MIRA
INFORM REPORT
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Report Date : |
21.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
TOYO ALUMINIUM KK |
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Registered Office : |
3-6-8 Kyutaromachi Chuoku Osaka 541-0056 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
May, 1999 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of Aluminum Foils, Sheets, Powder, 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 1,909.4 million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
TOYO ALUMINIUM KK
REGD NAME
Toyo Aluminium KK
MAIN OFFICE
3-6-8 Kyutaromachi Chuoku Osaka 541-0056 JAPAN
Tel: 06-6271-3151
Fax: 06-6245-4696
URL
E-mail
info@toyal.co.jp
ACTIVITIES
Mfg of aluminum foils, sheets, powder, other
BRANCHES
Yao
FACTORY(IES)
Yao, Isezaki (Gunma), Nara, Shiga
OFFICERS
MASAO IMASU, PRES Takehisa
Hamada, v pres
Nobuaki Kuwauchi, v pres Masakazu Ikeda, v pres
Takashi Ohkuma, dir Toshio
Yamagishi, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 55,534 M
PAYMENTS REGULAR CAPITAL Yen 8,000 M
TREND STEADY WORTH Yen 29,489 M
STARTED 1999 EMPLOYES 706
COMMENT
MFR OF
ALUMINIUM PRODUCTS, OWNED BY NIPPON LIGHT METAL CO. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 1,909.4
MILLION, 30 DAYS NORMAL TERMS. .
Forecast figures for the
31/03/2008 fiscal term
HIGHLIGHTS
The
subject company was established originally in Apr 1931 as a JV between Sumitomo
Corp and Aluminum Ltd (now Alcan Aluminum Ltd) for producing aluminum
products. In Aug 1996 Nippon Light Metal
Co (See REGISTRATION) acquired the JV’s 27,090,000 shares owned by Alcan
Aluminium Ltd, and reestablished in May 1999 as Toyo Aluminium Sales KK. Renamed as captioned in Oct 1999. This is a specialized mfr of aluminium
products: foils, sheets, powder, paste, other.
Topped in the mfg of aluminium paste (aluminium paint pigment). Has a subsidiary maker in China for
producing pastes. Products are
distributed mainly by a subsidiary, Toyo Aluminium Shoji KK.
FINANCIAL INFORMATION
The
sales volume for Mar/2007 fiscal term amounted to Yen 55,534 million, a 9% up
from Yen 51,117 millionin the previous term.
Materials price hikes contributed to the sales increase, plus weaker Yen
against foreign currencies pushed the sales upward in Yen terms. Exports were brisk. The recurring profit was posted at Yen 4,651
million and the net profit at Yen 2,946 million, respectively, compared with
Yen 5,468 million recurring profit and Yen 2,683 million net profit,
respectively, a year ago.
For
the current term ending Mar 2008 the recurring profit is projected at Yen 4,800
million and the net profit at Yen 3,000 million, respectively, on a 10% rise in
turnover, to Yen 61,000 million.
Products continue in good demand.
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,909.7
million, on 30 days normal terms.
REGISTRATION
Date Registered: May
1999
Legal Status : Limited Company (Kabushiki Kaisha)
Authorized : 64 million shares
Issued : 16 million shares
Sum : Yen 8,000 million
Major shareholders (%): Nippon Light Metal Co Ltd*(100)
* Nippon Light Metal Co Ltd,
Japan’s only integrated aluminum maker equipped with aluminum smelting plant,
Tokyo, founded 1939, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 39,085
million, sales Yen 618,158 million, operating profit Yen 30,519 million,
recurring profit Yen 25,248 million, net profit Yen 12,755 million, total
assets Yen 579,463 million, net worth Yen 137,946 million, employees 13,493,
pres Takashi Ishiyama
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Manufactures
aluminum foils, sheets (--70%), aluminum paste (aluminum paint pigment, powder,
alloy powder, bronze powder, high purity aluminum nitride powder, others
(--30%). Exports (18%).
Clients
[Mfrs, wholesalers] Toyo
Aluminium Shoji, Meiji Dairies Corp, Itochu Corp, Morinaga Milk Ind, Matsuo
Sangyo, other..
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Nippon Light
Metal, Toyo Aluminium Shoji, Itochu Corp, other
Payment record
Regular
Location
Business
area in Osaka. Office premises at the
caption address are leased and maintained satisfactorily.
Bank References
SMBC (Bingomachi)
Sumitomo Trust Bank (H/O)
Relations: Satisfactory
FINANCES: (In Million
Yen)
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FINANCES: (Consolidated in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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55,534 |
51,117 |
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Cost of Sales |
45,384 |
40,404 |
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GROSS PROFIT |
10,150 |
10,713 |
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Selling & Adm Costs |
5,920 |
5,703 |
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OPERATING PROFIT |
4,230 |
5,009 |
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Non-Operating P/L |
421 |
459 |
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RECURRING PROFIT |
4,651 |
5,468 |
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NET PROFIT |
2,946 |
2,683 |
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BALANCE SHEET |
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Cash |
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1,439 |
2,145 |
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Receivables |
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14,268 |
11,907 |
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Inventory |
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6,159 |
6,000 |
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Securities, Marketable |
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Other Current Assets |
6,803 |
5,222 |
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TOTAL CURRENT ASSETS |
28,669 |
25,274 |
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Property & Equipment |
22,999 |
22,716 |
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Intangibles |
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536 |
545 |
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Investments, Other Fixed Assets |
6,198 |
6,266 |
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TOTAL ASSETS |
58,402 |
54,801 |
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Payables |
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11,645 |
9,336 |
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Short-Term Bank Loans |
3,000 |
1,700 |
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Other Current Liabs |
8,869 |
10,159 |
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TOTAL CURRENT LIABS |
23,514 |
21,195 |
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Debentures |
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Long-Term Bank Loans |
29,000 |
3,000 |
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Reserve for Retirement Allw |
2,488 |
2,704 |
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Other Debts |
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(26,089) |
1 |
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TOTAL LIABILITIES |
28,913 |
26,900 |
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MINORITY INTERESTS |
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Common stock |
8,000 |
8,000 |
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Additional paid-in capital |
11,619 |
11,619 |
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Retained earnings |
8,993 |
7,472 |
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Evaluation p/l on investments/securities |
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Others |
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874 |
808 |
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Treasury stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
29,489 |
27,901 |
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TOTAL EQUITIES |
58,402 |
54,801 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
29,489 |
27,901 |
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Current Ratio (%) |
121.92 |
119.25 |
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Net Worth Ratio (%) |
50.49 |
50.91 |
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Recurring Profit Ratio (%) |
8.38 |
10.70 |
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Net Profit Ratio (%) |
5.30 |
5.25 |
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Return On Equity (%) |
9.99 |
9.62 |
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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. |
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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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%)