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Report Date : |
22.01.2014 |
IDENTIFICATION DETAILS
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Name : |
TOYO ENGINEERING CORP |
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Registered Office : |
2-8-1 |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
May, 1961 |
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Com. Reg. No.: |
(Chiba-Narashino) 002504 |
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Legal Form : |
Limited Company (Kabushiki Kaisha |
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Line of Business : |
Plant engineering works for: energy, oil refining, oil & gas
development petrochemicals & chemicals, water treatment, infrastructure,
environment, pharmaceutical & fine chemicals, food & beverages,
electronics & semiconductors, transportation systems, power generation,
nuclear power, advanced production systems, automobiles, manufacturing, fine
chemicals distribution systems, biotechnology, other; real estate leasing
& management |
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No. of Employees : |
4,548 |
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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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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
JAPAN - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy his government's top priority; he has pledged to reconsider his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus and regulatory reform and has said he will press the Bank of Japan to loosen monetary policy. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2012 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. The new government will continue a longstanding debate on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.
|
Source
: CIA |
TOYO ENGINEERING
CORP
REGD NAME: Toyo Engineering KK
MAIN OFFICE: 2-8-1 Akanehama
Narashino City Chiba-Pref 275-0024 JAPAN
Tel:
047-451-1111
Fax: 047-454-1800-
URL: http://www.toyo-eng.co.jp
E-Mail address: (thru the URL)
Plant engineering works
Tokyo
China (2), Indonesia, Dubai, Teheran, Russia, Thailand, Iran, Saudi
Arabia, Europe, India, Canada, USA, Mexico, Venezuela (--subsidiaries/agents)
At the caption address (Engineering Center)
KATSUMOTO ISHIBASHI, PRES
In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 228,723 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
18,198 M
TREND UP WORTH Yen
71,091 M
STARTED 1961 EMPLOYES 4,548
PLANT ENGINEERING WORKS
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
173,943 |
14,448 |
7,131 |
(%) |
65,295 |
|
(Consolidated) |
31/03/2011 |
155,696 |
7,012 |
3,773 |
-10.49 |
67,096 |
|
|
31/03/2012 |
157,881 |
5,102 |
3,728 |
1.40 |
69,265 |
|
|
31/03/2013 |
228,723 |
4,032 |
1,457 |
44.87 |
71,091 |
|
|
31/03/2014 |
300,000 |
10,000 |
5,000 |
31.16 |
.. |
Unit: In Million
Yen
Forecast figures
for the 31/03/2014 fiscal term.
The subject company was established originally as JV formed by Toyo
Konetsu (today Mitsui Chemicals), Mitsui & Co and Taisei Corp. This is a plant engineering company servicing
for industries: oil/gas, petrochemicals, transportation systems,
pharmaceuticals, fine chemicals, power generation, biotechnology, environment,
other. Has world level technology for
urea and ammonia fertilizer plant engineering.
Well-experienced in oil refining, petrochemical and N-Power plants. The company won new order for Thailand power
plant project in non-petroleum and non-petrochemical sector in tie-up with
Mitsui & Co. The company will send
several management staff to its overseas subsidiary having deficient-ridden
projects for stricter profit management.
The firm is planning to focus on marketing to fertilizer and power
plants in Asia and the upstream oil sector in the Americas.
The sales volume for Mar/2013 fiscal term amounted to Yen 228,723
million, a 44.9% up from Yen 157,881 million.
New orders for the term exceeded the precedent term’s level at about Yen
270 billion, thanks to large-lot orders for fertilizer plants or others in the
second half. The recurring profit was
posted at Yen 4,032 million and the net profit at Yen 1,457 million,
respectively, compared with Yen 5,102 million recurring profit and Yen 3,728
million net profit, respectively, a year ago. Profits deteriorated due to the higher costs
of selling/administration and extraordinary losses coming from the depreciation
of intangibles and appreciation losses of investment & securities costs..
(Apr/Sept/2013 results): Sales Yen 110,982 million (up 2.5%), operating
loss Yen 4,481 million (previously Yen 1,548 million profits), recurring loss
Yen 2,316 million (previously Yen 1,626 million profits), net losses Yen 3,672
million (previously Yen 420 million profits).
(% & figures as compared with the corresponding period a year ago).
For the current term ending 2014 the recurring profit is projected at
Yen 10,000 million and the net profit at Yen 5,000 million, respectively, on a
31.2% rise in turnover, to Yen 300,000 million.
Orders backlog was ample Yen 386.7 billion at the end of June 2013,
aided by recovery of new orders.
Construction works such as those of oil refinery auxiliary equipment in
Brazil will progress smoothly. Work
completions are likely to increase sharply, thanks to full-scale contribution
of new large projects including fertilizer plants.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: May
1961
Regd No.: (Chiba-Narashino) 002504
Legal Status: Limited
Company (Kabushiki Kaisha
Authorized: 500 million shares
Issued: 192,792,539shares
Sum: Yen
18,198 million
Major shareholders (%): Mitsui & Co (22.7), Mitsui Chemicals (13.3),
Master Trust Bank of Japan T (7.5), Nomura Trust Inv T (2.8), Japan Trustee
Services T (2.7), Taisei Corp (2.5), Trust & Custody Services (2.5), Japan
Trustee Services T9 (2.5), SMBC (1.2), CB (HK) CB London F135 T&D Asset M
(0.7); foreign owners (12.4)
No. of shareholders: 10,365
Listed on the S/Exchange (s) of: Tokyo
Managements: Yushi Nagata, ch; Katsumoto Ishibashi, pres; Makoto
Fusayama, v pres; Hideki Shiinoki, s/mgn dir; Keiichi Matsumoto, s/mgn dir;
Takaya Naito, s/mgn dir; Satoshi Kuwahara, mgn dir; Masayuki Uchida, mgn dir;
Masaaki Yamaguchi, mgn dir; Akhilesh Kumar, mgn dir; Tadashi Hori, mgn dir;
Masaru Takezawa, mgn dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Toyo Business Engineering, other.
Activities: Plant engineering works (94%) for: energy, oil refining, oil
& gas development petrochemicals & chemicals, water treatment,
infrastructure, environment, pharmaceutical & fine chemicals, food &
beverages, electronics & semiconductors, transportation systems, power
generation, nuclear power, advanced production systems, automobiles,
manufacturing, fine chemicals distribution systems, biotechnology, other; real
estate leasing & management (6%).
Overseas Sales Ratio (81%)
Clients: [Oil refiners, mfrs, wholesalers] Indian Oil Corporation, PDVSA
Petroleo SA, Petropars Ltd, Evonik Monosilane Japan Co, Petroleos de Venezuela
SA, Dalian Sumika Jingang Chemicals Co, PT Kalimantan Timur (Kaltim), Mitsui
Chemicals, Toshiba Plant Systems, Nippon Oil, Maruzen Oil Chemical, other
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Taisei Corp, Toyo Engineering India Ltd,
Toyo Engineering Korea Ltd, Seamens Industrial Rurbo-Machinery BV, JNC
Engineering Mitsui & Co, IHI Corp, Mitsubishi Heavy Ind, Sankyu Inc, other
Payment record: No complaints
Location: Business area in Narashino City, Chiba-Pref. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References:
SMBC (H/O)
MUFG (H/O)
Relations:
Satisfactory
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2013 |
31/03/2012 |
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INCOME STATEMENT |
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Annual Sales |
|
228,723 |
157,881 |
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Cost of Sales |
204,523 |
132,963 |
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GROSS PROFIT |
24,200 |
24,918 |
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Selling & Adm Costs |
22,606 |
19,577 |
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OPERATING PROFIT |
1,593 |
5,341 |
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Non-Operating P/L |
2,439 |
-239 |
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RECURRING PROFIT |
4,032 |
5,102 |
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NET PROFIT |
1,457 |
3,728 |
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BALANCE SHEET |
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Cash |
|
52,328 |
48,041 |
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Receivables |
|
54,423 |
35,832 |
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Inventory |
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Securities, Marketable |
21,376 |
44,499 |
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Other Current Assets |
60,390 |
42,472 |
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TOTAL CURRENT ASSETS |
188,517 |
170,844 |
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Property & Equipment |
31,187 |
32,164 |
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Intangibles |
|
5,489 |
6,403 |
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Investments, Other Fixed Assets |
15,501 |
13,004 |
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TOTAL ASSETS |
240,694 |
222,415 |
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Payables |
|
60,370 |
50,096 |
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Short-Term Bank Loans |
12,712 |
12,983 |
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Other Current Liabs |
60,048 |
54,868 |
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TOTAL CURRENT LIABS |
133,130 |
117,947 |
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Debentures |
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Long-Term Bank Loans |
26,477 |
24,582 |
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Reserve for Retirement Allw |
5,202 |
5,314 |
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Other Debts |
|
4,794 |
5,306 |
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TOTAL LIABILITIES |
169,603 |
153,149 |
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MINORITY INTERESTS |
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Common stock |
18,198 |
18,198 |
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Additional paid-in capital |
20,759 |
20,759 |
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Retained earnings |
31,537 |
31,203 |
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Evaluation p/l on
investments/securities |
665 |
225 |
|
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Others |
|
315 |
(757) |
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Treasury stock, at cost |
(383) |
(363) |
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TOTAL S/HOLDERS` EQUITY |
71,091 |
69,265 |
|
|
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TOTAL EQUITIES |
240,694 |
222,415 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2013 |
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|
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Cash Flows from Operating Activities |
|
-18,986 |
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Cash Flows from Investment
Activities |
-1,587 |
|
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Cash Flows from Financing Activities |
-532 |
|
|
|
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Cash, Bank Deposits at the Term End |
|
71,675 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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|
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Net Worth (S/Holders' Equity) |
71,091 |
69,265 |
|
|
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Current Ratio (%) |
141.60 |
144.85 |
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Net Worth Ratio (%) |
29.54 |
31.14 |
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|
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Recurring Profit Ratio (%) |
1.76 |
3.23 |
|
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Net Profit Ratio (%) |
0.64 |
2.36 |
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Return On Equity (%) |
2.05 |
5.38 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.54 |
|
|
1 |
Rs101.08 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
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 |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
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.