MIRA
INFORM REPORT
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Report Date : |
06.06.2007 |
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 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
Jul 1976 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Import and wholesale 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 30 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
FUSOH AVIATION CO LTD
REGD NAME
Fusoh Aviation KK
MAIN OFFICE
Sasazuka Soei Bldg
3F, 1-56-10 Sasazuka Shibuyaku Tokyo 151-0073
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
OVERSEAS
Fusoh
Aviation USA, Fusoh Aviation Europe (
OFFICER(S)
SHOICHI
MOCHIZUKI, PRES
Katsuharu
Kobayashi, s/mgn dir
Takashi
Nakajima, dir
Yen
Amount: In million Yen, unless otherwise
stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,715 M
PAYMENTS REGULAR CAPITAL Yen 50 M
TREND STEADY WORTH Yen
317 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 30 MILLION, 30 DAYS NORMAL 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 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
FINANCIAL INFORMATION
The sales volume for Dec/2006 fiscal term amounted to Yen 1,715 million, an 8% up from Yen 1,586 million in the previous term. Supply to Self Defense Forces continued strong. The net profit was posted at Yen 68 million, compared with Yen 29 million a year ago. This is largely due to the materials hikes and profitability improved. The firm stopped releasing full financials for this term.
For the current term ending Dec 2007 the net profit is projected at Yen 70 million, on an 8% rise in turnover, to Yen 1,850 million. Weaker Yen will likely increase sales amount in Yen terms.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 30 million, on 30 days normal 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*(70), Shoichi
Mochizuki (5)
*..
Holding 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): 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, Toshiba Corp, Tokimec Inc, 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
Bank References
MUFG
(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 |
31/12/2003 |
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Annual
Sales |
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1,715 |
1,586 |
1,099 |
922 |
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Recur.
Profit |
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61 |
13 |
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Net
Profit |
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68 |
29 |
8 |
1 |
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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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317 |
252 |
224 |
216 |
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Capital,
Paid-Up |
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50 |
50 |
50 |
50 |
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Div.P.Share(¥) |
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100 |
75.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
8.13 |
44.31 |
19.20 |
1.32 |
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Current Ratio |
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176.05 |
156.31 |
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N.Worth Ratio |
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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 |
3.97 |
1.83 |
0.73 |
0.11 |
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Return On Equity |
.. |
11.51 |
3.57 |
0.46 |
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Notes:
Financials are only partially disclosed for the 31/12/2006 fiscal term.
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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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%)