MIRA INFORM REPORT

 

 

Report Date :

11.09.2014              

 

IDENTIFICATION DETAILS

 

Name :

TOYO LINT FREE CO LTD

 

 

Registered Office :

3-60-14 Izumi Suginamiku Tokyo 168-0063

 

 

Country :

Japan

 

 

Financials (as on) :

30.11.2013

 

 

Date of Incorporation :

September 1970

 

 

Com. Reg. No.:

0112-01-004984

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacture of dust-proof work wear, hood, boot, gloves

 

 

No. of Employees :

50

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow but correct

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. 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 is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy

Source : CIA

 

 

 

Company name and address

 

TOYO LINT FREE CO LTD

REGD NAME:   Toyo Lint Free KK

MAIN OFFICE:  3-60-14 Izumi Suginamiku Tokyo 168-0063 JAPAN

Tel: 03-3323-1151      Fax: 03-3323-1159

 

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

E-Mail address: develop@lintfree.co.jp

 

 

ACTIVITIES

 

Mfg of dust-proof work wear, hood, boot, gloves

 

 

BRANCHES   

 

Osaka, Yamagata, Kumamoto

 

 

OVERSEAS   

 

Vietnam, China (2)

 

 

FACTORIES  

 

Akita (subsidiary); Vietnam

 

 

OFFICERS

 

YASUO OGASAWARA, PRES

Makoto Nishida, dir

Yasuo Ogasawara, mgn dir       

           

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES        FAIR                             A/SALES          Yen 1,717 M

PAYMENTSSlow but correct      CAPITAL           Yen 80 M

TREND SLOW                           WORTH            Yen 738 M

STARTED         1970                             EMPLOYES      50

 

 

COMMENT    

 

MFR OF CLEANROOM CLOTHES.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

                       

HIGHLIGHTS

           

            The subject company was established on the basis of a division separated from Chikuma & Co Ltd, Osaka, mfr of business & school uniforms (See REGISTRATION), for advancing into mfg of cleanroom garments, and accessories.  Yasuo Ogasawara took the pres office in Feb 2013.  This is a specialize mfg of cleanroom garment, hood, boot, gloves, other.  Goods are manufactured at a subsidiary factory in Akita and Vietnam.  Clients include major manufactures, wholesalers, other

 

 

FINANCIAL INFORMATION

           

            The sales volume for Nov/2013 fiscal term amounted to Yen 1,717 million, a 9% down from Yen 1,894 million in the previous term.  The recurring profit was posted at Yen 17 million and the net profit at Yen 7 million, respectively, compared with Yen 38 million recurring profit and Yen 18 million net profit, respectively, a year ago.

 

            For the current term ending Nov 2014 the recurring profit is projected at Yen 20 million and the net profit at Yen 10 million, respectively, on a 2% rise in turnover, to Yen 1,750 million. 

 

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

 

 

REGISTRATION

 

Date Registered:  Sept 1970

Regd No.:         0112-01-004984 (Tokyo-Suginamiku)

Legal Status:       Limited Company (Kabushiki Kaisha)

Authorized:         640,000 shares

Issued:                160,000 shares

Sum:                   Yen 80 million

Major shareholders (%): Chikuma & Co Ltd* (100)

           

*.. Mfr of business/school uniforms, Osaka, founded 1916, capital 678 million, sales Yen 22,017 million, net profit Yen 147 million, employees 220, pres Jun’ichiro Chikuma

 

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

 

 

OPERATION

           

Activities: Manufactures dust-proof work wear as cleanroom garments, hood, boots, gloves, other (--100)

 

Clients: [Mfrs, wholesalers] NEC Group, Shin-Etsu Semiconductors, Renesas Electronics, Toshiba Corp, Takeda Chemical Ind, Seiko Instruments, Fuji Film, Panasonic Corp, Chubu CIC, Daiichi Sankyo Co, Elpida Memory, Panasonic Mobile Communications, other 

No. of accounts: 500

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Chikuma & Co (50%), Mitsu-Uma Co, Nakada Hisakichi Shoten, Medline International Japan, Sumiron Co, Japan Medical Products, Midori Sewing, Ozu Corp, other

 

Payment record: Slow but correct

 

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

 

Bank References:

SMBC (Bingomachi)

MUFG (Shinjukudori)

Relations: Satisfactory

 

 

 

FINANCES

 

(In Million Yen)

       Terms Ending:

30/11/2014

30/11/2013

30/11/2012

30/11/2011

Annual Sales

　

1,750

1,717

1,894

1,863

Recur. Profit

　

20

17

38

41

Net Profit

　

10

7

18

18

Total Assets

　

　

1,406

1,362

1,335

Current Assets

　

　

972

932

902

Current Liabs

　

　

435

454

443

Net Worth

　

　

738

730

712

Capital, Paid-Up

　

　

80

80

80

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

　

(%)

(%)

(%)

(%)

    S.Growth Rate

　

1.92

-9.35

1.66

4.25

    Current Ratio

　

..

223.45

205.29

203.61

    N.Worth Ratio

　

..

52.49

53.60

53.33

    R.Profit/Sales

　

1.14

0.99

2.01

2.20

    N.Profit/Sales

　

0.57

0.41

0.95

0.97

    Return On Equity

　

..

0.95

2.47

2.53

 

Notes: Forecast (or estimated) figures for the 30/11/2014 fiscal term.

 

           


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.82

UK Pound

1

Rs.98.14

Euro

1

Rs.78.65

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

PDT

 

               

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.