MIRA
INFORM REPORT
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Report Date : |
9th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
TOYOSHIMA
& COMPANY LIMITED |
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Registered Office : |
2-14-27 Nishiki Nakaku Nagoya 460-0003 JAPAN |
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Country : |
Japan |
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Financials (as on) : |
30.06.2005 |
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Date of Incorporation : |
June
1918 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of textile
raw materials, yarns, fabrics, products |
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 3,803.5 MILLION |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
Company Name & Address
TOYOSHIMA
& CO LTD
REGD NAME
Toyoshima
KK
MAIN OFFICE
2-14-27
Nishiki Nakaku Nagoya 460-0003 JAPAN
Tel : 052-204-7711
Fax : 052-204-7425
*.. The
given address is its registered office at: 2-5-11 Sen’I Ichinomiya Aichi-Pref,
as given.
URL : http://www.toyoshima.co.jp/
E-Mail address: webmaster@toyoshima.co.jp
ACTIVITIES
Import, export, wholesale of textile raw materials, yarns,
fabrics, products
BRANCHES
Tokyo, Hamamatsu (Shizuoka)
OVERSEAS
Jakarta, Hong Kong, Milan, Los Angeles, Memphis, Shanghai
(Subsidiaries):
China (3), USA (Toyoshima USA Inc) (JV’s): China (2)
FACTORY(IES)
(subcontracted)
OFFICERS
Hanshichi Toyoshima, ch Tokuzo
Toyoshima, v ch
TOSHIAKI TOYOSHIMA, PRES Minoru
Yoshida, v pres
Mikihito Kojima, mgn dir Taketo
Yuasa, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 153,751 M
PAYMENTS REGULAR CAPITAL Yen 3,000 M
TREND STEADY WORTH Yen 31,564 M
STARTED 1918 EMPLOYES 423
COMMENT
TRADING HOUSE SPECIALIZING IN TEXTILES. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 3,803.5 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 30/06/2006 fiscal term
HIGHLIGHTS
This
is a time-honored firm established on the basis of the old established firm, as
Hanshichi Tyoshima Itoten, Aichi-Pref, founded in 1841 by Hanshichi Toyoshima,
and has been succeeded the founder’s descendants. The present Hanshichi, rep ch, is the 5th successor to
the name. This is a synthesizing
wholesaler of textiles from wool, yarn, fabrics to clothing.
Domestically
placed 6th in the similar business line. Has two JV factories in China.
Overseas subsidiaries are: China (3), USA (1). Clients are major textile mfrs, apparel chain
stores, other, nationwide.
FINANCIAL INFORMATION
The sales volume for Jun/2005 fiscal term amounted to Yen 153,751 million, a 4% down from Yen 160,026 million in the previous term. Business slowed on the back of sluggish consumer demand, added to lower priced imports from S/E Asian countries. The recurring profit was posted at Yen 4,844 million and the net profit at Yen 1,856 million, respectively, compared with Yen 4,535 million recurring profit and Yen 1,749 million net profit, respectively, a year ago.
For the term ended Jun 2006 the
recurring profit is reported posted at Yen 4,900 million and the net profit at
Yen 1,850 million, respectively, on a similar turnover, at Yen 154,000
million. Full financials are yet to be
made available.
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 3,803.5
million, on 30 days normal terms.
REGISTRATION
Date Registered : Jun 1918
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
120 million shares
Issued :
30 million shares
Sum :
Yen 3,000 million
Major shareholders (%)
Tokai
Shoji*(24.7), Toyoshima Boseki*(13.3), Employees’ S/Holding Assn (11.2),
Marutoyo Jitsugyo*(8.7), Tokai Sangyo*(6.4), Toyoshima Denki*(5.7)
*..
All group subsidiaries
No. of
shareholders: 23
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities:
A trading house for import, export and wholesale of textiles: cotton, wool,
other textile raw materials (--15%), cotton yarn, woolen yarn, man-made fibers
(-- 11%), cotton fabrics, woolen fabrics, synthetic fiber fabrics
(--16%), clothing for men, women, children, other textile goods (--56%), machinery, industrial materials,
other non-textile goods (--2%).
Goods
are also imported and exported (Overseas trading ratio 7%).
Clients
[Textile
mfrs, wholesalers, apparel stores] Kondo Bosekisho, Tsuzuki Spinning, Kanematsu Corp, Kowa Co, Kowa Spinning,
Onward Kashiyama, Right On, Point Inc, Out
Burn Co, Cross Plus Inc, other.
No. of accounts
2,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs,
wholesalers] Kondo Bosekisho, Toray Ind, Kuraray, Teijin Ltd, Blue Mate,
Daiwabo Co, Toyobo Co, other. Imports
from Toyoshima USA, China, etc.
Payment record
Regular
Location
Business
area in Nagoya. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References
Bank
of Tokyo-Mitsubishi UFJ (Nagoya)
Mizuho
Corporate Bank (Nagoya)
Relations:
Satisfactory
FINANCES
(Non-Consolidated in million yen)
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Terms Ending: |
30/06/2005 |
30/06/2004 |
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INCOME STATEMENT |
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Annual
Sales |
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153,751 |
160,026 |
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Cost of
Sales |
138,112 |
144,807 |
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GROSS PROFIT |
15,639 |
15,219 |
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Selling
& Adm Costs |
11,114 |
10,803 |
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OPERATING PROFIT |
4,524 |
4,415 |
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Non-Operating P/L |
320 |
120 |
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RECURRING PROFIT |
4,844 |
4,535 |
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NET
PROFIT |
1,856 |
1,749 |
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BALANCE SHEET |
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Cash |
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7,643 |
8,644 |
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Receivables |
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44,756 |
48,636 |
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Inventory |
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8,675 |
7,664 |
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Securities, Marketable |
75 |
75 |
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Other
Current Assets |
3,963 |
1,526 |
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TOTAL CURRENT ASSETS |
65,112 |
66,545 |
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Property
& Equipment |
4,025 |
9,425 |
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Intangibles |
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33 |
22 |
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Investments, Other Fixed Assets |
26,343 |
29,526 |
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TOTAL ASSETS |
95,513 |
105,518 |
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Payables |
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33,318 |
32,897 |
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Short-Term Bank Loans |
8,280 |
5,397 |
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Other
Current Liabs |
10,273 |
19,868 |
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TOTAL CURRENT LIABS |
51,871 |
58,162 |
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Debentures |
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3,100 |
3,100 |
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Long-Term Bank Loans |
2,700 |
5,500 |
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Reserve
for Retirement Allw |
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Other
Debts |
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6,278 |
7,188 |
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TOTAL LIABILITIES |
63,949 |
73,950 |
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MINORITY INTERESTS |
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Common stock |
3,000 |
3,000 |
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Additional paid-in capital |
10 |
10 |
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Retained earnings |
20,666 |
19,336 |
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Evaluation p/l on investments/securities |
7,887 |
9,221 |
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Others |
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1 |
1 |
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Treasury stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
31,564 |
31,568 |
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TOTAL EQUITIES |
95,513 |
105,518 |
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ANALYTICAL RATIOS
Terms ending: |
30/06/2005 |
30/06/2004 |
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Net Worth (S/Holders' Equity) |
31,564 |
31,568 |
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Current Ratio (%) |
125.53 |
114.41 |
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Net Worth Ratio (%) |
33.05 |
29.92 |
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Recurring Profit Ratio (%) |
3.15 |
2.83 |
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Net Profit Ratio (%) |
1.21 |
1.09 |
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Return On Equity (%) |
5.88 |
5.54 |
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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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