MIRA
INFORM REPORT
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Report Date : |
02.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
PLIBRICO JAPAN CO LTD |
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Registered Office : |
Mita NN Bldg, 4-1-23 Shiba Minatoku Tokyo 108-0014 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
Jun 1954 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of refractories, incinerators, gunning
machines |
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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Maximum Credit Limit : |
Yen 168.1 millions |
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Status : |
Fair |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
PLIBRICO JAPAN CO LTD
REGD NAME
Nihon Plibrico KK
MAIN OFFICE
Mita NN Bldg, 4-1-23 Shiba Minatoku Tokyo 108-0014 JAPAN
Tel : 03-3455-1351
Fax : 03-3455-1362
URL : http://www.plibrico.co.jp/
E-Mail address: info@plibrico.co.jp
ACTIVITIES
Engineering firm; mfg of refractories, incinerators, gunning
machines
BRANCHES
Osaka, Nagoya, Fukuoka, Kashima, Oita, Kimitsu, Mizushima,
Wakayama, Keihin
FACTORY(IES)
Chigasaki (Kanagawa), Gifu (technical center)
CHIEF EXEC
TOSHIAKI ITOH, PRES & CEO Yoshio Suzuki, mgn dir
Yoshinori Yoshinaga, dir Kunio
Tanaka, dir
Katsumi Nonaka, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 7,970 M
PAYMENTS REGULAR CAPITAL Yen 360 M
TREND SLOW WORTH Yen 1,605 M
STARTED 1954 EMPLOYES 157
COMMENT
ENGINEERING WORKS & MFR OF REFRACTORY MATERIALS, OWNED BY ASAHI GLASS CERAMICS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 168.1 MILLION, 30 DAYS NORMAL TERMS
Forecast
(or estimated) figures for 31/12/2006 fiscal term
HIGHLIGHTS
The subject company was established originally as mfr of monolithic refractories, the first of its kind, named Japan Refractory Co Ltd, and renamed as captioned in 1960. In 1997, the firm was taken over by Asahi Glass Ceramics Co Ltd (see REGISTRATION), wholly owned by Asahi Glass Co Ltd. This is an engineering firm and mfr of monolithic refractories, refractory materials, incinerators, gunning machines, other related materials. Offers integrated services: design, construction, installation, maintenance, repair, remodeling, dismantling of existing units, etc. The firm forged drastic restructuring in 2002 (after breeding red-ink for the previous term) including liquidation of loss-breeding subsidiaries, personnel cuts, etc. This has resulted in substantial improvement in financial status. Clients include such industries as steel, cement, oil/petrochemicals, chemicals, power generation, other. Incinerators are supplied to government & municipal agencies, etc, nationwide. Actively exporting the products to Asia, Russia, East Europe, other. Newly developed compact incinerators against dioxins with monolithic refractory linings.
FINANCIAL INFORMATION
The sales volume for Dec/2005 fiscal term amounted to Yen 7,970 million, an 11% down from Yen 8,916 million in the previous term, affected by slow recovery in the related industries. This is two consecutive year’s decline. The recurring profit was posted at Yen 211 million and the net profit at Yen 66 million, respectively, compared with Yen 73 million recurring profit and Yen 54 million net profit, respectively, a year ago.
For the term ended Dec 2006 the net profit was projected and is
thought posted at Yen 70 million, on a 7% rise in turnover, to Yen 8,500 million. Final results are not made available
yet.
The financial situation is considered maintained FAIR and
should be good for ORDINARY business engagements. Max credit limit is estimated at Yen 168.1 million, on normal 30
days terms.
REGISTRATION
Date Registered: Jun
1954
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 2.88
million shares
Issued: 720,000
shares
Sum: Yen
360 million
Major shareholders (%): Asahi Glass Ceramics*(91.8), Akira Nishikawa (7.24)
*.. Mfr of ceramic products for glass furnaces at the caption address, founded 1916, capital Yen 3,500 million, turnover Yen 15,609 million, net profit Yen 988 million, employees 213 (--all figures as of Dec/05), pres Eiichi Kudoh, wholly owned by Asahi Glass Co Ltd, top-ranked mfr of flat glass, Tokyo.
No. of shareholders: 4
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Engineering works & mfg of monolithic
refractories:
(Sales breakdown by divisions):
Refractories (61%), plastic refractories, castable
refractories, refractory motors, insulating products, precast blocks, thin
lining anchors, furnaces, including installation works (--37%), incinerators,
compact size batch types included, incinerating materials & supplies (2%); Export 13%).
Clients: [Mfrs, steel mills, oil / petrochemical constructors] Asahi Glass, Nippon Steel, JFE Steel, Toyo Engineering, Mitsubishi Heavy Ind, Chiyoda Corp, Kobe Steel, Sumitomo Metal Ind, Taiheiyo Cement, JGC Corp, other.
No. of accounts: 1,800
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Asahi Glass, NN Chemical, Itochu
Ceramics, Mitsubishi Corp, Morimura Bros Inc, Shoko Co,
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
Mizuho Bank (Shiba)
MUFG (Tamachi)
Relations: Satisfactory
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FINANCES (Non-Consolidated
in million yen) |
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Terms Ending: |
31/12/2005 |
31/12/2004 |
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INCOME STATEMENT |
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Annual Sales |
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7,970 |
8,916 |
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Cost of Sales |
6,061 |
7,185 |
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GROSS PROFIT |
1,908 |
1,730 |
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Selling & Adm Costs |
1,751 |
1,629 |
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OPERATING PROFIT |
157 |
100 |
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Non-Operating P/L |
54 |
-27 |
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RECURRING PROFIT |
211 |
73 |
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NET PROFIT |
66 |
54 |
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BALANCE SHEET |
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Cash |
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195 |
345 |
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Receivables |
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2,848 |
3,247 |
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Inventory |
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292 |
358 |
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Securities, Marketable |
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Other Current Assets |
438 |
896 |
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TOTAL CURRENT ASSETS |
3,773 |
4,846 |
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Property & Equipment |
1,050 |
956 |
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Intangibles |
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3 |
3 |
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Investments, Other Fixed Assets |
(3) |
(3) |
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TOTAL ASSETS |
4,823 |
5,802 |
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Payables |
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968 |
2,167 |
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Short-Term Bank Loans |
300 |
350 |
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Other Current Liabs |
1,416 |
1,299 |
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TOTAL CURRENT LIABS |
2,684 |
3,816 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
434 |
426 |
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Other Debts |
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99 |
43 |
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TOTAL LIABILITIES |
3,217 |
4,285 |
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MINORITY INTERESTS |
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Common
stock |
360 |
360 |
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Additional
paid-in capital |
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Retained
earnings |
1,131 |
1,121 |
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Evaluation
p/l on investments/securities |
114 |
35 |
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Others |
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115 |
0 |
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Treasury
stock, at cost |
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TOTAL S/HOLDERS` EQUITY |
1,605 |
1,516 |
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TOTAL EQUITIES |
4,823 |
5,802 |
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ANALYTICAL RATIOS Terms
ending: |
31/12/2005 |
31/12/2004 |
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Net
Worth (S/Holders' Equity) |
1,605 |
1,516 |
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Current
Ratio (%) |
140.57 |
126.99 |
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Net
Worth Ratio (%) |
33.28 |
26.13 |
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Recurring
Profit Ratio (%) |
2.65 |
0.82 |
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Net
Profit Ratio (%) |
0.83 |
0.61 |
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Return
On Equity (%) |
4.11 |
3.56 |
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)