MIRA INFORM REPORT

 

 

Report Date :

01.08.2013

 

IDENTIFICATION DETAILS

 

Name :

TORAY INTERNATIONAL INC

 

 

Registered Office :

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

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

December  1986

 

 

Com. Reg. No.:

0100-01-051554 (Tokyo-Minatoku)

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

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

 

 

No. of Employees :

506

 

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 :

Satisfactory

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 – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan 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 and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy his government's top priority; he has pledged to reconsider his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus and regulatory reform and has said he will press the Bank of Japan to loosen monetary policy. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2012 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 2012. The new government will continue a longstanding debate 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 and address

 

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

 

                        *.. The is its Osaka Branch

 

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

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

 

 

ACTIVITIES

 

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

 

BRANCHES   

 

Osaka, Sapporo, Sendai, Nagoya, Fukuoka

 

OVERSEAS

 

USA (4), Mexico, London, Milan, Frankfurt, Shanghai, Hong Kong, Taipei,

Singapore, Bangkok, Jakarta, Seoul, Ho Chi Minh, Moscow, other

 

 

OFFICER(S)

 

HIROSHI HONJI, PRES              Yukihiro Sugimoto, ch

Taisuke Minakuchi, mgn dir        Yoshio Noro, mgn dir   

Yoshio Kawahara, dir                 Fumihiko Mizumura, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                 A/SALES          Yen 479,133 M

PAYMENTSREGULAR   CAPITAL           Yen 2,040 M

TREND UP                    WORTH            Yen 38,082 M

STARTED         1986                 EMPLOYES      506

COMMENT    

 

TORADING FIRM, WHOLLY OWNED BY TORAY INDUSTRIES IINC. 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

                       

                 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/2013 fiscal term amounted to Yen 479,133 million, a SHADE DOWN FROM Yen 479,290 million in the previous term.  The recurring profit was posted at Yen 11,066 million and the net profit at Yen 7,240 million, respectively, compared with Yen 9,339 million recurring profit and Yen 8,312 million net profit, respectively, a year ago. 

 

For the current term ending Mar 2014 the recurring profit is projected at Yen 10,700 million and the net profit at Yen 6,800 million, respectively, on a 6% rise in turnover, to Yen 507,800 million.   Business is seen expanding steadily.

           

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

 

 

REGISTRATION

 

Date Registered:        Dec 1986

Regd No.:                       0100-01-051554 (Tokyo-Minatoku)

Legal Status:       Limited Company (Kabushiki Kaisha)

Authorized:         128,000 shares

Issued:                32,000 shares

Sum:                   Yen 2,040 million

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

 

* Largest mfr of synthetic fibers, at the caption address, founded 1926, listed Tokyo S/E, capital Yen 147,873 million, turnover Yen 1,592,279 million, operating profit Yen 88,244 million, recurring profit Yen 88,244 million, net profit Yen 48,477 million, total assets Yen 1,731,830 million, net worth Yen 779,615 million, employees 40,227, 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 (18%): synthetic filament, yarns, staple fibers, rayon, cotton, wool, spun yarns, non-woven fabrics, industrial sling, other;

Apparel Div (24%): woven & knitted textiles, apparel products, man-made suede, leather products, other;

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 (33%): Fiber & plastic production plant & machinery, raw materials for synthetic fibers, fine chemicals, carbon fiber, composite parts, steel;

Commercial Products Div (2%): 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:

31/03/2013

31/03/2012

INCOME STATEMENT

 

 

 

  Annual Sales

　

479,133

479,290

 

  Cost of Sales

457,619

457,932

 

      GROSS PROFIT

21,514

21,358

 

  Selling & Adm Costs

11,446

12,142

 

      OPERATING PROFIT

10,068

9,216

 

  Non-Operating P/L

998

123

 

      RECURRING PROFIT

11,066

9,339

　

      NET PROFIT

7,240

8,312

BALANCE SHEET

 

 

 

 

  Cash

　

565

342

 

  Receivables

 

93,396

89,977

 

  Inventory

 

24,639

23,949

 

  Securities, Marketable

　

　

 

  Other Current Assets

10,157

9,375

 

      TOTAL CURRENT ASSETS

128,757

123,643

 

  Property & Equipment

500

530

 

  Intangibles

 

2,901

2,020

 

  Investments, Other Fixed Assets

5,112

4,781

 

      TOTAL ASSETS

137,270

130,974

 

  Payables

 

76,112

75,005

 

  Short-Term Bank Loans

7,583

8,497

 

　

 

　

　

 

  Other Current Liabs

10,158

10,532

 

      TOTAL CURRENT LIABS

93,853

94,034

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

4,090

4,111

 

  Reserve for Retirement Allw

72

71

 

  Other Debts

　

1,172

1,659

 

      TOTAL LIABILITIES

99,187

99,875

 

      MINORITY INTERESTS

 

 

 

Common stock

2,040

2,040

 

Additional paid-in capital

863

863

 

Retained earnings

35,252

28,267

 

Evaluation p/l on investments/securities

146

64

 

Others

 

0

0

 

Treasury stock, at cost

(219)

(135)

 

      TOTAL S/HOLDERS` EQUITY

38,082

31,099

　

      TOTAL EQUITIES

137,270

130,974

ANALYTICAL RATIOS          Terms ending:

31/03/2013

31/03/2012

 

 

 

Net Worth (S/Holders' Equity)

38,082

31,099

 

 

 

Current Ratio (%)

137.19

131.49

 

 

 

Net Worth Ratio (%)

27.74

23.74

 

 

 

Recurring Profit Ratio (%)

2.31

1.95

 

 

 

Net Profit Ratio (%)

1.51

1.73

 

 

 

Return On Equity (%)

19.01

26.73

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.11

UK Pound

1

Rs.92.97

Euro

1

Rs.80.93

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.