MIRA
INFORM REPORT
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Report Date : |
23.05.2007 |
IDENTIFICATION DETAILS
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Name : |
TOMOE ENGINEERING CO LTD |
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Registered Office : |
Art |
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Country : |
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Financials (as on) : |
31.10.2006 |
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Date of Incorporation : |
May 1941 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of centrifugal separators; import, export of petrochemical products |
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 1773.5 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
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NAME
TOMOE ENGINEERING CO LTD
REGD NAME
Tomoe Kogyo KK
MAIN OFFICE
Art
Tel: 03-5435-6511
Fax: 03-5435-0070
*..
URL : http://www.tomo-e.co.jp/
E-Mail address: (thru the URL to each division)
ACTIVITIES
Mfg of centrifugal
separators; import, export of petrochemical products
BRANCHES
OVERSEAS
FACTORY(IES)
CHIEF EXEC
MINORU HONMA, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 47,331 M
PAYMENTS REGULAR CAPITAL Yen 1,061 M
TREND STEADY WORTH Yen
15,717 M
STARTED 1941 EMPLOYES 638
COMMENT
MFR OF CHEMICAL MACHINERY; TRADING OF PETROCHEMICALS. FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 1,773.5 MILLION, 30 DAYS NORMAL TERMS
Forecast (or estimated)
figures for 31/10/2007 fiscal term
HIGHLIGHTS
The subject company was established in order to mfr centrifugal
separators on technical tie up with Sharpless Corp,
FINANCIAL INFORMATION
The sales volume for Oct/2006 fiscal term amounted to Yen
47,331 million, a 0.8% up from Yen 46,935 million in the previous term. By divisions, machinery div dipped 3.8% to
12,117 million. While the domestic sales
grew 33.4% from previously due to the recovery of public works centering on
renewal & expansion demand for sewage treatment plants, overseas markets
dipped 33.4% from the previous term.
This was due to the slippage of large-lot projects overseas into the
next term. Machinery sales were
down. Chemicals up by 2.6% to Yen 35,214
million, thanks to increased sales of synthetic resins materials & products
into
For the current term ending Oct 2007 the recurring profit is
projected at Yen 2,400 million and the
net profit at Yen 1,300 million, on a 1.4% rise in turnover, to Yen 48,000
million. In the machinery division,
Terephthale Acid Plant, newly ordered from Mitsubishi Chemical in
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,773.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: May 1941
Legal Status: Limited Company (Kabushiki
Kaisha)
Authorized: 24,550,000 shares
Issued: 10,533,200 shares
Sum: Yen 1,061 million
Major shareholders (%): Naomi Sagara (7.2), Company’s Treasury Stock (5.2), Harumi Ebihara (4.4), Mariko
Noda (3.8), Mizuho Bank (3.7), Customers’ S/Holding Assn (3.6), KK Tomoe Kikaku
(3.3), Haruko Yamaguchi (3.0), Sachiko Dohi (2.9), Employees’ S/Holding Assn (21.);
foreign owners (9.6)
No. of
shareholders: 2,767 (as of Oct/06)
Listed on the
S/Exchange (s) of:
Managements: Hideaki Fukuma, ch; Minoru Honma, pres; Kyohei Tomita, mgn dir; Susumu Sumioka,
mgn
dir; Koichi Karita, dir; Noboru Shiono, dir; Kensuke Ikezaki, dir; Keisuke Hatayama,
dir;
Hitoshi Shiraishi, dir; Hiroshi Konagai, dir; Hitoshi Yamamoto, dir
Nothing detrimental
is known as to the commercial morality of executives.
Related companies
Tomoe Machinery Service, Tomoe Machinery, Tomoe Kogyo (HK), Tomoe Kogyo Shenzhen, other (Tot 6 as of Oct/06)
OPERATION
Activities: Manufactures centrifugal separators, other machinery, parts & components (26%); manufactures, imports, exports and wholesales petrochemicals raw materials, products, others (74%).
(Sales breakdown by divisions):
Machinery Division:
Machinery (37%): centrifugal separators with D-Canter model,
non-centrifugal type separators, shaftless conveyors, carbonization equipment,
crushing & shredding machines; Facilities, installation works (20%): centering on
sewage treatment facilities, dust collectors of semiconductors, plastic waste
treatment equipment, other; Parts/components/repairs (41%): supplying spare
parts & repairing parts for over 20,000 centrifugal separators supplied
domestically.
Others (2%);
Chemicals Division:
Synthetic Resins (45%): plastic materials & products, films, sheets, materials for OA equipment, IT equipment, automobiles particularly in overseas markets;
Industrial materials (15%): ore & iron ore products as fillers & additives for building materials, paints, adhesives, fertilizers, agro chemicals, other;
Chemical products
(17%): synthetic resins and additives for use in paints, adhesives, ink:
Functional materials (11%): ceramics, nano-technology products, electrodes, metals for semiconductors, others; Electronics-related materials (10%): semiconductor tools, trays, IC chips, other.
Others (2%):
imports wines, whiskies.
Overseas sales ratio
(20.0%):
Clients: [Electronics mfrs, petrochemical industries] Toshiba Electronics Asia, OM Plant, Shenzhen Meiyang Plastics, NGK Insulators, Toshiba Tech, other.
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers] Shenzhen Meiyang Plastics, Nippon Unicar Co, Dow Chemical Japan, Showa Denko, NSCC Asia, Japan Polyethylene Corp, other.
Payment record:
Regular
Location: Business area in
Bank References
Mizuho Bank
(Ginza-Chuo)
MUFG (Yaesudori)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/10/2006 |
31/10/2005 |
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INCOME STATEMENT |
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Annual Sales |
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47,331 |
46,935 |
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Cost of Sales |
39,009 |
38,802 |
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GROSS PROFIT |
8,321 |
8,133 |
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Selling & Adm Costs |
6,211 |
6,215 |
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OPERATING PROFIT |
2,110 |
1,917 |
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Non-Operating P/L |
112 |
38 |
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RECURRING PROFIT |
2,222 |
1,955 |
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NET PROFIT |
1,267 |
1,139 |
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BALANCE SHEET |
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Cash |
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1,235 |
1,611 |
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Receivables |
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15,924 |
15,570 |
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Inventory |
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5,030 |
4,074 |
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Securities, Marketable |
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Other Current Assets |
1,063 |
827 |
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TOTAL CURRENT ASSETS |
23,252 |
22,082 |
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Property & Equipment |
2,929 |
2,963 |
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Intangibles |
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11 |
14 |
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Investments, Other Fixed Assets |
2,616 |
2,149 |
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TOTAL ASSETS |
28,808 |
27,208 |
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Payables |
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7,615 |
7,316 |
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Short-Term Bank Loans |
1,894 |
2,320 |
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Other Current Liabs |
2,795 |
2,311 |
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TOTAL CURRENT LIABS |
12,304 |
11,947 |
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Debentures |
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Long-Term Bank Loans |
330 |
450 |
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Reserve for Retirement Allw |
254 |
215 |
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Other Debts |
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202 |
146 |
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TOTAL LIABILITIES |
13,090 |
12,758 |
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MINORITY INTERESTS |
158 |
114 |
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Common
stock |
1,061 |
1,061 |
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Additional
paid-in capital |
1,483 |
1,483 |
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Retained
earnings |
12,839 |
11,863 |
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Evaluation
p/l on investments/securities |
301 |
295 |
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Others |
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238 |
(4) |
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Treasury
stock, at cost |
(362) |
(362) |
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TOTAL S/HOLDERS` EQUITY |
15,717 |
14,336 |
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TOTAL EQUITIES |
28,808 |
27,208 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/10/2006 |
31/10/2005 |
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Cash Flows
from Operating Activities |
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883 |
468 |
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Cash
Flows from Investment Activities |
-336 |
-257 |
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Cash
Flows from Financing Activities |
-838 |
-459 |
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Cash,
Bank Deposits at the Term End |
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1,235 |
1,511 |
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ANALYTICAL RATIOS Terms ending: |
31/10/2006 |
31/10/2005 |
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Net
Worth (S/Holders' Equity) |
15,717 |
14,336 |
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Current
Ratio (%) |
188.98 |
184.83 |
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Net
Worth Ratio (%) |
54.56 |
52.69 |
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Recurring
Profit Ratio (%) |
4.69 |
4.17 |
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Net
Profit Ratio (%) |
2.68 |
2.43 |
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Return
On Equity (%) |
8.06 |
7.95 |
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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%)