MIRA
INFORM REPORT
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Report Date : |
24.07.2012 |
IDENTIFICATION DETAILS
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Name : |
TOAGOSEI CO LTD |
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Registered Office : |
1-14-1
Nishishimbashi Minatoku |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
March
1942 |
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Com. Reg. No.: |
0104-01-020186
(Tokyo-Minatoku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of industrial chemicals |
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No. of Employees : |
2,534 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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
TOAGOSEI CO LTD
REGD NAME
Toa Gosei KK
MAIN OFFICE
1-14-1
Nishishimbashi Minatoku
Tel:
03-3597-7215 Fax: 03-3597-7217
URL: http://www.toagosei.co.jp/
E-Mail address: info@toagosei.co.jp
ACTIVITIES
Mfg of
industrial chemicals
BRANCH(ES)
OVERSEAS
FACTORIES
CHIEF EXEC
FUTOSHI
HASHIMOTO, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 153,007 M
PAYMENTS
REGULAR CAPITAL Yen 20,886 M
TREND SLOW WORTH Yen 127,776 M
STARTED 1942 EMPLOYES 2,534
COMMENT
MFR OF INDUSTRIAL CHEMICALS.
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: Million Yen
Forecast (or estimated) figures for
31/12/2012 fiscal term
HIGHLIGHTS
This is a medium-sized chemical mfr of Mitsui group. Originally founded in 1933 as Yahagi Kogyo Co
Ltd for mfg ammonium sulfate, sulfuric & nitric acid using surplus
electricity from the then parent company, Mitsui Chemical Co Ltd. In 1942, reorganized and established second
Yahagi Kogyo Co Ltd. In 1944, merged 3
soda companies and became general chemical maker, named Toagosei Chemical
Industry Co Ltd, and later renamed as captioned. Shifted mainstay items from electrolytic
process chemicals to acrylic-based products.
Leads the industry in acrylic-related products. Instant glue is another revenue source. Known for end-product instant glue “Aron
Alpha”. Expectation on growth of LHC,
purest in
Overseas
Subsidiaries: Toagosei
FINANCIAL INFORMATION
The sales volume for Dec/2012 fiscal term amounted to Yen
153,007 million, a 0.5% down from Yen 153,779 million in the previous
term. In the chemical industry, the
earnings continued under pressure due to rising raw materials and fuel prices
including crude oil and naphtha prices, as well as declining demand for
electronic materials, especially LCDs, and semiconductors. In addition, market conditions for
petrochemical products in
Jan/Mar/2012 results): Sales Yen 26,729 million (down 4.9%), operating profit Yen 3,358 million (down 38.6%), recurring profit Yen 3,441 million (down 38.0%), net profit Yen 2,199 million (down 34.1%). (% compared with the corresponding period a year ago).
For the current term ending Dec 2013 the recurring profit is projected at Yen 17,300 million and the net profit at Yen 10,000 million, on a 2.6% rise in turnover, to Yen 157,000 million. The market price of acrylic ester will slip back and photo-curing resins will be at rock bottom. But price hikes of caustic soda will full contribute in the second half. Sales of high-purity inorganic chemicals for semiconductors will recover. Operating profit will bottom out thanks in part to change of depreciation method at subsidiaries. Extraordinary profit on negative goodwill will not be posted.
The financial situation is considered FAIR and good for
ORDINARY business engagements.
REGISTRATION
Date Registered: Mar 1942
Regd No.: 0104-01-020186 (Tokyo-Minatoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
550 million shares
Issued:
263,992,598 shares
Sum: Yen 20,886
million
Major shareholders (%): Japan Trustee Services T (5.3), SMBC (4.4), Master Trust Bank of Japan T (3.6), Customers’ S/Holding Assn (2.6), Group Employees’ S/Holding Assn (2.3), MUFG (2.1), Aioi Nissay Dowa Ins (1.8), Trust & Custody Services Inv T (1.5), Norin Chukin Bank (1.4), Mellon Bank Mellon Omnibus US P (1.4); foreign owners (18.9).
No. of shareholders: 16,107
Listed on the
S/Exchange (s) of:
Managements: Akihiko Yamadera, ch; Futoshi Hashimoto, pres; Akio Arisawa, dir; Katsutoshi Yamada, dir; Soichi Nomura, dir; Ken Ozeki, dir; Mikishi Takamura, dir; Kazuaki Nakagawa, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies: Aron Kasei Co, Oita Chemical Co, MT Aqua Polymer Inc, Tsurumi Soda Co, other.
OPERATION
Activities: Manufactures industrial chemicals:
(Sales breakdown by Divisions): (Cited from the firm’s website)
Basic Chemicals Div
(31%):
Caustic soda: chemical fibers, pulp, dye, and pharmaceuticals;
Oxygen: combustion enhancing gas for welding & cutting, oxygen inhalation (and high pressure oxygen treatment) for medical use, oxygen aeration for wastewater treatment, oxygen-based pulp bleaching, and fermentation in biotechnology;
Sulfuric acid: fertilizers, synthetic fibers, and inorganic chemicals;
Trichloroethylene: metal degreasing & cleaning solvents, and raw materials
Acrylic Products Div (38%):
Acrylic esters: acrylic fibers, fiber processors, paints, pressure sensitive & other adhesives, leather processors, paper processors, & acrylic resin, detergent builders;
Acrylic acid: nonwoven cloth binders, flocculants, dispersants, paper processors, superabsorbent resin, & detergent builders;
Polymer flocculants: treatment of various kinds of wastewater & dehydration of sludges;
Construction materials: one-pack waterproof spray materials, decorative waterproof wall materials, permeable type water-absorption preventive agents, chemical grouts, & earth resistance reducing agents;
Specialty Chemicals Div (11%):
Cyanoacrylate instant adhesives: for bonding rubber, plastic, metal, & wood in industrial & consumer uses;
Heat-resistant adhesives: for bonding metal & ceramics used in high-temperature environments;
Hot melt adhesives: for bonding plastics, metals & textiles; for bonding difficult-to-bond plastics like PE, PP polyester, & nylon;
Special monomers & oligomers: raw materials for paints, printing inks, coatings, & adhesives;
Silver-based antimicrobial agents: For kitchen & bathroom equipment, building materials, & textiles;
Antifungal agents: For kitchen equipment, home appliances, & paints;
Plastics, other (20%):
Pipes & couplings: rigid PVC pipes;
Environmental products: trash receptacles;
Nursing care products: portable toilets, nursing care bath products.
Overseas Sales Ratios
(18.6%): Asia (
Clients: [Mfrs, wholesalers] TG Corporation, Sumitomo Chemical, Nagase Corp, Mitsubishi Chemical, Mitsubishi Corp, Nippon Soda, OG Chemical, Konishi Co, MT Aquapolymer Inc, Saiden Chemical Ind, Jusco, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Mitsubishi Chemical, Showa Denko,
Shikoku Electric Power, Chubu Electric Power, Mitsubishi Corp, Sumitomo Corp,
Mitsui & Co, Itochu Corp, Mitsubishi Gas Chemical, Nippon Shokubai, other.
Payment record:
Regular
Location:
Business area in
Bank References:
SMBC
(H/O)
MUFG (
Relations:
Satisfactory
FINANCIALS
(in Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/12/2011 |
31/12/2010 |
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INCOME STATEMENT |
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Annual Sales |
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153,007 |
153,779 |
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Cost of Sales |
107,663 |
103,491 |
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GROSS PROFIT |
45,344 |
50,288 |
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Selling & Adm Costs |
28,006 |
29,016 |
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OPERATING PROFIT |
17,338 |
21,271 |
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Non-Operating P/L |
231 |
-330 |
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RECURRING PROFIT |
17,569 |
20,941 |
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NET PROFIT |
13,000 |
13,133 |
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BALANCE SHEET |
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Cash |
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24,467 |
14,055 |
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Receivables |
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42,182 |
44,495 |
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Inventory |
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16,991 |
9,000 |
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Securities, Marketable |
10,000 |
9,000 |
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Other Current Assets |
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TOTAL CURRENT ASSETS |
87,757 |
85,438 |
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Property & Equipment |
61,754 |
60,530 |
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Intangibles |
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1,081 |
1,294 |
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Investments, Other Fixed Assets |
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TOTAL ASSETS |
171,046 |
173,847 |
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Payables |
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14,983 |
11,828 |
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Short-Term Bank Loans |
3,274 |
7,481 |
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Other Current Liabs |
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TOTAL CURRENT LIABS |
29,179 |
36,968 |
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Debentures |
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Long-Term Bank Loans |
9,323 |
6,020 |
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Reserve for Retirement Allw |
534 |
540 |
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Other Debts |
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TOTAL LIABILITIES |
43,269 |
48,820 |
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MINORITY INTERESTS |
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Common
stock |
20,886 |
20,886 |
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Additional
paid-in capital |
16,797 |
15,088 |
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Retained
earnings |
86,758 |
77,131 |
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Evaluation
p/l on investments/securities |
1,166 |
1,499 |
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Others |
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Treasury
stock, at cost |
(103) |
(2,955) |
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TOTAL S/HOLDERS` EQUITY |
127,776 |
125,027 |
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TOTAL EQUITIES |
171,045 |
173,847 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/12/2011 |
31/12/2010 |
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Cash
Flows from Operating Activities |
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17,828 |
24,843 |
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Cash
Flows from Investment Activities |
-9,041 |
-10,155 |
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Cash
Flows from Financing Activities |
-7,320 |
-4,117 |
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Cash,
Bank Deposits at the Term End |
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23,992 |
22,689 |
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ANALYTICAL RATIOS Terms ending: |
31/12/2011 |
31/12/2010 |
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Net
Worth (S/Holders' Equity) |
127,776 |
125,027 |
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Current
Ratio (%) |
300.75 |
231.11 |
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Net
Worth Ratio (%) |
74.70 |
71.92 |
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Recurring
Profit Ratio (%) |
11.48 |
13.62 |
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Net
Profit Ratio (%) |
8.50 |
8.54 |
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Return
On Equity (%) |
10.17 |
10.50 |
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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.55.76 |
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1 |
Rs.86.80 |
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Euro |
1 |
Rs.67.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.