MIRA
INFORM REPORT
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Report Date : |
24.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
TECNO FRONTIER CO LTD |
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Registered Office : |
2-8-1 Akanehama Narashino City Chiba-Pref 275-0024 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
January, 1987 |
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Legal Form : |
Limited Company (Kabushiki Kaisha |
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Line of Business : |
Engineering Works of Environmental Facilities
& Equipment |
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 60.8 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name of the company
TECNO FRONTIER CO LTD
REGD NAME: KK Techno Frontier
MAIN OFFICE
2-8-1 Akanehama Narashino City Chiba-Pref 275-0024 JAPAN
Tel: 047-433-7234 Fax: 047-454-1170
* Registered at: 2-2-7 Honcho Funabashi City Chiba-Pref, as given.
URL
http://www.toyo-eng.co.jp/ (Of the parent,
Toyo Engineering Co Ltd)
E-Mail address
(thru the URL)
ACTIVITIES
Engineering works of environmental facilities & equipment
BRANCHES
Nil
FACTORY(IES)
At the caption address
OFFICER(S)
Kanji Abe, ch KENJI
NIWA, PRES & CEO
Motoki Nomura, v pres Toshi
Tsuchiyama, dir
Hideshi Fujii, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 3,433 M
PAYMENTS REGULAR CAPITAL Yen 300 M
TREND STEADY WORTH Yen 376 M
STARTED 1987 EMPLOYES 29
COMMENT
ENGINEERING WORKS OF ENVIRONMENTAL FACILITIES, WHOLLY OWNED BY TOYO ENGINEERING CO LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 60.8 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis
of an engineering division separated from Toyo Engineering Co Ltd, major plant
engineering company, at the caption address (See REGISTRATION). The subject firm specializes in engineering
works in the environmental field, including construction, revamping,
maintenance & consultation for environmental facilities & equipment
(See OPERATION). Clients include major
engineering works, machinery mfrs, shipyards, other, nationwide.
FINANCIAL INFORMATION
The sales volume
for Mar/2007 fiscal term amounted to Yen 3,433 million, a 46% hike from Yen
2,348 million in the previous term.
This is attributed to the acquisition of large-lot orders
domestically. Part of operations was
transferred from the parent. The net
profit jumped to Yen 274 million from Yen 43 million a year ago. Accumulated losses are said wiped out.
For the current
term ending Mar 2008 the net profit is projected at Yen 300 million, on an 11%
rise in turnover, to Yen 3,800 million.
The firm expects sales would further expand.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 60.8
million, on 30 days normal terms.
REGISTRATION
Date Registered: Jan 1987
Legal Status: Limited Company
(Kabushiki Kaisha)
Authorized: 24,000 shares
Issued: 6,000 shares
Sum: Yen 300 million
Major shareholders (%)
Toyo Engineering Co Ltd*(100)
* Major plant engineering firm, member of
Mitsui group, founded 1961, listed Tokyo S/E, capital Yen 18,198 million,
turnover Yen 223,843 million, operating profit Yen 6,889 million, recurring
profit Yen 7,212 million, net profit Yen 5,293 million, total assets Yen
282,814 million, net worth Yen 49,137 million, employees 3,126, pres Yutaka
Yamada
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: Engineering works including
construction, revamping, maintenance & consultation for the following
facilities & equipment (--100%):
Sludge reduction by hydrothermal reaction;
Wastewater treatment;
Composting;
Electrostatic precipitators;
Incineration flue gas treatment, including dioxins removal, denitrification & desulfurization;
SO3 (sulfuric acid) mist & steam plume scrubbers;
Air-cooled steam condensers;
Recycling of incineration ash into cement;
Raw materials & aggregates;
Dismantling of incinerators & cooling towers, others.
Clients
[Engineering works, mfrs] Toyo Engineering
Co, Sky Engineering, Hitachi Shipyard, Exxon Mobil, JFE Shoji Trade Corp, Ebara
Corp, Ebara Engineering Service, Okasan Kogyo, other.
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Sky Engineering, Origin
Electric, Sumisho P&S, Kyoshin Dengyo, Nichiju Kensetsu, Seika Corp,
Takezawa Industries, other.
Payment record: Regular
Location: Business
area in Narashino City, adjacent to Chiba City. Office premises at the caption address are owned by the parent,
Toyo Engineering Co Ltd, and maintained satisfactorily.
Bank References
SMBC (Funabashi)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual Sales |
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3,800 |
3,433 |
2,348 |
1,258 |
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Recur. Profit |
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431 |
86 |
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Net Profit |
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300 |
274 |
43 |
26 |
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Total Assets |
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1,632 |
1,560 |
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Current Assets |
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1,598 |
1,229 |
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Current Liabs |
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1,232 |
1,150 |
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Net Worth |
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376 |
103 |
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Capital, Paid-Up |
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300 |
300 |
300 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
10.69 |
46.21 |
86.65 |
-11.22 |
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Current Ratio |
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129.71 |
106.87 |
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N.Worth Ratio |
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23.04 |
6.60 |
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R.Profit/Sales |
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12.55 |
3.66 |
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N.Profit/Sales |
7.89 |
7.98 |
1.83 |
2.07 |
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Return On Equity |
.. |
72.87 |
41.74 |
.. |
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Notes: Forecast (or estimated) figures for the 31/03/2008 fiscal term.
SUPPLEMENTS:
CONSOLIDATED FINANCIALS OF THE PARENT, TOYO
ENGINEERING CO LTD
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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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223,843 |
195,583 |
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Cost of Sales |
201,608 |
177,758 |
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GROSS PROFIT |
22,235 |
17,824 |
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Selling & Adm Costs |
15,345 |
13,629 |
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OPERATING PROFIT |
6,889 |
4,195 |
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Non-Operating P/L |
323 |
30 |
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RECURRING PROFIT |
7,212 |
4,225 |
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NET PROFIT |
5,293 |
3,350 |
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BALANCE SHEET |
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Cash |
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43,224 |
28,884 |
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Receivables |
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31,823 |
29,229 |
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Inventory |
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92,123 |
74,089 |
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Securities, Marketable |
32,976 |
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Other Current Assets |
27,154 |
16,516 |
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TOTAL CURRENT ASSETS |
227,300 |
148,718 |
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Property & Equipment |
36,973 |
35,623 |
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Intangibles |
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1,943 |
2,020 |
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Investments, Other Fixed Assets |
16,598 |
16,301 |
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TOTAL ASSETS |
282,814 |
202,662 |
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Payables |
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38,006 |
22,678 |
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Short-Term Bank Loans |
10,116 |
26,383 |
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Other Current Liabs |
150,373 |
92,569 |
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TOTAL CURRENT LIABS |
198,495 |
141,630 |
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Debentures |
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1,000 |
2,000 |
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Long-Term Bank Loans |
25,980 |
17,989 |
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Reserve for Retirement Allw |
2,952 |
2,726 |
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Other Debts |
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2,828 |
2,667 |
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TOTAL LIABILITIES |
231,255 |
167,012 |
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MINORITY INTERESTS |
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2,040 |
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Common stock |
18,198 |
13,017 |
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Additional paid-in capital |
20,760 |
15,594 |
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Retained earnings |
6,983 |
2,218 |
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Evaluation p/l on
investments/securities |
3,323 |
3,062 |
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Others |
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2,453 |
(165) |
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Treasury stock, at cost |
(158) |
(118) |
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TOTAL S/HOLDERS` EQUITY |
51,559 |
33,608 |
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TOTAL EQUITIES |
282,814 |
202,662 |
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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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50,980 |
-5,533 |
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Cash Flows from Investment
Activities |
-5,443 |
-4,570 |
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Cash Flows from Financing Activities |
1,461 |
-7,524 |
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Cash, Bank Deposits at the Term End |
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75,655 |
28,305 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
51,559 |
33,608 |
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Current Ratio (%) |
114.51 |
105.00 |
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Net Worth Ratio (%) |
18.23 |
16.58 |
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Recurring Profit Ratio (%) |
3.22 |
2.16 |
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Net Profit Ratio (%) |
2.36 |
1.71 |
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Return On Equity (%) |
10.27 |
9.97 |
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%)