MIRA
INFORM REPORT
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Report Date : |
12.10.2007 |
IDENTIFICATION DETAILS
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Name : |
CHIYODA CORPORATION |
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Registered Office : |
2-12-1 Tsurumi-Chuo Tsurumiku Yokohama 230-8601 |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Jan 1948 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Plant engineering company of
oil refining & petrochemical plants |
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 6483.3 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
CHIYODA CORPORATION
REGD NAME
Chiyoda Kako
Kensetsu KK
MAIN OFFICE
2-12-1
Tsurumi-Chuo Tsurumiku
Tel : 045-521-1231
Fax : 045-506-7085
URL : http://www.chiyoda-corp.com/
E-Mail
address: CHYOD@ykh.chiyoda.co.jp
ACTIVITIES
Plant
engineering company of oil refining & petrochemical plants
BRANCHES
OVERSEAS
FACTORY(IES)
CHIEF EXEC
TAKASHI
KUBOTA, PRES & CEO
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 484,895 M
PAYMENTS REGULAR CAPITAL Yen 12,928 M
TREND STEADY WORTH Yen
77,414 M
STARTED 1948 EMPLOYES 2,947
COMMENT
MAJOR COMPREHENSIVE PLANT ENGINEERING COMPANY, AFFILIATED TO
MITSUBISHI CORP. FINANCIAL SITUATION
CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 6,483.3 MILLION, 30 DAYS NORMAL TERMS
Forecast (or estimated)
figures for 31/03/2008 fiscal term
HIGHLIGHTS
The subject company was established on the basis of a
construction division spun off from Mitsubishi Oil Co Ltd (now Nippon Oil
Corp). This is a leading comprehensive
plant engineering company belonging to Mitsubishi group, with strength in
petroleum & petrochemical facilities. Excels in LNG plants, which division
has grown to be the mainstay, accounting for 70% of total sales. Engaged in major LNG engineering plant
projects in Near & Mid East, and
FINANCIAL
INFORMATION
The sales volume for Mar/2004 fiscal term amounted to Yen
484,895 million, a 24.1 up from Yen 390,875 million in the previous term. Although orders received was down 30.7% to
Yen 402,409 million, deliveries of backlog orders completed during the
term. This includes 5 LNG/gas plants for
(Apr/Jun/2007 results): Sales Yen 64,600 million (down 62%), work completed Yen 140,300 million (up 54%), operating profit Yen 72 million (up 9%), recurring profit Yen 106 million (up 38%), net profit Yen 53 million (up 21%). (% compared with the same period last year). The sales decline is referred to the decreased plant project orders as compared with the last term when large plant orders received and delivered.
For the current term ending Mar 2008 the recurring profit is
projected at Yen 38,500 million and net profit at Yen 23,500 million,
respectively, on a 15.5% rise in turnover, to Yen 560,000 million. Term‘s start order backlog growing stronger
than Yen 1,000 million. Priority put on
filling order backlog. New orders
halving to Yen 250,000 million in current term.
LNG projects in
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 6,483.3 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Jan 1948
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 650 million shares
Issued: 103,125,539 shares
Sum: Yen 12,928 million
Major shareholders (%): Mitsubishi Corp (10.2), Mitsubishi UFJ Trust (4.6), MUFG (4.6), Master Trust Bank of
Japan
T (4.5),
State Street Bank & Trust (3.0), Tokio Marine & Nichido Fire Ins (1.4), BNP Paribas Sec
(
No. of
shareholders: 7,797 (as of Mar/07)
Listed
on the S/Exchange (s) of:
Managements: Nobuo Seki, ch; Takashi Kubota, pres; Nobuyasu Kamei, v pres; Hiroshi Shibata, v pres;
Madoka Koda, s/mgn dir; Atsuo Minamoto, mgn dir; Sumio Nakashima, mgn dir; Satoru
Yokoi, mgn dir; Hiroshi Ogawa, mgn dir
Nothing
detrimental is knows as to the commercial morality of executives.
Related companies
Chiyoda
Keiso, Chiyoda Kosho, other
OPERATION
Activities: Plant engineering works (sales breakdown by divisions): LNG plants (70%), gas & electric power plants (7%), petroleum & petrochemicals plants (14%), general chemicals plants (4%), social development works (3), general industrial machinery (2), others (4%).
Overseas sales ratio 79.0%: Asia 2.3%, Near & Mid East
(65.3%),
Clients: [Oil, LNG, petrochemical industries] Oman LNG, Exxon Chemical Singapore, Shell Eastern Petroleum, Tokyo Electric Power, Tokyo Gas, Teijin Polycarbonate Singapore, Kobe Steel, astern Petrochemical, Yokohama City government, Nippon Shinyaku, Nippon Oil, Bayer & Dow Chemical, Qatar LNG, other.
No. of
accounts: 2,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Dosan Mecatec Co, Daekyung Machinery & Engineering Co, Nuovo Fignon ESPA, Taylor Forge Engineered Systems, Alfa Laval Lund AB, Sungjin Goetec, GE Oil & Gas, other.
Domestically, Mitsubishi Corp, Ebara Corp, Mitsubishi Heavy Ind, Nippon Steel, Fisher Japan, Yokogawa Electric, Mitsubishi Electric, Man Turbo Machinery, other.
Payment
record: Regular
Location: Business area in
Bank References
MUFG
(H/O)
Mitsubishi
Trust Bank (H/O)
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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484,895 |
390,875 |
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Cost of Sales |
445,158 |
380,322 |
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GROSS PROFIT |
39,736 |
30,552 |
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Selling & Adm Costs |
11,036 |
9,823 |
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OPERATING PROFIT |
28,700 |
20,729 |
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Non-Operating P/L |
8,097 |
2,432 |
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RECURRING PROFIT |
36,797 |
23,161 |
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NET PROFIT |
23,531 |
19,400 |
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BALANCE SHEET |
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Cash |
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77,177 |
47,033 |
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Receivables |
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38,659 |
46,976 |
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Inventory |
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Securities, Marketable |
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Other Current Assets |
302,201 |
162,614 |
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TOTAL CURRENT ASSETS |
418,037 |
256,623 |
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Property & Equipment |
7,464 |
7,085 |
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Intangibles |
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3,352 |
3,168 |
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Investments, Other Fixed Assets |
14,099 |
12,845 |
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TOTAL ASSETS |
442,952 |
279,721 |
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Payables |
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86,813 |
85,901 |
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Short-Term Bank Loans |
96 |
46 |
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Other Current Liabs |
264,535 |
119,245 |
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TOTAL CURRENT LIABS |
351,444 |
205,192 |
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Debentures |
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Long-Term Bank Loans |
10,067 |
10,108 |
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Reserve for Retirement Allw |
2,275 |
8,392 |
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Other Debts |
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1,751 |
198 |
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TOTAL LIABILITIES |
365,537 |
223,890 |
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MINORITY INTERESTS |
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322 |
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Common
stock |
12,928 |
12,901 |
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Additional
paid-in capital |
6,711 |
6,684 |
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Retained
earnings |
58,398 |
36,877 |
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Evaluation
p/l on investments/securities |
247 |
44 |
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Others |
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35 |
(322) |
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Treasury
stock, at cost |
(905) |
(676) |
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TOTAL S/HOLDERS` EQUITY |
77,414 |
55,508 |
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TOTAL EQUITIES |
442,952 |
279,721 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash
Flows from Operating Activities |
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35,531 |
5,237 |
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Cash
Flows from Investment Activities |
-3,458 |
1,051 |
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Cash
Flows from Financing Activities |
-2,191 |
-1,338 |
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Cash,
Bank Deposits at the Term End |
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77,051 |
46,878 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
77,414 |
55,508 |
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Current
Ratio (%) |
118.95 |
125.06 |
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Net
Worth Ratio (%) |
17.48 |
19.84 |
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Recurring
Profit Ratio (%) |
7.59 |
5.93 |
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Net
Profit Ratio (%) |
4.85 |
4.96 |
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Return
On Equity (%) |
30.40 |
34.95 |
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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. |
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%)