|
|
|
MIRA INFORM REPORT
|
Report No. : |
507961 |
|
Report Date : |
07.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
DU
PONT-TORAY CO LTD |
|
|
|
|
Registered Office : |
Metlife Nihombashi-Honcho Bldg 10F, 1-1-1
Nihombashi-Honcho Chuoku |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation : |
Jun 1964 |
|
|
|
|
Com. Reg. No.: |
0100-01-051551 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufactures chemical fibers: polyurethane yarns,
poly-amid resins, polyester plates, poly-amid synthetic fibers, others |
|
|
|
|
No. of Employees : |
357 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
Yen 1,063.6 Million |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
JAPAN - ECONOMIC OVERVIEW
Over the past 70 years, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (slightly less than 1% of GDP) have helped Japan develop an advanced economy. Two notable characteristics of the post-World War II 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 have significantly eroded under the dual pressures of global competition and domestic demographic change.
Measured on a purchasing power parity basis that adjusts for price differences, Japan in 2017 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. For three postwar decades, overall real economic growth was impressive - averaging 10% in the 1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the aftereffects of inefficient investment and the collapse of an asset price bubble in the late 1980s, which resulted in several years of economic stagnation as firms sought to reduce excess debt, capital, and labor. Modest economic growth continued after 2000, but the economy has fallen into recession four times since 2008.
Japan enjoyed an uptick in growth since 2013, supported by Prime Minister Shinzo ABE’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Led by the Bank of Japan’s aggressive monetary easing, Japan is making modest progress in ending deflation, but demographic decline – a low birthrate and an aging, shrinking population – poses a major long-term challenge for the economy. The government currently faces the quandary of balancing its efforts to stimulate growth and institute economic reforms with the need to address its sizable public debt, which stands at 235% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate. However, the first such increase, in April 2014, led to a sharp contraction, so Prime Minister ABE has twice postponed the next increase, which is now scheduled for October 2019. Structural reforms to unlock productivity are seen as central to strengthening the economy in the long-run.
Scarce in critical natural resources, Japan has long been dependent on imported energy and raw materials. After the complete shutdown of Japan’s nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than before on imported fossil fuels. However, ABE’s government is seeking to restart nuclear power plants that meet strict new safety standards and is emphasizing nuclear energy’s importance as a base-load electricity source. In August 2015, Japan successfully restarted one nuclear reactor at the Sendai Nuclear Power Plant in Kagoshima prefecture, and several other reactors around the country have since resumed operations; however, opposition from local governments has delayed several more restarts that remain pending. Reforms of the electricity and gas sectors, including full liberalization of Japan’s energy market in April 2016 and gas market in April 2017, constitute an important part of Prime Minister Abe’s economic program.
Under the Abe Administration, Japan’s government sought to open the country’s economy to greater foreign competition and create new export opportunities for Japanese businesses, including by joining 11 trading partners in the Trans-Pacific Partnership (TPP). Japan became the first country to ratify the TPP in December 2016, but the United States signaled its withdrawal from the agreement in January 2017. In November 2017 the remaining 11 countries agreed on the core elements of a modified agreement, which they renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Japan also reached agreement with the European Union on an Economic Partnership Agreement in July 2017, and is likely seek to ratify both agreements in the Diet this year.
|
Source
: CIA |
Company
name and address
DU PONT-TORAY
CO LTD
REGD NAME: Toray Du Pont KK
MAIN OFFICE: Metlife Nihombashi-Honcho Bldg 10F, 1-1-1
Nihombashi-Honcho Chuoku
Tokyo 103-0023
JAPAN
Tel: 03-3245-5081 Fax: 03-3231-1604
*.. The is its Factory
in Tokai, Aichi-Pref
URL: http://www.td-net.co.jp
E-Mail
address: (thru the URL)
ACTIVITIES: Mfg of polyurethane yarn, poly-amid
resins, polyester plates, other
BRANCHES: Tokyo, Nagoya
FACTORIES: Tokai (Aichi-Pref) (as given)
OFFICERS: MICHIYUKI NAKAYA, PRES Shunichi Ito, v pres
Masaaki Fushimi, s/mgn
dir Akira Hirai, mgn dir
Toru Ogawa, dir Tohru Fukasawa, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 24,091 M
PAYMENTS REGULAR CAPITAL Yen 3,208 M
TREND SLOW WORTH Yen
20,258 M
STARTED 1964 EMPLOYES 357
COMMENT: MFR OF CHEMICALS & PRODUCTS.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS
ENGAGEMENTS.
MAX CREDIT
LIMIT: ESTIMATED AT YEN 1,063.6 MILLION, ON 30 DAYS
NORMAL TERMS.
HIGHLIGHTS
The subject company was established by
Du Pont (USA) and Toray Inc as a JV named Toyo Production KK, and renamed in
1984 as captioned. This is a specialized
mfr of chemical products: polyurethane yarns, poly-amid resins, polyurethane
plates, other. Goods are widely exported.
Clients include trading houses (for import/export), chemical Ind, other
FINANCIAL
INFORMATION
The sales volume for Mar/2017 fiscal
term amounted to Yen 24,091 million, a 7% fall from Yen 25,780 million in the
previous term. The recurring profit was
posted at Yen 3,427 million and the net profit at Yen 2,439 million,
respectively, compared with Yen 2,636 million recurring profit and Yen 1,777
million net profit, respectively, a year ago.
For the term that ended Mar 2018 the
recurring profit was projected at Yen 3,500 million and the net profit at Yen
2,550 million, respectively, on a 3% rise in turnover, to Yen 24,815
million. Final results are yet to be
released.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,063.6
million, on 30 days normal terms.
REGISTRATION
Date
Registered: Jun 1964
Regd No.: 0100-01-051551 (Tokyo-Chuoku)
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
25.6 million shares
Issued:
6.4 million shares
Sum: Yen 3,208 million
Major
shareholders (%): Toray Industries Inc* (50), Du Pond Specialty Products (50)
No. of
shareholders: 2
*.. Largest
mfr of synthetic fibers, Tokyo, founded 1926, listed Tokyo S/E, capital Yen
147,873 million, sales Yen 2,026,470 million, operating profit Yen 146,893
million, recurring profit Yen 143,736 million, net profit Yen 99,418 million,
total assets Yen 2,658,426 million, net worth Yen 1,123,576 million, employees
45,881, pres Akihiro Nikkaku
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities:
Manufactures chemical fibers: polyurethane yarns, poly-amid resins, polyester
plates, poly-amid synthetic fibers, others (--100%)
Clients: [Mfrs,
wholesalers] Du Pont KK, Toray Industries, Mitsui & Co, Itochu Corp, E I Du
Pont, Nippon Mektron Ltd, Panasonic Corp, Chugai Pharmaceutical, Fukoku Co,
Shimoda Kogyo, other
No. of
accounts: 350
Domestic areas
of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] E I Du Pont, Toray Industries, Du Pont KK, other
Payment
record: Regular
Location:
Business area in Tokyo. Office premises
at the caption address are leased and maintained satisfactory.
Bank
References:
SMBC (H/O)
Mizuho Bank
(H/O)
Relations:
Satisfactory
FINANCES
(In Million
Yen)
|
Terms Ending: |
|
31/03/2018 |
31/03/2017 |
31/03/2016 |
31/03/2015 |
|
Annual Sales |
|
24,815 |
24,091 |
25,780 |
24,830 |
|
Recur. Profit |
|
3,500 |
3,427 |
2,636 |
1,665 |
|
Net Profit |
|
2,550 |
2,439 |
1,777 |
1,067 |
|
Total Assets |
|
|
27,570 |
26,168 |
25,543 |
|
Net Worth |
|
|
20,258 |
19,337 |
18,577 |
|
Capital, Paid-Up |
|
|
3,208 |
3,208 |
3,208 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical
Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
3.01 |
-6.55 |
3.83 |
3.71 |
|
Current Ratio |
|
|
.. |
.. |
.. |
|
N.Worth Ratio |
|
|
73.48 |
73.90 |
72.73 |
|
N.Profit/Sales |
|
10.28 |
10.12 |
6.89 |
4.30 |
Notes:
Forecast (or estimated) figures for the 31/03/2018 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.77 |
|
|
1 |
INR 90.58 |
|
Euro |
1 |
INR 79.97 |
|
YEN |
1 |
INR 0.62 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.