MIRA
INFORM REPORT
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Report Date : |
11.05.2007 |
IDENTIFICATION DETAILS
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Name : |
TOYO SEAT CO LTD |
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Registered Office : |
1-6-25 Kuninobu Kaitacho Akigun Hiroshima-Pref 736-0002 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Jan 1962 |
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Legal Form : |
Limited
Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing
of automobile seats, soft tops for convertibles. |
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 1330.5 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
TOYO SEAT CO LTD
REGD NAME
KK Toyo Seat
MAIN OFFICE
1-6-25 Kuninobu
Kaitacho Akigun
Tel:
082-822-6111
Fax: 082-822-9790
URL: http://www.toyoseat.co.jp
E-Mail
address: info@toyoseat.co.jp
ACTIVITIES
Mfg of
automobile seats, soft tops for convertibles
BRANCHES
Nil
FACTORY(IES)
At the
caption address, Itami, Seragun (
OVERSEAS
Toyo Seat Europe (Hungary); Toyo Seat China (Guangdong);
Automotive Interiors Corp (Philippines); Toyo Seat USA Corp (Michigan, Kentucky,
Tennessee plants)
OFFICERS
SEIZO
YAMAGUCHI, PRES Mutsuo
Yamada, v pres
Tetsuro
Kakimoto, s/mgn dir Etsuo
Ueda, mgn dir
Masayuki
Nakamoto, mgn dir Yukio
Shintani, mgn dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 43,260 M
PAYMENTS REGULAR CAPITAL Yen 90 M
TREND STEADY WORTH Yen
10,810 M
STARTED 1962 EMPLOYES 660
COMMENT
MFR SPECIALIZING IN AUTOMOBILE SEATS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 1,330.5 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established by father of Seizo
Yamaguchi in order to make most of his experience in the subject line of
business. Specializes in mfg automobile
seats, soft tops for convertibles, and mechanical products. Also mfrs train seats for the Japan Railway
Group. Main products of automobile seats
are for Mazda Motor, and expanded operations into Toyota Motor, Honda Motor and
Nissan Motors for convertible tops.
Active in overseas operations with 6 overseas plants in Europe,
FINANCIAL INFORMATION
The sales volume for Dec/2006 fiscal term amounted to Yen 43,260 million, a 24% up from Yen 34,852 million in the previous term. This reflects robust automobile production by Japanese carmakers. The recurring profit more than doubled to Yen 1,620 million and the net profit to Yen 825 million, respectively, compared with Yen 754 million recurring profit and Yen 412 million net profit, respectively, a year ago.
For the current term ending Dec 2007 the recurring profit is projected at Yen 1,650 million and the net profit at Yen 850 million, respectively, on a 7% rise in turnover, to Yen 46,500 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,330.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jan 1962
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 240,000 shares
Issued: 180,000 shares
Sum: Yen 90 million
Major shareholders (%): Osaka Mazda (54.2), Seizo Yamaguchi (10), Saeko Matsuda (5), Yutaka Itoh (5)
No. of shareholders: 20
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures automotive seats seat frames, seat tracks, door trims, seat trims (78%), soft tops for convertibles (13%), mechanical products, automotive exhaust pipes, door trims, train seats, steel office furniture, health equipment, others (--9%).
Clients: [automakers, furniture makers] Mazda Motor, Toyota
Motor, Honda Motor, Nissan Motors, France Bed, Wood One, other.
No. of
accounts: 500
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Inoac International, Bridgestone, Toyo Rubber Ind, Starlite Co, Imasen Electric Ind, other.
Payment
record: Regular
Location: Business area in Akigun, Hiroshima-Pref. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
SMBC (
Bank
of
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
31/12/2007 |
31/12/2006 |
31/12/2005 |
31/12/2004 |
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Annual
Sales |
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46,500 |
43,260 |
34,852 |
33,487 |
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Recur.
Profit |
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1,650 |
1,620 |
754 |
525 |
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Net
Profit |
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850 |
825 |
412 |
474 |
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Total
Assets |
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29,090 |
23,560 |
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Current
Assets |
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16,630 |
11,700 |
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Current
Liabs |
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13,800 |
10,920 |
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Net
Worth |
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10,810 |
10,410 |
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Capital,
Paid-Up |
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90 |
90 |
90 |
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Div.P.Share(¥) |
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75.00 |
75.00 |
75.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
7.49 |
24.12 |
4.08 |
24.43 |
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Current Ratio |
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.. |
120.51 |
107.14 |
.. |
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N.Worth Ratio |
.. |
37.16 |
44.19 |
.. |
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R.Profit/Sales |
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3.55 |
3.74 |
2.16 |
1.57 |
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N.Profit/Sales |
1.83 |
1.91 |
1.18 |
1.42 |
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Return On Equity |
.. |
7.63 |
3.96 |
.. |
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Note:
Forecast (or estimated) for the 31/12/2007 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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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%)