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MIRA
INFORM REPORT
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Report Date : |
19.09.2007 |
IDENTIFICATION DETAILS
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Name : |
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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 : |
01.09.1992 |
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Legal Form : |
Private Limited |
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Line of Business : |
Trading and Supply-Chain Specialist of The
Toyota Group |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
ACN: 056 847 315
ABN: 24 056 847 315
INCORPORATED
1 September 1992
ADDRESS
LAVERTON NORTH, VIC 3026
SHARECAPITAL
$1,000,000
SHAREHOLDERS
TOYOTA TSUSHO CORPORATION Holds
1,000,000
DIRECTORS
TAKANASHI, Kenji
Resident overseas
KOBAYASHI, Tomonobu
14,
ARTARMON, NSW 2064
WADA, Koichi
1102,
DOCKLANDS, VIC 3008
WILLIAMS, Peter Andrew
ESSENDON, VIC 3040
SECRETARY
WILLIAMS, Peter Andrew
ESSENDON, VIC 3040
BUSINESS STRUCTURE
TRADING ADDRESS
TELEPHONE (613) 8368 7900
FACSIMILE (613) 9369 9921
ASSOCIATED ENTITIES
AUTOFAB (
TT STEEL CENTRE
COONTROLLED ENTITIES AUSTRALIAN FABRIC LAMINATORS P/L
HOLDING ENTITY
TOYOTA TSUSHO CORPORATION
BANK
Not determined
EMPLOYEES
174
BACKGROUND
The subject was incorporated in
The subject is a wholly owned subsidiary of Toyota Tsusho
Corporation, which was founded as a trading and supply-chain specialist of the
Toyota Group. TTALA has been operating in
The Holding entity Toyota Tsusho Corporation was established
in 1948 and is listed on the Tokyo Stock Exchange.
OPERATIONS
The subject operates as a diverse trading company with activities
including:
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Import and export of automotive parts and
machinery.
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Import and export of Steel and non ferrous metals
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Import and export of chemicals
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Import and export automotive fabrics
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Import and export of food
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Manufacture of circular knitted seating fabrics
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Lamination of seating fabrics
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Third party warehousing and logistics.
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of the failed to trace any litigation listed against the
subject at that date.
FINANCES
From the subjects most recently lodged financial statements, it is noted
that for the financial year ended 31 March 2007 the subject recorded
consolidated revenue of $434,743,375, which resulted in an operating profit
before tax of $10,593,735 and an operating profit after tax of $6,783,757
representing a Net Profit Margin of 1.56%.
Below is a summary of the subject’s income results for the past two
financial years.
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As at 31 March 2007 |
As at 31 March 2006 |
Change (%) |
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Revenue |
$434,743,375 |
$297,634,790 |
46.07% |
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Profit b/tax |
$10,593,735 |
$9,022,963 |
17.41% |
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Profit a/tax |
$6,783,757 |
$6,037,414 |
12.36% |
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Net Profit Margin |
1.56% |
2.03% |
-0.47% |
During fiscal 2007, the subject recorded a deficiency in Net Cashflows
from operating activities totalling $1,688,299.
As at 31 March 2007, the subject recorded total current assets of $123,486,056.
They included cash of $11,253,672, receivables of $79,980,288 and inventories
of $32,226,679.
Current liabilities at the same date totalled $121,845,191 and included
payables of $63,826,800 and borrowings of $56,497,529.
As at 31 March 2007 the subject recorded consolidated Working Capital of
$1,640,865 and a current ratio of 1.01 to 1 indicating satisfactory liquidity
levels.
At 31 March 2007, the subject had access to bank financing facilities
with a limited of $94,248,284. These facilities were drawn to $53,236,761 at
this date.
Net Assets totalled $29,609,325 as at 31 March 2007. At this date, the
subject further recorded a Debt to Equity ratio of 4.21 to 1.
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As at 31 March 2007 |
As at 31 March 2006 |
Change (%) |
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Revenue |
$434,743,375 |
$297,634,790 |
46.07% |
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Profit b/tax |
$10,593,735 |
$9,022,963 |
17.41% |
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Profit a/tax |
$6,783,757 |
$6,037,414 |
12.36% |
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Net Profit Margin |
1.56% |
2.03% |
-0.47% |
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Current Assets |
$123,486,056 |
$98,454,966 |
25.42% |
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Non Current Assets |
$30,909,111 |
$33,262,834 |
-7.08% |
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Total Assets |
$154,395,167 |
$131,717,800 |
17.22% |
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Current Liabilities |
$121,845,191 |
$102,315,501 |
19.09% |
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Non Current Liabilities |
$2,940,651 |
$2,561,152 |
14.82% |
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Total Liabilities |
$124,785,842. |
$104,876,653 |
18.98% |
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Net Assets |
$29,609,325 |
$26,841,147 |
10.31% |
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Working Capital |
$1,640,865 |
($3,860,535) |
-142.50% |
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Current Ratio |
1.01 |
0.96 |
5.32% |
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Debt to Equity |
4.21 |
3.91 |
7.86% |
TRADE SURVEY
During the current investigation, contact with the subjects principals
was unable to be established.
Subsequently details pertaining to the company’s suppliers were unable
to be obtained and a trade survey could not be conducted.
SUMMARY
The subject was incorporated in
The subject has been operating in
The Holding entity Toyota Tsusho Corporation was established
in 1948 and is listed on the Tokyo Stock Exchange.
for the financial year ended 31 March 2007 the subject recorded consolidated
revenue of $434,743,375, which resulted in an operating profit before tax of
$10,593,735 and an operating profit after tax of $6,783,757 representing a Net
Profit Margin of 1.56%.
As at 31 March 2007 the subject recorded consolidated Working Capital of
$1,640,865 and a current ratio of 1.01 to 1 indicating satisfactory liquidity
levels.
Net Assets totalled $29,609,325 as at 31 March 2007.
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%)