MIRA INFORM REPORT
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Report Date : |
17.09.2011 |
IDENTIFICATION DETAILS
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Name : |
TOYO CORP |
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Registered Office : |
1-1-6 Yaesu Chuoku Tokyo 103-8284 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2010 |
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Date of Incorporation : |
September 1953 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, wholesale of telecom measuring
instruments |
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 717.6 Million |
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Status : |
Moderate |
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Payment
Behaviour : |
Regular |
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Litigation : |
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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 |
Company name
TOYO CORP
REGD NAME
KK Toyo Technika
MAIN OFFICE
1-1-6 Yaesu Chuoku
Tokyo 103-8284 JAPAN
Tel:
03-3279-0771 Fax: 03-3246-0645-
URL: http://www.toyo.co.jp
E-Mail address: info@toyo.co.jp
ACTIVITIES
Import,
wholesale of telecom measuring instruments, other
BRANCHES
Osaka,
Ibaraki, Nagoya; China, USA
FACTORIES
Tokyo
(Technical Center)
CHIEF EXEC
MASARU
GOMI, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 17,840 M
PAYMENTS REGULAR CAPITAL Yen 4,158 M
TREND SLOW WORTH Yen 31,619 M
STARTED 1953 EMPLOYES 450
COMMENT
TRADING FIRM SPECIALIZING IN ELECTRONICS MEASURING INSTRUMENTS.
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 717.6 MILLION, 30 DAYS NORMAL TERMS
Forecast figures for the 30/09/2011
fiscal term.
HIGHLIGHTS
The subject company is a trading firm specializing in telecom measuring
instruments and others. Goods are
imported. Highly competitive in sales of
R&D use instruments and other electronics with software. Leading-edge measuring instruments imported
from US proving profit earner. Operates
electronics technology center in Atsugi, Kanagawa-Pref. It plans to expand sales of sea-floor
measuring instruments with a high private market share in the public
sector. The subsidiaries in China are
striving to win new orders for electromagnetic wave measuring instruments.
FINANCIAL INFORMATION
The sales volume for Sept/2010 fiscal term amounted to Yen 17,840
million, a 3.2% down from Yen 18,435 million in the previous term, as affected
by the global economic downturn, particularly in the first half of the
term. The recurring profit was posted at
Yen 1,588 million and the net profit at Yen 1,915 million, respectively,
compared with Yen 1,386 million recurring profit and Yen 902 million net
profit, respectively, a year ago
(Oct/2010-Jun/2011 results): Sales Yen 14,223 million (up 8.4%),
operating profit Yen 1,816 million (up 132.1%), recurring profit Yen 2,048
million (up 93.2%), net profit Yen 1,237 million (down 29.9%). (% compared with the correspond period a year
ago).
For the current term ending Sept 2011 the recurring profit is projected
at Yen 2,400 million and the net profit at Yen 1,400 million, on a 12.1% rise
in turnover, to Yen 20,000 million.
Sales of lucrative measuring instruments for automobiles are exceeding
projections, covering worsening production environment in the second half. Operating profit will rise with new orders
for products for railway and mobile phone base stations.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 717.6 million, on 30 days normal terms.
REGISTRATION
Date Registered: Sept 1953
Legal Status: Limited
Company (Kabushiki Kaisha
Authorized: 100 million shares
Issued: 30,637,000 shares
Sum: Yen 4,158
million
Major shareholders
(%):
Company’s Treasury Stock (5.0), Meiji Yasuda Life Ins (3.3), Japan Trustee
Services T (3.2), Mizuho Bank (3.1), RBC Dexia Investment (2.9), Master Trust
Bank of Japan T (2.8); foreign owners (12.4)
No. of
shareholders: 14,606
Listed on the
S/Exchange (s) of: Tokyo
Managements: Yosuke Watanabe,
ch; Masaru Ohmi, pres;Tamikazu Kohama, mgn dir; Noriyuki Kato, dir; Hideyuki
Okazawa, dir; Shunzo Totoki, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Toto US Hld,
Toto Shanghai, other.
OPERATION
Activities: Trading firm
specializing in electronic; telecom measuring instruments (27%), other
measuring instruments (69%), others (4%)
Clients: [Mfrs,
wholesalers] Toshiba Corp, NTT Corp, Fujitsu Ltd, Canon Inc, Yokogawa Rental
Leasing Co, Cosmos Corp, NEC, other
No. of accounts: 800
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs,
wholesalers] Shimadz Corp, Clear Sight Networks, Solartron Group, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References:
· Mizuho Bank (Nihombashi)
· SMBC (Tokyo-Chuo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
30/09/2010 |
30/09/2009 |
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INCOME STATEMENT |
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Annual Sales |
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17,840 |
18,435 |
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Cost of Sales |
9,620 |
9,970 |
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GROSS PROFIT |
8,219 |
8,465 |
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Selling & Adm Costs |
6,983 |
7,376 |
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OPERATING PROFIT |
1,236 |
1,089 |
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Non-Operating P/L |
352 |
297 |
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RECURRING PROFIT |
1,588 |
1,386 |
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NET PROFIT |
1,915 |
902 |
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BALANCE SHEET |
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Cash |
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2,119 |
2,852 |
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Receivables |
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3,697 |
3,606 |
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Inventory |
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734 |
945 |
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Securities, Marketable |
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Other Current Assets |
9,955 |
7,862 |
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TOTAL CURRENT ASSETS |
16,505 |
15,265 |
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Property & Equipment |
8,857 |
9,154 |
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Intangibles |
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76 |
76 |
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Investments, Other Fixed Assets |
9,884 |
9,046 |
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TOTAL ASSETS |
35,322 |
33,541 |
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Payables |
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1,396 |
1,387 |
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Short-Term Bank Loans |
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Other Current Liabs |
1,498 |
998 |
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TOTAL CURRENT LIABS |
2,894 |
2,385 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
804 |
698 |
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Other Debts |
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4 |
3 |
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TOTAL LIABILITIES |
3,702 |
3,086 |
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MINORITY INTERESTS |
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Common
stock |
4,158 |
4,158 |
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Additional
paid-in capital |
4,603 |
4,603 |
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Retained
earnings |
24,541 |
23,594 |
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Evaluation
p/l on investments/securities |
(3) |
(30) |
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Others |
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(37) |
(218) |
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Treasury
stock, at cost |
(1,643) |
(1,652) |
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TOTAL S/HOLDERS` EQUITY |
31,619 |
30,455 |
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TOTAL EQUITIES |
35,322 |
33,541 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
30/09/2010 |
30/09/2009 |
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Cash
Flows from Operating Activities |
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2,689 |
1,516 |
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Cash
Flows from Investment Activities |
-941 |
-394 |
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Cash
Flows from Financing Activities |
-959 |
-3,843 |
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Cash,
Bank Deposits at the Term End |
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4,182 |
3,404 |
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ANALYTICAL RATIOS Terms ending: |
30/09/2010 |
30/09/2009 |
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Net
Worth (S/Holders' Equity) |
31,619 |
30,455 |
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Current
Ratio (%) |
570.32 |
640.04 |
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Net Worth
Ratio (%) |
89.52 |
90.80 |
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Recurring
Profit Ratio (%) |
8.90 |
7.52 |
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Net
Profit Ratio (%) |
10.73 |
4.89 |
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Return
On Equity (%) |
6.06 |
2.96 |
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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.47.47 |
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UK Pound |
1 |
Rs.74.96 |
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Euro |
1 |
Rs.65.79 |
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 |
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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.