MIRA
INFORM REPORT
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Report Date : |
09.10.2007 |
IDENTIFICATION DETAILS
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Name : |
TOMEN CHEMICAL CO LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Apr 2006 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of industrial
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 882.7 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
TOMEN CHEMICAL CO LTD
REGD NAME
KK Tomen Chemical
MAIN OFFICE
Tel : 03-5288-3763
Fax : 03-5288-9170
URL : http://www.tomen-chemical.com/
E-Mail address: info@tomen-chemical.com
ACTIVITIES
Import, export,
wholesale of industrial chemicals
BRANCHES
OVERSEAS
Europe (12), Africa (7), Mid East (5),
OFFICERS
KOJI HATANO, PRES Tohru Kamei, dir
Masakazu Sasaki,
dir Izumi
Fukui, dir
Mitsuoki Tao, dir Hideki
Yasuki, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 46,734 M
PAYMENTS REGULAR CAPITAL Yen 400 M
TREND STEADY WORTH Yen
4,118 M
STARTED 2006 EMPLOYES 90
COMMENT
TRADING HOSUE SPECIALIZING IN INDUSTRIAL CHEMICALS, WHOLLY OWNED BY TOYOTA TSUSHO CORP. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 882.7 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established on the basis of intra-company “Tomen Chemical Corporation” separated from Tomen Corp to become Tomen Chemical Co Ltd. In Apr 2006, when Tomen Corp and Toyota Tsusho Corp merged, the firm became a wholly owned subsidiary of Toyota Tsusho Corp (See REGISTRATION). This is a trading house for import, export and wholesale of industrial chemicals centrally. Goods are imported from and exported to worldwide countries. Clients are major chemical industries, pharmaceuticals, cosmetics, other, nationwide.
FINANCIAL
INFORMATION
The sales for the initial fiscal term ended Mar/2007 amounted to Yen 46,734 million. The recurring profit was posted at Yen 825 million and the net profit at Yen 481 million, respectively.
For the current term ending Mar 2008 the recurring profit is projected at Yen 850 million and the net profit at Yen 500 million, respectively, on a 9% rise in turnover, to Yen 51,000 million. Materials prices hike plus weaker Yen will assist to raise sales in Yen terms.
The financials situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 882.7 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr 2006
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 32,000 shares
Issued: 8,000 shares
Sum: Yen 400 million
Major shareholders (%): Toyota Tsusho Corp*(100)
*.. Toyota Tsusho Corp, sole trading house in Toyota group, Tokyo, founded 1948, listed Tokyo, Nagoya S/E’s, capital Yen 64,936 million, turnover Yen 6,212,726 million, recurring profit Yen 112,713 million, net profit Yen 77,211 million, total assets Yen 2,462,229 million, net worth Yen 578,920 million, employees 22,945, pres Junzo Shimizu.
The firm merged Tomen Corp in Apr 2006 and the merger boosted consolidated sales to Yen 6,212,726 million (up 56% from the previous year) by the addition of energy & chemical divisions, exports & imports businesses of Tomen Corp.
Consolidated
Financials are as attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports, exports and wholesales industrial chemicals, others (--100%).
(Handling items by Divisions):
Industrial Chemicals Div: petrochemical raw materials, paints, inks, solvents used in adhesives, raw materials for adhesives, resins, pigments, additives, other petrochemical products;
Polymer Industry Div: polyurethane raw materials & additives used widely in sectors such as train seats, furniture & bedding, heat insulation materials for homes & refrigerators, synthetic leather, elastic fibers, waterproofing materials, etc;
Oleo Chemicals Div: raw materials for cosmetics, hair care products, fabric care/home care (clothes / tableware / residence, etc), cleaning agents, surfactants, paint additives, raw materials for adhesives;
Food Materials Div: food materials, raw materials for food products, food additives, other;
Performance Chemicals Div: primary/secondary batteries, raw materials for electronic materials, special additives (antioxidants, SM polymerization inhibitors), catalysts, raw materials for toothpaste & pharmaceuticals;
Detergent Materials Div:
oleo-chemicals fatty acids, soap, etc), intermediary for commissioned mfg of
detergents (
Organic Chemicals Div: functional resins, resins for film coating (solvents, emulsions, hot-melts, UV, EB types), Film substracts (PET, PP, PE, PVC, etc), paint raw materials, raw materials for adhesive sealers, polyurethane raw materials, environmentally-safe solvents;
Fine Chemicals Div: processed starch, polysaccharide thickeners, albumen powder, pea protein, potato protein, lactose, water-absorbing resins, pharmaceuticals, enzymes, sugar chains, others
Clients: [Chemical mfrs, pharmaceuticals, other mfrs] Sanyo Chemical Ind, Lion Corp, Takeda Chemical, Miyoshi Fats, Asahi Kasei Chemicals, Kanebo Cosmetics, Hitachi Kasei Polymer, Toray Ind, Showa Highpolymer, Bridgestone, other.
Exports (50%) to:
Major Overseas Clients include: Globernatural Internacional SA (Peru); Leprino Foods (USA); AH Marks & Co Ltd (UK); Bel Industries, Lactalis Industrie SNC Ets BBS (--France), Emsland Starke GmbH (Germany); Obipektin AG (Switz); Vanetta SPA (Italy); VDA, De Ramon Gonzalez SL (Spain); PT DSM Kaltim Melamine, PT Sorini Corp (--Indonesia); Global Battery Co Ltd, KP Chemical Corp (--Korea); India Glycols Ltd, Shree Ram Gum & Chemicals (--India), Natural Oleo Chemicals, Paos Industries, Southern Edible Oil Ind (--Malaysia); Yunnan Rainbow Natural Pigment Co, Liuzhou Chemical Ind, Wuxi Nihon Dailychemicals & Cosmetic Co (--China), other
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Sanyo Chemical Ind, Nippon Shokubai,
Tosoh, Showa Denko, Nippon Petrochemicals, Mitsui Chemical, Mitsubishi
Chemical, Nippon Polyurethane Ind, API Corp, Nisshinbo Ind, other.
Imports (50%) from:
Payment record:
Regular
Location: Business area in
Bank References
MUFG (H/O)
SMBC (H/O)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
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Annual
Sales |
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51,000 |
46,734 |
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Recur.
Profit |
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850 |
825 |
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Net
Profit |
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500 |
481 |
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Total
Assets |
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18,954 |
15,919 |
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Current
Assets |
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17,970 |
14,847 |
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Current
Liabs |
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14,569 |
11,931 |
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Net
Worth |
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4,118 |
3,696 |
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Capital,
Paid-Up |
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400 |
400 |
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Div.P.Share(Ą) |
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0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
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S.Growth Rate |
9.13 |
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Current Ratio |
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123.34 |
124.44 |
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N.Worth Ratio |
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21.73 |
23.22 |
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R.Profit/Sales |
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1.67 |
1.77 |
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N.Profit/Sales |
0.98 |
1.03 |
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Return On Equity |
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11.68 |
0.00 |
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Notes: The 31/03/2007 fiscal term is the initial fiscal term from the merger of parents, Tomen Corp & Toyota Tsusho Corp.
Forecasts for the
31/03/2008 fiscal term.
SUPPLEMENTS
Consolidated Financials
of the parent, Toyota Tsusho Corp:
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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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6,212,726 |
3,945,319 |
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Cost of Sales |
5,884,267 |
3,723,729 |
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GROSS PROFIT |
328,459 |
221,592 |
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Selling & Adm Costs |
218,456 |
141,536 |
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OPERATING PROFIT |
110,002 |
80,056 |
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Non-Operating P/L |
2,711 |
6,123 |
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RECURRING PROFIT |
112,713 |
86,179 |
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NET PROFIT |
77,211 |
45,732 |
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BALANCE SHEET |
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Cash |
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126,871 |
77,051 |
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Receivables |
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1,031,639 |
683,995 |
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Inventory |
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381,135 |
276,345 |
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Securities, Marketable |
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Other Current Assets |
119,792 |
69,592 |
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TOTAL CURRENT ASSETS |
1,659,437 |
1,106,983 |
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Property & Equipment |
204,576 |
126,576 |
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Intangibles |
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145,567 |
14,655 |
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Investments, Other Fixed Assets |
452,649 |
354,488 |
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TOTAL ASSETS |
2,462,229 |
1,602,702 |
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Payables |
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791,770 |
536,029 |
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Short-Term Bank Loans |
232,940 |
207,612 |
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Other Current Liabs |
274,205 |
275,576 |
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TOTAL CURRENT LIABS |
1,298,915 |
1,019,217 |
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Debentures |
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80,400 |
55,000 |
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Long-Term Bank Loans |
416,111 |
145,283 |
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Reserve for Retirement Allw |
15,226 |
3,342 |
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Other Debts |
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25,038 |
48,564 |
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TOTAL LIABILITIES |
1,835,690 |
1,271,406 |
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MINORITY INTERESTS |
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16,976 |
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Common
stock |
64,936 |
26,748 |
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Additional
paid-in capital |
154,367 |
24,705 |
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Retained
earnings |
275,465 |
206,679 |
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Evaluation
p/l on investments/securities |
70,714 |
60,530 |
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Others |
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65,687 |
(162) |
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Treasury
stock, at cost |
(4,631) |
(4,181) |
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TOTAL S/HOLDERS` EQUITY |
626,538 |
314,319 |
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TOTAL EQUITIES |
2,462,229 |
1,602,702 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash
Flows from Operating Activities |
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44,598 |
33,089 |
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Cash
Flows from Investment Activities |
-31,159 |
-119,378 |
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Cash
Flows from Financing Activities |
-46,555 |
90,452 |
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Cash,
Bank Deposits at the Term End |
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125,603 |
75,032 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth
(S/Holders' Equity) |
626,538 |
314,319 |
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Current
Ratio (%) |
127.76 |
108.61 |
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Net
Worth Ratio (%) |
25.45 |
19.61 |
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Recurring
Profit Ratio (%) |
1.81 |
2.18 |
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Net
Profit Ratio (%) |
1.24 |
1.16 |
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Return
On Equity (%) |
12.32 |
14.55 |
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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%)