MIRA INFORM REPORT
|
Report No. : |
355267 |
|
Report Date : |
15.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
TOYO ENGINEERING CORPORATION |
|
|
|
|
Registered Office : |
2-8-1 Akanehama Narashino City Chiba-Pref 275-0024 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
May 1961 |
|
|
|
|
Com. Reg. No.: |
(Chiba-Narashino) 002504 |
|
|
|
|
Legal Form : |
Limited Company (Kabushiki Kaisha) |
|
|
|
|
Line of Business : |
Plant engineering works (97%) 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 (--3%); real estate
leasing & management (1%). |
|
|
|
|
No. of Employee : |
4,476 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
COMPANY
NAME AND ADDRESS
TOYO
ENGINEERING CORPORATION
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)
ACTIVITIES
Plant engineering
works
BRANCHES
Tokyo
OVERSEAS
China (2),
Indonesia, Dubai, Teheran, Russia, Thailand, Iran, Saudi Arabia,
Europe, India, Canada, USA, Mexico,
Venezuela (--subsidiaries/agents)
FACTORIES
At the caption
address (Engineering Center)
CHIEF
EXEC
KIYOSHI NAKAO, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 311,454 M
PAYMENTSSLOW BUT CORRECT CAPITAL Yen 18,198 M
TREND UP WORTH Yen 44,979 M
STARTED 1961 EMPLOYES 4,476
COMMENT
PLANT ENGINEERING WORKS
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
Unit:
In Million Yen
Forecast
figures for the 31/03/2016 fiscal term.
HIGHLIGHTS
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. In 2012, the company
acquired IKPT (Inti Karya Persada Tehnik), which is a fast-growing engineering
company in Indonesia, in order to strengthen its competitiveness in the South
East Asian markets where economy is expected to continue growing.
FINANCIAL
INFORMATION
The sales volume for
Mar/2015 fiscal term amounted to Yen 311,454 million, a 35.3% up from Yen
230,154 million. Profits, however,
deteriorated due to the higher costs of selling/administration and
extraordinary losses; and posted Yen 25,280 million recurring loss and Yen 20,965
million net losses, respectively, compared with Yen 4,942 million recurring
profit and Yen 967 million net profit, respectively, a year ago.
(Apr/Sept/2015
results): Sales Yen 150,507 million (up 13.6%), operating profit Yen 4,416
million (previously Yen 101 million), recurring profit Yen 4,208 million (up
56.1%) net profit Yen 1,689 million (up 34.5%).
(% & figures as compared with the corresponding period a year ago).
For the current
term ending Mar 2016 the recurring profit is projected at Yen 5,500 million and
the net profit at Yen 3,000 million, respectively, on a 6.0% rise in turnover,
to Yen 330,000 million. Orders backlog
at the term’s start was ample. Large projects
for petrochemical and fertilizer plants will progress smoothly.
The financial
situation is considered FAIR and good for ORDINARY business engagements.
REGISTRATION
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), JTSB (Mitsui Chemicals) (13.3), Master Trust
Bank of Japan T (3.3), Taisei Corp (2.5), Japan Trustee Services T (2.0), SMBC (1.2),
Japan Trustee Services T9 (1.1), Japan Trustee Services T4 (1.1), Japan Re
Fidelity (0.9), Evergreen (0.8); foreign owners (12.0)
No. of shareholders: 14,646
Listed on the S/Exchange (s) of: Tokyo
Managements: Makoto Fusayama,
ch; Kiyoshi Nakao, pres; Takaya Naito, v pres; Masayuki Yoshizawa, dir;
Masayuki Uchida, dir; Masaaki Yamaguchi, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Toyo Business Engineering, other.
OPERATION
Activities: Plant engineering
works (97%) 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 (--3%); real estate leasing & management (1%).
Overseas
Sales Ratio (87%)
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: Slow but correct
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
FINANCES
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
|
|||
|
|
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
|
INCOME STATEMENT |
|
|||
|
|
Annual Sales |
|
311,454 |
230,124 |
|
|
Cost of Sales |
294,240 |
204,968 |
|
|
|
GROSS PROFIT |
17,214 |
25,155 |
|
|
|
Selling & Adm Costs |
24,570 |
24,699 |
|
|
|
OPERATING PROFIT |
-7,356 |
455 |
|
|
|
Non-Operating P/L |
-17,924 |
4,487 |
|
|
|
RECURRING PROFIT |
-25,280 |
4,942 |
|
|
|
NET PROFIT |
-20,965 |
967 |
|
|
BALANCE SHEET |
|
|||
|
|
Cash |
|
90,753 |
73,814 |
|
|
Receivables |
62,556 |
48,362 |
|
|
|
Inventory |
|
|
|
|
|
Securities, Marketable |
2,354 |
25,025 |
|
|
|
Other Current Assets |
58,898 |
54,840 |
|
|
|
TOTAL CURRENT ASSETS |
214,561 |
202,041 |
|
|
|
Property & Equipment |
16,247 |
30,363 |
|
|
|
Intangibles |
2,133 |
5,085 |
|
|
|
Investments, Other Fixed Assets |
28,668 |
19,991 |
|
|
|
TOTAL ASSETS |
261,609 |
257,480 |
|
|
|
Payables |
86,007 |
55,764 |
|
|
|
Short-Term Bank Loans |
8,233 |
10,580 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
76,243 |
73,820 |
|
|
|
TOTAL CURRENT LIABS |
170,483 |
140,164 |
|
|
|
Debentures |
|
|
|
|
|
Long-Term Bank Loans |
23,604 |
33,535 |
|
|
|
Reserve for Retirement Allw |
4,693 |
3,677 |
|
|
|
Other Debts |
|
17,850 |
5,273 |
|
|
TOTAL LIABILITIES |
216,630 |
182,649 |
|
|
|
MINORITY INTERESTS |
|
||
|
|
Common
stock |
18,198 |
18,198 |
|
|
|
Additional
paid-in capital |
20,759 |
20,759 |
|
|
|
Retained
earnings |
7,724 |
31,546 |
|
|
|
Evaluation
p/l on investments/securities |
2,299 |
1,288 |
|
|
|
Others |
(3,569) |
3,448 |
|
|
|
Treasury
stock, at cost |
(432) |
(408) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
44,979 |
74,831 |
|
|
|
TOTAL EQUITIES |
261,609 |
257,480 |
|
|
CONSOLIDATED CASH FLOWS |
|
|||
|
|
Terms ending: |
31/03/2015 |
31/03/2014 |
|
|
|
Cash
Flows from Operating Activities |
|
-4,192 |
21,244 |
|
|
Cash
Flows from Investment Activities |
9,587 |
-1,638 |
|
|
|
Cash
Flows from Financing Activities |
-14,341 |
3,167 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
90,462 |
96,934 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2015 |
31/03/2014 |
||
|
|
Net
Worth (S/Holders' Equity) |
44,979 |
74,831 |
|
|
|
Current
Ratio (%) |
125.85 |
144.15 |
|
|
|
Net Worth
Ratio (%) |
17.19 |
29.06 |
|
|
|
Recurring
Profit Ratio (%) |
-8.12 |
2.15 |
|
|
|
Net
Profit Ratio (%) |
-6.73 |
0.42 |
|
|
|
|
Return
On Equity (%) |
-46.61 |
1.29 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.79 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
|
YEN |
1 |
Rs.0.55 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.