MIRA
INFORM REPORT
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Report Date : |
10.02.2012 |
IDENTIFICATION DETAILS
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Name : |
TOMOE
ENGINEERING CO LTD |
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Registered Office : |
Art Village Osaki C Tower, 1-2-2 Osaki
Shinagawaku Tokyo 141-0032 |
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Country : |
Japan |
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Financials (as on) : |
31.10.2011 |
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Year of Establishment : |
May 1941 |
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Com. Reg. No.: |
(Tokyo-Shinagawaku) 018429 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacture of centrifugal separators; import, export of petrochemical
products |
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No. of Employees : |
748 |
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 1,825.8 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
TOMOE ENGINEERING CO LTD
REGD NAME: Tomoe
Kogyo KK
MAIN OFFICE: Art Village
Osaki C Tower, 1-2-2 Osaki Shinagawaku Tokyo 141-0032 JAPAN
Tel: 03-5435-6511 Fax: 03-5435-0070
E-Mail address: (thru the URL to each division)
ACTIVITIES
Mfg of centrifugal
separators; import, export of petrochemical products
BRANCHES
Sapporo, Sendai,
Nagoya, Osaka, Fukuoka
OVERSEAS
Seoul, Chicago,
Jakarta, Shanghai
FACTORY (IES)
Tokyo, Yamato,
Hiratsuka (--Kanagawa-Pref); Shenzhen (China)
CHIEF EXEC
NOBORU SHIONO,
PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 42,375 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
1,061 M
TREND SLOW WORTH Yen
21,329 M
STARTED 1941 EMPLOYES 748
COMMENT
MFR OF CHEMICAL MACHINERY; TRADING OF PETROCHEMICALS.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 1,825.8 MILLION, 30 DAYS NORMAL TERMS
Forecast (or estimated) figures for 31/10/2012 fiscal term
HIGHLIGHTS
The subject company was established in order
to mfr centrifugal separators on technical tie up with Sharpless Corp,
USA. Pioneer in this field with D-canter
model holding 50% domestic market share.
The firm operates in three business segments: Machinery & Equipment
segment engaged in mfg and sale of centrifuge decanter, the provision of after
service, as well as the proc-easing and sale of components; Chemical Products
segment is engaged in mfg and sale of films, nylon insert lock nuts, plastic
surface treatment machines, inorganic materials, organic materials, ceramics,
thermal insulators, metallic materials, carbon-graphite & bonding wires,
etc; Others segment is engaged in the delivery and sore management of
products. Active in overseas operations
covering China, India, Indonesia, other S/E Asian markets, emphasizing on
petrochemical, food and sewage treatment industries. Diversified into trading of petrochemical
products, which division now accounts for 70% of total sales. The firm intends to start production of HVA
synthetic resin products through a tie-up with a JSR group firm at its
Shengzhen plant in China in spring 2012.
It will prepare for entering into the Latin American market.
FINANCIAL INFORMATION
The sales volume for Oct/2011 fiscal
term amounted to Yen 42,375 million, a 9.2% up from Yen 38,816 million in the
previous term. During the term,
production and exports fell as a result of supply chain disruptions and the
effects of electric power shortages in the aftermath of the Tohoku Offshore
Earthquake that struck in Mar 2011.
Aided by the progress in restoring supply chains, however, which
proceeded more quickly than anticipated immediately after the earthquake, the
recovery trends in production, exports and personal consumption levels as a
whole were sustained despite lingering concerns generated by the financial and
economic climate in Europe, USA and China and the appreciation of the Yen. By divisions, Machinery Div up 8.3% to Yen
12,480 million, as sales of centrifuge equipment for oil well drilling in North
America, components sales & repair service for domestic private sector
demand and works related to domestic public sector demand were all higher;
Chemicals Div up 9.5% to Yen 29,894 million, as supply & demand for
domestic sectors continued to improve, especially for items used in the
residential housing and construction industry segments.. The recurring profit was posted at Yen 2,595
and the net profit at Yen 2,915 million, respectively, compared with Yen 2,179
million recurring profit and Yen 1,354 million net profit, respectively, a year
ago.
For the current term ending Oct 2012
the recurring profit is projected at Yen 2,690 million and the net profit at
Yen 1,660 million, respectively, on an 8.6% rise in turnover, to Yen 46,000
million. Sales of electronic
material-related products, such as those for semiconductors, will edge
down. Those of abrasive grain recycle
systems in China are likely to take a breather. But Yen dominated sales of centrifugal
separators for oil fields in North America will continue growing. Sales of imported chemical products are
expected to fare well, thanks partly to the positive impact of the stronger
Yen. Operating profit will rise.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
Max credit limit is estimated at Yen 1,825.8
million, on 30 days normal terms.
REGISTRATION
Date Registered: May 1941
Regd No.:
(Tokyo-Shinagawaku) 018429
Legal Status:
Limited Company (Kabushiki Kaisha)
Authorized:
24,550,000 shares
Issued:
10,533,200 shares
Sum: Yen 1,061 million
Major
shareholders (%): Naomi Sagara (6.1), Company’s Treasury Stock (5.2),
Customers’ S/Holding Assn (4.9), Master Trust
Bank of Japan T (4.2), Mariko Noda (3.8), Japan Trustee Services T (3.7),
Mizuho Bank (3.7), Tomoe Kikaku (3.3), Haruko Yamaguchi (3.0), Sachiko Dohi
(2.1),; foreign owners (6.0)
No. of shareholders: 4,046
Listed on the S/Exchange (s) of: Tokyo
Managements:
Noboru
Shiono, pres; Hitoshi Shiraishi, mgn dir; Hitoshi Yamamoto, mgn dir;; Hiroshi
Konagai, dir; Akinori Okada, dir; Tatsuo Yamada, dir; Yoshito Honma, dir;
Natsuhiko Maeda, dir; Masayooshi Fukasawa, dir; Akitomo Tamai, dir
Nothing detrimental
is known as to the commercial morality of executives.
Related companies: Tomoe Machinery
Service, Tomoe Machinery, Tomoe Kogyo (HK),
Tomoe Kogyo
Shenzhen, other
OPERATION
Activities: Manufactures centrifugal separators, other
machinery, parts & components (30%); manufactures, imports, exports and
wholesales petrochemicals raw materials, products, others (70%).
(Sales breakdown by divisions):
Machinery Division:
Machinery : centrifugal separators with
D-Canter model, non-centrifugal type sepa-rators, shaftless conveyors,
carbonization equipment, crushing & shredding machines;
Facilities, installation works: centering on
sewage treatment facilities, dust collectors of semiconductors, plastic waste
treatment equipment, othr;Parts/components/repairs supplying spare parts & repairing parts
for over 20,000 centrifugal separators supplied domestically.
Chemicals Division:
Synthetic Resins : plastic materials &
products, films, sheets, materials for OA equipment, IT equipment, automobiles particularly
in overseas markets;
Industrial materials : ore & iron ore
products as fillers & additives for building materials, paints, adhesives,
fertilizers, agro chemicals, other;
Chemical products:
synthetic resins and additives for use in paints, adhesives, ink:
Functional
materials:: ceramics, nano-technology products, electrodes, metals for
semiconductors,
others;
Electronics-related
materials:: semiconductor tools, trays, IC chips, other.
Others: imports
wines, whiskies.
Overseas sales ratio (22.8%): Asia (21.1%)
(centrally China, Taiwan, Korea, Indonesia);
other regions
(1.8%) (centrally USA, Europe).
Clients: [Electronics
mfrs, petrochemical industries] Komatsu NTC, Tomoe wine & Spirits, Toshiba
Electronics Asia, OM Plant, Ibiden, Shenzhen Meiyang Plastics, NGK Insulators,
Toshiba Tech, Ebara Engineering Service, Tokyo-Metrop government (Drainage
Div), Achilles Corp, other.
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Shenzhen Meiyang Plastics, Nippon Unicar Co, Dow Chemical Japan,
Showa Denko, NSCC Asia, Japan Polyethylene Corp, Samsung Fine
Chemicals, Daiwon Semiconductor Packaging Ind, Clicke & Soffa Global
Holdings Co, Mitsubishi Engineering
Plastics, other.
Payment record: No Complaints
Location: Business area in Tokyo.
Office premises at the caption address are leased and maintained
satisfactorily.
Bank References:
Mizuho Bank
(Ginza-Chuo)
MUFG (Yaesudori)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/10/2011 |
31/10/2010 |
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INCOME STATEMENT |
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Annual Sales |
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42,375 |
38,816 |
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Cost of Sales |
33,593 |
30,479 |
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GROSS PROFIT |
8,781 |
8,337 |
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Selling & Adm Costs |
6,360 |
6,164 |
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OPERATING PROFIT |
2,421 |
2,173 |
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Non-Operating P/L |
174 |
6 |
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RECURRING PROFIT |
2,595 |
2,179 |
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NET PROFIT |
2,915 |
1,354 |
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BALANCE SHEET |
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Cash |
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7,296 |
6,109 |
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Receivables |
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12,478 |
13,324 |
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Inventory |
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5,165 |
4,859 |
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Securities, Marketable |
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Other Current Assets |
852 |
755 |
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TOTAL CURRENT ASSETS |
25,791 |
25,047 |
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Property & Equipment |
5,269 |
2,932 |
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Intangibles |
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65 |
80 |
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Investments, Other Fixed Assets |
1,577 |
1,720 |
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TOTAL ASSETS |
32,702 |
29,779 |
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Payables |
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6,485 |
6,477 |
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Short-Term Bank Loans |
534 |
585 |
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Other Current Liabs |
3,307 |
3,667 |
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TOTAL CURRENT LIABS |
10,326 |
10,729 |
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Debentures |
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Long-Term Bank Loans |
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Reserve for Retirement Allw |
67 |
174 |
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Other Debts |
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979 |
23 |
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TOTAL LIABILITIES |
11,372 |
10,926 |
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MINORITY INTERESTS |
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Common
stock |
1,061 |
1,061 |
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Additional
paid-in capital |
1,483 |
1,483 |
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Retained
earnings |
19,179 |
16,613 |
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Evaluation
p/l on investments/securities |
51 |
53 |
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Others |
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(82) |
5 |
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Treasury
stock, at cost |
(363) |
(363) |
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TOTAL S/HOLDERS` EQUITY |
21,329 |
18,852 |
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TOTAL EQUITIES |
32,702 |
29,779 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/10/2011 |
31/10/2010 |
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Cash
Flows from Operating Activities |
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1,874 |
2,182 |
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Cash
Flows from Investment Activities |
-239 |
-51 |
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Cash
Flows from Financing Activities |
-373 |
-394 |
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Cash,
Bank Deposits at the Term End |
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7,296 |
6,109 |
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ANALYTICAL RATIOS Terms ending: |
31/10/2011 |
31/10/2010 |
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Net Worth
(S/Holders' Equity) |
21,329 |
18,852 |
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Current
Ratio (%) |
249.77 |
233.45 |
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Net
Worth Ratio (%) |
65.22 |
63.31 |
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Recurring
Profit Ratio (%) |
6.12 |
5.61 |
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Net
Profit Ratio (%) |
6.88 |
3.49 |
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Return
On Equity (%) |
13.67 |
7.18 |
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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.49.29 |
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|
1 |
Rs.78.10 |
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Euro |
1 |
Rs.65.59 |
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 |
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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-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.