MIRA
INFORM REPORT
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Report Date : |
11.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
TOYOTSU SYSCOM CORPORATION |
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Registered Office : |
Kintetsu Shin-Nagoya Bldg, 4-5-28 Meieki
Nakamuraku Nagoya 450-0002 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
March 1994 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Mobile Phone Sales, Networking/It
Solution Services |
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 1,874.1 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name & address
TOYOTSU SYSCOM
CORPORATION
REGD NAME: KK Toyotsu Syscom
MAIN OFFICE: Kintetsu Shin-Nagoya Bldg, 4-5-28 Meieki
Nakamuraku Nagoya 450-0002 JAPAN
Tel:
052-589-4610 Fax: 052-589-4021
URL: http://www.tsyscom.co.jp
E-Mail address: info@tsyscom.co.jp
ACTIVITIES
Mobile phone sales, Networking/IT solution services
BRANCHES
Tokyo, Osaka, Sapporo, Shizuoka, Toyota, Hiroshima, Sendai,
Gunma, Matsumoto, Mishima,
Okayama
SALES OFFICES
Sapporo (5), Gunma (2), Tokyo (8), Nagano (3), Gifu (2), Shizuoka (5), Aichi (10), Mie, Kyoto, Osaka (6), Tottori, Shimane, Okayama (2), Hiroshima (3), Fukuoka (4) (-Direct-run stores)
OFFICER(S)
MASAHIRO TANIZEKI, PRES
Koji Sugiura, s/mgn dir
Yoshiaki Tanaka, mgn dir
Masayuki Uchida, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 72,702 M
PAYMENTS REGULAR CAPITAL Yen 450 M
TREND STEADY WORTH Yen 6,219 M
STARTED 1994 EMPLOYES 597
COMMENT
MOBILE PHONE & IT SOLUTION SERVICE PROVIDER, WHOLLY OWNED BY TOYOTA TSUSHO COPR.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 1,874.1 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of the information/telecommunications division separated from Toyota Tsusho Corp, general trading firm of Toyota Motor Group (See REGISTRATION). This is a provider of IT solution services and mobile phone sales, other related services (See OPERATION). In 1987, started networking business (with contracted lines); in 1988, started mobile phone business services. Mobile phone/PHS contractors exceeded 100 million, according to the firm. Lines are supplied from major telecommunications carriers. Operates 54 direct-run sales offices nationwide. In Apr/2006, merged Tomen Information Systems and Tomen Telecom Corp. By the merger, business activities/networks expanded
FINANCIAL INFORMATION
The sales volume for Mar/2008 fiscal term amounted to Yen 72,702 million, a 37% rise from Yen 52,952 million in the previous term. This is thanks to the expansion of business activities by the said merger. The recurring profit was posted at Yen 2,786 million, and the net profit at Yen 1,639 million, respectively, compared with Yen 2,205 million recurring profit and Yen 1,232 million net profit, respectively, a year ago.
For the current term ending Mar 2009 the recurring profit is projected at Yen 2,800 million and the net at Yen 1,700 million, respectively, on a 10% rise in turnover, to Yen 80,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,874.1 million, on 30 days normal terms.
REGISTRATION
Date Registered: Mar 1994
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 36,000 shares
Issued: 9,000 shares
Sum: Yen 450 million
Major shareholders (%)
Toyota Tsusho Corp*(100)
* Sole trading firm in Toyota Motor group, founded 1948, listed Tokyo, Nagoya S/E’s, capital Yen 64,936 million, 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 2,474, pres Junzo Shimizu
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Trading firm specializing in mobile phone & IT solution business (--100%):
Mobile Phone Business (50%): Sale/lease of mobile/PHS phones, providing contents (media contents, mobile phone contents);
Networking Service Business (50%): IT solution (Financial date collection using iBridge), business solution (client solutions, network solutions, security solutions, global support), system integration service using CATNAR5, data control services, 3D solutions (mechanic- cal solution, design solution, equipment & system engineering solution, shape & design surface solution, plant solution, infrastructure solution), others.
Clients
[Consumers, dealership, business firms] Toyota Motor, Toyota Tsusho Corp, Denso Corp, other.
No. of accounts: Unavailable
Domestic areas of activities: Nationwide
Suppliers
[Telecom carriers] NTT DoCoMo, Softbank Mobile, KDDI Corp, Fujitsu Ltd,
Internet Initiative, IBM Japan, other.
Payment record
Regular
Location
Business area in Nagoya. Office premises at the caption address are leased and maintained satisfactorily.
Bank References:
MUFG (Nagoya)
SMBC (Nagoya)
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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80,000 |
72,702 |
52,952 |
47,472 |
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Recur.
Profit |
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2,800 |
2,786 |
2,205 |
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Net
Profit |
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1,700 |
1,639 |
1,232 |
992 |
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Total
Assets |
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18,751 |
18,367 |
14,995 |
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Current
Assets |
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16,199 |
15,662 |
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Current
Liabs |
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11,701 |
11,982 |
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Net
Worth |
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6,219 |
5,644 |
4,433 |
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Capital,
Paid-Up |
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450 |
450 |
450 |
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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 |
10.04 |
37.30 |
11.54 |
1.56 |
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Current Ratio |
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.. |
138.44 |
130.71 |
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N.Worth Ratio |
.. |
33.17 |
30.73 |
29.56 |
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R.Profit/Sales |
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3.50 |
3.83 |
4.16 |
.. |
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N.Profit/Sales |
2.13 |
2.25 |
2.33 |
2.09 |
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Return On Equity |
.. |
26.35 |
21.83 |
22.38 |
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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.45.77 |
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UK Pound |
1 |
Rs.80.67 |
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Euro |
1 |
Rs.64.20 |
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%)