MIRA
INFORM REPORT
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Report Date : |
14.06.2011 |
IDENTIFICATION DETAILS
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Name : |
TOMOEGAWA CO LTD |
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Registered Office : |
1-7-1 Kyobashi Chuoku Tokyo 104-8335 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
August 1917 |
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Com. Reg. No.: |
(Tokyo-Chuoku) 034871 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of specialty paper, laminated films, adhesive tapes |
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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Maximum Credit Limit : |
Yen 743.3 Million |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
Name and address
TOMOEGAWA CO LTD
REGD NAME: Tomoegawa
Seishisho KK
MAIN OFFICE: 1-7-1
Kyobashi Chuoku Tokyo 104-8335JAPAN
Tel: 03-3561-7121 Fax: 03-3561-7151
URL: http://www.tomoegawa.co.jp/
E-Mail address: info@tomoegawa.co.jp
ACTIVITIES
Mfg of specialty paper,
laminated films, adhesive tapes
BRANCHES
Osaka, Shizuoka,
Shimizu, Shingu
OVERSEAS
USA (2),
Netherlands, China, Korea, Hong Kong (--subsidiaries)
FACTORIES
Shizuoka, Shimizu
CHIEF EXEC
YOSHIO INOUE, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 41,626 M
PAYMENTS REGULAR CAPITAL Yen 2,894 M
TREND SLOW WORTH Yen
12,359 M
STARTED 1917 EMPLOYES 1,279
COMMENT
SPECIALTY PAPER MFR.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR
ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 743.3 MILLION, 30 DAYS NORMAL TERMS
Forecast (or estimated) figures for 31/03/2012 fiscal term
HIGHLIGHTS
The subject company was established as paper
mfr but mainline has shifted from paper into such electronic materials as
laminated films for LCDs and adhesive tapes for semiconductors. Known for leading-edge coating technology for
making prepaid cards, tickets & other magnetic products. Top-ranked maker of toners. The company is developing high-precision,
adhesive processing technology for the production of ultra-thin, functional
films.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal
term amounted to Yen 41,626 million, a 1.4% down from Yen 42,199 million in the
previous term. Sales decreased slightly,
thanks to the increased sales of high margin products during the first quarter,
along with the effect of continuous cost reduction measures. By Divisions, Plastic Material Processing Div
down 1.4% to Yen 27,844 million; Paper
Processed Products Div down 1.3% to Yen 13,685 million. The recurring profit was posted at Yen 2,484
million and the net profit at Yen 1,725 million, respectively, compared with
Yen 1,204 million recurring profit and Yen 390 million net profits,
respectively, a year ago.
For the current term ending Mar 2012
the recurring profit is projected at Yen 1,800 million and the net profit at
Yen 1,100 million, respectively, on an 8.7% fall in turnover, to Yen 38,000
million. The firm says that the
decreased sales projections are based on the consideration of probable downside
risks, such as an unstable supply chain or shortages of electricity as affected
by the recent North Japan Earthquake.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
Max credit limit is estimated at Yen 743.3
million, on 30 days normal terms.
REGISTRATION
Date
Registered: Aug 1917
Regd
No.: (Tokyo-Chuoku) 034871
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 100 million shares
Issued: 51,947,031 shares
Sum: Yen 2,894 million
Major
shareholders (%): Toppan Printing (6.7), Shoei Printing (6.3), Sakae Shigyo (5.5),
Suzuyo & Co (4.8), Mitsui Chemicals (4.6), SMBC (3.8), Yoshio Inoue (3.4),
Sanko Co (3.3), Azuma Shigyo (3.2), MUFG (2.8); foreign owners (0.8)
No.
of shareholders: 2,829
Listed on the S/Exchange (s) of: Tokyo
Managements: Yoshio Inoue,
pres; Kunio Hirano, s/mgn dir; Shigeru Ishigaki, mgn dir; Shinji Konda, dir; Atsushi
Yoshimura, dir; Tetsuo Komori, dir; Seiji Mitsui, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Tomoegawa USA, Shin-Tomoegawa Kakoh, other
OPERATION
Activities: Manufactures
paper processed products (33%), plastic materials processing (67%).
Overseas
Sales Ratio (32.1%): N America 7.4%, Europe 7.0%, Asia 16.7%, others
1.0%
(Products):
Electronics
parts, display components, toner products, functional sheets, specialty papers,
evolution of products & technologies;
(Technologies): adhesives,
coatings, toner technologies, paper-making, R&D activities.
Clients: [Mfrs,
wholesalers] Shin Tomoegawa Seishi, Tappan Printing, Mitsui Chemical, Kao Corp,
Fuji Photo Film, other.
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Marubeni Corp, OG Corp, Sumitomo Corp, Mitsui & Co, Toyo Coating, Shin Tomoegawa Kakoh, Kao
Corp, Mitsubishi Rayon, Fuji Film, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References:
SMBC (Tokyo)
MUFG (Tokyo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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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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41,626 |
42,199 |
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Cost of Sales |
33,831 |
35,574 |
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GROSS PROFIT |
7,794 |
6,624 |
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Selling & Adm Costs |
5,213 |
5,238 |
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OPERATING PROFIT |
2,581 |
1,385 |
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Non-Operating P/L |
3 |
-181 |
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RECURRING PROFIT |
2,484 |
1,204 |
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NET PROFIT |
1,725 |
390 |
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BALANCE SHEET |
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Cash |
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6,413 |
5,677 |
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Receivables |
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9,026 |
9,538 |
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Inventory |
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7,389 |
7,591 |
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Securities, Marketable |
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Other Current Assets |
2,031 |
1,897 |
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TOTAL CURRENT ASSETS |
24,859 |
24,703 |
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Property & Equipment |
18,814 |
20,117 |
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Intangibles |
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457 |
648 |
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Investments, Other Fixed Assets |
2,747 |
3,039 |
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TOTAL ASSETS |
46,877 |
48,507 |
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Payables |
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7,588 |
7,358 |
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Short-Term Bank Loans |
1,494 |
1,781 |
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Other Current Liabs |
14,157 |
12,448 |
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TOTAL CURRENT LIABS |
23,239 |
21,587 |
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Debentures |
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Long-Term Bank Loans |
8,451 |
13,436 |
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Reserve for Retirement Allw |
1,928 |
1,919 |
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Other Debts |
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900 |
860 |
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TOTAL LIABILITIES |
34,518 |
37,802 |
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MINORITY INTERESTS |
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Common
stock |
2,894 |
2,894 |
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Additional
paid-in capital |
3,582 |
3,582 |
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Retained
earnings |
6,115 |
4,390 |
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Evaluation
p/l on investments/securities |
65 |
127 |
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Others |
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26 |
34 |
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Treasury
stock, at cost |
(323) |
(322) |
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TOTAL S/HOLDERS` EQUITY |
12,359 |
10,705 |
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TOTAL EQUITIES |
46,877 |
48,507 |
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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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5,195 |
4,178 |
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Cash
Flows from Investment Activities |
-478 |
-32 |
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Cash
Flows from Financing Activities |
-3,771 |
-999 |
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Cash,
Bank Deposits at the Term End |
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6,355 |
5,618 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
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Net
Worth (S/Holders' Equity) |
12,359 |
10,705 |
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Current
Ratio (%) |
106.97 |
114.43 |
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Net
Worth Ratio (%) |
26.36 |
22.07 |
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Recurring
Profit Ratio (%) |
5.97 |
2.85 |
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Net Profit
Ratio (%) |
4.14 |
0.92 |
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Return
On Equity (%) |
13.96 |
3.64 |
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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.44.58 |
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1 |
Rs.71.75 |
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Euro |
1 |
Rs.64.80 |
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.