MIRA
INFORM REPORT
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Report Date : |
15.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
TEIJIN TECHNO PRODUCTS LTD |
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Registered Office : |
1-6-7 Minamihonmachi Chuoku Osaka 541-8587 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
November 2002 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Aramid Fibers, Polyvinyl Chloride, Acetic
Acid |
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 455.1 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
TEIJIN TECHNO PRODUCTS LTD
REGD NAME: Teijin Techno Products
KK
MAIN OFFICE: 1-6-7 Minamihonmachi
Chuoku Osaka 541-8587 JAPAN
Tel:
06-6268-2635 Fax: 06-6268-2633
* The given
address is its Iwakuni Plant at: 2-1 Hinode Iwakuni City Yamaguchi-Pref
URL: http://www.teijin-technoproducts.co.jp/
E-Mail address: info@teijin-technoproducts.co.jp
ACTIVITIES
Mfg of aramid fibers, polyvinyl chloride, acetic acid
BRANCHES
Tokyo; Shanghai
FACTORY(IES)
Iwakuni (as given), Matsuyama, Mihara, Ibaraki (R&D)
OFFICER(S)
NORIO KAMEI, PRES
Kazuo Shiro, dir
Giichi Morita, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 25,410 M
PAYMENTS REGULAR CAPITAL Yen 5,000 M
TREND STEADY WORTH Yen 18,560 M
STARTED 2002 EMPLOYES 245
COMMENT
MFR OF FIBERS AND INDUSTRIAL CHEMICALS, WHOLLY OWNED BY TEIJIN LTD. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 455.1 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of a fiber division separated from Teijin Ltd, major polyester mfr at the caption address (See REGISTRATION) for mfg aramid fibers & polyvinyl chloride, acetic acid anhydride, others. In Apr 2006, transferred polyester mfg to a group firm in the round of streamlining and restructuring group operations. Products are distributed by group firms.
FINANCIAL INFORMATION
The firm stopped disclosing full financials as from Mar/2006 fiscal term, only partial figures as follows;
The sales volume for Mar/2007 fiscal term amounted to Yen 25,410 million, a 26% down from Yen 34,250 million in the previous term. This is referred to the transfer of polyester business to a sister company. The operations dipped into the red to post Yen 853 million net losses for the term. This compares with Yen 1,270 million net profits a year ago.
For the term ended Mar 2008 the operations were projected to come back to profitability to post Yen 1,100 million net profit, on a 2% rise in turnover, to Yen 26,000 million. Final results have not been made available.
The financial situation is considered maintained FAIR and good for ORDINARY business
engagements. Max credit limit is estimated at Yen 455.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov 2002
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 400,000 shares
Issued: 100,000 shares
Sum: Yen 5,000 million
Major shareholders (%)
Teijin Ltd*(100)
* Major polyester mfr, at the caption address, founded 1918, listed Tokyo & Osaka S/E’s, capital Yen 70,787 million, turnover 1,036,623 million, operating profit Yen 65,161 million, recurring profit Yen 46,302 million, net profit Yen 12,612 million, total assets Yen 1,015,990 million, net worth Yen 411,249 million, employees 19,053, pres Tohru Nagashima
Consolidated financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures aramid fibers & their applied products, polyvinyl chloride & acetic acid anhydride, other industrial chemicals (--100%).
Clients
[Mfrs, wholesalers] NI Teijin Trading, Teijin Twaron BV, Teijin Twaron USA, Inabata & Co, Chikuma & Co, other.
No. of accounts
1,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Teijin Fiber Ltd, Teijin Twaron BV, Nagase & Co, Ihara Nikkei Chemical Ind, Union Tire Cord Ltd, other.
Payment record
Regular
Location
Business area in Osaka. Office premises at the caption address are owned by the parent, Teijin Ltd, and maintained satisfactorily.
Bank References
MUFG (Osaka)
Mizuho Corporate Bank (Osaka)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
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31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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26,000 |
25,410 |
34,250 |
32,134 |
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Recur.
Profit |
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1,552 |
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Net
Profit |
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1,100 |
-853 |
1,270 |
1,152 |
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Total
Assets |
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N/A |
N/A |
25,709 |
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Net
Worth |
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18,560 |
19,413 |
18,270 |
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Capital,
Paid-Up |
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5,000 |
5,000 |
5,000 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.32 |
-25.81 |
6.58 |
0.42 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
71.06 |
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N.Profit/Sales |
4.23 |
-3.36 |
3.71 |
3.58 |
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Notes: Financials are only partially disclosed as from the
Mar/2006 fiscal term.
Forecast (or estimated) figures for the 31/03/2008 fiscal
term.
SUPPLEMENTS:
CONSOLIDATED FINANCIALS OF THE PARENT, TEIJIN LTD
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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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1,036,623 |
1,009,586 |
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Cost of Sales |
780,195 |
750,849 |
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GROSS PROFIT |
256,428 |
258,736 |
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Selling & Adm Costs |
191,266 |
183,675 |
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OPERATING PROFIT |
65,161 |
75,061 |
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Non-Operating P/L |
-18,859 |
-14,568 |
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RECURRING PROFIT |
46,302 |
60,493 |
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NET PROFIT |
12,612 |
34,124 |
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BALANCE SHEET |
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Cash |
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19,095 |
28,375 |
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Receivables |
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204,917 |
208,413 |
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Inventory |
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151,502 |
141,095 |
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Securities, Marketable |
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Other Current Assets |
41,881 |
39,526 |
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TOTAL CURRENT ASSETS |
417,395 |
417,409 |
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Property & Equipment |
382,567 |
379,631 |
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Intangibles |
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74,699 |
53,754 |
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Investments, Other Fixed Assets |
141,329 |
149,123 |
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TOTAL ASSETS |
1,015,990 |
999,917 |
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Payables |
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123,739 |
139,405 |
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Short-Term Bank Loans |
71,975 |
65,100 |
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Other Current Liabs |
221,819 |
222,242 |
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TOTAL CURRENT LIABS |
417,533 |
426,747 |
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Debentures |
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25,326 |
49,933 |
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Long-Term Bank Loans |
91,873 |
52,171 |
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Reserve for Retirement Allw |
20,237 |
19,505 |
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Other Debts |
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49,772 |
43,825 |
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TOTAL LIABILITIES |
604,741 |
592,181 |
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MINORITY INTERESTS |
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Common
stock |
70,815 |
70,787 |
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Additional
paid-in capital |
101,324 |
63,137 |
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Retained
earnings |
199,952 |
196,899 |
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Evaluation
p/l on investments/securities |
14,062 |
40,268 |
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Others |
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25,340 |
36,732 |
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Treasury
stock, at cost |
(244) |
(87) |
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TOTAL S/HOLDERS` EQUITY |
411,249 |
407,736 |
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TOTAL EQUITIES |
1,015,990 |
999,917 |
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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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53,739 |
999,917 |
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Cash
Flows from Investment Activities |
-79,217 |
-87,065 |
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Cash
Flows from Financing Activities |
16,080 |
-19,073 |
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Cash,
Bank Deposits at the Term End |
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19,093 |
28,365 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
411,249 |
407,736 |
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Current
Ratio (%) |
99.97 |
97.81 |
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Net
Worth Ratio (%) |
40.48 |
40.78 |
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Recurring
Profit Ratio (%) |
4.47 |
5.99 |
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Net
Profit Ratio (%) |
1.22 |
3.38 |
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Return
On Equity (%) |
3.07 |
8.37 |
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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%)