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Very good quality and easy to use. I needed it for some notes I printed out on A5 paper. It makes an extra hole on the top and the bottom, but so what. It still looks neat. I haven't ever seen an alternative for japanese size paper to punch for many ring binders. I agree it's pricey, but the quality is there.
Established in Japan in 1929, Carl is now an international manufacturer of office products. The company specializes in punch products, such as the "Heavy-Duty Punch" and "Gauge Punch".