MIRA
INFORM REPORT
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Report Date : |
07.05.2007 |
IDENTIFICATION DETAILS
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Name : |
FRONTEC CORPORATION |
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Registered Office : |
16-5 |
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Country : |
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Financials (as on) : |
30.09.2006 |
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Date of Incorporation : |
Aug 1991 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Manufacturing of case sealing machines, TV image
processing 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 131.7 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
FRONTEC CORPORATION
REGD NAME
KK Frontec
MAIN OFFICE
16-5
Tel : 048-467-8881
Fax : 048-467-8883
URL : http://www.frontec.jp
E-Mail
address: info@frontec.jp
*.. The given Tel/Fax numbers are those of its Plasmon Library showroom at:
1-10-6
ACTIVITIES
Mfg of
case sealing machines, TV image processing machines
BRANCHES
FACTORY(IES)
At the
caption address
OFFICERS
KOJI
MOTEGI, PRES Jun
Yamada, dir
Yoshiaki
Kobayashi, dir Takami
Okudaira, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 12,193 M
PAYMENTS REGULAR CAPITAL Yen 445 M
TREND STEADY WORTH Yen
2,594 M
STARTED 1991 EMPLOYES 143
COMMENT
MFR SPECIALIZING IN SEALING MACHINES, TV IMAGE PROCESSING MACHINES, OTHER. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 131.7 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by Koji Motegi for mfg TV image processors. Diversified into various areas including automatic inserters & case sealing machines, other Sales agent for Plasmon (USA) for import and wholesale of Plasmon library, concluded 2000. Plasmon Library showroom is at the adjacent address. Clients include Japan Post, printing houses, business firms, etc, nationwide.
FINANCIAL INFORMATION
The sales volume for Sept/2006 fiscal term amounted to Yen 12,193 million, a 3% up from Yen 11,796 million in the previous term. TV image processing machines fared well. The recurring profit was posted at Yen 879 million and the net profit at Yen 408 million, respectively, compared with Yen 832 million recurring profit and Yen 458 million, respectively, a year ago.
For the current term ending Sept 2007 the recurring profit is projected at Yen 885 million and the net profit at Yen 410 million, respectively, on a 3% rise in turnover, to Yen 12,500 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 131.7 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Aug 1991
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 17,800 shares
Issued: 4,455 shares
Sum: Yen 445 million
Major shareholders (%): Koji Motegi (24.7), Aratama Ichigo Investment Fund (22.4), KF-10 New Wave Investment
Fund
(4.5), International Capital (3.6), KF New Wave Investment Fund (3.4)
No. of shareholders: 13
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures storage equipment, micro computer-related equipment, telop equipment for broadcasting, automatic inserters & case sealing machines, sales promotional goods, other (--100%).
(Mfg/handling items):
System Solution Div: data storage equipment (for RAID, archives, libraries, ILM), auto loaders, packet loaders, electronics telop systems;
Broadcast Solution Div:
progrest, video boards, real time telop, high-speed videos;
System Solution Div:
system programs, FA equipment & machines, OEM products;
Mailing Equipment Div: automatic inserters & case sealing machines, network information systems, security cameras, other.
Clients: [Printing houses, business firms, department stores] Toppan Forms, Isetan, Shogakukan Inc, Oki Electric Ind, Hitachi Medico, Jeol Active, Dainippon Printing, Imura Envelope Co, Japan Post, Takara Pack, other.
No. of
accounts: 800
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] WB Japan, Plasmon LMS, Nissho Electronics, Kaga Tech, Nippon Techno Lab Inc, other.
Payment
record: Regular
Location: Business area in
Bank References
MUFG
(Wako-Ekimae)
Mizuho
Bank (Asaka)
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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12,500 |
12,193 |
11,796 |
9,582 |
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Recur.
Profit |
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885 |
879 |
832 |
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Net
Profit |
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410 |
408 |
458 |
384 |
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Total
Assets |
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15,785 |
15,361 |
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Current
Assets |
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11,703 |
13,335 |
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Current
Liabs |
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7,176 |
6,182 |
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Net
Worth |
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2,594 |
2,185 |
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Capital,
Paid-Up |
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445 |
445 |
445 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.52 |
3.37 |
23.11 |
10.13 |
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Current Ratio |
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.. |
163.09 |
215.71 |
.. |
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N.Worth Ratio |
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16.43 |
14.22 |
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R.Profit/Sales |
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7.08 |
7.21 |
7.05 |
.. |
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N.Profit/Sales |
3.28 |
3.35 |
3.88 |
4.01 |
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Return On Equity |
.. |
15.73 |
20.96 |
.. |
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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%)