MIRA
INFORM REPORT
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Report Date : |
25.07.2007 |
IDENTIFICATION DETAILS
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Name : |
TOYO PETROLITE CO LTD |
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Registered Office : |
Daiichi Kyobashi Bldg 7F, 2-3-13 Kyobashi Chuoku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
March 1975 |
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Legal Form : |
Limited Company |
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Line of Business : |
Mfg, import, wholesale of adhesives, waxes |
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 133.3 MILLION |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME &
ADDRESS
TOYO PETROLITE CO LTD (NOT “
REGD NAME: Toyo Petrolite KK
MAIN OFFICE
Daiichi Kyobashi Bldg 7F, 2-3-13 Kyobashi Chuoku
Tel : 03-3272-0718
Fax : 03-3272-0844
URL : http://www.toyo-petrolite.co.jp
E-Mail :
yoshikazu.morimoto@toyoink.co.jp
ACTIVITIES
Mfg, import, wholesale of adhesives, waxes
BRANCHES
OVERSEAS
Baker Petrolite Inc (
FACTORY(IES)
OFFICERS
MITSUO SUZUKI, PRES Sam
Crawder, s/mgn dir (phonetic only)
Shinobu Tsurumaki, dir Noboru
Mochizuki, dir
Yoshikazu Morimoto, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 3,723 M
PAYMENTS REGULAR CAPITAL Yen 480 M
TREND STEADY WORTH Yen 2,187 M
STARTED 1975 EMPLOYES 45
COMMENT
MFG, IMPORT OF ADHESIVES, WAXES, OTHER INDUSTRIAL CHEMICALS,
JV WITH TOYO INK MFG & BAKER PETROLITE CORP,
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 133.3 MILLION, 30 DAYS NORMAL
TERMS. .
HIGHLIGHTS
The subject company was established as a JV with the then
Petrolite Corp (now Baker Petrolite Corp),
USA & Toyo Ink Mfg Co Ltd, Tokyo (See REGISTRATION) for mfg & importing
adhesives, waxes, other Industrial chemicals.
Manufactures adhesives, pigment, inks, resins, other. Goods are also imported from the
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen
3,727 million, a 4% up from Yen 3,585 million in the previous term. Sales increased, while the operations plunged
into the red to post Yen 74 million net losses for the term. Some extraordinary losses are involved,
reportedly inventory evaluation losses, but unconfirmed. The last term reported Yen 131 million net profit.
For the current term ending Mar 2007 the operations are
expected to come back to profitability on normal levels at Yen 130 million, on
a 2% rise in turnover, to Yen 3,800 million.
Business is seen steadily expanding.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 133.3 million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar
1975
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 960,000
shares
Issued: 960,000
shares
Sum: Yen
480 million
Major shareholders (%): Toyo Ink Mfg Co*(50), Baker
Petrolite Corp,
No. of shareholders:
2
Nation’s largest printing ink mfr, Tokyo, founded 1907,
listed Tokyo S/E, capital Yen 31,713 million, turnover Yen 245,490 million,
recurring profit Yen 12,249 million, net profit Yen 7,900 million, total assets
Yen 307,439 million, net worth Yen 156,016 million, employees 6,664, pres Kunio
Sakuma
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Manufactures, imports and wholesales adhesives,
waxes, pigments, printing inks, non-woven cloths, veneer sheets, labels, other
industrial chemicals & products (--100%).
Clients: [Mfrs, wholesalers] Toyo Ink Mfg, Canon Inc, Kao
Corp, Lotte Co, Toppan Printing, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Imports from Baker Petrolite
Corp (
Domestically, supplied from Mitsubishi Chemical, Tosoh Corp,
Inabata & Co, Arakawa Chemical Ind,
other.
Payment record
Regular
Location
Business area in
BANK REFERENCES
MUFG (Kyobashi)
Mizuho Bank (Kyobashi)
Relations: Satisfactory
FINANCES: (In Million
Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual Sales |
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3,800
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3,723
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3,585
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3,575
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Recur. Profit |
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240 |
154 |
231 |
244 |
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Net Profit |
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130 |
-74 |
131 |
136 |
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Total Assets |
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4,248
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3,156
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3,185
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Current Assets |
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2,543
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2,554
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2,668
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Current Liabs |
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1,998
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765 |
857 |
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Net Worth |
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2,187
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2,335
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2,278
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Capital, Paid-Up |
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480 |
480 |
480 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.07 |
3.85 |
0.28 |
-1.73
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Current Ratio |
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127.28
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333.86
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311.32
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N.Worth Ratio |
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51.48
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73.99
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71.52
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R.Profit/Sales |
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6.32 |
4.14 |
6.44 |
6.83 |
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N.Profit/Sales |
3.42 |
-1.99
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3.65 |
3.80 |
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Return On Equity |
.. |
-3.38
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5.61 |
5.97 |
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Note: Forecast (or estimated) for the 31/03/2008 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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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%)