MIRA
INFORM REPORT
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Report Date : |
13.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
ASK SANSHIN ENGINEERING CORPORATION |
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Registered Office : |
A & A Material Bldg 3F, 2-5-5 Tsurumi-Chuo Tsurumiku Yokohama
230-0051 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
Nov 1989 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Engineering of heat/cold insulation works. |
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 25.2 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
ASK SANSHIN ENGINEERING CORPORATION
REGD NAME
Ask Sanshin Engineering KK
MAIN OFFICE
A & A Material Bldg 3F, 2-5-5 Tsurumi-Chuo Tsurumiku Yokohama
230-0051 JAPAN
Tel: 045-503-7811
Fax: 045-521-4632
URL: http://www.askcorp.co.jp
E-Mail address: ase.hon@askcorp.co.jp
ACTIVITIES
Engineering of heat/cold insulation works
BRANCHES
Tokyo, Osaka, Nagoya, Sapporo, Sendai, Hiroshima, Fukuoka,
other (Tot 28)
OVERSEAS
Singapore (subsidiary)
OFFICERS
YUJI NAKAMURA, PRES Katsumi
Iizuka, mgn dir
Ken’ichi Honda, dir Akira
Omata, dir
Kazuo Ishikawa, dir Atsushi
Tomii, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 16,652 M
PAYMENTS REGULAR CAPITAL Yen 450 M
TREND STEADY WORTH Yen 261 M
STARTED 1989 EMPLOYES 138
COMMENT
ENGINEERING
OF INSULATION WORKS, WHOLLY OWNED BY A & A MATERIALS CORP. FINANCIAL SITUATION CONSIDERED FAIR AND
GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 25.2 MILLION, 30 DAYS NORMAL
TERMS.
HIGHLIGHTS
The subject company was established jointly by Ask Corp
(currently A & Material Corp) and Sanshin Corp as engineering company. (See REGISTRATION for A & A Material
Corp). This is an engineering company
specializing in cold/heat insulation works.
Clients include electric powers, ship builders, LPG/LNG tank mfrs,
other, nationwide.
FINANCIAL INFORMATION
Financials are made available in digest form as from the 31/03/2006 fiscal term. We attach here the full financials of the parent, A & A Material Corp.
The sales volume for Mar/2006 fiscal term amounted to Yen 16,652 million, a 27% up from Yen 13,081 million in the previous term. This is attributed to the transfer of insulation marketing division from the parent, A & A Material Corp. The net profit leaped to Yen 280 million from Yen 24 million a year ago.
For the term just ended Mar/2007 the net profit is projected at
Yen 280 million, on a similar turnover, at Yen 16,700 million.
The financial situation is considered maintained FAIR and good
for ORDINARY business engagements. Max
credit limit is estimated at Yen 25.2 million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov
1989
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 36,000
shares
Issued: 9,000
shares
Sum: Yen
540 million
Major shareholders (%): A & A Material Corp*(100)
*.. Mfr of slates & ceramic building materials, at the
caption address, founded 1924, listed Tokyo S/E, capital Yen 60,317 million,
turnover Yen 58,333 million, operating profit Yen 1,423 million, recurring
profit Yen 569 million, net profit Yen 93 million, total assets Yen 60,317
million, net worth Yen 9,905 million, employees 1,053, pres Shigeyuki Yamashita
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Engineering works specializing in heat/cold
insulation, fireproofing protection, radiation protection, sound proofing,
LNG/LPG tank insulation, building facilities, counter measures for dioxin,
other environmental protection measures, others (--100%).
Clients: [Mfrs, electric powers, wholesalers] A & A
Material Corp, Tokyo Electric Power, Hitachi Ltd, Mitsubishi Heavy Ind, Babcock
Hitachi, Ishikawajima-Harima Heavy Ind, Toyo Suisan, Taikisha Ltd, other.
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] A & A Material, Mitsui &
Co, Toyo Rubber Ind, Mitsubishi Shoji Construction Materials, Nippon Steel
Trading, Nichias Corp, other.
Payment record: Regular
Location: Business area in Yokohama. Office premises at the caption address are owned by the parent, A
& A Material Corp, and maintained satisfactorily.
Bank References
Mizuho Bank (Tsurumi-Ekimae)
SMBC (Tsurumi)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
31/03/2006 |
31/03/2005 |
31/03/2004 |
31/03/2003 |
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Annual
Sales |
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16,652 |
13,081 |
11,649 |
14,161 |
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Recur.
Profit |
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133 |
57 |
57 |
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Net
Profit |
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280 |
24 |
4 |
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Total
Assets |
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10,050 |
9,303 |
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Current
Assets |
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8,589 |
7,879 |
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Current
Liabs |
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8,084 |
7,396 |
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Net
Worth |
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261 |
221 |
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Capital,
Paid-Up |
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450 |
450 |
450 |
450 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
27.30 |
12.29 |
-17.74 |
-9.88 |
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Current Ratio |
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106.25 |
106.53 |
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N.Worth Ratio |
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2.60 |
2.38 |
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R.Profit/Sales |
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1.02 |
0.49 |
0.40 |
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N.Profit/Sales |
1.68 |
0.18 |
0.03 |
0.00 |
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Return On Equity |
.. |
9.19 |
1.80 |
.. |
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Note: Forecast (or estimated) for the 31/03/2007 fiscal
term.
CONSOLIDATED FINANCES
OF THE PARENT, A & A MATERIAL CORP.
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME STATEMENT |
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Annual Sales |
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58,333 |
55,614 |
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Cost of Sales |
46,113 |
44,331 |
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GROSS PROFIT |
12,219 |
11,282 |
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Selling & Adm Costs |
9,759 |
9,859 |
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OPERATING PROFIT |
2,460 |
1,423 |
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Non-Operating P/L |
-806 |
-854 |
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RECURRING PROFIT |
1,654 |
569 |
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NET PROFIT |
755 |
93 |
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BALANCE SHEET |
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Cash |
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2,884 |
5,499 |
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Receivables |
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13,357 |
14,643 |
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Inventory |
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5,527 |
4,831 |
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Securities, Marketable |
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Other Current Assets |
7,854 |
6,899 |
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TOTAL CURRENT ASSETS |
29,622 |
31,872 |
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Property & Equipment |
27,788 |
25,052 |
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Intangibles |
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94 |
76 |
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Investments, Other Fixed Assets |
2,813 |
2,839 |
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TOTAL ASSETS |
60,317 |
59,839 |
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Payables |
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9,094 |
7,993 |
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Short-Term Bank Loans |
13,159 |
13,789 |
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Other Current Liabs |
7,337 |
7,513 |
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TOTAL CURRENT LIABS |
29,590 |
29,295 |
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Debentures |
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900 |
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Long-Term Bank Loans |
11,580 |
11,630 |
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Reserve for Retirement Allw |
2,174 |
3,599 |
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Other Debts |
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6,118 |
6,039 |
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TOTAL LIABILITIES |
50,362 |
50,563 |
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MINORITY INTERESTS |
49 |
50 |
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Common
stock |
3,889 |
3,889 |
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Additional
paid-in capital |
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Retained
earnings |
4,845 |
3,971 |
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Evaluation
p/l on investments/securities |
678 |
618 |
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Others |
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Treasury
stock, at cost |
(6) |
(4) |
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TOTAL S/HOLDERS` EQUITY |
9,905 |
9,225 |
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TOTAL EQUITIES |
60,317 |
59,839 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2006 |
31/03/2005 |
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Cash
Flows from Operating Activities |
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2,520 |
2,917 |
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Cash
Flows from Investment Activities |
-5,340 |
208 |
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Cash
Flows from Financing Activities |
206 |
-3,256 |
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Cash,
Bank Deposits at the Term End |
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2,845 |
5,462 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
9,905 |
9,225 |
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Current
Ratio (%) |
100.11 |
108.80 |
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Net
Worth Ratio (%) |
16.42 |
15.42 |
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Recurring
Profit Ratio (%) |
2.84 |
1.02 |
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Net
Profit Ratio (%) |
1.29 |
0.17 |
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Return
On Equity (%) |
7.62 |
1.01 |
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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%)