MIRA
INFORM REPORT
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Report Date : |
13.01.2007 |
IDENTIFICATION DETAILS
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Name : |
TOMEN PLASTICS CORPORATION |
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Registered Office : |
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Country : |
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Date of Incorporation : |
Jan 1981 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export,
wholesale of synthetic resins, functional chemicals |
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
344.9 millions |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
TOMEN PLASTICS CORPORATION
REGD NAME
Tomen Plastics Hambai KK
MAIN OFFICE
Tel : 03-5288-3660
Fax : 03-5288-9233
URL : http://www.tomen-mira.com
E-Mail address: info@tomen-mira.com
ACTIVITIES
Import, export,
wholesale of synthetic resins, functional chemicals
BRANCHES
OFFICERS
HIROSHI HOSOKAWA,
PRES Toshiaki Matsuura, mgn
dir
Toshio Suzuki, dir Seiichi
Takada, dir
Ryoji Watanabe, dir Iwao Nishimura,
dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 38,924 M
PAYMENTS REGULAR CAPITAL Yen 250 M
TREND STEADY WORTH Yen
1,070 M
STARTED 1981 EMPLOYES 80
COMMENT
TRADING FIRM SPECIALIZING IN PLASTICS PRODUCTS, WHOLLY OWNED BY
TOYOTA TSUSHO CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$2,000,000 / O/A 30 DAYS AFTER SHIPMENT DATE.
MAX CREDIT LIMIT: YEN 344.9 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established originally on the basis of plastics section separated from synthetic resins division of the then Tomen Corp (now merged into Toyota Tsusho Corp). In 1999 merged sister firm, Tomen Plastics Osaka. In Apr 2006, when Tomen Corp was absorbed into Toyota Tsusho Corp, the firm became its wholly owned subsidiary. This is a trading house specializing in wholesale of synthetic resins, synthetic rubber raw materials and products. Particularly stresses on “MIRA” brand fluoropolymer coated wallpaper, panels, flooring, other housing materials. Also handles packaging materials, home electronics, automobiles, etc. Imports & exports are mainly handled by the parent, Toyota Tsusho Corp.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term
amounted to Yen 38,923 million, a 3% down from Yen 40,122 million in the
previous term. Reportedly, this is
referred to transfer part of operations to the then parent, Tomen Corp. The recurring profit was posted at Yen 515
million and the net profit at Yen 470 million, respectively, compared with Yen
502 million recurring profit and Yen 105 million net profit, respectively, a
year ago. In the previous term, wrote
off Yen 305 million as extraordinary losses; while for this term posted Yen 320
million in extraordinary income. Dividends paid: Yen
600/share for 2006; Yen 1,000/share for 2005.
For the current term ending Mar 2007 the recurring profit is projected at Yen 600 million and the net profit at Yen 490 million, respectively, on a 14% rise in turnover, to Yen 44,500 million. Sales are expected to grow upwards.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 344.9 million, on 30 days normal terms. The proposed amount for 60 days terms is considered well within the firm’s and parent’s financial capabilities.
REGISTRATION
Date Registered: Jan 1981
Legal Status : Limited
Company (Kabushiki Kaisha)
Authorized : 2
million shares
Issued : 500,000
shares
Sum : Yen 250 million
Major shareholders (%): Toyota Tsusho Corp*(100)
*.. Sole trading firm in Toyota group, Nagoya, merged with Tomen Corp in Apr 2006, listed Tokyo, Nagoya S/E’s, capital Yen 26,748 million, turnover Yen 3,972,634 million, recurring profit Yen 86,179 million, net profit Yen 45,732 million, total assets Yen 1,602,702 million, net worth Yen 314,319 million, employees 15,928, pres Junzo Shimizu
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Wholesales, imports and exports synthetic resins, synthetic rubber raw materials and products, packaging materials, adhesive sheets, housing materials, home electronics, automobiles & parts, others (--100%).
Handling “MIRA” brand products: fluoro-polymer coated wallpaper, panels, sheets, flooring materials, resin table top of cooking stoves, other interior sheet materials.
Clients: [Mfrs, wholesalers] Toyota Tsusho Corp, Sony Corp, Samson Japan, Nifco Inc, Inoac Corp, Kojima Sangyo, Mirai Industry, Risu Pack, Ikoma Chemical Products, other.
No. of accounts: 800
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Toyota Tsusho Corp, Toray Ind, Kuraray Co, Daicel Polymer, Asahi Kasei Chemicals, Japan Polyethylene Corp, Japan Polypropylene Corp, Toho Chemical Ind, Arisawa Mfg, other.
Payment record: Regular
Location: Business area in
Bank References
Bank of
Tokyo-Mitsubishi UFJ (
SMBC (H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2007 |
31/03/2006 |
31/03/2005 |
31/03/2004 |
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Annual
Sales |
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44,500
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38,923
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40,122
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38,368
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Recur.
Profit |
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600 |
515 |
502 |
400 |
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Net
Profit |
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490 |
470 |
105 |
218 |
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Total
Assets |
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11,028
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10,744
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Current
Assets |
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9,717
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9,884
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Current
Liabs |
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9,192
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9,659
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Net
Worth |
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1,070
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826 |
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Capital,
Paid-Up |
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250 |
250 |
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<Analytical
Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
14.33
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-2.99
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4.57 |
-4.41
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Current Ratio |
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105.71
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102.33
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N.Worth Ratio |
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9.70 |
7.69 |
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R.Profit/Sales |
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1.35 |
1.32 |
1.25 |
1.04 |
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N.Profit/Sales |
1.10 |
1.21 |
0.26 |
0.57 |
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Return On Equity |
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43.93
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12.71
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Note: Forecast (or
estimated) for the 31/03/2007 fiscal term.
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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