MIRA INFORM REPORT

 

 

Report Date :           

28.11.2011

 

IDENTIFICATION DETAILS

 

Name :

TOSO CO LTD

 

 

Registered Office :

1-4-9 Shinkawa Chuoku Tokyo 104-0033

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

September 1949

 

 

Com. Reg. No.:

(Tokyo-Chuoku) 052315

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of interior products, curtain tracks

 

 

No. of Employees :

938 Persons

 

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 461.3 Million

Status :

Satisfactory

Payment Behaviour :

Regular

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

 

TOSO CO Ltd

 

 

REGD NAME

 

Toso KK

 

 

MAIN OFFICE

 

1-4-9 Shinkawa Chuoku Tokyo 104-0033 JAPAN

Tel: 03-3552-1211     Fax: 03-3552-1009-

 

URL:                             http://www.toso.co.jp

E-Mail address:            (thru the URL)

 

 

ACTIVITIES

 

Mfg of interior products, curtain tracks

 

 

BRANCHES   

 

Nagoya, Sapporo, Saitama, Osaka, Hiroshima, Fukuoka, other (Tot 25)

 

 

OVERSEAS

 

Indonesia, China, France

 

 

FACTORIES

 

Tsukuba, Mitsukaido (Ibaraki); Indonesia, India, China

 

CHIEF EXEC 

 

YASUO OHTSUKI, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                 　A/SALES       Yen 20,832 M

PAYMENTS                  REGULAR         　CAPITAL        Yen 1,170 M

TREND             SLOW              　WORTH         Yen 8,845 M

STARTED                     1949                 　EMPLOYES   938

 

 

COMMENT

 

MFG OF INTERIOR PRODUCTS, CURTAIN TRACKS, OTHER 

 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 461.3 MILLION, 30 DAYS NORMAL TERMS

 

                        Forecast figures for the 31/03/2012 fiscal term.

 

 

HIGHLIGHTS

 

This is a leading producer of room interiors and top-ranked in curtail rails.  Started out as curtain rail maker, and advanced into partitions and blinds.  Has sales bases nationwide, mainly engaged in route sales to sales agencies, other.  Engaged in overseas production in China, India, Indonesia, other.  The firm is poised to actively promote low-priced new-series curtain rails with a distinctive decorative feature, targeting residences.  Released in October new blinds that harness natural light as concealed lighting with target set at offices

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2011 fiscal term amounted to Yen 20,832 million, a 13.0% up from Yen 18,420 million in the previous term.  Sales of mainstay curtain rails increased.  Newbuilding was at low ebb, but due to incentives for house refurbishment and decreased housing loan rates.  The recurring profit was posted at Yen 953 million and the net profit at Yen 829 million, respectively, compared with Yen 171 million recurring profit and Yen 178 million net profit, respectively, a year ago.

 

(Apr/Sept/2011 results): Sales Yen 9,951 million (up 2.6%), operating profit Yen 204 million (up 27.5%), recurring profit Yen 159 million (up 45.6%), net profit Yen 90 million (previously Yen 23 million loss).  (% & figures compared with the corresponding period a year ago).

 

For the current term ending Mar 2012 the recurring profit is projected at Yen 1,050 million and the net profit at Yen 600 million, on a 0.8% rise in turnover, to Yen 21,000 million.  Sales of the mainstay curtain rails will increase steadily.  Those of blinds with a save-electricity feature grew in the autumn of 2011, exceeding expectations.  Rebuilding demand at the Tohoku region, devastated by the quake disaster, and products for temporary shelters will contribute to earnings.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 461.3 million, on 30 days normal terms.

 

 

REGISTRATION

           

Date Registered:　Sept 1949

Regd No.:         (Tokyo-Chuoku) 052315

Legal Status:      Limited Company (Kabushiki Kaisha

Authorized:       90 million shares

Issued:                11,897,600 shares

Sum:                   Yen 1,170 million

 

Major shareholders (%): Yasuto Ohtsuki (12.6), Company’s Treasury Stock (12.0),  Customers’ S/Holding Assn (7.2), Employees’ S/Holding Assn (5.1), Mizuho Bank (3.8), Juwa Unso (3.7), MUFG (2.8), Dai-ichi Life Ins (1.8), Tokyo Tomin Bank (1.8), Joyo Bank (1.8); foreign owners (0.5)

 

No. of shareholders: 732

 

Listed on the S/Exchange (s) of: Tokyo (second section)

 

Managements: Yasuto Ohtsuki, pres; Kiyoshi Nakamura, s/mgn dir; Mamoru Matsuo, mgn dir; Hideto Ohtsuki, adv; Atsuyuki Hayashi, dir; Eiji Kubota, dir; Masataka Hanada, dir; Yasuhiro Morikane, dir; Yoichi Fujita, dir

 

Nothing detrimental is known as to the commercial morality of executives.

 

Related companies: Silent Grease, Toso Service, Fuji Home, other.

 

OPERATION

           

Activities: Manufactures room interiors: curtain tracks (metallic & plastic), blinds, partitions, other (--98%) others (2%)

           

Clients: [Mfrs, wholesalers] Kawashima Selkon Textiles Co, Lic Co, Aswan Corp, other

            No. of accounts: 500

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Nikkin Steel Co, Kaneko Seisakusho Co, Nakao Metals Co

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

Bank References:

·         Mizuho Bank (Kabutocho)

·         MUFG (Kyobashi-Chuo)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

20,832

18,429

 

  Cost of Sales

11,640

10,411

 

      GROSS PROFIT

9,192

8,018

 

  Selling & Adm Costs

8,217

7,775

 

      OPERATING PROFIT

975

242

 

  Non-Operating P/L

-22

-71

 

      RECURRING PROFIT

953

171

　

      NET PROFIT

829

178

BALANCE SHEET

 

 

 

 

  Cash

　

3,097

3,379

 

  Receivables

 

7,693

6,509

 

  Inventory

 

3,165

3,034

 

  Securities, Marketable

　

　

 

  Other Current Assets

590

497

 

      TOTAL CURRENT ASSETS

14,545

13,419

 

  Property & Equipment

2,913

2,762

 

  Intangibles

 

257

270

 

  Investments, Other Fixed Assets

882

999

 

      TOTAL ASSETS

18,597

17,450

 

  Payables

 

2,034

1,512

 

  Short-Term Bank Loans

1,312

1,934

 

　

 

　

　

 

  Other Current Liabs

2,496

2,473

 

      TOTAL CURRENT LIABS

5,842

5,919

 

  Debentures

 

2,400

1,800

 

  Long-Term Bank Loans

447

466

 

  Reserve for Retirement Allw

635

482

 

  Other Debts

　

428

242

 

      TOTAL LIABILITIES

9,752

8,909

 

      MINORITY INTERESTS

 

 

 

Common stock

1,170

1,170

 

Additional paid-in capital

1,344

1,344

 

Retained earnings

6,976

6,213

 

Evaluation p/l on investments/securities

32

73

 

Others

 

(292)

(223)

 

Treasury stock, at cost

(385)

(37)

 

      TOTAL S/HOLDERS` EQUITY

8,845

8,540

　

      TOTAL EQUITIES

18,597

17,450

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

859

1,548

 

Cash Flows from Investment Activities

-122

-269

 

Cash Flows from Financing Activities

-953

-488

　

Cash, Bank Deposits at the Term End

　

3,097

3,339

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

8,845

8,540

 

 

Current Ratio (%)

248.97

226.71

 

 

Net Worth Ratio (%)

47.56

48.94

 

 

Recurring Profit Ratio (%)

4.57

0.93

 

 

Net Profit Ratio (%)

3.98

0.97

 

 

Return On Equity (%)

9.37

2.08

 

           

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.17

UK Pound

1

Rs.80.64

Euro

1

Rs.69.43

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.