MIRA INFORM REPORT
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Report Date : |
02.12.2011 |
IDENTIFICATION DETAILS
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Name : |
TEIJIN FIBERS LIMITED |
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Registered Office : |
Teijin Bldg, 1-6-7 Minamihonmachi Chuoku
Osaka 541-0054 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
February 1951 |
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Com. Reg. No.: |
(Osaka-Chuoku) 045528 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of polyester fibers & textiles |
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No. of Employees
: |
903 Persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Regular |
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Litigation : |
---- |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Japan |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
TEIJIN FIBERS LIMITED
REGD NAME
Teijin Fiber KK
MAIN OFFICE
Teijin Bldg, 1-6-7
Minamihonmachi Chuoku Osaka 541-0054 JAPAN
Tel:
0088-22-0175 Fax: 06-6268-2634
URL: http://www.teijinfiber.com
E-Mail address: (thru the URL)
ACTIVITIES
Mfg of
polyester fibers & textiles
BRANCHES
Tokyo,
Matsuyama, Hiroshima, Tokuyama, other (Tot 9)
FACTORIES
Matsuyama,
Tokuyama, other (Tot 6)
OFFICERS
TOSHIHIDE
FUKUSHIMA, PRES Kimihiko
Sato, mgn dir
Norimitsu
Takahashi, mgn dir Takashi
Honchu, dir
Hiroaki
Furuya, dir Junji
Morita, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES WEAK A/SALES Yen 48,504 M
PAYMENTS REGULAR CAPITAL Yen 12,025 M
TREND SLOW WORTH Yen
(-) 1,552 M
STARTED 1951 EMPLOYES 903
COMMENT
MFR OF POLYESTER FIBERS, WHOLLY OWNED BY TEIJIN LTD.
FINANCIAL SITUATION CONSIDERED WEAK BUT SHOULD BE GOOD FOR
MODERATE BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: NEGATIVE NET WORTH AND NO CREDITS ARE RECOMMENDED ON NEW
TRANSACTIONS.
HIGHLIGHTS
The subject company was established on the basis of a polyester textile
mfg division separated from Teijin Ltd (See REGISTRATION). This is a
specialized mfr of polyester fibers & textiles. Goods are shipped to the parent and major
textile mfrs, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 48,504
million, a 44% down from Yen 85,900 million in the previous term. Sales declined. Some portion of production of polyester
fibers in Japan was shifted to Thailand Factory. Exports decreased. High Yen ate into earnings & profits in
Yen terms. The operations continued in
the red to register Yen 722 million recurring loss and Yen 2,509 million net
losses, respectively, compared with Yen 16,737 million net losses a year ago.
For the current term ending Mar 2012 the operations are projected to
come back to profitability but still limited to a minimum amount post-taxes, on
a 3% rise in turnover, to Yen 50,000 million.
Thailand production will improve, attributable to an upswing in sales
for industrial applications, particularly for automobiles, as reported.
The financial situation is considered WEAK but should be good for
MODERATE business engagements. Negative
net worth and no credits are recommended on new transactions.
REGISTRATION
Date Registered: Feb 1951
Regd No.: (Osaka-Chuoku) 045528
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
2,000 shares
Issued: 537 shares
Sum: Yen 12,025 million
Major shareholders (%): Teijin Ltd* (100)
*.. Major synthetic textile mfr, Osaka, founded 1918, listed Tokyo,
Osaka S/E’s, Capital Yen 70,816 million, sales Yen 815,655 million, operating
profit Yen 48,560 million, recurring profit Yen 50,345 million, net profit Yen
25,182 million, total assets Yen 761,534 million, net worth Yen 307,698
million, employees 17,580, pres Shigeo Ohyagi
Consolidated financials are attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Manufactures
polyester fibers & textiles (--100%).
Clients: [Mfrs,
wholesalers] Teijin Ltd, Itochu Corp, Marubeni Corp, Chikuma Ltd, Yagi &
Co, other
No. of accounts: 500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Teijin Ltd, Maruzen Petrochemical, Nishinippon PET Bottle
Recycling, Itochu Corp, Mitsui Chemical, Seiren Co, 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: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
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Annual
Sales |
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50,000 |
48,504 |
85,900 |
113,399 |
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Recur.
Profit |
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0 |
-722 |
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Net
Profit |
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0 |
-2,509 |
-16,737 |
-9,809 |
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Total
Assets |
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43,715 |
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Current
Assets |
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26,736 |
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Current
Liabs |
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43,940 |
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Net Worth |
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-1,552 |
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Capital,
Paid-Up |
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12,025 |
12,025 |
12,025 |
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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 |
3.08 |
-43.53 |
-24.25 |
-23.94 |
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Current Ratio |
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.. |
60.85 |
.. |
.. |
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N.Worth Ratio |
.. |
-3.55 |
.. |
.. |
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R.Profit/Sales |
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0.00 |
-1.49 |
.. |
.. |
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N.Profit/Sales |
0.00 |
-5.17 |
-19.48 |
-8.65 |
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Notes:
Forecast (or estimated) figures for the 31/03/2012 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: |
31/03/2011 |
31/03/2010 |
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INCOME STATEMENT |
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Annual Sales |
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815,655 |
765,840 |
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Cost of Sales |
586,261 |
573,938 |
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GROSS PROFIT |
229,394 |
191,901 |
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Selling & Adm Costs |
180,834 |
178,465 |
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OPERATING PROFIT |
48,560 |
13,435 |
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Non-Operating P/L |
1,785 |
-11,350 |
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RECURRING PROFIT |
50,345 |
2,085 |
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NET PROFIT |
25,182 |
-35,683 |
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BALANCE SHEET |
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Cash |
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28,612 |
23,122 |
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Receivables |
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156,132 |
158,951 |
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Inventory |
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105,506 |
106,314 |
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Securities, Marketable |
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Other Current Assets |
46,644 |
44,359 |
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TOTAL CURRENT ASSETS |
336,894 |
332,746 |
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Property & Equipment |
259,659 |
316,901 |
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Intangibles |
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67,615 |
77,434 |
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Investments, Other Fixed Assets |
97,366 |
95,990 |
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TOTAL ASSETS |
761,534 |
823,071 |
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Payables |
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87,283 |
84,256 |
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Short-Term Bank Loans |
44,568 |
54,136 |
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Other Current Liabs |
112,919 |
155,456 |
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TOTAL CURRENT LIABS |
244,770 |
293,848 |
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Debentures |
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30,000 |
32,973 |
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Long-Term Bank Loans |
138,870 |
155,505 |
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Reserve for Retirement Allw |
18,153 |
18,474 |
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Other Debts |
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22,043 |
26,989 |
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TOTAL LIABILITIES |
453,836 |
527,789 |
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MINORITY INTERESTS |
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Common
stock |
70,816 |
70,816 |
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Additional
paid-in capital |
101,373 |
101,327 |
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Retained
earnings |
135,385 |
112,983 |
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Evaluation
p/l on investments/securities |
10,823 |
13,025 |
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Others |
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(10,548) |
(2,097) |
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Treasury
stock, at cost |
(151) |
(772) |
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TOTAL S/HOLDERS` EQUITY |
307,698 |
295,282 |
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TOTAL EQUITIES |
761,534 |
823,071 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2011 |
31/03/2010 |
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Cash Flows
from Operating Activities |
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77,132 |
80,432 |
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Cash
Flows from Investment Activities |
-27,745 |
-33,436 |
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Cash
Flows from Financing Activities |
-42,062 |
-42,948 |
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Cash,
Bank Deposits at the Term End |
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28,454 |
22,964 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
307,698 |
295,282 |
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Current
Ratio (%) |
137.64 |
113.24 |
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Net
Worth Ratio (%) |
40.41 |
35.88 |
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Recurring
Profit Ratio (%) |
6.17 |
0.27 |
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Net
Profit Ratio (%) |
3.09 |
-4.66 |
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Return
On Equity (%) |
8.18 |
-12.08 |
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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.51.65 |
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UK Pound |
1 |
Rs.81.06 |
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Euro |
1 |
Rs.69.51 |
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 |
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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NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.