MIRA INFORM REPORT
|
Report Date : |
22.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
ITOCHU SYSTECH CORPORATION |
|
|
|
|
Registered Office : |
Ito Bldg 9F, 3-6-14 Minami-Honmachi Chuoku
Osaka 541-0054 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
April 1969 |
|
|
|
|
Com. Reg. No.: |
(Osaka-Chuoku) 074630 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Import, Export, Wholesale of textile machinery |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
Yen 358.7 Million |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Japan |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
ITOCHU SYSTECH CORPORATION
REGD NAME
Itochu Systech KK
MAIN OFFICE
Ito Bldg 9F, 3-6-14
Minami-Honmachi Chuoku Osaka 541-0054 JAPAN
Tel:
06-6282-1114 Fax: 06-6282-1109
URL: http://www.itochu-systech.co.jp/
E-Mail address: (thru the URL)
ACTIVITIES
Import,
export, wholesale of textile machinery
BRANCHES
Tokyo,
Nagoya, Suita, Fukui
OVERSEAS
Shanghai,
Jakarta, Istanbul, Karachi, USA, Germany, France, Italy, Singapore (--subsidiaries)
OFFICER(S)
KAZUO
ITOKI, PRES Kenji
Kaneshige, dir
Yukio
Kawamura, dir Yoichi
Umeda, dir
Shoichi Murakami, dir Masanori Tsubouchi, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 13,945 M
PAYMENTS REGULAR CAPITAL Yen
480 M
TREND STEADY WORTH Yen
1,199 M
STARTED 1969 EMPLOYES 85
COMMENT
TRADING FIRM SPECIALIZING IN TEXTILE MACHINERY, OWNED BY
ITOCHU CORP
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 358.7 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established on the basis of a machinery export division separated from Itochu Corp, a leading general trading house, Tokyo (See REGISTRATION), as Itochu Texmac Corp. In Apr 2008, merged a sister company, Itochu Plamac Corp, and renamed as captioned. This is a trading firm for export, and partially import, of textile machinery & peripheral equipment in the main, hi-tic polymer processing machinery, including their parts & attachments. Also offers installation, maintenance and engineering services. Export destinations are China, Pakistan, Thailand, Turkey, Indonesia, India, Bangladesh, Europe, USA, etc.
FINANCIAL INFORMATION
The sales volume for Mar/2011 fiscal term amounted to Yen 13,945 million, a 38% up from Yen 10,133 million in the previous term. Market revived after affected by the global economic downturn, particularly in the second half of the term. Exports were robust into China and other s/E Asian countries. The recurring profit was posted at Yen 141 million and the net profit at Yen 140 million, respectively, compared with Yen 231 million recurring profit and Yen 249 million net profit, respectively, a year ago. High yen ate into profits in Yen terms.
For the current term ending Mar 2012 the recurring profit is projected at Yen 150 million and the net profit at yen 145 million, respectively, on a 5% rise in turnover, to 14,700 million. Exports continue rising. Business is seen steadily expanding. .
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 358.7 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr 1969
Regd No.: (Osaka-Chuoku) 074630
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized: 38,400
shares
Issued:
9,600 shares
Sum: Yen 480 million
Major shareholders (%): Itochu Corp* (75), Mori Seiki
(17), Itochu Machine-Technos (8)
No. of shareholders: 3
*.. One of big 5 general trading houses, at the caption address, founded 1949, listed Tokyo, Osaka, Nagoya, Fukuoka, Sapporo S/E’s, capital Yen 202,241 million, turnover Yen 11,392,589 million, operating profit Yen 256,082 million, recurring profit Yen 182,097 million, net profit Yen 160,975 million, total assets Yen 5,673,683 million, net worth Yen 1,397,510 million, employees 62,635 million, pres Masahiro Okafuji
Consolidated
Financials are attached (See SUPPLEMENTS)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Exports, imports and wholesales textile machinery/equipment: spinning machinery, dyeing & finishing machinery, synthetic fiber machines, high-tech polymer processing machinery, automatic side hemming machines for towels, automatic towel slitting machines, cross hemming machines, their parts & components, offering installation, maintenance & engineering services (--100%).
Clients: [Textile mfrs, wholesalers] Exports to Texmac Inc (USA), Texmac Europe Spa (Italy), Weiqiao Tex, Colony Tex, Sheikh Spinning, Crescent Steel, other to China, India, Indonesia, Turkey, Bangladesh, Pakistan, Thailand, other.
Domestic clients: Kawashima Textile Mfg, Sato Pharmaceutical, Tokyo Neo Print, Unitika, Daifuku Co, Kaihara Co, Toyota Industries Corp, Kuraray, CI Kasei Co, other.
No. of accounts: 100
Domestic areas of activities: Nationwide
Suppliers: [Mfrs] For exports, supplied from Murata Machinery, Toyoda Automatic Loom Works, Tsudakoma Corp, Happy Ind, TMT Machinery, other.
Partially imports from: Van de Wiele, Bonas Textile Machinery, CF Scheer & Cie GmbH, other from Europe, Korea, etc.
Payment record: Regular
Location: Business area in Osaka. Office premises at the caption address are leased and maintained satisfactorily.
Bank References:
· Mizuho Bank (Semba)
· Hyakujushi Bank (Osaka)
Relations: Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
31/03/2012 |
31/03/2011 |
31/03/2010 |
31/03/2009 |
|
|
Annual
Sales |
|
14,700 |
13,945 |
10,133 |
13,913 |
|
Recur.
Profit |
|
150 |
141 |
231 |
315 |
|
Net
Profit |
|
145 |
140 |
249 |
136 |
|
Total
Assets |
|
|
3,710 |
4,020 |
5,258 |
|
Current
Assets |
|
|
3,541 |
3,827 |
5,112 |
|
Current
Liabs |
|
|
2,348 |
2,670 |
4,144 |
|
Net
Worth |
|
|
1,199 |
1,180 |
947 |
|
Capital,
Paid-Up |
|
|
480 |
480 |
480 |
|
Div.P.Share(¥) |
|
|
|
|
|
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
5.41 |
37.62 |
-27.17 |
-27.30 |
|
|
Current Ratio |
|
.. |
150.81 |
143.33 |
123.36 |
|
N.Worth Ratio |
.. |
32.32 |
29.35 |
18.01 |
|
|
R.Profit/Sales |
|
1.02 |
1.01 |
2.28 |
2.26 |
|
N.Profit/Sales |
0.99 |
1.00 |
2.46 |
0.98 |
|
|
Return On Equity |
.. |
11.68 |
21.10 |
14.36 |
|
Notes:
Forecast (or estimated) figures for the 31/03/2012 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE PARENT,
ITOCHU CORP
|
FINANCES: (Consolidated
in million yen) |
|
|||||
|
|
|
Terms Ending: |
31/03/2011 |
31/03/2010 |
||
|
INCOME STATEMENT |
|
|
||||
|
|
Annual Sales |
|
11,392,589 |
10,306,799 |
||
|
|
Cost of Sales |
10,351,298 |
9,382,433 |
|||
|
|
GROSS PROFIT |
1,041,291 |
924,366 |
|||
|
|
Selling & Adm Costs |
785,209 |
776,952 |
|||
|
|
OPERATING PROFIT |
256,082 |
147,414 |
|||
|
|
Non-Operating P/L |
-73,985 |
7,572 |
|||
|
|
RECURRING PROFIT |
182,097 |
154,986 |
|||
|
|
NET PROFIT |
160,975 |
128,153 |
|||
|
BALANCE SHEET |
|
|
|
|||
|
|
Cash |
|
630,722 |
475,674 |
||
|
|
Receivables |
|
1,434,363 |
1,426,682 |
||
|
|
Inventory |
|
504,342 |
476,066 |
||
|
|
Securities, Marketable |
3,560 |
7,140 |
|||
|
|
Other Current Assets |
502,844 |
(492,081) |
|||
|
|
TOTAL CURRENT ASSETS |
3,075,831 |
1,893,481 |
|||
|
|
Property & Equipment |
643,629 |
666,351 |
|||
|
|
Intangibles |
|
|
|
||
|
|
Investments, Other Fixed Assets |
1,954,223 |
2,917,015 |
|||
|
|
TOTAL ASSETS |
5,673,683 |
5,476,847 |
|||
|
|
Payables |
|
1,239,609 |
1,217,599 |
||
|
|
Short-Term Bank Loans |
241,915 |
229,236 |
|||
|
|
|
|
|
|
||
|
|
Other Current Liabs |
561,355 |
545,723 |
|||
|
|
TOTAL CURRENT LIABS |
2,042,879 |
1,992,558 |
|||
|
|
Debentures |
|
|
|
||
|
|
Long-Term Bank Loans |
2,159,929 |
2,107,589 |
|||
|
|
Reserve for Retirement Allw |
52,564 |
43,314 |
|||
|
|
Other Debts |
|
20,801 |
22,033 |
||
|
|
TOTAL LIABILITIES |
4,276,173 |
4,165,494 |
|||
|
|
MINORITY INTERESTS |
|
|
|||
|
|
Common
stock |
202,241 |
202,241 |
|||
|
|
Additional
paid-in capital |
114,291 |
137,506 |
|||
|
|
Retained
earnings |
1,035,222 |
900,397 |
|||
|
|
Evaluation
p/l on investments/securities |
(139,038) |
(194,254) |
|||
|
|
Others |
|
187,481 |
268,137 |
||
|
|
Treasury
stock, at cost |
(2,687) |
(2,674) |
|||
|
|
TOTAL S/HOLDERS` EQUITY |
1,397,510 |
1,311,353 |
|||
|
|
TOTAL EQUITIES |
5,673,683 |
5,476,847 |
|||
|
CONSOLIDATED CASH FLOWS |
|
|
||||
|
|
|
Terms ending: |
31/03/2011 |
31/03/2010 |
||
|
|
Cash
Flows from Operating Activities |
|
336,868 |
295,376 |
||
|
|
Cash
Flows from Investment Activities |
-230,420 |
-196,318 |
|||
|
|
Cash
Flows from Financing Activities |
52,905 |
-258,987 |
|||
|
|
Cash,
Bank Deposits at the Term End |
|
630,722 |
475,674 |
||
|
ANALYTICAL RATIOS Terms ending: |
31/03/2011 |
31/03/2010 |
||||
|
|
|
Net
Worth (S/Holders' Equity) |
1,397,510 |
1,311,353 |
||
|
|
|
Current
Ratio (%) |
150.56 |
95.03 |
||
|
|
|
Net
Worth Ratio (%) |
24.63 |
23.94 |
||
|
|
|
Recurring
Profit Ratio (%) |
1.60 |
1.50 |
||
|
|
|
Net
Profit Ratio (%) |
1.41 |
1.24 |
||
|
|
|
Return
On Equity (%) |
11.52 |
9.77 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.72 |
|
UK Pound |
1 |
Rs.81.42 |
|
Euro |
1 |
Rs.68.89 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
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.