MIRA
INFORM REPORT
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Report Date : |
9th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
ITOCHU
WOOL LIMITED |
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Registered Office : |
Japan Branch: 4-1-3 Kyutaromachi
Chuoku Osaka 541-0056 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
February
1998 |
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Legal Form : |
Japan Branch of Australian
corporation |
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Line of Business : |
Import, export, wholesale of wool,
animal fiber, vegetable fiber, other |
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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Maximum Credit Limit : |
YEN 123,225.4 MILLION |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Company Name
ITOCHU WOOL LTD
(COMMONLY CALLED “IWL”)
REGD NAME
Itochu Wool Ltd
Japan Branch
MAIN OFFICE
Japan
Branch: 4-1-3 Kyutaromachi Chuoku Osaka 541-0056
Tel : 06-6241-2172
Fax : 06-6241-4594
*.. Registered and
Headquarters at: Level 6, 93 George Street, Parramatta NSW Australia
URL : http://www.itochu.co.jp/ (of the parent, Itochu
Corp)
E-Mail
address : osiwl-hp@itochu.co.jp
ACTIVITIES
Import,
export, wholesale of wool, animal fiber, vegetable fiber, other
BRANCHES
Osaka
(as given)
OFFICERS
SHIGEYOSHI
TANAKA, PRES
Tadayuki
Shimonaka, g/mgr
Kenichi
Kamiyoshi, g/mgr, Japan Office*
Textile
Materials & Industrial Textile Division chief of Itochu Corp.
Yen Amount
In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 10,473,885 M*
PAYMENTS REGULAR CAPITAL A$ 24.62 M
TREND STEADY WORTH Yen
726,816 M*
STARTED 1998 EMPLOYES 1**
*..
All figures related to the parent, Itochu Corp.
**..
Operations are fully integrated with and handled by Itochu Corp’s textile division.
COMMENT
TRADING
HOUSE FOR IMPORT, EXPORT, WHOLESALE OF WOOL AND OTHE TEXTILES, WHOLLY OWNED BY
ITOCHU CORP GROUP. FINANCIAL SITUATION
CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT OF THE PARENT, ITOCHU CORP: YEN 123,225.4 MILLION, 30 DAYS NORMAL
TERMS. SINCE THE SUBJECT’S FINANCIALS
ARE WHOLLY CONSOLIDATED BY THE
PARENT AND NO INDIVIDUAL FINANCIALS ARE DISCLOSED, WE STATE HERE THE CREDIT
LIMIT OF THE PARENT.
HIGHLIGHTS
The subject company was established on
the basis of a section spun out from Wool Division of Itochu Corp, in order to
engage in auction purchase of the Australian wool. The Japan Branch handles various materials of eco-oriented
natural fiber of animal fiber, such as wool, cashmere, angora wool, alpaca, mohair
and silk, or vegetable fiber. The firm
is planning to enter into the
downstream market by utilizing the experience in the special materials
handling. Reportedly the firm is one of the largest Australian wool exporters
with the largest clients in China, Italy, Korea, India and Japan. The firm does not disclose individual
financials as they are fully consolidated by the parent, Itochu Corp. Textile Division accounts for 8% of total
sales of the parent. We have attached herewith the financials of the parent
company.
REGISTRATION
Date Registered : Feb 1998
Legal Status :Japan Branch of Australian corporation
Capital Paid : Australian Dollar 24.62 million
Major shareholders (%)
Itochu Corp (65), Itochu Australia Ltd
(35)
No. of shareholders: 2
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: Imports and wholesales
wool, animal fiber, vegetable fiber, fiber waste, yarn made from these
materials, fabric-garment made from these materials (--100%)
Clients
[Wholesaler] Shipped wholly to the
parent, Itochu Corp, for distribution.
No. of accounts
1
Domestic areas of activities
Centered in greater-Tokyo
Suppliers
[Mfrs, wholesalers] Imports wholly from
Itochu Wool Ltd, Australia.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are
owned by the parent, Itochu Corp, and maintained satisfactorily.
Bank References
Mizuho Corporate Bank (H/O)
SMBC (H/O)
Relations: Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated in million yen) |
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME STATEMENT |
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Annual
Sales |
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10,473,885 |
9,576,039 |
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Cost of
Sales |
9,759,511 |
8,945,278 |
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GROSS PROFIT |
714,374 |
630,761 |
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Selling
& Adm Costs |
506,257 |
466,840 |
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OPERATING PROFIT |
208,117 |
163,921 |
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Non-Operating P/L |
8,752 |
-37,782 |
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RECURRING PROFIT |
216,869 |
119,958 |
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NET
PROFIT |
145,146 |
77,792 |
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BALANCE SHEET |
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Cash |
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477,707 |
452,934 |
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Receivables |
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1,211,035 |
1,085,853 |
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Inventory |
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458,876 |
420,069 |
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Securities, Marketable |
48,282 |
49,149 |
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Other
Current Assets |
483,723 |
433,890 |
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TOTAL CURRENT ASSETS |
2,679,623 |
2,441,895 |
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Property
& Equipment |
813,876 |
808,282 |
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Intangibles |
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487,787 |
497,358 |
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Investments, Other Fixed Assets |
815,727 |
724,810 |
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TOTAL ASSETS |
4,797,013 |
4,472,345 |
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Payables |
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921,797 |
805,150 |
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Short-Term
Bank Loans |
382,434 |
421,697 |
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Other
Current Liabs |
825,595 |
833,292 |
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TOTAL CURRENT LIABS |
2,129,826 |
2,060,139 |
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Debentures |
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Long-Term Bank Loans |
1,762,103 |
1,750,815 |
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Reserve
for Retirement Allw |
19,081 |
22,405 |
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Other
Debts |
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29,470 |
11,653 |
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TOTAL
LIABILITIES |
3,940,480 |
3,845,012 |
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MINORITY INTERESTS |
129,717 |
116,936 |
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Common stock |
202,241 |
202,241 |
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Additional paid-in capital |
137,035 |
137,024 |
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Retained earnings |
315,928 |
188,270 |
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Evaluation p/l on investments/securities |
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Others |
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72,889 |
(16,312) |
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Treasury stock, at cost |
(1,277) |
(826) |
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TOTAL S/HOLDERS` EQUITY |
726,816 |
510,397 |
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TOTAL EQUITIES |
4,797,013 |
4,472,345 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2006 |
31/03/2005 |
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Cash Flows from Operating Activities |
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185,147 |
126,624 |
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Cash Flows from Investment Activities |
-79,871 |
-127,600 |
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Cash Flows from Financing Activities |
-85,193 |
-125,342 |
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Cash, Bank Deposits at the Term End |
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477,707 |
452,934 |
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ANALYTICAL RATIOS
Terms ending: |
31/03/2006 |
31/03/2005 |
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Net Worth (S/Holders' Equity) |
726,816 |
510,397 |
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Current Ratio (%) |
125.81 |
118.53 |
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Net Worth Ratio (%) |
15.15 |
11.41 |
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Recurring Profit Ratio (%) |
2.07 |
1.25 |
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Net Profit Ratio (%) |
1.39 |
0.81 |
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Return On Equity (%) |
19.97 |
15.24 |
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Notes: Financials are those of the
parent, Itochu Corporation, as the subject’s financials are wholly consolidated into the parent’s.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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