MIRA
INFORM REPORT
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Report Date : |
30.12.2008 |
IDENTIFICATION DETAILS
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Name : |
FRP SERVICE & COMPANY |
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Registered Office : |
FRP Service Bldg, 1-15-9 Awaza Nishiku |
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Country : |
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Financials (as on) : |
30.09.2008 |
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Date of Incorporation : |
October 1972 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Import, Export, Wholesale of FRP
(fiber-reinforced plastics) Materials and 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 115.5 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
FRP SERVICE & COMPANY
REGD NAME: FRP Service KK
MAIN OFFICE: FRP Service
Bldg, 1-15-9 Awaza Nishiku
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
(fiber-reinforced plastics) materials & intermediates
BRANCHES
OVERSEAS
(Subsidiaries):
OFFICERS
TSUNEAKI YANAGIDA, PRES
Mitsuo Iwamoto, dir
Hiroshi Shinohara, dir
Johan K Cooke, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 11,059 M
PAYMENTS REGULAR CAPITAL Yen 144 M
TREND SLOW WORTH Yen 532 M
STARTED 1972 EMPLOYES 40
COMMENT
TRADER SPECIALIZING IN FRP AND
OTHER INDUSTRIAL CHEMICALS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN
115.5 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 worldwide. Clients include such industries as aircraft,
aerospace, and related.
FINANCIAL INFORMATION
The sales volume for Sept/2008
fiscal term amounted to Yen 11,059 million, a 10% down from Yen 12,279 million
in the previous term. Higher Yen reduced
exports in Yen terms. The recurring
profit was posted at Yen 145 million and the net profit at Yen 93 million,
respectively, compared with Yen 216 million recurring profit and Yen 138
million net profit, respectively, a year ago.
For the current term ending Sept
2009 the recurring profit is projected at Yen 140 million and the net profit at
Yen 90 million, respectively, on a 0.5% fall in turnover, to Yen 11,000
million. Exports may slow due to the
financial crisis world over.
The financial situation is
considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 115.5
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: 59
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
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]
Tokuyama Corp, Mitsui Chemical,
Nippon Light Metal,
Payment record:
Regular
Location: Business
area in
Bank References
MUFG (Osaka-Nishi)
SMBC (Semba)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
30/09/2009 |
30/09/2008 |
30/09/2007 |
30/09/2006 |
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Annual Sales |
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11,000 |
11,059 |
12,279 |
12,055 |
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Recur. Profit |
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140 |
145 |
216 |
119 |
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Net Profit |
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90 |
93 |
138 |
41 |
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Total Assets |
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3,661 |
3,259 |
3,274 |
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Current Assets |
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2,175 |
1,944 |
2,167 |
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Current Liabs |
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2,357 |
2,148 |
2,424 |
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Net Worth |
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532 |
447 |
316 |
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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 |
-0.53 |
-9.94 |
1.86 |
0.36 |
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Current Ratio |
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92.28 |
90.50 |
89.40 |
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N.Worth Ratio |
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14.53 |
13.72 |
9.65 |
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R.Profit/Sales |
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1.27 |
1.31 |
1.76 |
0.99 |
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N.Profit/Sales |
0.82 |
0.84 |
1.12 |
0.34 |
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Return On Equity |
.. |
17.48 |
30.87 |
12.97 |
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Note: Forecast (or estimated) for
the 30/09/2009 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.76 |
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1 |
Rs.71.68 |
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Euro |
1 |
Rs.69.17 |
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%)