MIRA INFORM REPORT

 

 

Report Date :           

07.10.2011

 

IDENTIFICATION DETAILS

 

Name :

INOAC INTERNATIONAL CO LTD

 

 

Registered Office :

Chubu Gomu Kaikan 3F, 2-13-4 Meieki-Minami Nakamuraku Nagoya 450-0003

 

 

Country :

Japan

 

 

Financials (as on) :

30.09.2011

 

 

Date of Incorporation :

August 1975

 

 

Com. Reg. No.:

(Nagoya-Nakamuraku) 090689

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, Export, Wholesale of urethane foam, rubber goods

 

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 1,137.3 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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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

 

INOAC INTERNATIONAL CO LTD

 

 

REGD NAME

 

KK Inoac International

 

 

MAIN OFFICE

 

Chubu Gomu Kaikan 3F, 2-13-4 Meieki-Minami Nakamuraku Nagoya 450-0003 JAPAN

Tel: 052-561-7761     Fax: 052-561-7256

URL:                 http://www.inoac.co.jp/ (Of the parent Inoac Corporation)

 

 

ACTIVITIES  

 

Import, export, wholesale of urethane foam, rubber goods

 

 

BRANCHES   

 

Nil

 

 

OFFICER(S)  

 

SOICHI INOUE, PRES

Masato Honda, rep dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES                    FAIR                             A/SALES          Yen 22,200 M

PAYMENTS      REGULAR                     CAPITAL           Yen 80 M

TREND             SLOW                          WORTH            Yen 5,100 M

STARTED                     1975                             EMPLOYES      25

 

COMMENT    

 

TRADING FIRM SPECIALIZING IN URETHANE FOAM & RUBBER GOODS,  AFFILIATED TO INOAC CORP. 

           

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY  BUSINESS ENGAGEMENTS.

 

MAX CREDIT LIMIT: YEN 1,137.3 MILLION, ON 30 DAYS NORMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established on the basis of an international trading division sepal-rated from Inoue Corporation, mfr of urethane foams & rubber goods for automobiles & other industries, at the caption address.  Soichi Inoue is concurrently pres of the parent.  The firm is jointly owned by Inoac Corp and Inoue Rubber Co Ltd, wholesaler of auto & bicycle tires & tubes, at the caption address.  Goods are both imported and exported.  Exports to Indonesia, China, Hong Kong, USA, etc.

           

 

FINANCIAL INFORMATION

 

The sales volume for Sept/2010 fiscal term amounted to Yen 22,200 million, a 20% up from Yen 18,567 million in the previous term.  Robust expansion of automakers at domestic & overseas factories pushed the demand upward after the previous year’s global economic downturn.  Exports were steady and robust into China, other.  The recurring profit was posted at Yen 300 million and the net profit at Yen 300 million, respectively, compared with Yen 37 million recurring profit and Yen 78 million net profit, respectively, a year ago.

 

For the term that just ended Sept 2011 the recurring profit was projected at Yen 320 million and the net profit at Yen 320 million, respectively, on a 4% rise in turnover, to Yen 23,000 million.  Initially forecasted sales to increase 10%, but production in the north Japan was severely affected & damaged by the Great North Japan Earthquake in March 2011.

           

The financial situation is considered FAIR and good for ORDINARY business engagements.            Max credit limit is estimated at Yen 1,137.9 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:　Aug 1975

Regd No.:         (Nagoya-Nakamuraku) 090689

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         640,000 shares

Issued:             160,000 shares

Sum:                   Yen 80 million

           

Major shareholders (%): Inoac Corp* (50), Inoue Rubber Co** (50)

 

No. of shareholders: 2

 

* Mfr of rubber, plastics, urethane foam, at the caption address, founded 1954, capital Yen 720        million, turnover Yen 168,409 million, operating profit Yen 7,415 million, recurring profit Yen 11,802 million, net profit Yen 8,419 million, total assets Yen 173,957 million, net worth Yen 121,495 million, employees 1,914, pres Soichi Inoue, concurrently

           

** Wholesaler of auto/bicycle tires & tubes at the caption address, founded 1938, capital Yen 145 million, turnover Yen 6,353 million, net profit Yen 592 million, employees 53, pres Soichi         Inoue, concurrently for three companies.

           

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

 

 

OPERATION

 

Activities: Imports, exports and wholesales polyurethane foam, polyethylene foam, rubber sponges, microcell polymers, special foams, synthetic resin products, other (--100%).

 

 

Clients: [Mfrs, wholesalers] Inoac Corp, Inoac Living, Inoac Estramer, other.

Exports to PT Inoac Indonesia, Inoac Hong Kong, Shanghai VITA Inoac, Inoac USA, other

            No. of accounts: 500

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Inoac Corp, Inoac Estramer, Rogers Inoac, PT IRC Inoac

Indonesia, Tokai Rubber Ind, Inoac Hong Kong, other.

 

Payment record: Regular

 

 

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

 

Bank References:

·         Mizuho Corporate Bank (Nagoya)

·         MUFG (Ogashirabashi)

 

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

30/09/2011

30/09/2010

30/09/2009

30/09/2008

Annual Sales

　

23,000

22,200

18,567

29,892

Recur. Profit

　

320

300

37

938

Net Profit

　

320

300

78

657

Total Assets

　

　

8,100

7,915

9,851

Current Assets

　

　

6,900

6,750

8,682

Current Liabs

　

　

3,000

3,047

4,719

Net Worth

　

　

5,100

4,854

4,800

Capital, Paid-Up

　

　

80

80

80

Div.P.Share(¥)

　

　

150.00

150.00

150.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

3.60

19.57

-37.89

4.39

    Current Ratio

 

..

230.00

221.53

183.98

    N.Worth Ratio

..

62.96

61.33

48.73

    R.Profit/Sales

 

1.39

1.35

0.20

3.14

    N.Profit/Sales

1.39

1.35

0.42

2.20

    Return On Equity

..

5.88

1.61

13.69

 

Notes: Forecast (or estimated) figures for the 30/09/2011 fiscal term.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.19

UK Pound

1

Rs.75.92

Euro

1

Rs.65.44

 

 

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.