MIRA
INFORM REPORT
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Report Date : |
26.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
FRP SERVICE & COMPANY |
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Registered Office : |
FRP Service Bldg, 1-15-9 Awaza Nishiku Osaka 550-0011 |
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Country : |
Japan |
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Financials (as on) : |
30.09.2006 |
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Date of Incorporation : |
Oct 1972 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of FRP
materials & intermediates |
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 85.7 millions |
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Status : |
Fair |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
FRP SERVICE & COMPANY
REGD NAME
FRP Service KK
MAIN OFFICE
FRP Service Bldg, 1-15-9 Awaza Nishiku Osaka 550-0011 JAPAN
Tel : 06-6535-1933
Fax : 06-6535-1674
URL : http://www.frpservices.com
E-Mail address: info@frpservices.com
ACTIVITIES
Import, export, wholesale of FRP materials &
intermediates
BRANCHES
Yokohama, Hamamatsu
OVERSEAS
Taipei, Hanoi, Ukraine, Mumbai, Moscow, Karachi, Sri Lanka,
Australia
(Subsidiaries): USA, Singapore, Shanghai, UAE, France
OFFICERS
TSUNEAKI YANAGAWA, PRES Mitsuo
Iwamoto, dir
Toshiko Ishii, dir Hiroshi
Shinohara, dir
Johan K Cooke, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 12,055 M
PAYMENTS REGULAR CAPITAL Yen 144 M
TREND STEADY WORTH Yen 316 M
STARTED 1972 EMPLOYES 45
COMMENT
TRADER SPECIALIZING IN FRP AND OTHER INDUSTRIAL CHEMICALS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 85.7 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was established by Tsuneaki Yanagida in
order to make most of his experience in the subject line of business. This is a trading house specializing in FRP
(fiber-reinforced plastics) materials & intermediates, used as parts for
aircrafts, space shuttles, artificial satellites, etc. CFRP (carbonic fiber-reinforced plastics)
and BFRP (boric fiber-reinforced plastics) materials have recently become
core of its business transactions. Also handles synthetic resins and
other industrial chemicals. Goods are
widely imported and exported through its overseas subsidiaries and rep
offices. Clients include such
industries as aircraft, aerospace, and related.
FINANCIAL INFORMATION
The sales volume for Sept/2006 fiscal term amounted to Yen 12,055 million, a slight rise from Yen 12,012 million in the previous term. The hike in material prices contributed. Weaker Yen also assisted. The recurring profit was posted at Yen 119 million and the net profit at Yen 41 million, respectively, compared with Yen 34 million recurring profit and Yen 13 million net profit, respectively, a year ago.
For the current term ending Sept 2007 the net profit is
projected at Yen 43 million, on a 1.2% rise in turnover, to Yen 12,200
million. Sales are expected to further
expand.
The financial situation is considered maintained FAIR and good
for ORDINARY business engagements. Max
credit limit is estimated at Yen 85.7 million, on 30 days normal terms.
REGISTRATION
Date Registered: Oct
1972
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 1
million shares
Issued: 288,000
shares
Sum: Yen
144 million
Major shareholders (%): Tsuneaki Yanagida (23.5), Mitsuo Iwamoto (12.5), Employees’ S/Holding Assn (10.8),
Toshiko Ishii (6.2), Hiroshi Shinohara (6.0)
No. of shareholders: 58
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Imports, exports and wholesales FRP materials &
intermediates (--70%), resins, other industrial chemicals, textiles, other
(--30%).
(Handling
items by divisions):
FRP Div: Glass fiber, Alkali Resistant products, glass flake, carbon fiber, core material, polyester resin, chemicals for FRP, polyester color paste, mould release, filters & admixtures, tools & equipment;
Engineering plastics: ABS resin, PA (polyamide), PBT pure resin, PBT compound, PC (polycarbonate), POM (polyacetal), PP, PET, other;
Chemicals Div: organic/inorganic chemicals, intermediates & APIs, polymers & resins;
Textile Div:
Apparels for men/women/juniors/babies; home textiles (bedding, blanket,
curtains, patchwork quilt, throw, towel, shower curtains); fabrics; yarns
(cotton, nylon, polyester, acrylic, rayon, blended); non-woven yarns;
accessories (zippers, buttons, ribbons, buckles, interlining, etc).
Clients: [Mfrs, wholesalers] FRP Services America, FRP Services Europe, FRP Services Asia, Farassan Mfg, Chem Search Corp, Amiantit Fiberglass, Planet, Success Kansai, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Singapore Highpolymer, BFG
Philippines, Laurenthal Enterprises, FRP Services America, other. Domestically, Showa Highpolymer, Tokuyama
Corp, Mitsui Chemical, Nippon Light Metal, Nippon Electric Glass, other.
Payment record: Regular
Location: Business area in Osaka. Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
MUFG (Osaka-Nishi)
SMBC (Semba)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
30/09/2007 |
30/09/2006 |
30/09/2005 |
30/09/2004 |
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Annual
Sales |
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12,200 |
12,055 |
12,012 |
9,962 |
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Recur.
Profit |
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119 |
34 |
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Net
Profit |
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43 |
41 |
13 |
11 |
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Total
Assets |
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3,274 |
2,951 |
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Current
Assets |
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2,167 |
1,984 |
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Current
Liabs |
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2,424 |
1,920 |
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Net
Worth |
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316 |
282 |
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Capital,
Paid-Up |
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144 |
144 |
144 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.20 |
0.36 |
20.58 |
42.72 |
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Current Ratio |
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89.40 |
103.33 |
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N.Worth Ratio |
.. |
9.65 |
9.56 |
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R.Profit/Sales |
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.. |
0.99 |
0.28 |
.. |
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N.Profit/Sales |
0.35 |
0.34 |
0.11 |
0.11 |
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Return On Equity |
.. |
12.97 |
4.61 |
.. |
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Note: Forecast (or estimated) for the 30/09/2007 fiscal
term.
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%)