MIRA INFORM REPORT

 

                                                            

Report Date :

26.10.2012

 

IDENTIFICATION DETAILS

 

Name :

MITSUI CHEMICALS TOHCELLO INC

 

 

Registered Office :

Sumitomo Fudosan Kanda Bldg, 7 Kanda-Mitoshirocho Chiyodaku Tokyo 101-8485

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

January 1929

 

 

Com. Reg. No.:

0100-01-034829 (Tokyo-Chiyodaku)

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Manufacturing of industrial films, sheets

 

 

No. of Employees:

1053 (Approximately)

 

 

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

 

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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 – September 30, 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

 

 

JAPAN - ECONOMIC OVERVIEW

 

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India,

which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.

 

Source : CIA

 

                                                             

Company name

 

MITSUI CHEMICAL TOHCELLO INC

 

 

REGD NAME         

 

Mitsui Kagaku Tohcello KK

 

 

MAIN OFFICE

 

Sumitomo Fudosan Kanda Bldg, 7 Kanda-Mitoshirocho Chiyodaku Tokyo

101-8485 JAPAN

Tel: 03-6895-9300      Fax: 03-6895-5900

 

URL:                http://www.mc-tohcello.co.jp

E-Mail address: (thru the URL)

 

 

ACTIVITIES            

 

Mfg of industrial films, sheets

 

BRANCHES            

 

Osaka, Nagoya, Sapporo, Fukuoka

 

 

OVERSEAS

 

Malaysia            

 

 

FACTORIES

 

Katsuta, Ibaraki, Koga, Hamamatsu, Aki, Nagoya

 

OFFICERS

 

       YUKIO HARA, PRES                      Manabu Serio, rep dir

Kazuhiko Okamoto, dir               Tomio Oshino, dir

Yoshio Inoue, dir

           

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY

 

FINANCES                    FAIR                 A/SALES          Yen 79,559 M

PAYMENTS                  REGULAR         CAPITAL           Yen 3,450 M

TREND             UP                    WORTH            Yen 33,162 M

STARTED                     1929                 EMPLOYES      1,053

 

 

COMMENT

 

MFR OF INDUSTRIAL FILMS & SHEETS, OWNED BY MITSUI CHEMICALS INC.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                                                                                             

 

HIGHLIGHTS 

 

The subject company was established jointly by Mitsui Chemicals Febro Inc and Tohcello Co Ltd.  This is a specialized mfr of industrial, packaging, functional films & sheets, photovoltaic encapsulant, other.  Goods are delivered to the parent and its group firms.  Products are also actively exported.

 

 

FINANCIAL INFORMATION

           

The sales volume for Mar/2012 fiscal term amounted to Yen 79,559 million, a 20% up from Yen 66,449 million in the previous term.  The JV factory in Malaysia started production of packaging sheets for solar cells.  The recurring profit was posted at Yen 4,057 million and the net profit at Yen 1,741 million, respectively, compared with Yen 4,057 million recurring profit and yen 2,191 million net profit, respectively, a year ago.

 

For the current term ending Mar 2013 the recurring profit is projected at Yen 3,109 million and the net profit at Yen 1,800 million, respectively, on a 5% rise in turnover, to Yen 83,500 million.  .Thai Factory is mfg in full capacity. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 


 

REGISTRATION  

 

Date Registered:         Jan 1929

Regd No.:                         0100-01-034829 (Tokyo-Chiyodaku)

Legal Status:        Limited Company (Kabushiki Kaisha)

Authorized:           626million shares

Issued:                 156 million shares

Sum:                    Yen 3,450 million

Major shareholders (%): Mitsui Chemicals Inc* (100)

 

*.. One of major comprehensive chemical mfr, Tokyo, founded 1955, listed Tokyo S/E,

Capital Yen 2,510 million, sales Yen 5,687 million, operating loss Yen 361 million, recurring loss Yen 407 million, net loss Yen 545 million, total assets Yen 9,312 million, net worth Yen 4,154 million, employees 202, pres Masaji Nagaoka

 

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

 

 

OPERATION

       

Activities: Manufactures packaging films, industrial films, functional sheets, photovoltaic encapsulant, other (--100%)

 

Clients: [Mfrs, wholesalers] Toppan Printing, Dainippon Printing, Solar Frontier, other 

No. of accounts: 300

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Prime Polymer, Mitsui DuPont Polychemical, Mitsui Chemicals Ind, other

 

Payment record: Regular

 

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

 

Bank References:

SMBC (H/O)

MUFG (Tokyo)

Relations: Satisfactory

 

FINANCES

 

(In Million Yen)

       Terms Ending:

31/03/2013

31/03/2012

31/03/2011

31/03/2010

Annual Sales

　

83,500

79,559

66,449

56,187

Recur. Profit

　

3,100

3,052

4,057

3,954

Net Profit

　

1,800

1,741

2,191

2,293

Total Assets

　

　

69,003

64,919

50,518

Current Assets

　

　

36,603

34,703

27,258

Current Liabs

　

　

25,565

15,151

17,636

Net Worth

　

　

33,162

28,727

22,987

Capital, Paid-Up

　

　

3,450

3,450

3,450

Div.P.Share(¥)

　

　

9.00

13.00

19.00

 

 

 

<Analytical Data>

(%)

(%)

(%)

(%)

 

    S.Growth Rate

4.95

19.73

18.26

-9.56

 

    Current Ratio

 

..

143.18

229.05

154.56

    N.Worth Ratio

..

48.06

44.25

45.50

 

    R.Profit/Sales

 

3.71

3.84

6.11

7.04

 

    N.Profit/Sales

2.16

2.19

3.30

4.08

 

    Return On Equity

..

5.25

7.63

9.98

 

 

Notes: Forecast (or estimated) figures for the 31/03/2013 fiscal term.



 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.63

UK Pound

1

Rs.86.18

Euro

1

Rs.69.75

 

 

INFORMATION DETAILS

 

Report Prepared by :

BYI

 

 

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

 

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.