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Report No. : |
336561 |
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Report Date : |
11.08.2015 |
IDENTIFICATION DETAILS
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Name : |
TORAY INTERNATIONAL INC |
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Registered Office : |
Nihombashi TI Bldg, 3-1-1 Nihombashi-Honcho Chuoku Tokyo 103-0023 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
December 1986 |
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Com. Reg. No.: |
0100-01-051554 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Export and Wholesale of Fibers, Apparel, Resins, Fur, Other. |
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No of Employees : |
402 |
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 : |
No Complaints |
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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 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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 an 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. Scarce in many natural resources, Japan has long been dependent on imported raw materials. Since the complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than it was previously on imported fossil 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 impressive - 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 aftereffects 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 four times since 2008. 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 of that year disrupted manufacturing. The economy has largely recovered in the four years since the disaster, although reconstruction in the affected Tohoku region has lagged, in part due to a shortage of labor in the construction sector. Japan enjoyed a sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Abe’s government has replaced the preceding administration’s plan to phase out nuclear power with a new policy of seeking to restart nuclear power plants that meet strict new safety standards, and emphasizing nuclear energy’s importance as a base-load electricity source. Japan joined the Trans-Pacific Partnership (TPP) 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 2014 stood as the fourth-largest economy in the world after first-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. While seeking to stimulate and reform the economy, the government must also devise a strategy for reining in Japan's huge government debt, which amounts to more than 230% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8% implemented in April 2014. That increase had a contractionary effect on GDP, however, so PM Abe in late 2014 decided to postpone the final phase of the increase until April 2017 to give the economy more time to recover. Led by the Bank of Japan’s aggressive monetary easing, Japan is making progress in ending deflation, but demographics - low birthrate and an aging, shrinking population - pose major long-term challenges for the economy.
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Source
: CIA |
TORAY
INTERNATIONAL INC
Toray International KK
Address: Nihombashi TI Bldg, 3-1-1 Nihombashi-Honcho
Chuoku Tokyo 103-0023 JAPAN
Tel: 03-3245-5880 Fax:
03-0245-570
*..
The is its Osaka Branch
URL: http://www.toray-intl.com/
E-Mail address: (thru
the URL)
Import, export, wholesale of
fibers, apparel, resins, fur, other
Osaka, Sapporo, Sendai, Nagoya,
Fukuoka, Chiba
USA (5), Mexico (3), London, Milan, Frankfurt, Hong Kong, China
(2),Taiwan (5), Korea, India (2), Indonesia
Singapore, Thailand, Russia, Vietnam, Bangladesh, Myanmar
MITSUO OHYA, PRES Toshiyuki Onogi, s/mgn dir
Hiroshi Takaki, dir Kentaro Noma, dir
Katsunori Matsuda, dir Kazuhiko Shiomura, dir
Yen Amount: In
million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 553,981 M
PAYMENTSNO COMPLAINTS CAPITAL Yen
2,040 M
TREND UP WORTH Yen 43,699 M
STARTED 1986 EMPLOYES 402
TORADING FIRM, WHOLLY OWNED BY TORAY INDUSTRIES IINC.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
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 29 overseas branch offices
in 16 overseas countries, actively engaged in international trading
businesses. Business is not confined to
Toray group, and sales outside Toray group account for 60% of total sales.
The
sales volume for Mar/2014 fiscal term amounted to Yen 553,981 million, a 16% up
from Yen 479,133 million in the previous term.
Sales of functional autumn & winter wear grew steadily. Sales of carbon fibers for automobile airbags
and aircraft also boosted earnings. The
recurring profit was posted at Yen 13,166 million and the net profit at Yen
8,514 million, respectively, compared with Yen 11,066 million recurring profit
and Yen 7,240 million net profit, respectively, a year ago.
For
the current term ending Mar 2015 the recurring profit is projected at Yen
12,900 million and the net profit at Yen 8,800 million, respectively, on a 3%
rise in turnover, to Yen 569,100 million.
Textiles and carbon fibers will continue to drive sales growth.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
Date Registered:
Dec 1986
Regd No.: 0100-01-051554
(Tokyo-Minatoku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 128,000
shares
Issued: 32,005
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 1,837,773 million, operating
profit Yen 105,253 million, recurring profit Yen 110,648 million, net profit
Yen 59,608 million, total assets Yen 2,119,683 million, net worth Yen 859,001
million, employees 45,881, pres Akihiro Nikkaku
Nothing detrimental is known as
to the commercial morality of executives.
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 (30%): Fiber & plastic production
plant & machinery, raw materials for synthetic fibers, fine chemicals,
carbon fiber, composite parts, steel;
Commercial
Products Div (5%): cleaning cloth, fur, rubber, other.
Exports (35%); Imports (35%)
Clients:
[Mfrs, wholesalers] Toray Ind & group firms, Uniqlo Co, GU Corp,
other.
Exports to USA, Europe, Asia, other.
No. of accounts: Unavailable
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Toray Ind & group firms, Nippon Oil, Ghangzhou Hualida
Garments Group, Sabic Asia Pcific Ltd.other.
Imports from USA, Europe, S/E Asia, China, other.
Payment record: No Complaints
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
(In Million Yen)
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Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
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Annual Sales |
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569,100 |
553,981 |
479,133 |
479,290 |
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Recur. Profit |
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12,900 |
13,166 |
11,066 |
9,339 |
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Net Profit |
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8,800 |
8,514 |
7,240 |
5,312 |
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Total Assets |
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149,433 |
137,270 |
130,974 |
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Current Assets |
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141,202 |
128,757 |
123,643 |
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Current Liabs |
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98,914 |
93,853 |
94,034 |
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Net Worth |
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43,699 |
38,082 |
31,099 |
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Capital, Paid-Up |
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2,040 |
2,040 |
2,040 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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2.73 |
15.62 |
-0.03 |
.. |
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Current Ratio |
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.. |
142.75 |
137.19 |
131.49 |
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N.Worth Ratio |
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.. |
29.24 |
27.74 |
23.74 |
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R.Profit/Sales |
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2.27 |
2.38 |
2.31 |
1.95 |
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N.Profit/Sales |
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1.55 |
1.54 |
1.51 |
1.11 |
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Return On Equity |
|
.. |
19.48 |
19.01 |
17.08 |
Notes: Forecast (or estimated) figures for
the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 63.76 |
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|
1 |
Rs. 98.76 |
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Euro |
1 |
Rs. 69.88 |
INFORMATION DETAILS
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Analysis Done by
: |
RSM |
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Report Prepared
by : |
ANK |
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.