MIRA INFORM REPORT

 

 

Report Date :           

23.02.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

TERABO CO Ltd

 

 

Registered Office :

28-55 Tsuda-Minamicho Kaizuka City Osaka-Pref 597-8511

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

December 1943

 

 

Com. Reg. No.:

1201-01-038286

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of engineering plastics (on consignment)

 

 

No. of Employees :

58

 

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 118.0 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

 

TERABO CO Ltd

 

 

REGD NAME

 

Teraoka Boseki KK

 

 

MAIN OFFICE

 

28-55 Tsuda-Minamicho Kaizuka City Osaka-Pref 597-8511 JAPAN

Tel: 072-431-2424     Fax: 072-432-4703-

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

E-Mail address:                        info@terabo.co.jp

 

 

ACTIVITIES

 

Mfg of engineering plastics (on consignment)

 

 

BRANCHES

 

Tokyo

 

 

FACTORIES

 

At the caption address

 

 

CHIEF EXEC

 

FUMIO OHAMA, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY

 

FINANCES                    FAIR                 　         A/SALES          Yen 2,851 M

PAYMENTS                  No Complaints          CAPITAL           Yen 575 M

TREND             UP                    　         WORTH            Yen 1,221 M

STARTED                     1943                 　         EMPLOYES      58

 

 

COMMENT    

 

MFR OF ENGINEERING PLASTICS, AFFILIATED TO UNITIKA LTD  

 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 118.0 MILLION, 30 DAYS NORMAL TERMS

 

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

 

 

HIGHLIGHTS

 

This is the Unitika Ltd-affiliated firm with consigned processing of engineering plastics as mainline.  Purchases material resins from and sells processed compounds to Unitika.  Withdrew from production of spinning yarns in 1955, and pulling out production of gift-use towels.  Also engaged in processing of engineering plastics such as nylon plastics & other recycled materials.  The company aims to deal with declining recycled resins-use materials in Thailand.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2011 fiscal term amounted to Yen 2,851 million, a 6.7% up from Yen 2,672 million in the previous term.  Exports were robust.  Sales increased in all segments.  By Divisions, Formation Div up 17.0% to Yen 389 million; Towel Div down to Yen 389 million, as transferred this business in Dec 2010.  The recurring profit was posted at Yen 81 million and the net profit at Yen 49 million, respectively, compared with Yen 40 million recurring profit and Yen 16 million net profit, respectively, a year ago.

 

(Apr/Dec/2011 results): Sales Yen 1,914 million (down 15 %), operating profit Yen 38 million (down 47.0%), recurring profit Yen 43 million (down 40.9%), net profit Yen 17 million (down 55.3%).  (% compared with the corresponding period a year ago).

 

For the current term ending Mar 2012 the recurring profit is projected at Yen 100 million and the net profit at Yen 60 million, on a 12.3% fall in turnover, to Yen 2,500 million.  Seat presses, new business, is small in scale but re growing, including to electronics makers. Processed resins on consignment for automakers are in a prolonged slump due to the earthquake and Thailand floods.  Recycled resins are hit by a materials shortage in the second half.  The sale of the towels in a minor deficit, is contributing.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 118.0 million, on 30 days normal terms.

 

 

REGISTRATION

           

Date Registered:　Dec 1943

Regd No.:         1201-01-038286

Legal Status:      Limited Company (Kabushiki Kaisha

Authorized:       20 million shares

Issued:                13 million shares

Sum:                   Yen 575 million

 

Major shareholders (%): Unitika Ltd* (73.7), Hiroyuki Hoshito (1.1), Akira Ishihara (1.1), Yamachu Mengyo (1.0), Yoshio Ohe (1.0), Unitika Trading Co (0.9), Yoshiki Tsutsui (0.7), Noboru Nagata (0.6), Hoten Daido (0.6), Eiji Kyuda (0.6); foreign owners (0.0)

 

*.. Unitika Ltd, mfr of engineering plastics, Osaka, founded 1889, listed Tokyo, Osaka S/E’s, capital Yen 26,298 million, sales Yen 180,706 million, operating profit Yen 10,513 million, recurring profit Yen 6,119 million, net profit Yen 2,444 million, total assets Yen 279,326 million, net worth Yen 28,636 million, employees  4,748, pres Kenji Yasue

           

No. of shareholders: 563

 

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

 

Managements: Fujio Ohhama, pres; Hiroyuki Hoshito, dir; Naohiko Nagata, dir; Norio Fukawa, dir

 

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

 

 

OPERATION

           

Activities: Manufactures engineering plastics: plastic compounds (nylon, PET, PBT, polyarlate), glass fabrics, other (56%), towels, others (14%)

           

Clients: [Mfrs, wholesalers] Unitika Ltd, Kisco Osaka, Takisada Osaka, Itoen, Uny Corp, Itochu Plastics, other

            No. of accounts: 300

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Unitika Ltd, Thai Nylon, Toyotsu Chemiplus, Itoen, Create    International, other

 

Payment record: No Complaints

 

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

 

Bank References:

·         SMBC (Osaka-Chuo)

·         MUFG (Osaka)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

2,851

2,672

 

  Cost of Sales

2,425

2,267

 

      GROSS PROFIT

426

404

 

  Selling & Adm Costs

349

361

 

      OPERATING PROFIT

77

43

 

  Non-Operating P/L

4

-3

 

      RECURRING PROFIT

81

40

　

      NET PROFIT

49

16

BALANCE SHEET

 

 

 

 

  Cash

　

315

118

 

  Receivables

 

445

571

 

  Inventory

 

224

271

 

  Securities, Marketable

　

　

 

  Other Current Assets

306

503

 

      TOTAL CURRENT ASSETS

1,290

1,463

 

  Property & Equipment

738

575

 

  Intangibles

 

3

4

 

  Investments, Other Fixed Assets

60

86

 

      TOTAL ASSETS

2,091

2,128

 

  Payables

 

198

295

 

  Short-Term Bank Loans

70

70

 

　

 

　

　

 

  Other Current Liabs

310

329

 

      TOTAL CURRENT LIABS

578

694

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

157

121

 

  Reserve for Retirement Allw

127

133

 

  Other Debts

　

7

8

 

      TOTAL LIABILITIES

869

956

 

      MINORITY INTERESTS

 

 

 

Common stock

575

575

 

Additional paid-in capital

125

125

 

Retained earnings

522

472

 

Evaluation p/l on investments/securities

　

　

 

Others

 

0

0

 

Treasury stock, at cost

(1)

(1)

 

      TOTAL S/HOLDERS` EQUITY

1,221

1,171

　

      TOTAL EQUITIES

2,091

2,128

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

48

192

 

Cash Flows from Investment Activities

134

-81

 

Cash Flows from Financing Activities

14

-105

　

Cash, Bank Deposits at the Term End

　

315

116

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

1,221

1,171

 

 

Current Ratio (%)

223.18

210.81

 

 

Net Worth Ratio (%)

58.39

55.03

 

 

Recurring Profit Ratio (%)

2.84

1.50

 

 

Net Profit Ratio (%)

1.72

0.60

 

 

Return On Equity (%)

4.01

1.37

 

           


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.25

UK Pound

1

Rs.76.75

Euro

1

Rs.65.16

 

 

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.