MIRA
INFORM REPORT
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Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
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Name : |
TORAY INTERNATIONAL INC |
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Registered Office : |
JP Bldg, 3-4-4 Nihombashi-Muromachi Chuoku Tokyo 103-0022 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
20.12.1986 |
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Com. Reg. No.: |
0100-01-051554 (Tokyo-Minatoku) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Importer, exporter, wholesaler of a wide range of products from fibers, textiles, resins, apparel, chemicals, electronics materials & plant machinery |
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No. of Employees : |
506 |
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 : |
Satisfactory |
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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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 |
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 2013 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 225% 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.
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Source : CIA |
Company name
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
Importer,
exporter, wholesaler of fibers, apparel, resins & fur
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
PAYMENTS REGULAR 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. 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: 20
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)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2013 |
31/03/2012 |
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INCOME STATEMENT |
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Annual Sales |
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479,133 |
479,290 |
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Cost of Sales |
457,619 |
457,932 |
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GROSS PROFIT |
21,514 |
21,358 |
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Selling & Adm
Costs |
11,446 |
12,142 |
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OPERATING PROFIT |
10,068 |
9,216 |
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Non-Operating P/L |
998 |
123 |
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RECURRING PROFIT |
11,066 |
9,339 |
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NET PROFIT |
7,240 |
8,312 |
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BALANCE SHEET |
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Cash |
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565 |
342 |
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Receivables |
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93,396 |
89,977 |
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Inventory |
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24,639 |
23,949 |
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Securities, Marketable |
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Other Current Assets |
10,157 |
9,375 |
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TOTAL CURRENT ASSETS |
128,757 |
123,643 |
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Property & Equipment |
500 |
530 |
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Intangibles |
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2,901 |
2,020 |
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Investments, Other Fixed Assets |
5,112 |
4,781 |
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TOTAL ASSETS |
137,270 |
130,974 |
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Payables |
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76,112 |
75,005 |
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Short-Term Bank Loans |
7,583 |
8,497 |
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Other Current Liabs |
10,158 |
10,532 |
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TOTAL CURRENT LIABS |
93,853 |
94,034 |
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Debentures |
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Long-Term Bank Loans |
4,090 |
4,111 |
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Reserve for Retirement Allw |
72 |
71 |
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Other Debts |
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1,172 |
1,659 |
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TOTAL LIABILITIES |
99,187 |
99,875 |
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MINORITY INTERESTS |
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Common
stock |
2,040 |
2,040 |
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Additional
paid-in capital |
863 |
863 |
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Retained
earnings |
35,252 |
28,267 |
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Evaluation
p/l on investments/securities |
146 |
64 |
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Others |
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0 |
0 |
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Treasury
stock, at cost |
(219) |
(135) |
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TOTAL S/HOLDERS` EQUITY |
38,082 |
31,099 |
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TOTAL EQUITIES |
137,270 |
130,974 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
38,082 |
31,099 |
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Current
Ratio (%) |
137.19 |
131.49 |
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Net
Worth Ratio (%) |
27.74 |
23.74 |
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Recurring
Profit Ratio (%) |
2.31 |
1.95 |
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Net
Profit Ratio (%) |
1.51 |
1.73 |
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Return
On Equity (%) |
19.01 |
26.73 |
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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.59.95 |
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UK Pound |
1 |
Rs.99.36 |
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Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
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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.