MIRA
INFORM REPORT
|
Report Date : |
21.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ITOCHU TEXMAC CORPORATION |
|
|
|
|
Registered Office : |
Ito Bldg 9F, 3-6-14 Minamihonmachi Chuoku Osaka 541-0054 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
April, 1969 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Export, Import, Wholesale Of Textile
Machinery, Other Industrial Machinery |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
|
Maximum Credit Limit : |
Yen 88.3 millions |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Regular |
name
ITOCHU TEXMAC CORPORATION
REGD NAME
Itochu Texmac KK
MAIN OFFICE
Ito Bldg 9F, 3-6-14 Minamihonmachi Chuoku Osaka 541-0054 JAPAN
Tel: 066282-1114
Fax: 06-6282-1109
URL: http://www.itochu-tmc.com
E-Mail address: (thru
the URL)
ACTIVITIES
Export, import, wholesale of textile machinery, other
industrial machinery
BRANCHES
Nagoya, Fukui, Kaizuka, Sugito (Saitama)
OVERSEAS
Shanghai, Jakarta, Istanbul, Karachi, USA, Italy, France
OFFICERS
KAZUO ITOKI, PRES
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES WEAK A/SALES Yen 24,920 M
PAYMENTS REGULAR CAPITAL Yen 1,250 M
TREND SLOW WORTH Yen 286 M
STARTED 1969 EMPLOYES 62
COMMENT
A TRADING HOUSE SPECIALIZING IN TEXTILE MACHINERY, OWNED BY ITOCHU GROUP COMPANIES.
FINANCIAL SITUATION CONSIDERED WEAK BUT SHOULD BE GOOD FOR
MODERATE BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 88.3 MILLION, 30 DAYS NORMAL
TERMS. .
HIGHLIGHTS
The subject company was established on the basis of a machinery
export division separated from Itochu Corp, a leading general trading house,
Tokyo (See REGISTRATION). The subject
exports, and partially imports, textile machinery & peripheral equipment,
logistic plant & systems, environmental equipment, and other industrial
machinery, including their parts & attachments. Export destinations are China, Pakistan, Thailand, Turkey,
Indonesia, India, Bangladesh, etc.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 24,920 million, a 13% down from Yen 28,551 million in the previous term. Exports were slow. Machinery prices continued under pressure due to competition. The operations plunged into the red to register Yen 23 million recurring loss and Yen 372 million net loss, respectively, compared with Yen 118 million recurring profit and Yen 3 million net profit, respectively, a year ago. Some extraordinary losses are reported.
For the term ended Mar 2007 the operations were projected to come
back to profitability but still limited to a minimum amount post-taxes, despite
a 10% rise in turnover, to Yen 27,500 million.
Exports were seen recovered.
Weaker Yen should have contributed to uplift sales amount in Yen terms.
The financial situation is considered WEAK but should be good
for MODERATE business engagements. Max
credit limit is estimated at Yen 88.3 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr
1969
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 2.6
million shares
Issued: 2.5
million shares
Sum: Yen 1,250 million
Major shareholders (%): Itochu
Corp*(98), Itochu Plamac (2)
No. of shareholders: 2
*.. Major general trading house of Japan, Tokyo, founded 1949, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 202,241 million, sales Yen 11,579,059 million, recurring profit Yen 300,230 million, net profit Yen 177,059 million, total assets Yen 5,271,512 million, net worth Yen 896,195 million, employees 45,690, pres Eizo Kobayashi
Full financials are as attached.
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Exports, imports and wholesales spinning machinery,
dyeing & finishing machinery, synthetic fiber machines, environmental
equipment, logistic plant & systems, other industrial machinery, including
their parts & attachments (--100%). (Export 80%).
Clients: [Textile mfrs, wholesalers] Exports to Texmac Inc (USA), Texmac Europe Spa (Italy), Weiqiao Tex, Colony Tex, Sheikh Spinning, Crescent Steel, other to China, India, Indonesia, Turkey, Bangladesh, Pakistan, Thailand, other.
Domestic clients: Kawashima Textile Mfg, Sato Pharmaceutical, Tokyo Neo Print, Unitika, Daifuku Co, other.
No. of accounts: 100
Domestic areas of activities: Nationwide
Suppliers: [Mfrs] For exports, supplied from Murata Machinery, Toyoda Automatic Loom Works, Tsudakoma Corp, Happy Ind, TMT Machinery, other.
Partially imports from: Van de Wiele, Bonas Textile Machinery,
TMT Machinery, CF Scheer & Cie GmbH, other from Europe, Korea, etc.
Payment record: Regular
Location: Business area in Osaka. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
Mizuho Bank (Semba)
SMBC (Semba)
Relations: Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
31/03/2007 |
31/03/2006 |
31/03/2005 |
31/03/2004 |
|
|
Annual
Sales |
|
27,500 |
24,920 |
28,551 |
26,085 |
|
Recur.
Profit |
|
|
-23 |
118 |
|
|
Net
Profit |
|
0 |
-372 |
3 |
-81 |
|
Total
Assets |
|
|
7,040 |
6,809 |
|
|
Current
Assets |
|
|
6,451 |
5,772 |
|
|
Current
Liabs |
|
|
6,418 |
5,897 |
|
|
Net
Worth |
|
|
286 |
652 |
|
|
Capital,
Paid-Up |
|
|
1,250 |
1,250 |
1,250 |
|
Div.P.Share(¥) |
|
|
|
|
|
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
10.35 |
-12.72 |
9.45 |
19.25 |
|
|
Current Ratio |
|
.. |
100.51 |
97.88 |
.. |
|
N.Worth Ratio |
.. |
4.06 |
9.58 |
.. |
|
|
R.Profit/Sales |
|
.. |
-0.09 |
0.41 |
.. |
|
N.Profit/Sales |
0.00 |
-1.49 |
0.01 |
-0.31 |
|
|
Return On Equity |
.. |
.. |
0.46 |
.. |
|
Note: Forecast (or estimated) for the 31/03/2007 fiscal
term.
ATTACHMENTS
CONSOLIDATED FINANCIALS OF ITOCHU CORPORATION.
|
FINANCES: (Consolidated
in million yen) |
|
||||
|
|
|
Terms Ending: |
31/03/2007 |
31/03/2006 |
|
|
INCOME STATEMENT |
|
|
|||
|
|
Annual Sales |
|
11,579,059 |
10,473,885 |
|
|
|
Cost of Sales |
1,067,038 |
9,759,511 |
||
|
|
GROSS PROFIT |
908,676 |
714,374 |
||
|
|
Selling & Adm Costs |
644,055 |
520,985 |
||
|
|
OPERATING PROFIT |
264,621 |
193,389 |
||
|
|
Non-Operating P/L |
35,609 |
23,480 |
||
|
|
RECURRING PROFIT |
300,230 |
216,869 |
||
|
|
NET PROFIT |
177,059 |
145,146 |
||
|
BALANCE SHEET |
|
|
|
||
|
|
Cash |
|
532,856 |
477,707 |
|
|
|
Receivables |
|
1,421,555 |
1,211,035 |
|
|
|
Inventory |
|
530,335 |
458,876 |
|
|
|
Securities, Marketable |
31,161 |
48,282 |
||
|
|
Other Current Assets |
550,998 |
483,723 |
||
|
|
TOTAL CURRENT ASSETS |
3,066,905 |
2,679,623 |
||
|
|
Property & Equipment |
530,045 |
487,788 |
||
|
|
Intangibles |
|
1,317,826 |
1,240,256 |
|
|
|
Investments, Other Fixed Assets |
356,736 |
389,346 |
||
|
|
TOTAL ASSETS |
5,271,512 |
4,797,013 |
||
|
|
Payables |
|
1,324,619 |
1,078,192 |
|
|
|
Short-Term Bank Loans |
373,723 |
382,434 |
||
|
|
|
|
|
|
|
|
|
Other Current Liabs |
690,954 |
669,200 |
||
|
|
TOTAL CURRENT LIABS |
2,389,296 |
2,129,826 |
||
|
|
Debentures |
|
|
|
|
|
|
Long-Term Bank Loans |
1,795,333 |
1,762,103 |
||
|
|
Reserve for Retirement Allw |
21,748 |
19,081 |
||
|
|
Other Debts |
|
25,885 |
29,470 |
|
|
|
TOTAL LIABILITIES |
4,232,262 |
3,940,480 |
||
|
|
MINORITY INTERESTS |
143,055 |
129,717 |
||
|
|
Common
stock |
202,241 |
202,241 |
||
|
|
Additional
paid-in capital |
136,842 |
137,035 |
||
|
|
Retained
earnings |
477,159 |
315,928 |
||
|
|
Evaluation
p/l on investments/securities |
122,736 |
97,689 |
||
|
|
Others |
|
(40,873) |
(24,800) |
|
|
|
Treasury
stock, at cost |
(1,910) |
(1,277) |
||
|
|
TOTAL S/HOLDERS` EQUITY |
896,195 |
726,816 |
||
|
|
TOTAL EQUITIES |
5,271,512 |
4,797,013 |
||
|
CONSOLIDATED CASH FLOWS |
|
|
|||
|
|
|
Terms ending: |
31/03/2007 |
31/03/2006 |
|
|
|
Cash
Flows from Operating Activities |
|
235,917 |
185,147 |
|
|
|
Cash Flows
from Investment Activities |
-83,394 |
-79,871 |
||
|
|
Cash
Flows from Financing Activities |
-100,920 |
-85,193 |
||
|
|
Cash,
Bank Deposits at the Term End |
|
532,856 |
477,707 |
|
|
ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
|||
|
|
|
Net
Worth (S/Holders' Equity) |
896,195 |
726,816 |
|
|
|
|
Current
Ratio (%) |
128.36 |
125.81 |
|
|
|
|
Net
Worth Ratio (%) |
17.00 |
15.15 |
|
|
|
|
Recurring
Profit Ratio (%) |
2.59 |
2.07 |
|
|
|
|
Net
Profit Ratio (%) |
1.53 |
1.39 |
|
|
|
|
Return
On Equity (%) |
19.76 |
19.97 |
|
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)