MIRA
INFORM REPORT
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Report Date : |
29th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
FUSOH AVIATION CO LTD |
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Registered Office : |
Sasazuka Soei Bldg 3F, 1-56-10 Sasazuka Shibuyaku
Tokyo 151-0073 Japan |
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Country : |
Japan |
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Financials (as on) : |
31/12/2006
(Estimated) |
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Date of Incorporation : |
Jul 1976 |
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Legal Form : |
Limited Company |
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Line of Business : |
Importers and wholesalers of special
metal parts & components for aircrafts |
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 28.6 MILLION |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
name
FUSOH
AVIATION CO LTD
REGD NAME
Fusoh
Aviation KK
MAIN OFFICE
Sasazuka
Soei Bldg 3F, 1-56-10 Sasazuka Shibuyaku Tokyo 151-0073 JAPAN
Tel:
03-5371-0411
Fax:
03-5371-0415
URL: http://www.fusoh-aviation.co.jp/
E-Mail address: info@fusoh-aviation.co.jp
ACTIVITIES
Import, wholesale of special metal parts & components for
aircrafts
BRANCHES
Osaka; Frankfurt (rep office)
OVERSEAS
Fusoh Aviation USA, Fusoh Aviation Europe (Germany) (--subsidiary
purchasing office)
OFFICER(S)
SHOICHI MOCHIZUKI, PRES
Katsuharu Kobayashi, s/mgn dir
Makiko Maruyama, mgn dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,586 M
PAYMENTS REGULAR CAPITAL Yen 50 M
TREND STEADY WORTH Yen 252 M
STARTED 1976 EMPLOYES 15
COMMENT
TRADING HOUSE SPECIALIZING IN AIRCRAFT METAL PARTS & COMPONENTS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 28.6 MILLION, NORMAL 30 DAYS TERMS.
HIGHLIGHTS
The subject company was established by father of Shoichi Mochizuki
in order to import and wholesale metal parts for aircrafts. This is a specialized trading house, owned
and managed by the Mochizuki family, for import and wholesale of stainless
steel & special metal parts & components for supply to aircrafts,
aerospace, helicopters, other. In 1977,
launched import of fertilizer spray equipment for helicopters. In 1978, imported Bell Helicopter G4A
rebuilt craft. In 1979, started import
and supply of aluminum parts and materials to Self Defense Agency. In 1984, imports started of aluminum
extrusion materials from Tiernay Metal, USA.
Opened USA office in 1989. In
1990, started business with Ulbrich Stainless Steel & Special Metals Inc,
USA.
The sales volume for Dec/2005 fiscal term amounted to Yen 1,586
million, a 44% sharp rise from Yen 1,099 million in the previous term. This is largely attributed to the international
price hikes of stainless and other metal materials. The recurring profit was
posted at Yen 61 million and the net profit at Yen 29 million, respectively,
compared with Yen 13 million recurring profit and Yen 8 million net profit, respectively,
a year ago.
For the current term ending Dec 2006 the net profit is projected
at Yen 30 million, on a 10% rise in turnover, to Yen 1,750 million. Weaker Yen will likely boost sales in Yen
terms.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 28.6 million, on normal 30 days terms.
REGISTRATION
Date Registered: Jul
1976
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 400,000 shares
Issued: 100,000 shares
Sum: Yen 50 million
Major shareholders (%): Mochizuki Trading KK*(55), Hisako
Mochizuki (6), Katsuyasu Kobayashi (6), Makiko Maruyama (6), Shoichi Mochizuki
(6)
*.. Trading company wholly owned by the Mochizuki family.
No. of
shareholders: 8
Nothing detrimental is known as to the commercial morality of
executives.
OPERATION
Activities: Imports and wholesales stainless/special metal parts
and components for aircrafts, aerospace, helicopters, other vehicles (--100%):
(Handling items, as listed): stainless steel, nickel, titanium,
cobalt alloys, ferrite, martensite, and other special metal plates & wires,
high-intensity LED panels, cable assemblies, helmets, other.
Clients: [Defense Agency, aircraft mfrs, machinery mfrs] National
Defense Agency, Ishikawajima-Harima Heavy Ind, Kawasaki Heavy Ind, Minebea Co,
Koito Mfg, Fuji Heavy Ind, Shinmaywa Ind, Nippi Corp, Sumitomo Precision
Products, other.
No. of accounts: 500
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Fusoh Aviation USA, Fusoh Aviation
Europe, Ulbrick Stainless Steel & Special Metals, Alxco, Clifton Steel Co,
Jay-El Products, Hill Tronics Corp, MSA Gallet, Carlton Forge Works, Ducommon
Aerostructures Co, Carpenter Technologies Corp, Allegheny Ludlum Corp, United
Technologies, Haynes International, other.
Payment record: Regular
Location: Business area in Tokyo.
Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
Bank of Tokyo-Mitsubishi UFJ (Sasazuka)
Mizuho Bank (Shinjuku-Nishiguchi)
Relations: Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
31/12/2006 |
31/12/2005 |
31/12/2004 |
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Annual Sales |
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1,750 |
1,586 |
1,099 |
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Recur. Profit |
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61 |
13 |
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Net Profit |
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30 |
29 |
8 |
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Total Assets |
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899 |
729 |
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Current Assets |
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838 |
669 |
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Current Liabs |
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476 |
428 |
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Net Worth |
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252 |
224 |
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Capital, Paid-Up |
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50 |
50 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
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S.Growth Rate |
10.34 |
44.31 |
19.20 |
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Current Ratio |
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.. |
176.05 |
156.31 |
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N.Worth Ratio |
.. |
28.03 |
30.73 |
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R.Profit/Sales |
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.. |
3.85 |
1.18 |
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N.Profit/Sales |
1.71 |
1.83 |
0.73 |
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Return On Equity |
.. |
11.51 |
3.57 |
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Notes: Forecast (or estimated) figures for the 31/12/2006 fiscal
term.
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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/normal. |
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 |