MIRA INFORM REPORT
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Report Date : |
21.11.2008 |
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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
Tel:
03-6412-2888 Fax: 03-3715-8840
E-Mail
address: overseas_division@pasco.co.jp
ACTIVITIES
Aerial surveyor; construction
consulting service
BRANCHES
OVERSEAS
Pasco Philippines Corp (
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
* 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.
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
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
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
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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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%)