MIRA
INFORM REPORT
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Report Date : |
01.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
TOYOTSU PLACHEM CO LTD |
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Registered Office : |
3-162 Hongo Meitoku Nagoya 465-0024 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
June 1988 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Export, Wholesale of Industrial Chemicals, Metal
Mold, Auto Parts |
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 230.0 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
TOYOTSU PLACHEM CO
LTD
REGD NAME: Toyotsu Plachem KK
MAIN OFFICE: 3-162 Hongo Meitoku Nagoya 465-0024 JAPAN
Tel:
052-775-6451 Fax: 052-775-4518
* The given address is its Tokyo Office,
also the address of the parent, Toyota Tsusho Corp
URL: http://www.toyotsu-plachem.co.jp/
E-Mail
address:info@toyotsu-plachem.co.jp
ACTIVITIES
Import, export, wholesale of industrial chemicals, metal
mold, auto parts
BRANCHES
Tokyo, Osaka, Shizuoka
OFFICER(S)
TOKUJI KITAMURA, PRES
Osamu Hori, rep dir
Takafumi Watanabe, mgn dir
Norihiro Tokunaga, mgn dir
Mitsuru Otsuki, dir
Yen
Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 49,277 M
PAYMENTS REGULAR CAPITAL Yen
20 M
TREND STEADY WORTH Yen
870 M
STARTED 1988 EMPLOYES 88
COMMENT
TRADING FIRM SPECIALIZING IN INDUSTRIAL CHEMICALS, WHOLLY OWNED BY TOYOTA TSUSHO CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 230.0 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The
subject company was established on the basis of an industrial chemicals
division (synthetic resins) separated from Toyota Tsusho Corp (See REGISTRATION). A trading firm, wholly owned by Toyota
Tsusho, specializing in import, export and wholesale of synthetic resin, metal
mold, industrial chemicals, auto parts & accessories (of Toyota Motor),
other.
The
firm announced merger of two sister companies; Tomen Chemical Co Ltd &
Tomen Plastics Corporation; schedule of merger: Apr 2009. The purpose of the merger is to streamline
group operations and by the merger its activities will be magnified, according
to the firm.
FINANCIAL INFORMATION
Financials
are consolidated by the parent, Toyota Tsusho Corp, and disclosed in digest.
The sales
volume for Mar/2008 fiscal term amounted to Yen 49,277 million, a 40% up from
Yen 35,188 million in the previous term.
It was thanks to the hike in materials prices, including oil &
petrochemicals, as well as robust export of auto parts & accessories to
Toyota Motor’s overseas mfg factories, the firm says. The recurring profit was posted at Yen 832 million and the net
profit at Yen 455 million, respectively, compared with Yen 651 million
recurring profit and Yen 361 million net profit, respectively, a year ago.
For
the current term ending Mar 2009 the net profit is projected at Yen 460million,
on a 6% rise in turnover, to Yen 52,000 million.
The
parent, Toyota Tsusho Corp, reported Apr/Sept/2008 results: Sales Yen 3,889,427
million (up 14%), operating profit Yen 75,444 million (up 9%), recurring profit
Yen 86,701 million (up 17%), net profit Yen 45,492 million (up 27%), thanks to
strong performance of its energy & metal businesses; forecast for Mar/2009
term remaining unchanged at Yen 7,800,000 million (up 11.4%), operating profit
Yen 150,000 million (up 13.9%), recurring profit Yen 156,000 million (up 9.1%),
net profit Yen 74,000 million (up 9.6%).
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max credit limit is estimated at Yen
230.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jun
1988
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 1,600
shares
Issued: 400
shares
Sum: Yen
20 million
Major shareholders (%)
Toyota Tsusho Corp*(100)
* Sole general trading firm in Toyota Group, Nagoya, strong in
automobile-related products, steel, machinery & chemical products, founded
1948, listed Tokyo, Nagoya S/E’s, sales Yen 7,000,352 million, operating profit
Yen 131,671 million, recurring profit Yen 142,969 million, net profit Yen
67,506 million, total assets Yen 2,603,206 million, net worth Yen 585,875
million, employees 26,121, pres Junzo Shimizu
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports, exports and wholesales
synthetic resins (their materials, products & by-products), metal mold,
injection molds, machinery & machine parts, industrial chemicals &
additives, petrochemical products, auto parts & accessories (of Toyota
Motor), other (--100%).
Clients
[Mfrs, wholesalers] Toyota Tsusho Corp, Toyota Tsusho Thailand,
Toyota Tsusho America, Toyota Tsusho Tianjiang, Toyota Tsusho UK, Showa Shell Sekiyu,
other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Toyota
Tsusho Corp, Tokai Carbon, Kaneka Corp, Ube Ind, Toyobo Ltd, other.
Payment
record: Regular
Location:
Business area in Nagoya. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References
MUFG (Hoshigaoka)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2009 |
31/03/2008 |
31/03/2007 |
31/03/2006 |
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Annual
Sales |
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52,000 |
49,277 |
35,188 |
28,414 |
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Recur.
Profit |
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832 |
651 |
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Net
Profit |
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460 |
455 |
363 |
250 |
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Total
Assets |
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15,801 |
10,473 |
8,816 |
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Current
Assets |
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15,710 |
10,391 |
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Current
Liabs |
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14,853 |
9,788 |
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Net
Worth |
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870 |
621 |
446 |
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Capital,
Paid-Up |
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20 |
20 |
20 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.53 |
40.04 |
23.84 |
24.46 |
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Current Ratio |
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.. |
105.77 |
106.16 |
.. |
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N.Worth Ratio |
.. |
5.51 |
5.93 |
5.06 |
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R.Profit/Sales |
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.. |
1.69 |
1.85 |
.. |
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N.Profit/Sales |
0.88 |
0.92 |
1.03 |
0.88 |
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Return On Equity |
.. |
52.30 |
58.45 |
56.05 |
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Notes: Forecast (or estimated) figures for the 31/03/2009
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: |
31/03/2008 |
31/03/2007 |
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INCOME STATEMENT |
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Annual Sales |
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7,000,352 |
6,212,726 |
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Cost of Sales |
6,630,828 |
5,884,267 |
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GROSS PROFIT |
369,523 |
328,458 |
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Selling & Adm Costs |
237,852 |
218,456 |
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OPERATING PROFIT |
131,671 |
110,002 |
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Non-Operating P/L |
11,298 |
2,711 |
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RECURRING PROFIT |
142,969 |
112,713 |
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NET PROFIT |
67,506 |
77,211 |
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BALANCE SHEET |
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Cash |
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174,915 |
126,871 |
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Receivables |
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1,108,791 |
1,031,639 |
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Inventory |
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444,155 |
381,135 |
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Securities, Marketable |
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Other Current Assets |
157,635 |
319,792 |
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TOTAL CURRENT ASSETS |
1,885,496 |
1,859,437 |
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Property & Equipment |
717,710 |
802,791 |
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Intangibles |
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131,679 |
145,657 |
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Investments, Other Fixed Assets |
(131,679) |
(345,656) |
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TOTAL ASSETS |
2,603,206 |
2,462,229 |
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Payables |
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906,981 |
791,770 |
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Short-Term Bank Loans |
316,452 |
232,940 |
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Other Current Liabs |
256,061 |
274,205 |
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TOTAL CURRENT LIABS |
1,479,494 |
1,298,915 |
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Debentures |
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75,000 |
80,100 |
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Long-Term Bank Loans |
366,313 |
416,111 |
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Reserve for Retirement Allw |
13,606 |
15,226 |
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Other Debts |
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29,063 |
25,338 |
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TOTAL LIABILITIES |
1,963,476 |
1,835,690 |
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MINORITY INTERESTS |
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Common
stock |
64,936 |
64,936 |
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Additional
paid-in capital |
154,367 |
154,367 |
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Retained
earnings |
334,950 |
275,465 |
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Evaluation
p/l on investments/securities |
40,362 |
70,714 |
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Others |
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50,389 |
65,687 |
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Treasury
stock, at cost |
(5,274) |
(4,631) |
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TOTAL S/HOLDERS` EQUITY |
639,730 |
626,538 |
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TOTAL EQUITIES |
2,603,206 |
2,462,229 |
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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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104,727 |
44,598 |
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Cash
Flows from Investment Activities |
-36,717 |
-31,159 |
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Cash Flows
from Financing Activities |
-23,057 |
-46,555 |
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Cash,
Bank Deposits at the Term End |
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174,197 |
125,603 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
639,730 |
626,538 |
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Current
Ratio (%) |
127.44 |
143.15 |
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Net
Worth Ratio (%) |
24.57 |
25.45 |
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Recurring
Profit Ratio (%) |
2.04 |
1.81 |
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Net
Profit Ratio (%) |
0.96 |
1.24 |
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Return
On Equity (%) |
10.55 |
12.32 |
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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.49.25 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.62.84 |
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%)