MIRA
INFORM REPORT
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Report Date : |
08.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
PLIBRICO JAPAN CO LTD |
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Registered Office : |
Mita NN Bldg, 4-1-23 Shiba Minatoku Tokyo 108-0014 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
June 1954 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Engineering Firm; Manufacturer of Refractories,
Incinerators, Gunning Machines |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
YEN 160.3 Million |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
name & address
PLIBRICO JAPAN CO LTD
REGD NAME: Nihon Plibrico KK
MAIN OFFICE: Mita NN Bldg, 4-1-23
Shiba Minatoku Tokyo 108-0014 JAPAN
Tel:
03-3455-1351 Fax: 03-3455-1362
URL: http://www.plibrico.co.jp/
E-Mail address: info@plibrico.co.jp
ACTIVITIES
Engineering firm; mfg of refractories, incinerators, gunning
machines
BRANCHES
Osaka, Nagoya, Fukuoka, Kashima, Oita, Kimitsu, Mizushima,
Wakayama, Keihin
FACTORY(IES)
Chigasaki (Kanagawa), Gifu (technical center)
CHIEF EXEC
TOSHIAKI ITOH, PRES & CEO
Yoshio Suzuki, mgn dir
Yoshinori Yoshinaga, dir
Kunio Tanaka, dir
Katsumi Nonaka, dir
Eiichi Kudoh, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 7,202 M
PAYMENTS REGULAR CAPITAL Yen 360 M
TREND SLOW WORTH Yen 1,783 M
STARTED 1954 EMPLOYES 160
COMMENT
ENGINEERING
WORKS & MFR OF REFRACTORY MATERIALS, OWNED BY ASAHI GLASS CERAMICS.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR CREDIT
ENGAGEMENTS:
US$325,000 / O/A 30 DAYS
MAX CREDIT LIMIT
YEN 160.3 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The
subject company was established originally as mfr of monolithic refractories, the
first of its kind, named Japan Refractory Co Ltd, and renamed as captioned in
1960. In 1997, the firm was taken over
by Asahi Glass Ceramics Co Ltd (see REGISTRATION), wholly owned by Asahi Glass
Co Ltd. This is an engineering firm and
mfr of monolithic refractories, refractory materials, incinerators, gunning
machines, other related materials.
Offers integrated services: design, construction, installation,
maintenance, repair, remodeling, dismantling of existing units, etc. The firm forged drastic restructuring in
2002 (after breeding red-ink for the previous term) including liquidation of
loss-breeding subsidiaries, personnel cuts, etc. This has resulted in substantial improvement in financial status. Clients include such industries as steel,
cement, oil/petrochemicals, chemicals, power generation industries, other. Incinerators are supplied to government
& municipal agencies, etc, nationwide.
Actively exporting the products to Asia, Russia, East Europe,
other. Newly developed compact
incinerators against dioxins with monolithic refractory linings.
FINANCIAL INFORMATION
The sales volume for Dec/2006
fiscal term amounted to Yen 7,202 million, a 10% down from Yen 7,970 million in
the previous term, affected by slow recovery in the related industries. This is three consecutive year’s
decline. The recurring profit was
posted at Yen 429 million and the net profit at Yen 248 million, respectively,
compared with Yen 211 million recurring profit and Yen 71 million net profit,
respectively, a year ago.
For the term ended Dec 2007 the
recurring profit was projected and is thought posted at Yen 430 million and the
net profit at Yen 250 million, on a 4% rise in turnover, to Yen 7,500
million. Exports to Russia, Mid East
& Asia rose. Spurred by active
capital investment from steelmakers, petrochemical and other industries. Final results are not made available
yet.
The financial situation is
considered maintained FAIR and should be good for ORDINARY business
engagements. Max credit limit is estimated
at Yen 160.3 million, on normal 30 days terms.
The proposed amount for 30 days terms is considered well within the
firm’s financial capacities.
REGISTRATION
Date Registered: Jun 1954
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 2.88
million shares
Issued: 720,000
shares
Sum: Yen
360 million
Major shareholders (%)
Asahi Glass Ceramics*(91.8),
Akira Nishikawa (7.24)
*.. Mfr of ceramic products for
glass furnaces at the caption address, founded 1916, capital Yen 3,500 million,
turnover Yen 16,527 million, net profit Yen 1,053 million, employees 230 (--all figures as of Dec/06), pres
Eiichi Kudoh, wholly owned by Asahi Glass Co Ltd, top-ranked mfr of flat glass, Tokyo.
No. of shareholders: 4
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities:
Engineering works & mfg of monolithic refractories:
(Sales breakdown by divisions):
Refractories
(54%), plastic refractories, castable refractories, refractory motors, insulating
products, precast blocks, thin lining anchors, furnaces, including installation
works (--42%), incinerators, compact size batch types included, incinerating
materials & supplies (2%); Export (15%).
Clients
Mfrs, steel
mills, oil/petrochemical constructors] Asahi Glass, Nippon Steel, JFE Steel, Toyo Engineering, Mitsubishi Heavy Ind,
Chiyoda Corp, Kobe Steel, Sumitomo Metal Ind, Taiheiyo Cement, JGC Corp, other.
No. of accounts
1,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Asahi Glass, Sojitz
Chemical, Itochu Ceramics, Mitsubishi Corp,
Morimura Bros Inc, Shoko Co, other
Payment record
Regular
Location
Business
area in Tokyo. Office premises at the caption
address are leased and maintained satisfactorily.
Bank References
Mizuho Bank (Shiba)
MUFG (Tamachi)
Relations: Satisfactory
Finances
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Terms Ending: |
31/12/2007 |
31/12/2006 |
31/12/2005 |
31/12/2004 |
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Annual
Sales |
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7,500 |
7,202 |
7,970 |
8,916 |
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Recur.
Profit |
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430 |
429 |
211 |
73 |
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Net
Profit |
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250 |
248 |
71 |
54 |
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Total
Assets |
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5,014 |
4,823 |
5,802 |
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Current
Assets |
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3,965 |
3,773 |
4,846 |
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Current
Liabs |
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2,700 |
2,684 |
3,816 |
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Net
Worth |
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1,783 |
1,605 |
1,516 |
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Capital,
Paid-Up |
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360 |
360 |
360 |
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Div.P.Share(¥) |
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100.00 |
75.00 |
250.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
4.14 |
-9.64 |
-10.61 |
-2.87 |
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Current Ratio |
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146.85 |
140.57 |
126.99 |
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N.Worth Ratio |
.. |
35.56 |
33.28 |
26.13 |
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R.Profit/Sales |
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5.73 |
5.96 |
2.65 |
0.82 |
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N.Profit/Sales |
3.33 |
3.44 |
0.89 |
0.61 |
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Return On Equity |
.. |
13.91 |
4.42 |
3.56 |
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Notes: Estimated figures for the 31/12/2007 fiscal term.
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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%)