MIRA
INFORM REPORT
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Report Date : |
19.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
TOMEN PLASTICS CORPORATION |
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Registered Office : |
Toyota Tsusho Marunouchi Bldg 3F, 3-8-1 Marunouchi
Chiyodaku Tokyo 100-8320 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
January, 1981 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Export, Wholesale of
Synthetic Resins and Functional 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 421.2 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name of the company
TOMEN PLASTICS CORPORATION
REGD NAME: Tomen Plastics Hambai KK
MAIN OFFICE
Toyota Tsusho Marunouchi Bldg 3F, 3-8-1 Marunouchi Chiyodaku Tokyo 100-8320 JAPAN
Tel: 03-5288-3660 Fax: 03-5288-9233
URL
http://www.tomen-mira.com
E-Mail address
ACTIVITIES
Import, export, wholesale of
synthetic resins, functional chemicals
BRANCHES
Osaka, Nagoya
OVERSEAS
China (8), Manila, Singapore,
Jakarta, Kuala Lumpur, Bangkok, Hanoi, Ho Chi Minh City, Bombay, Sao Paulo,
Rotterdam, Sydney, Auckland, Kentucky
OFFICERS
HIROSHI HOSOKAWA, PRES Toshiaki Matsuura, mgn dir
Toshio Suzuki, dir Seiichi
Takada, dir
Ryoji Watanabe, dir Iwao Nishimura,
dir
Yen Amount
In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 36,561 M
PAYMENTS REGULAR CAPITAL Yen 250 M
TREND STEADY WORTH Yen 1,406 M
STARTED 1981 EMPLOYES 100
COMMENT
TRADING FIRM SPECIALIZING IN
PLASTICS PRODUCTS, WHOLLY OWNED BY TOYOTA TSUSHO CORP.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR CREDIT ENGAGEMENTS: US$1,150,000 / O/A 30 DAYS.
MAX CREDIT LIMIT
YEN 421.2 MILLION, 30 DAYS NORMAL
TERMS. .
HIGHLIGHTS
The subject company was
established originally on the basis of plastics section sepa-rated from synthetic
resins division of the then Tomen Corp (now merged into Toyota Tsusho
Corp). In 1999 merged sister firm,
Tomen Plastics Osaka. In Apr 2006, when
Tomen Corp was absorbed into Toyota Tsusho Corp, the firm became its wholly
owned subsidiary. This is a trading
house specializing in wholesale of synthetic resins, synthetic rubber raw
materials and products. Particularly
stresses on “MIRA” brand fluoropolymer coated wallpaper, panels, flooring,
other housing materials. Also handles
packaging materials, home electronics, automobiles, etc. Has 23 overseas branch offices, with 8 in
China. China operations are stressed.
FINANCIAL INFORMATION
The sales volume for Mar/2007
fiscal term amounted to Yen 36,561 million, a 6% down from Yen 38,923 million
in the previous term. Reportedly, this
is referred to transfer part of operations to a sister firm. The recurring profit was posted at Yen 640
million and the net profit at Yen 356 million, respectively, compared with Yen
514 million recurring profit and Yen 470 million net profit, respectively, a
year ago.
For the current term ending Mar
2008 the recurring profit is projected at Yen 820 million and the net profit at
Yen 430 million, respectively, on a 37% rise in turnover, to Yen 50,000
million, according to the firm. Newly
added products will contribute.
Automobile-related products will also expand.
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 421.2
million, on 30 days normal terms. The
proposed amount for 30 days terms is considered well within the firm’s &
the parent’s financial capabilities.
REGISTRATION
Date
Registered: Jan 1981
Legal
Status: Limited Company (Kabushiki
Kaisha)
Authorized: 2 million shares
Issued: 500,000 shares
Sum:
Yen 250 million
Major shareholders (%)
Toyota Tsusho Corp*(100)
*.. Sole trading firm in Toyota
group, Nagoya, merged with Tomen Corp in Apr 2006, 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
Consolidated Financials are as
attached (See SUPPLEMENTS).
Nothing detrimental is known as to
the commercial morality of executives.
OPERATION
Activities: Wholesales, imports
and exports synthetic resins, synthetic rubber raw mate-rials and products,
packaging materials, adhesive sheets, housing materials, home electronics, automobiles & parts,
LCD panels, PCB, others (--100%).
Handling “MIRA” brand products:
fluoro-polymer coated wallpaper, panels, sheets, flooring materials, resin
table top of cooking stoves, other interior sheet materials.
Clients
[Mfrs, wholesalers] Toyota Tsusho
Corp, Sony Corp, Samson Japan, Nifco Inc, Inoac Corp, Kojima Sangyo, Mirai
Industry, Risu Pack, Ikoma Chemical Products, other.
No. of accounts: 800
Domestic areas of activities:
Nationwide
Suppliers
[Mfrs, wholesalers] Toyota Tsusho
Corp, Toray Ind, Kuraray Co, Daicel Polymer,
Asahi Kasei Chemicals, Japan Polyethylene Corp, Japan Polypropylene Corp, Toho
Chemical Ind, Arisawa Mfg, other.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are
owned by the parent, Toyota Tsusho Corp, and maintained satisfactorily.
Bank References
MUFG (Tokyo)
SMBC (H/O)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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50,000 |
36,561 |
38,923 |
40,122 |
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Recur.
Profit |
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820 |
640 |
514 |
502 |
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Net
Profit |
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430 |
356 |
470 |
105 |
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Total
Assets |
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13,214 |
11,028 |
10,744 |
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Current
Assets |
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12,357 |
9,717 |
9,884 |
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Current
Liabs |
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11,510 |
9,192 |
9,659 |
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Net
Worth |
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1,406 |
1,070 |
826 |
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Capital,
Paid-Up |
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250 |
250 |
250 |
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Div.P.Share(Ą) |
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427.80 |
600.00 |
1000.00
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<Analytical
Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
36.76 |
-6.07 |
-2.99 |
.. |
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Current Ratio |
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107.36 |
105.71 |
102.33 |
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N.Worth Ratio |
.. |
10.64 |
9.70 |
7.69 |
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R.Profit/Sales |
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1.64 |
1.75 |
1.32 |
1.25 |
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N.Profit/Sales |
0.86 |
0.97 |
1.21 |
0.26 |
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Return On Equity |
.. |
25.32 |
43.93 |
12.71 |
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Note: Forecast (or estimated) 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
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3,945,319
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Cost of Sales |
5,884,267
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3,723,727
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GROSS PROFIT |
328,458
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221,592
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Selling & Adm Costs |
218,456
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141,536
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OPERATING PROFIT |
110,002
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80,056 |
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Non-Operating P/L |
2,721 |
6,123 |
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RECURRING PROFIT |
112,713
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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
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77,051 |
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Receivables |
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1,031,639
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683,995
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Inventory |
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381,135
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276,345
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Securities, Marketable |
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Other Current Assets |
119,792
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69,592 |
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TOTAL CURRENT ASSETS |
1,659,437
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1,106,983
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Property & Equipment |
204,576
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126,756
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Intangibles |
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145,657
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14,655 |
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Investments, Other Fixed Assets |
452,559
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354,308
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TOTAL ASSETS |
2,462,229
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1,602,702
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Payables |
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791,770
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536,029
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Short-Term Bank Loans |
232,940
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207,612
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Other Current Liabs |
274,205
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275,576
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TOTAL CURRENT LIABS |
1,298,915
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1,019,217
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Debentures |
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80,400 |
55,000 |
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Long-Term Bank Loans |
414,111
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145,283
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Reserve for Retirement Allw |
15,226 |
3,342 |
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Other Debts |
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27,038 |
48,564 |
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TOTAL LIABILITIES |
1,835,690
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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
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24,705 |
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Retained
earnings |
275,465
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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
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314,319
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TOTAL EQUITIES |
2,462,229
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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
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-119,378
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Cash Flows
from Financing Activities |
-46,555
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90,452 |
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Cash,
Bank Deposits at the Term End |
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125,603
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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
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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 |
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%)