MIRA
INFORM REPORT
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Report Date : |
21.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
TORAY INTERNATIONAL INC |
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Registered Office : |
JP Bldg, 3-4-4 Nihombashi-Muromachi Chuoku Tokyo 103-0022 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
December 1986 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Export, Wholesale of Fibers, Apparel, Resins, Fur,
Other |
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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Maximum Credit Limit : |
YEN 6,235.6 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name & address
TORAY
INTERNATIONAL INC
REGD NAME: Toray International KK
MAIN OFFICE: JP Bldg, 3-4-4 Nihombashi-Muromachi Chuoku
Tokyo 103-0022 JAPAN
Tel:
03-3245-5880 Fax: 03-0245-570
The given address
is its Osaka Head Office at: 3-3-3 Nakanoshima Chuoku Osaka;
Tel: 06-6445—3925;
Fax: 06-6445-3914
URL: http://www.toray-intl.com/
E-Mail address:info@toray-intl.com
ACTIVITIES
Import, export, wholesale of fibers, apparel, resins, fur,
other
BRANCHES
Tokyo, Osaka, Urayasu, Sapporo, Sendai, Nagoya, Fukuoka
OVERSEAS
USA (2), Mexico, London, Milan, Frankfurt, Shanghai, Hong
Kong, Taipei, Singapore, Bangkok,
Jakarta, Seoul, Ho Chi Minh
OFFICER(S)
SATORU MASUZAKI, CH & PRES
Akira Hada, s/mgn dir
Kenji Nakatake, mgn dir
Shigeo Fujii, mgn dir
Motoyuki Yagita, mgn dir
Taisuke Minakuchi, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 417,929 M
PAYMENTS REGULAR CAPITAL Yen 2,016 M
TREND STEADY WORTH Yen 18,618 M
STARTED 1986 EMPLOYES 340
COMMENT
TORADING FIRM, WHOLLY OWNED BY TORAY INDUSTRIES IINC.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 6,235.6 MILLION, 30 DAYS NORMAL TERMS
Notes: Forecast (or estimated) for the
31/03/2009 fiscal term.
HIGHLIGHTS
The subject company was established on the basis of an international trading division separated from Toray Industries Ltd, synthetic fiber mfr, at the caption address (See REGISTRATION). This is a specialized trading firm for import, export and wholesale of a wide range of products: from fibers, textiles, resins, apparel, chemicals, electronics materials, plant machinery, other. Having 15 overseas branch offices, actively engaged in international trading business. Business is not confined to Toray group, but sales outside Toray group account for about 60% of total sales.
FINANCIAL INFORMATION
The sales volume for Mar/2008 fiscal term amounted to Yen 417,929 million, a 13.4% up from Yen 368,523 million in the previous term. Apparel rose. Fibers for use in automobiles & apparel were in rising demand. Textile exports were steady. Electronics (semiconductors, LCD materials) were in rising demand. The recurring profit was posted at Yen 6,164 million and the net profit at Yen 3,534 million, respectively, compared with Yen 4,564 million recurring profit and Yen 2,630 million net profit, respectively, a year ago.
For the current term ending Mar 2009 the recurring profit is projected at Yen 6,510 million and the net profit at Yen 3,790 million, respectively, on a 3.5% rise in turnover, to Yen 432,400 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 6,235.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1986
Legal Status: Limited Company (Kabushiki Kaisha)
Issued: 32 million shares
Sum: Yen 2,016 million
Major shareholders (%)
Toray Industries Ltd*(100)
* Largest mfr of synthetic fibers, at the caption address, founded 1926, listed Tokyo, Osaka, Nagoya, London, Luxemburg S/E’s, capital Yen 96,937 million, turnover Yen 1,549,670 million, operating profit Yen 103,429 million, recurring profit Yen 91,471 million, net profit Yen 48,069 million, total assets Yen 1,698,226 million, net worth Yen 593,159 million, employees 38,565, pres Sadayuki Sakakibara
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Trading firm, wholly owned by Toray Industries Ltd, for import, export and wholesale a wide range products:
(Sales Breakdown by Divisions):
Fibers & Textile Div (19.9%): synthetic filament, yarns, staple fibers, rayon, cotton, wool, spun yarns, non-woven fabrics, industrial sling, other;
Apparel Div (11.4%): woven & knitted textiles, apparel products, man-made suede, leather products, other; Industrial Materials & General Merchandise Div (8.8%): additives, oils, sizing materials, dyes for textile industry; Plastics Div (20.0%): plastic resins, films, other; Electronics & Advanced Products Div (4.7%): electronics materials, optical fiber, water treatment instruments, computer peripherals, ceramics;
Materials, Chemicals Plant & Machinery Div (34.2%): Fiber & plastic production plant & machinery, raw materials for synthetic fibers, fine chemicals, carbon fiber, composite parts, steel;; Commercial Products Div (5.7%): cleaning cloth, fur, rubber, other.
Exports (35.2%); Imports (23.1%)
Clients
[Mfrs, wholesalers] Toray Ind & group firms, Mitsui & Co, First Retailing, Uniqlo Co, Itokin Sohonsha, other. Exports to USA, Europe, Asia, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Toray Ind & group firms, Nippon Oil, Mitsubishi Chemical, Mitsui & Co, other.
Imports from USA, Europe, S/E Asia, China, other.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
SMBC (Osaka-Chuo)
MUFG (Osaka-Chuo)
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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417,929 |
368,523 |
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Cost of Sales |
403,377 |
355,775 |
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GROSS PROFIT |
14,552 |
12,747 |
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Selling & Adm Costs |
8,323 |
8,242 |
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OPERATING PROFIT |
6,229 |
4,505 |
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Non-Operating P/L |
-65 |
59 |
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RECURRING PROFIT |
6,164 |
4,564 |
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NET PROFIT |
3,534 |
2,630 |
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BALANCE SHEET |
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Cash |
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1,030 |
47 |
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Receivables |
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62,788 |
62,942 |
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Inventory |
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17,178 |
14,734 |
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Securities, Marketable |
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Other Current Assets |
13,829 |
14,209 |
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TOTAL CURRENT ASSETS |
94,825 |
91,932 |
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Property & Equipment |
185 |
182 |
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Intangibles |
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768 |
662 |
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Investments, Other Fixed Assets |
4,588 |
3,784 |
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TOTAL ASSETS |
100,366 |
96,560 |
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Payables |
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60,578 |
62,617 |
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Short-Term Bank Loans |
5,130 |
4,434 |
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Other Current Liabs |
11,457 |
10,130 |
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TOTAL CURRENT LIABS |
77,165 |
77,181 |
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Debentures |
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Long-Term Bank Loans |
4,150 |
4,341 |
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Reserve for Retirement Allw |
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Other Debts |
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434 |
542 |
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TOTAL LIABILITIES |
81,749 |
82,064 |
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MINORITY INTERESTS |
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Common
stock |
2,016 |
1,600 |
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Additional
paid-in capital |
416 |
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Retained
earnings |
16,090 |
12,812 |
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Evaluation
p/l on investments/securities |
(5) |
79 |
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Others |
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101 |
5 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
18,618 |
14,496 |
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TOTAL EQUITIES |
100,366 |
96,560 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
18,618 |
14,496 |
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Current
Ratio (%) |
122.89 |
119.11 |
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Net
Worth Ratio (%) |
18.55 |
15.01 |
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Recurring
Profit Ratio (%) |
1.47 |
1.24 |
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Net
Profit Ratio (%) |
0.85 |
0.71 |
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Return
On Equity (%) |
18.98 |
18.14 |
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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%)