MIRA
INFORM REPORT
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Report Date : |
9th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
MEISEI
INDUSTRIAL CO LTD |
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Registered Office : |
Meisei
Bldg, 1-8-5 Kyomachibori Nishiku Osaka 550-0003, Japan |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
July
1947 |
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Legal Form : |
Limited
Company (Kabushiki Kaisha) |
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Line of Business : |
Thermal
insulation engineering 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
933.5 Million |
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Status : |
Fair |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
Company Name
MEISEI INDUSTRIAL CO LTD
REGD NAME
Meisei Kogyo
KK
MAIN OFFICE
Meisei
Bldg, 1-8-5 Kyomachibori Nishiku Osaka 550-0003 JAPAN
Tel : 06-6447-0271
Fax : 06-6448-5321
TOKYO
HEADQUARTERS OFFICE: Meisei Bldg, 1-8-15 Minato Chuoku Tokyo 104-0043, as
given.
URL : http://www.meisei-kogyo.co.jp/
E-Mail
address : info@meisei-kogyo.co.jp
ACTIVITIES
Thermal
insulation engineering firm.
BRANCHES
Tokyo,
Sapporo, Sendai, Kashima, Niigata, Chiba, Kawasaki, Nagoya, Himeji, Hiroshima,
Fukuoka, Kagoshima, other (Tot 48 domestic)
OVERSEAS
(Subsidiaries):
Meisei International Pte Ltd (Singapore); PT Meisei Indonesia (Indonesia);
Meisei Nigeria Ltd (Nigeria); Meisei Middle East WLL (Qatar) (Local Agent): PT
Teras Teknik Perdana (Indonesia)
FACTORY
Hamamatsu
CHIEF EXEC
TOSHITERU
OHTANI, PRES
Yen Amount
In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 45,536 M
PAYMENTS REGULAR CAPITAL Yen 6,889 M
TREND STEADY WORTH Yen
16,229 M
STARTED 1947 EMPLOYES 623
COMMENT
THERMAL
INSULATION ENGINEERING COMPANY
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 933.5 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2007 fiscal term
HIGHLIGHTS
This is
the largest thermal insulation engineering company. Stressing works related to LNG tanks and petrochemical
plants. Domestic leader in liquid
LNG-related construction. Also builds
clean rooms. Emphasizing peripheral businesses of electrolytic anticorrosion
and heat exchanger cleaning, such as
ultra-light calcium silicate insulation (Keical Ace). Strong in overseas projects (LNG facilities, refineries &
petrochemicals) with presence in S/E Asia, Middle East, Africa, Eastern Europe,
Australia, S America, etc.
FINANCIAL INFORMATION
The
sales volume for Mar/2006 fiscal term amounted to Yen 45,536 million, a 16.9%
up from Yen 38,969 million in the previous term. Both sales and projects increased on back of active domestic
orders. By divisions, construction was
up 13% to Yen 38,453 million spurred by increasing maintenance works and clean
room construction for the semiconductor industry. LNG-related works continued steady and rising. Machinery & equipment increased by 16.9%
to Yen 8,171 million. Orders received
for both construction and machinery/equipment were up by 5.8% to Yen 43,061
million thanks to active domestic capital spending. The recurring profit was posted at Yen 4,678 million, up 60% from
Yen 2,918 million previously, while the bottom line reported Yen 4,681 million
net losses, affected by Yen 14,216 million assets impairment loss. The previous term posted Yen 2,602 million
net profit.
Results
for 9 months ending Dec/2006: sales Yen 33,759 million (up 14.4%), operating
profit Yen 3,139 million (up 7.4%), recurring profit Yen 2,954 million (up
8.7%), net profit Yen 2,588 (up from Yen 6,125 million loss). (% compared with the same period the last
term). Completion and delivery of orders
received were accomplished as schedule.
Construction was up by 11.3% and machinery/equipment by 33.6%,
respectively, from the same period a year ago.
Assets impairment losses are gone and registered Yen 2,588 million net
profit for this period.
For the
current term ending Mar 2007 the recurring profit is projected at Yen 3,870
million and the net profit at Yen 3,360 million, on a 1.02% rise in turnover,
to Yen 46,000 million. Heat insulation projects increasing, backed by steady
domestic facility investment. Launching
4th-stage works of large-scale
LNG projects in Nigeria. Inquiries will
increase from Indonesia, other.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is estimated at Yen 933.5 million, on 30 days
normal terms.
REGISTRATION
Date
Registered : Jul 1947
Legal
Status : Limited Company
(Kabushiki Kaisha)
Authorized : 190 million shares
Issued : 66,386,718 shares
Sum : Yen 6,889 million
Major shareholders (%)
Morgan
Stanley & Co (6.2), Daido Life Ins (6.0), Nippon Life Ins (5.2), SMBC
(4.4), Mizuho Bank (4.4), Tomimoto Scholarship Society (4.0), Mizuho Corporate
Bank (3.8), Japan Trustee Services Bank (3.7), Bank of NY GCM Client EISG
(3.5), Master Trust Bank of Japan T (3.2).
No. of
shareholders: 3,366
Listed
on the S/Exchange (s) of: Osaka
Managements
Toshiteru
Ohtani, pres & CEO; Tsutomu Shimomura, dir; Shigeru Asakura, dir; Yukio
Kimura, dir; Mikio Yoshii, dir; Hiroshi Inda, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies
Nippon
Keical Co, Meisei Kenko Co, Meisei Real Estate Co, Yoshimine Co, other (Tot 9
as of Mar/06).
OPERATION
Activities:
Thermal insulation engineering works:
(Sales breakdown by divisions):
Construction Div (85%): Thermal insulation (ultra-light
calcium silicate insulation, hot & cold insulation, furnace &
refractory, fire proofing, nuclear power, LNG/LPG facilities, oil refineries, other); Environmental business
(concrete repairing, incinerator facilities, stack lining, acoustic insulation,
other); Overseas business (thermal insulation & fireproofing construction
of LNG facilities, oil refineries, petrochemical plants, including cryogenic
insulation, other).
Machinery & Equipment Div (15%): Manufactures: metal insulation,
vacuum insulation panels, composite insulation panel for LNG carriers, molded
PUF pipe section, molded polyurethane foam, industrial boilers for plants,
ultra-light weight calcium silicate insulation, precision electro device,
biotechnology & medical treatment, other);
Overseas sales ratio 15.7%: Asia 15.7%, Africa 7.6%, other
region 0.1%.
Clients
[Ship
builders, engineering firms, refineries, wholesalers] Mitsubishi Heavy Ind,
Kawasaki Shipyard, NGC Corp, Sumitomo Chemical, Mitsubishi Chemical
Engineering, Cosmo Engineering, Shikoku Electric Power Engineering, Kansai
Electric Power, Polyplastics Co, other.
No. of accounts
1,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs,
wholesalers] Sumitomo Shoji Plastics, TG Corp, Nippon Keical Co, Toyo Tire
& Rubber, Nisshinbo Ind, Taisei Tekko, Taisei Chemical Ind, Katayama &
co, other.
Payment record
Regular
Location
Business
area in Osaka. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References
SMBC
(Osaka-Chuo)
Mizuho
Bank (Umeda)
Relations:
Satisfactory
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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45,536
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38,969
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Cost of Sales |
36,304
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31,630
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GROSS PROFIT |
9,231
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7,339
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Selling & Adm Costs |
4,270
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4,015
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OPERATING PROFIT |
4,961
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3,324
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Non-Operating P/L |
-283 |
-406 |
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RECURRING PROFIT |
4,678
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2,918
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NET PROFIT |
-4,681
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2,602
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BALANCE
SHEET |
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Cash |
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9,174
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8,306
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Receivables |
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14,063
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10,284
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Inventory |
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304 |
295 |
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Securities, Marketable |
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Other Current Assets |
7,414
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8,116
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TOTAL CURRENT ASSETS |
30,955
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27,001
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Property & Equipment |
16,261
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30,713
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Intangibles |
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30 |
32 |
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Investments, Other Fixed Assets |
5,350
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4,401
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TOTAL ASSETS |
52,596
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62,147
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Payables |
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8,343
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6,111
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Short-Term Bank Loans |
6,403
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8,983
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Other Current Liabs |
4,981
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5,571
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TOTAL CURRENT LIABS |
19,727
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20,665
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Debentures |
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1,100
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1,400
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Long-Term Bank Loans |
9,100
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7,999
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Reserve for Retirement Allw |
1,225
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1,228
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Other Debts |
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4,495
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11,494
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TOTAL LIABILITIES |
35,647
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42,786
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MINORITY INTERESTS |
718 |
679 |
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Common
stock |
6,889
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6,089
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Additional
paid-in capital |
1,000
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3,633
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Retained
earnings |
6,256
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7,454
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Evaluation
p/l on investments/securities |
1,107
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439 |
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Others |
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1,033
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1,101
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Treasury
stock, at cost |
(56) |
(35) |
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TOTAL S/HOLDERS` EQUITY |
16,229
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18,681
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TOTAL EQUITIES |
52,596
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62,147
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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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3,475
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2,672
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Cash
Flows from Investment Activities |
-823 |
-103 |
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Cash
Flows from Financing Activities |
-1,800
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-2,354
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Cash,
Bank Deposits at the Term End |
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9,058
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8,198
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ANALYTICAL
RATIOS Terms ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
16,229
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18,681
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Current
Ratio (%) |
156.92
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130.66
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Net
Worth Ratio (%) |
30.86
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30.06
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Recurring
Profit Ratio (%) |
10.27
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7.49 |
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Net
Profit Ratio (%) |
-10.28
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6.68 |
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Return
On Equity (%) |
-28.84
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13.93
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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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