MIRA INFORM REPORT
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Report Date : |
19.11.2008 |
IDENTIFICATION DETAILS
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Name : |
PASCO CORPORATION |
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Registered Office : |
1-1-2
Higashiyama Meguroku |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
July, 1949 |
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Legal Form : |
Limited Company |
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Line of Business : |
Aerial Surveyor; Construction
Consulting Service |
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 461.6 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
Name
PASCO
CORPORATION
REGD NAME
KK Pasco
MAIN OFFICE
1-1-2 Higashiyama Meguroku Tokyo 153-0043 JAPAN
Tel: 03-6412-2888 Fax:
03-3715-8840
E-Mail address: overseas_division@pasco.co.jp
ACTIVITIES
Aerial surveyor; construction
consulting service
BRANCHES
Sendai, Nagoya, Osaka,
Hiroshima, Fukuoka, Okinawa
OVERSEAS
Pasco Philippines Corp (Philippines);
Pasco China Corp (China);
Pasco (Thailand) Co Ltd
(Thailand); FM-International Oi (Finn map) (Pasco Europe) (Finland); Pasco
Geometrics India Private Ltd (India); PT Nusantara Secom Info Tech (Indonesia)
(--subsidiaries)
CHIEF EXEC
YOICHI SUGIMOTO, PRES & CEO
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 39,466 M
PAYMENTS REGULAR CAPITAL Yen 8,758 M
TREND STEADY WORTH Yen 10,168 M
STARTED 1949 EMPLOYES 2,012
COMMENT
AERIAL PHOTOGRAPHIC SURVEYOR, AFFILIATED WITH SECOM CO.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 461.6MILLION, 30 DAYS NORMAL
TERMS
Forecast
(or estimated) figures for 31/03/2009 fiscal term
HIGHLIGHTS
This is one of three aerial photographic surveying companies, pioneer in GIS (geographic information system) affiliated with Secom Co Ltd*. Tops in the industry. Also offers construction consulting service. Highly competitive in sales to local governments. Overseas projects growing as large mapmaking works started up in Mideast. In overseas, moving in full scale to Mideast, Brazil, Africa & others.
* Secom Co Ltd, pioneer & largest firm in security service industry, founded 1962, listed Tokyo, Osaka S/E’s, capital Yen 66,377 million, turnover Yen 682,619 million, operating profit Yen 104,706 million, recurring profit Yen 114,278 million, net profit Yen 61,506 million, total assets Yen 1,202,840 million, net worth Yen 567,239 million, employees 32,195, pres Kanemasa Haraguchi
(Recent News from The
Nikkei dated 15/Oct/2008):
Kokusai Kogyo Holdings Co (aerial surveying contractor, placed second domestically after Pasco Corporation) has decided to purchase more than one-third of IDU Co (real estate auction business) becoming the real estate auction Web site operator’s top shareholder. Kokusai Kogyo will send a few directors to IDU. IDU effectively has a roughly 13% stake in aerial survey firm Asia Air Survey Co thru a JV established by the two firms. Kokusai Kogyo plans to lift its influence over Asia Air Survey by sweeping IDU under its umbrella. If the two surveyors were to merge, the integrated entity would grab the industry’s top spot from Pasco Corp.
FINANCIAL INFORMATION
The sales volume for Mar/2008 fiscal term amounted to Yen 39,466 million, a 7.7% up from Yen 36,661 million in the previous term. Total orders received were up 13.6% to Yen 45,016 million. Although public orders declined, local governments are reviewing information systems & mapping data, including aerial photography, resulting from increasing merger of cities & towns. By divisions, Information System up 6.8% to Yen 17,321 million (orders received up 13.8% to Yen 20,221 million); Surveying & Measuring up 6.7% to Yen 14,568 million (orders received up 14.6% to Yen 16,801 million); Consultation Consultant up 11.6% to Yen 7,576 million (orders received up 11.0% to Yen 7,992 million..
(Apr/Sept/2008 results): Sales Yen 15,684 million (up 7.4%), operating loss Yen 1,316 million (previous term Yen 2,155 million loss), recurring loss Yen 1,650 million (previously Yen 2,321 million loss), net loss Yen 1,158 million (previously Yen 1,646 million loss). (% compared with the corresponding period a year ago). Orders received down 7.0% to Yen 24,944 million. Government budget for public works delaying which hit the orders received. The losses are largely referred to the delayed orders & deliveries. Seasonally, sales & profits will improve in the latter half year, particularly prior to the term’s end of March.
For the current term ending Mar 2009 the recurring profit is projected at Yen 1,400 million and the net profit at Yen 1,200 million, on a 6.4% rise in turnover, to Yen 42,000 million. In-depth development of demand from local municipalities progressing. Mideast and other overseas projects increasing, and satellite business launched in second half of preceding term will contribute for full term. Operating account deficit shrinking slightly. Full-term profit growth possible. In private areas, aiming at offering disaster information & expansion of support to business continuation plans.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max credit limit is estimated at Yen 461.6
million, on 30 days normal terms.
REGISTRATION
Date Registered: Jul
1949
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 200 million shares
Issued: 73,851,334 shares
Sum: Yen 8,758 million
Major shareholders (%)
Secom Co (69.8), Company’s
Treasury Stock (1.7), MUFG (0.5), Japan Trustee Services T (0.5), Mitsui
Securities (0.5), Hokuriku Bank (0.5), Employees’ S/Holding Assn (0.4), Hideo
Koyanagi (0.4), Master Trust Bank of Japan T (0.3); foreign owners (1.1)
No. of shareholders
3,678
Listed on the S/Exchange (s) of
Tokyo
Managements
Yoichi Sugimoto, pres; Minoru
Fujita, dir; Toshio Iwamatsu, dir; Teruki Ueki, dir; Takashi Iwadate, dir; Shuji
Yasuzumi, dir; Tadashi Sasagawa, dir; Toshiyuki Nishimoto, dir
Nothing detrimental is known as to the commercial morality
of executives.
Related companies
Pasco Doro Center, other
OPERATION
Activities: Aerial photograph surveyor (100%)
(Sales Breakdown by Divisions):
Surveying
& Measuring Div (37%): spaceborne SAR sensor, multiline
digital airborne sensor system, large format digital aerial camera, airborne
laser surveying system, hyperspactral sensor, thermal sensor, narrow multibeam
sonar exploration system, ground based 3D laser scanning system, road surveying
system, aerial photography & mapping services, cultural heritage &
archeological excavation survey, precise measurement, automated landslide
measurement system, precise industrial survey, house location information
updating services;
Construction
Consulting Div (19%): heat island studies, urban planning,
agriculture (sensing & regional farming supports), GIS consultation &
analysis services, others;
Information
Systems Div/Solutions (44%): Japan’s digital map data, world digital
map data, aerial photography, 3D map (Map Cube), area marketing solutions,
marketing support solutions, logistics solutions (delivery planning &
vehicle movement control), building, real estate & facility management
solutions, local government solutions, government solutions, GIS application
development, other.
Clients
Local municipalities, government
agencies, Ministry of Land, Infrastructure, Cabinet Ministry, Public Traffic
Corp, Ministry of Agriculture, Japan Railways, other
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers
[Mfrs] GIS Kanto, GIS Kansai,
GIS Tokai, ESRI Japan, GIS Kyushu, GIS Shikoku, GIS Tohoku, Pasco Doro Center
(--subsidiaries & group firms), Geo Tech Co, other.
Payment record: Regular
Location:
Business area in Tokyo. Office premises
at the caption address are owned and maintained satisfactorily.
Bank References
MUFG (H/O)
Hokuriku Bank (Shibuya)
Relations: Satisfactory
FINANCES: (In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2008 |
31/03/2007 |
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INCOME STATEMENT |
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Annual Sales |
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39,466 |
36,661 |
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Cost of Sales |
30,926 |
28,497 |
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GROSS PROFIT |
8,539 |
8,163 |
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Selling & Adm Costs |
7,198 |
7,541 |
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OPERATING PROFIT |
1,340 |
621 |
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Non-Operating P/L |
-482 |
-364 |
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RECURRING PROFIT |
858 |
257 |
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NET PROFIT |
692 |
386 |
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BALANCE SHEET |
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Cash |
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7,729 |
8,847 |
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Receivables |
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31,354 |
28,706 |
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Inventory |
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406 |
391 |
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Securities, Marketable |
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Other Current Assets |
(243) |
(1,118) |
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TOTAL CURRENT ASSETS |
39,246 |
36,826 |
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Property & Equipment |
11,250 |
10,559 |
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Intangibles |
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2,652 |
2,810 |
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Investments, Other Fixed Assets |
3,617 |
4,137 |
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TOTAL ASSETS |
56,765 |
54,332 |
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Payables |
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5,631 |
5,501 |
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Short-Term Bank Loans |
30,500 |
31,561 |
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Other Current Liabs |
4,746 |
4,322 |
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TOTAL CURRENT LIABS |
40,877 |
41,384 |
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Debentures |
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Long-Term Bank Loans |
3,126 |
48 |
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Reserve for Retirement Allw |
2,278 |
2,476 |
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Other Debts |
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316 |
513 |
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TOTAL LIABILITIES |
46,597 |
44,421 |
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MINORITY INTERESTS |
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Common
stock |
8,758 |
8,758 |
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Additional
paid-in capital |
6,772 |
6,773 |
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Retained
earnings |
(5,401) |
(6,093) |
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Evaluation
p/l on investments/securities |
259 |
573 |
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Others |
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229 |
338 |
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Treasury
stock, at cost |
(449) |
(438) |
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TOTAL S/HOLDERS` EQUITY |
10,168 |
9,911 |
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TOTAL EQUITIES |
56,765 |
54,332 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2008 |
31/03/2007 |
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Cash Flows
from Operating Activities |
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75 |
147 |
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Cash
Flows from Investment Activities |
-1,782 |
-2,086 |
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Cash
Flows from Financing Activities |
1,696 |
-65 |
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Cash,
Bank Deposits at the Term End |
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5,729 |
5,847 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
10,168 |
9,911 |
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Current
Ratio (%) |
96.01 |
88.99 |
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Net
Worth Ratio (%) |
17.91 |
18.24 |
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Recurring
Profit Ratio (%) |
2.17 |
0.70 |
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Net
Profit Ratio (%) |
1.75 |
1.05 |
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Return
On Equity (%) |
6.81 |
3.89 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.74 |
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UK Pound |
1 |
Rs.74.37 |
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Euro |
1 |
Rs.62.78 |
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%)