MIRA
INFORM REPORT
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Report Date : |
30.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
INOAC INTERNATIONAL CO LTD |
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Registered Office : |
Chubu Gomu Kaikan, 2-13-4 Meieki-Minami Nakamuraku Nagoya 450-0003 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
August 1975 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Export, Wholesale of Urethane Foam, Rubber Goods |
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 1,087.6 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name & address
INOAC
INTERNATIONAL CO LTD
REGD NAME: KK Inoac International
MAIN OFFICE: Chubu Gomu Kaikan, 2-13-4 Meieki-Minami
Nakamuraku Nagoya 450-0003 JAPAN
Tel:
052-561-7760 Fax: 052-561-7256
*
Registered at: 2-9-12 Osaki Shinagawaku Tokyo
URL: http://www.inoac.co.jp/ (Of the parent
Inoac Corporation
ACTIVITIES
Import, export, wholesale of urethane foam, rubber goods
BRANCHES
Nil
OFFICER(S)
SOICHI INOUE, PRES
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 28,636 M
PAYMENTS REGULAR CAPITAL Yen 80 M
TREND STEADY WORTH Yen 4,166 M
STARTED 1975 EMPLOYES 40
COMMENT
TRADING FIRM SPECIALIZING IN URETHANE FOAM & RUBBER GOODS,
AFFILIATED TO INOAC CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 1,087.6 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of an international trading division separated from Inoue Corporation, mfr of urethane foams & rubber goods, at the caption address. Soichi Inoue is concurrently pres of the parent. The firm is jointly owned by Inoac Corp and Inoue Rubber Co Ltd, wholesaler of auto & bicycle tires & tubes, at the caption address. Goods are both imported and exported. Exports to Indonesia, China, Hong Kong, USA, etc.
FINANCIAL INFORMATION
The sales volume for Sept/2007 fiscal term amounted to Yen 28,636 million, a 27% hike from Yen 22,588 million in the previous term. Robust expansion of automakers at domestic & overseas factories pushed the demand upward. Hike in material prices also contributed. The recurring profit was posted at Yen 1,164 million and the net profit at Yen 709 million, respectively, compared with Yen 1,032 million recurring profit and Yen 614 million net profit, respectively, a year ago.
For the current term ending Sept 2008 the net profit is projected at Yen 720 million, on a 10% rise in turnover, to Yen 31,500 million. Business is seen steadily uprising.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,087.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Aug 1975
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 640,000 shares
Issued: 160,000 shares
Sum: Yen 80 million
Major shareholders (%)
Inoac Corp*(50), Inoue Rubber Co**(50)
No. of shareholders: 2
* Mfr of rubber, plastics, urethane foam, at the caption address, founded 1954, capital Yen 720 million, turnover Yen 240,768 million, net profit Yen 8,973 million, total assets Yen 216,620 million, net worth Yen 120,310 million, employees 6,337, pres Soichi Inoue (--figures as of Dec/2006)
** Wholesaler of auto/bicycle tires & tubes at the caption address, founded 1938, capital Yen 145 million, turnover Yen 6,366 million, net profit Yen 438 million, employees 50, pres Soichi Inoue, concurrently.
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports, exports and wholesales polyurethane foam, polyethylene foam, rubber sponges, microcell polymers, special foams, other (--100%).
Clients
[Mfrs, wholesalers] Inoac Corp, Inoac Living, Inoac Estramer, other.
Exports to PT Inoac Indonesia, Inoac Hong Kong, Shanghai VITA Inoac, Inoac USA, other
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Inoac Corp, Inoac Estramer, Rogers Inoac, PT IRC Inoac
Indonesia, Tokai Rubber Ind, Inoac Hong Kong, other.
Payment record
Regular
Location
Business area in Nagoya. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Mizuho Corporate Bank (Nagoya)
MUFG (Nagoya)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
30/09/2008 |
30/09/2007 |
30/09/2006 |
30/09/2005 |
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Annual
Sales |
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31,500 |
28,636 |
22,588 |
17,604 |
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Recur.
Profit |
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1,164 |
1,032 |
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Net
Profit |
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720 |
709 |
614 |
475 |
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Total
Assets |
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9,094 |
7,511 |
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Current
Assets |
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7,884 |
6,298 |
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Current
Liabs |
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4,414 |
3,426 |
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Net
Worth |
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4,166 |
3,481 |
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Capital,
Paid-Up |
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80 |
80 |
80 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
10.00 |
26.78 |
28.31 |
19.56 |
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Current Ratio |
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.. |
178.61 |
183.83 |
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N.Worth Ratio |
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45.81 |
46.35 |
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R.Profit/Sales |
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4.06 |
4.57 |
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N.Profit/Sales |
2.29 |
2.48 |
2.72 |
2.70 |
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Return On Equity |
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17.02 |
17.64 |
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Notes: Forecast (or estimated) figures for the 30/09/2008 fiscal term.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.49 |
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UK Pound |
1 |
Rs.84.21 |
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Euro |
1 |
Rs.66.33 |
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%)