MIRA INFORM REPORT

 

 

Report Date :           

17.09.2011

 

IDENTIFICATION DETAILS

 

Name :

TORAY INTERNATIONAL INC

 

 

Registered Office :

JP Bldg, 3-4-4 Nihombashi-Muromachi Chuoku Tokyo 103-0022

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

December 1986

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, Export, Wholesale of fibers, apparel, resins, fur

 

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 7,935.4 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

 

 Bottom of Form

 

Company name

 

TORAY INTERNATIONAL INC

 

 

REGD NAME 

 

Toray International KK

 

 

MAIN OFFICE

 

JP Bldg, 3-4-4 Nihombashi-Muromachi Chuoku Tokyo 103-0022 JAPAN

            Tel: 03-3245-5880     Fax: 03-0245-570

URL:                             http://www.toray-intl.com/

E-Mail address:                        info@toray-intl.com

 

 

ACTIVITIES

 

Import, export, wholesale of fibers, apparel, resins, fur, other

 

 

BRANCHES

 

Tokyo, Osaka, Urayasu, Sapporo, Sendai, Nagoya, Fukuoka

 

 

OVERSEAS   

 

USA (2), Mexico, London, Milan, Frankfurt, Shanghai, Hong Kong, Taipei, Singapore, Bangkok, Jakarta, Seoul, Ho Chi Minh

 

 

OFFICER(S)

 

HIROSHI MOTOIKE, PRES        Masahiro Sugimoto, ch

Shigeo Fujii, mgn dir                  Taisuke Minakuchi, mgn dir

Noriyuki Miki, mgn dir                 Yoshio Noro, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES                    FAIR                 A/SALES          Yen 429,882 M

PAYMENTS                  REGULAR         CAPITAL           Yen 2,036 M

TREND             SLOW              WORTH            Yen 26,124 M

STARTED                     1986                 EMPLOYES      444

 

 

COMMENT    

 

TORADING FIRM, WHOLLY OWNED BY TORAY INDUSTRIES IINC. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY  BUSINESS ENGAGEMENTS.

 

MAX CREDIT LIMIT: YEN 7,935.4 MILLION, 30 DAYS NORMAL TERMS

 

 

                 Notes: Forecast (or estimated) for the 31/03/2012 fiscal term. 

 

 

HIGHLIGHTS

           

The subject company was established on the basis of an international trading division separated from Toray Industries Ltd, synthetic fiber mfr, at the caption address (See REGISTRATION).  This is a trading firm specializing in import, export and wholesale of a wide range of products: from fibers, textiles, resins, apparel, chemicals, electronics materials, plant machinery, other.  Having 15 overseas branch offices, actively engaged in international trading businesses.  Business is not confined to Toray group, and sales outside Toray group account for 60% of total sales.         

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2011 fiscal term amounted to Yen 429,882million, a 26% up from Yen 341,461 million in the previous term.  Textiles were in good shape with the benefit from expanded business from materials to sewing.  Carbon fibers also expanded fueled by greater sales for highly lucrative aircraft.  Sales rose in all segments.  By Divisions, Fibers Div up 18.5% to Yen 46,702 million; Textile Div up 6.7% to Yen 34,041 million; Apparel up 22.2% to Yen 93,049 million& Textile Div up 18.5% to Yen 46,702 million; Materials, Chemicals Plant & Machinery up 38.8% to Yen 140,399 million; Plastics up 24.3% to Yen 80,164 million.  The recurring profit was posted at Yen 6,091 million and the net profit at Yen 3,506 million, respectively, compared with Yen 6,237 million recurring profit and Yen 3,191 million net profit, respectively, a year ago. 

 

For the current term ending Mar 2012 the recurring profit is projected at Yen 6,200 million and the net profit at Yen 3,600 million, respectively, on a 5% rise in turnover, to Yen 450,000 million.  

           

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 7,935.4 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:  Dec 1986

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         128,000 shares

Issued:              32,000 shares

Sum:                   Yen 2,036 million

Major shareholders (%): Toray Industries Ltd*(100)

 

* Largest mfr of synthetic fibers, at the caption address, founded 1926, listed Tokyo, Osaka, Nagoya, London, Luxemburg S/E’s, capital Yen 147,873 million, turnover Yen 1,539,693 million, operating profit Yen 100,087 million, recurring profit Yen 98,888 million, net loss Yen 57,925 million, total assets Yen 1,567,470 million, net worth Yen 592,923 million, employees 38,740, pres Akihiro Nikkaku

           

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

 

 

OPERATION

 

Activities: Trading firm, wholly owned by Toray Industries Ltd, for import, export and wholesale a wide range products:

 

(Sales Breakdown by Divisions):

Fibers & Textile Div (20%): synthetic filament, yarns, staple fibers, rayon, cotton, wool, spun yarns, non-woven fabrics, industrial sling, other;

 

Apparel Div (22%): woven & knitted textiles, apparel products, man-made suede, leather products, other;

 

Industrial Materials & General Merchandise Div (2%): additives, oils, sizing materials, dyes for textile industry;

 

Plastics Div (18%): plastic resins, films, other;

 

Electronics & Advanced Products Div (5%): electronics materials, optical fiber, water treatment instruments, computer peripherals, ceramics;

 

Materials, Chemicals Plant & Machinery Div (29%): Fiber & plastic production plant &    machinery,

raw materials for synthetic fibers, fine chemicals, carbon fiber, composite parts, steel;;

 

Commercial Products Div (4%): cleaning cloth, fur, rubber, other.

 

Exports (35%); Imports (35%)

 

Clients: [Mfrs, wholesalers] Toray Ind & group firms, Mitsui & Co, First Retailing, Uniqlo Co, Itokin Sohonsha, other. 

Exports to USA, Europe, Asia, other.

            No. of accounts: 1,000

            Domestic areas of activities: Nationwide

            Suppliers: [Mfrs, wholesalers] Toray Ind & group firms, Nippon Oil, Mitsubishi Chemical, Mitsui & Co, other.

Imports from USA, Europe, S/E Asia, China, other.

 

Payment record: Regular

 

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

 

Bank References:

SMBC (Osaka-Chuo)

MUFG (Osaka-Chuo)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

429,882

341,853

 

  Cost of Sales

411,753

326,042

 

      GROSS PROFIT

18,128

15,811

 

  Selling & Adm Costs

11,867

10,571

 

      OPERATING PROFIT

6,261

5,240

 

  Non-Operating P/L

-170

-3

 

      RECURRING PROFIT

6,091

5,237

　

      NET PROFIT

3,507

3,191

BALANCE SHEET

 

 

 

 

  Cash

　

626

186

 

  Receivables

 

77,414

68,501

 

  Inventory

 

22,118

17,557

 

  Securities, Marketable

　

　

 

  Other Current Assets

6,735

4,743

 

      TOTAL CURRENT ASSETS

106,893

90,987

 

  Property & Equipment

441

310

 

  Intangibles

 

1,298

1,288

 

  Investments, Other Fixed Assets

4,329

4,296

 

      TOTAL ASSETS

112,961

96,881

 

  Payables

 

65,054

57,317

 

  Short-Term Bank Loans

8,258

7,697

 

　

 

　

　

 

  Other Current Liabs

8,861

7,430

 

      TOTAL CURRENT LIABS

82,173

72,444

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

4,161

1,127

 

  Reserve for Retirement Allw

66

59

 

  Other Debts

　

437

448

 

      TOTAL LIABILITIES

86,837

74,078

 

      MINORITY INTERESTS

 

 

 

Common stock

2,036

2,016

 

Additional paid-in capital

859

839

 

Retained earnings

23,211

19,960

 

Evaluation p/l on investments/securities

(9)

(9)

 

Others

 

27

(3)

 

Treasury stock, at cost

　

　

 

      TOTAL S/HOLDERS` EQUITY

26,124

22,803

　

      TOTAL EQUITIES

112,961

96,881

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

26,124

22,803

 

 

Current Ratio (%)

130.08

125.60

 

 

Net Worth Ratio (%)

23.13

23.54

 

 

Recurring Profit Ratio (%)

1.42

1.53

 

 

Net Profit Ratio (%)

0.82

0.93

 

 

Return On Equity (%)

13.42

13.99

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.47

UK Pound

1

Rs.74.96

Euro

1

Rs.65.79

 

 

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.