MIRA
INFORM REPORT
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Report Date : |
30.12.2008 |
IDENTIFICATION DETAILS
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Name : |
TOMOEGAWA CO LTD |
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Registered Office : |
1-5-15 Kyobashi Chuoku |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
August 1917 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Manufacturer of Specialty Paper,
Laminated Films, Adhesive Tapes |
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 536.6 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
TOMOEGAWA CO LTD
REGD NAME: Tomoegawa Seishisho KK
MAIN OFFICE: 1-5-15
Kyobashi Chuoku
Tel: 03-3272-4111 Fax: 03-3272-4304
URL: http://www.tomoegawa.co.jp/
E-Mail
address: info@tomoegawa.co.jp
ACTIVITIES
Mfg of specialty paper, laminated
films, adhesive tapes
BRANCHES
OVERSEAS
FACTORY(IES)
CHIEF EXEC
YOSHIO INOUE, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 45,916 M
PAYMENTS REGULAR CAPITAL Yen 1,990 M
TREND STEADY WORTH Yen 9,445 M
STARTED 1917 EMPLOYES 1,440
COMMENT
SPECIALTY PAPER MFR.
FINANCIAL SITUATION COSIDERED FAIR
AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN
536.6 MILLION, 30 DAYS NORMAL TERMS
Forecast
(or estimated) figures for 31/03/2009 fiscal term
HIGHLIGHTS
The subject company was
established as paper mfr but mainline has shifted from paper into such
electronic materials as laminated films for LCDs and adhesive tapes for
semiconductors. Known for leading-edge
coating technology for making prepaid cards, tickets & other magnetic
products. Top-ranked maker of toners.
FINANCIAL INFORMATION
The sales volume for Mar/2008
fiscal term amounted to Yen 45,916 million, an 8.7% down from Yen 50,307 million
in the previous term. The mainline FPD
(flat panel display) related products and semiconductor related products were
extremely down. Particularly FPD-related
products were met with harsh price competition among the trade. The operations plunged into the red to
register Yen 2,376 million recurring loss and Yen 1,462 million net losses,
respectively, compared with Yen 1,286 million recurring profit and Yen 326
million net profit, respectively, a year ago.
Increased depreciation costs plus hikes in materials & fuel oils
deeply ate into profits. Posted Yen
2,915 million extraordinary losses for the term.
(Apr/Sept/2008 results): Sales Yen
22,735 million (down 2.0%), operating loss Yen 188 million (from Yen 1,240
million losses), recurring loss Yen 300 million (from 1,348 million loss), net
loss Yen 519 million (from 895 million loss).
(% & figures compared with the corresponding period a year
ago). Semiconductor-related products
continued under downward pressure.
Posted extraordinary losses of asset impairment for Yen 4,030
million. Partially closed down factory
operations for FPD & semiconductor-related products operations due to
unfavorable markets.
For the current term ending Mar
2009 the recurring profit is projected at Yen 100 million and the net profit at
Yen 1,100 million, respectively, on a 0.18% rise in turnover, to Yen 46,000
million. The firm revised down the
forecast as above from the earlier projections of Yen 50,000 million.
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max credit limit is
estimated at Yen 536.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Aug 1917
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 100 million shares
Issued: 42,129,950
shares
Sum: Yen 1,990
million
Major shareholders (%)
Sakae Shigyo (6.3), SMBC (4.6),
Shoei Printing (4.3), Sanko Co (4.1), Yoshio Inoue (4.0), Azuma Shigyo (3.7),
MUFG (3.4), Toei Fudosan (3.2), Nippon Life Ins (2.7), Suzuyo & Co (2.4);
foreign owners (0.6)
No. of shareholders:
43,168
Listed on the S/Exchange (s) of:
Managements
Yoshio Inoue, pres; Shigeru
Yokoyama, dir; Kunio Hirano, dir; Atsushi Koshimura, dir; Shun’ichi Sano, dir;
Tetsuro Komori, dir
Nothing detrimental is known as to
the commercial morality of executives.
Related companies
Tomoegawa
OPERATION
Activities: Manufactures paper
processed products (38%), plastic materials processing (61%), others (1%).
Overseas Sales Ratio (25.1%): N
America 8.1%, Europe 5.2%,
(Products): Electronics parts,
display components, toner products, functional sheets, specialty papers,
evolution of products & technologies;
(Technologies): adhesives, coatings,
toner technologies, paper-making, R&D activities.
Clients
[Mfrs, wholesalers] Shin Tomoegawa
Seishi, Tappan Printing, Mitsui Chemical, Kao Corp,
No. of accounts: 1,000
Domestic areas of activities:
Nationwide
Suppliers
[Mfrs, wholesalers] Marubeni Corp,
OG Corp, Sumitomo Corp, Mitsui & Co, Toyo Coating, Shin Tomoegawa Kakoh,
Kao Corp, other.
Payment record:
Regular
Location: Business
area in
Bank References
SMBC (
MUFG (
Relations: Satisfactory
FINANCES: (In Million Yen)
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FINANCES: (Consolidated in million yen) |
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Terms Ending: |
31/03/2008 |
31/03/2007 |
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INCOME
STATEMENT |
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Annual Sales |
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45,916 |
50,307 |
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Cost of Sales |
40,412 |
41,480 |
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GROSS PROFIT |
5,504 |
8,826 |
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Selling & Adm Costs |
7,582 |
7,169 |
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OPERATING PROFIT |
-2,077 |
1,656 |
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Non-Operating P/L |
-299 |
-370 |
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RECURRING PROFIT |
-2,376 |
1,286 |
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NET PROFIT |
-1,462 |
326 |
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BALANCE
SHEET |
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Cash |
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4,109 |
3,490 |
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Receivables |
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8,077 |
8,677 |
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Inventory |
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11,124 |
10,746 |
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Securities, Marketable |
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Other Current Assets |
1,401 |
1,887 |
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TOTAL CURRENT ASSETS |
24,711 |
24,800 |
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Property & Equipment |
28,774 |
30,956 |
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Intangibles |
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943 |
931 |
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Investments, Other Fixed Assets |
4,849 |
4,229 |
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TOTAL ASSETS |
59,277 |
60,916 |
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Payables |
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8,266 |
9,281 |
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Short-Term Bank Loans |
5,931 |
4,439 |
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Other Current Liabs |
12,560 |
9,924 |
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TOTAL CURRENT LIABS |
26,757 |
23,644 |
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Debentures |
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500 |
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Long-Term Bank Loans |
20,441 |
20,793 |
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Reserve for Retirement Allw |
2,121 |
3,744 |
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Other Debts |
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512 |
734 |
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TOTAL LIABILITIES |
49,831 |
49,415 |
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MINORITY INTERESTS |
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Common stock |
1,990 |
1,990 |
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Additional paid-in capital |
2,548 |
2,542 |
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Retained earnings |
4,322 |
5,994 |
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Evaluation p/l on
investments/securities |
366 |
677 |
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Others |
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496 |
573 |
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Treasury stock, at cost |
(277) |
(275) |
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TOTAL S/HOLDERS` EQUITY |
9,445 |
11,501 |
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TOTAL EQUITIES |
59,277 |
60,916 |
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CONSOLIDATED
CASH FLOWS |
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Terms ending: |
31/03/2008 |
31/03/2007 |
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Cash Flows from Operating Activities |
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-286 |
1,062 |
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Cash Flows from Investment
Activities |
-4,128 |
--10,374 |
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Cash Flows from Financing Activities |
5,053 |
10,374 |
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Cash, Bank Deposits at the Term End |
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4,064 |
3,480 |
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ANALYTICAL
RATIOS Terms ending: |
31/03/2008 |
31/03/2007 |
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Net Worth (S/Holders' Equity) |
9,445 |
11,501 |
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Current Ratio (%) |
92.35 |
104.89 |
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Net Worth Ratio (%) |
15.93 |
18.88 |
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Recurring Profit Ratio (%) |
-5.17 |
2.56 |
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Net Profit Ratio (%) |
-3.18 |
0.65 |
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Return On Equity (%) |
-15.48 |
2.83 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.50 |
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1 |
Rs.70.02 |
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Euro |
1 |
Rs.67.95 |
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%)