MIRA
INFORM REPORT
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Report Date : |
11.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
YAMAZEN CORPORATION |
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Registered Office : |
2-3-16
Itachibori Nishiku Osaka 550-8660 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
May 1947 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export and wholesale of machine tools |
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
1880.3 millions |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
YAMAZEN CORPORATION
REGD NAME
KK
Yamazen
MAIN OFFICE
2-3-16
Itachibori Nishiku Osaka 550-8660 JAPAN
Tel : 06-6534-3021
Fax : 06-6537-2105
URL : http://www.yamazen.co.jp/
E-Mail address: info@yamazen.co.jp
ACTIVITIES
Import, export, wholesale of machine tools
BRANCHES
Tokyo, Osaka, Nagoya, Hiroshima, Fukuoka, other (Tot 55)
OVERSEAS
USA, UK, Germany, India, Thailand, China, Korea, other (Tot 13
subsidiaries; 2 branches; 37 sales & service offices)
CHIEF EXEC
TORU YOSHII, PRES
Yen Amount: In million
Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 273,902 M
PAYMENTS REGULAR CAPITAL Yen 7,909 M
TREND STEADY WORTH Yen 15,037 M
STARTED 1947 EMPLOYES 1,687
COMMENT
TRADING HOUSE SPECIALIZING IN MACHINE TOOLS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 1,880.3 MILLION, NORMAL TERMS
Forecast
(or estimated) figures for 31/03/2005 fiscal term
HIGHLIGHTS
This is a leading specialized trader of machinery & tools,
particularly strong in machine tools, founded by Takeo Yamamoto. Also deals in housing-related equipment and
materials. Aggressively expanding into
new areas of high-tech machinery & systems, such as industrial robots,
household & OA equipment. Also
aggressive in expanding operations into China by establishing offices in
Tianjin & Guangzhou in July, aiming to expand sales of machine tools &
electronic equipment. The firm has 4
sales offices in India.
The sales volume for Mar/2004 fiscal term amounted to Yen 273,902
million, a sharp 11% rise from Yen 246,107 million in the previous term. Sales in the production materials, such as
machine tools, industrial systems, system engineering, etc, grew sharply by
16.1%; particularly the machine tools rose steeply for the auto &
semiconductor industries. Housing &
household divisions also grew by 9.1%, while the international div dipped by
5.2%, due to SARS epidemic in S/E Asian countries. The recurring profit increased to Yen 3,303 million from Yen
1,146 million, while the operations dipped into the red to register Yen 1,119
million net losses for the term from the write-offs of extraordinary losses
amounting to 6,067 million. The losses
came from the disposal losses of a golf course (owned by a subsidiary), appraisal
losses of fixed assets, write-offs of asset appraisal losses at subsidiaries.
For the current term ending Mar 2005 the recurring profit is
projected at Yen 4,500 million and net profit at Yen 2,800 million,
respectively, on a 2.2% rise in turnover, to Yen 280,000 million. Sales are expected to rise, including
machine tools & other tools.
Housing construction materials will also rise. Household equipment made in China will benefit from higher Yen
with profit margin rising.
The financial situation is considered maintained FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 1,880.3 million, on normal terms.
REGISTRATION
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Date Registered |
May 1947 |
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Legal Status |
Limited Company (Kabushiki Kaisha) |
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Authorized |
200 million shares |
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Issued |
93,840,310 shares |
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Sum |
Yen 7,909 million |
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Major shareholders (%) |
Customers’ Stockholding (7.5), Customers’ Stockholding Tokyo
(7.2), Mizuho Corporate bank (4.9), Resona Bank (4.9), Employees’ S/Holding
Assoc (4.4), Mori Seiki (3.6), Customers’ Stockholding Nagoya (2.7),
Customers’ Stockholding Kyushu (2.1), Fuji F&M Ins (1.9); foreign owners
(1.5) |
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No. of shareholders |
7,121 (as of Mar/04) |
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Listed on the S/Exchange (s) of |
Tokyo, Osaka |
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Managements |
Shinzo Nakamichi, ch; Toru Yoshii, pres; Fumiyoshi Ogata, s/mgn
dir; Yoshio Aoki, s/mgn dir; Yukio Sakaguchi, s/mgn dir; Koichi Shinohara,
mgn dir; Sadaharu Kasahara, dir; Yuzo Tani, dir; Shozo Nishiyama, dir;
Yasuhide Kimura, dir |
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Nothing detrimental is knows as to the commercial morality of
executives. |
Related companies
Yamazen Create, Yamazen Inc, other (Tot 12)
OPERATION
Activities: A trading house for import, export, wholesale of
machine & industrial tools centrally (sales breakdown by divisions):
machine tools (16%), industrial facilities & systems (--19%), machinery
& tools (--19%), system engineering (2%), housing construction materials
(18%), household equipment (17%), International operations (8%), others
(1%). (Overseas trading ratio 8%
(breakdown by regions): USA 28%, Europe 5%, East Asia 20%, China 16%, Asean
31%; (breakdown by products: machine tools 76%, industrial equip & tools
16%, electronic equipment 8%)
Clients
[DIY goods chains, mfrs, wholesalers] Toyo Corp, Kahma, Kohnan
Shoji, Eto Oxygen, Nishikawa Sangyo, Toyo Corp, other.
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Daikin Ind, Cleanup Corp, OSG Corp, Corona Corp, Mori Seiki, other.
Payment record: Regular
Location
Business area in Osaka.
Office premises at the caption address are owned and maintained satisfactorily.
Bank References
Mizuho Corporate Bank (Osaka)
Resona Bank (Osaka)
Relations: Satisfactory
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2004 |
31/03/2003 |
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INCOME STATEMENT |
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Annual
Sales |
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273,902
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246,107
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Cost of
Sales |
242,188
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217,074
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GROSS PROFIT |
31,714
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29,032
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Selling
& Adm Costs |
28,309
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27,647
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OPERATING PROFIT |
3,404
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1,385
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Non-Operating P/L |
-101 |
-239 |
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RECURRING PROFIT |
3,303
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1,146
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NET
PROFIT |
-1,119
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428 |
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BALANCE SHEET |
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Cash |
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21,143
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20,943
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Receivables |
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87,843
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81,971
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Inventory |
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10,869
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12,317
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Securities, Marketable |
6,879
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1,993
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Other
Current Assets |
2,904
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1,489
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TOTAL CURRENT ASSETS |
129,638
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118,713
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Property
& Equipment |
18,542
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23,399
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Intangibles |
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527 |
681 |
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Investments, Other Fixed Assets |
12,691
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12,410
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TOTAL ASSETS |
161,398
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155,203
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Payables |
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100,327
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88,852
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Short-Term Bank Loans |
17,300
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20,511
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Other
Current Liabs |
4,735
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3,828
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TOTAL CURRENT LIABS |
122,362
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113,191
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Debentures |
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4,650
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4,650
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Long-Term Bank Loans |
16,189
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17,757
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Reserve
for Retirement Allw |
2,038
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876 |
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Other
Debts |
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910 |
2,886
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TOTAL LIABILITIES |
146,149
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139,360
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MINORITY INTERESTS |
211 |
194 |
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Common stock |
7,909
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7,909
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Additional paid-in capital |
6,081
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6,081
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Retained earnings |
1,876
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3,230
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Evaluation p/l on investments/securities |
756 |
(347) |
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Others |
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(1,582) |
(1,223) |
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Treasury stock, at cost |
(3) |
(2) |
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TOTAL S/HOLDERS` EQUITY |
15,037
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15,648
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TOTAL EQUITIES |
161,398
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155,203
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2004 |
31/03/2003 |
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Cash Flows from Operating Activities |
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11,827
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4,172
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Cash Flows from Investment Activities |
-235 |
1,428
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Cash Flows from Financing Activities |
-6,149
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-5,692
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Cash, Bank Deposits at the Term End |
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27,367
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21,988
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ANALYTICAL RATIOS Terms ending: |
31/03/2004 |
31/03/2003 |
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Net Worth (S/Holders' Equity) |
15,037
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15,648
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Current Ratio (%) |
105.95
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104.88
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Net Worth Ratio (%) |
9.32 |
10.08
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Recurring Profit Ratio (%) |
1.21 |
0.47 |
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Net Profit Ratio (%) |
-0.41
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0.17 |
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Return On Equity (%) |
-7.44
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2.74 |
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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 |
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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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