampei,
dir Hirobe
Nishioka, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY: FINANCES FAIR A/SALES Yen 266,573 M
PAYMENTS REGULAR CAPITAL Yen 3,228 M
TREND SLOW WORTH Yen
54,043 M
STARTED 1918 EMPLOYES 607
COMMENT
TRADING HOUSE SPECIALIZING IN PULP & PAPER.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS
MAX
CREDIT LIMIT: YEN 5,672.6 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The
subject company was born by the merger of Okura Miyuki Co Ltd, as the surviving
body, and Okamoto Co Ltd (including its 3 subsidiaries) in Oct 2005. The merger effected to push the subject to
No.2 in the paper trading industry.
Excels in printing paper, plastic films and board paper. Core sales agent for Nippon Paper Ind, one of
two largest paper mfrs in rivalry with Oji Paper. Yasujiro Kato took the pres office in
Jun/2015. The firm is also involved in
mfg business but all mfg operations are subcontracted to group firms. Clients include printing houses, publishing
firms, etc.
FINANCIAL
INFORMATION
The sales volume for Mar/2017 fiscal term amounted to Yen
266,573 million, a 7% down from Yen 285,887 million in the previous term. The recurring profit was posted at Yen 4,455
million and the net profit at Yen 4,177 million, respectively, compared with
Yen 3,693 million recurring profit and Yen 3,549 million net profit, respectively,
a year ago.
For the term that ended Mar 2018 the recurring profit was
projected at Yen 4,500 million and the net profit at Yen 4,250 million,
respectively, on a 3% rise in turnover, to Yen 275,570 million. Final results are yet to be released.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 5,672.6 million, on 30 days normal terms. .
REGISTRATION
Date Registered: Mar 1918
Regd No.: 0100-01-023862 (Tokyo-Chiyodaku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
300 million shares
Issued:
81,265,640 shares
Sum: Yen 3,228
million
Major shareholders (%):
Nippon Paper Ind (11.0), Hokuetsu Kishu Paper Mills (11.0), Tokushu Paper Mfg
(5.0), Oji Holdings (4.2), Showa PAXX Co (3.4), Sun-A Kaken Co (3.4)
No. of shareholders: 1,104
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Wholesales printing paper, pulp, coated
paper, board paper, packaging paper & materials (--97%), paper processing
works (2%), real estate leasing (1%).
Export: (2%)
Clients:
[Wholesalers, printing houses, publishers] Dainippon Printing, Toppan Printing,
Shogakukan, Shueisha, Kodansha, Kadokawa
Group Holdings, Kokuyo Co, Kobunsha, Otsuka Corp, Taisei Lamick Co, Tosho
Printing, Techno Pack Co, other.
No. of
accounts: 800
Domestic
areas of activities: Nationwide
Suppliers:
[Paper mills, wholesalers] Nippon Paper, Oji Paper, Chuetsu Pulp & Paper,
Hokuetsu Kishu Paper Mills, Tokushu Paper Mfg, Daio Paper, Futamura Chemical,
Nippon
Daishowa Paperboard Co, Toyobo Co, Kishu Paper Co, other.
Payment record:
Regular
Location:
Business area in Tokyo. Office premises at
the caption address are owned and maintained satisfactorily.
Bank References:
SMBC (Ningyocho)
MUFG (Tokyo)
Relations: Satisfactory
FINANCIALS
(In Million Yen):
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Terms Ending: |
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31/03/2018 |
31/03/2017 |
31/03/2016 |
31/03/2015 |
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Annual Sales |
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274,570 |
266,573 |
285,887 |
294,935 |
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Recur. Profit |
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4,500 |
4,455 |
3,693 |
4,067 |
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Net Profit |
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4,250 |
4,177 |
3,549 |
3,576 |
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Total Assets |
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152,591 |
150,579 |
153,128 |
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Net Worth |
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54,043 |
49,407 |
48,082 |
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Capital, Paid-Up |
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3,228 |
3,228 |
3,228 |
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Div.Ttl in Million (¥) |
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690.00 |
696.00 |
623.00 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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3.00 |
-6.76 |
-3.07 |
3.71 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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35.42 |
32.81 |
31.40 |
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N.Profit/Sales |
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1.55 |
1.57 |
1.24 |
1.21 |
Notes:
Forecast (or estimated) figures for the 31/03/2018 fiscal term
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.82 |
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1 |
INR 90.17 |
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Euro |
1 |
INR 78.70 |
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YEN |
1 |
INR 0.62 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.