MIRA
INFORM REPORT
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Report Date : |
07.05.2007 |
IDENTIFICATION DETAILS
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Name : |
YAMADA CORPORATION |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Mar 1969 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Import, wholesale of aircraft engines, aircraft parts & components; export of car navigation systems |
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 719 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
YAMADA CORPORATION
REGD NAME
KK Yamada Yoko
MAIN OFFICE
Tel:
03-5545-1122
Fax: 03-3475-1133
E-Mail
address: info@yamada.co.jp
ACTIVITIES
Import, wholesale of aircraft engines, aircraft parts & components; export of car navigation systems
BRANCHES
OVERSEAS
Yamada International Corporation (
OFFICER(S)
YOSHIHIKO
YONEZU, PRES Shinji
Yamada, rep dir
Osamu
Kimura, s/mgn dir Yuichi
Maruyama, s/mgn dir
Takeshi
Tanaka, dir Hiroshi
Watanabe, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 34,073 M
PAYMENTS REGULAR CAPITAL Yen 500 M
TREND STEADY WORTH Yen
3,150 M
STARTED 1969 EMPLOYES 150
COMMENT
IMPORTER SPECIALIZING IN ARICRAFT ENGINES & COMPONENTS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 719 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established by Masashi Yamada in order
to make most of his experience in the subject line of business. Shinji Yamada, now rep dir, is the founder’s
son. This is a trading house
specializing in high-tech machinery & equipment for aircrafts, space &
satellites, defense, etc. Goods are
mostly imported from
In Sept 2006, two executives (Motonobu Miyazaki, pres & Osamu Akiyama, mgn dir) and 11 staff left the firm to establish a new firm, Nihon Mirise Corporation, capital Yen 100 million, pres Motonobu Miyazaki; s/mgn dir Osamu Akiyama, in the similar line of defense & aerospace business, reportedly a rival company.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 34,073 million, a 9% up from Yen 31,128 million in the previous term. Demand from defense-related and airlines increased. The recurring profit was posted at Yen 1,374 million and the net profit at Yen 985 million, respectively, compared with Yen 565 million recurring profit and Yen 420 million net profit, respectively, the previous year.
For the term just ended Mar 2007 the recurring profit was projected and believed posted at Yen 1,400 million and the net profit at Yen 1,000 million, respectively, on a 6% rise in turnover, to Yen 36,000 million. Demand is thought recovered particularly from the Defense Agency and related industries, in the light of strengthening the national securities. Weaker Yen also assisted to raise sales amount in Yen terms, too.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1719 million, on 30 days normal terms.
REGISTRATION
Date
Registered: Mar 1969
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 4 million shares
Issued: 1 million shares
Sum: Yen 500 million
Major shareholders (%): Yayoi Fudosan KK*(--95), Shinji Yamada (3)
*..Real state firm, wholly owned by the Yamada family, pres
Shinji Yamada, concurrently. The firm
owns a building in Shibuyaku,
No. of
shareholders: 4
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Trading house of importing & wholesaling aviation-, space- & defense-related high-tech equipment (80%): Space & satellites, advanced earth observation satellite (Japan Aerospace Exploration Agency), HOPE-X re-entry space vehicle, ground stations, M-V Rocket and SELENE Explorer, ASTER resource probing sensor (Ministry of Economy Trade & Industry); commercial aircrafts & components; Defense-related: aircraft engines, marine engines, inboard magnetic anomaly detectors, landing craft air cushion, gun systems, electro-optic infrared sensor system, missile approach warning system, digital modular radio system, central atmosphere monitoring system, army tactical missile system, protective storage system, firearms training simulator, sub-caliber training cartridge & sabot for mortar, others; NBC (nuclear/radiological, biochemical, chemical) equipment & device (15%): military-use long range detectors, X-ray scanners, reconnaissance vehicles & systems, protective suits, protection masks, patient transport bags, others; exports car navigation systems (5%).
Clients: [Mfrs, governments] Mitsubishi Heavy Ind, Kawasaki Heavy Ind, Mitsubishi Electric, Toshiba Corp, Hitachi Ltd, Defense Agency, All Nippon Airways, Japan Air Lines, other.
No. of
accounts: 800
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] GE Aircraft Engines, Goodrich, Northrop Grumman, Lockheed Martin, General Dynamics, General Electric, Omni Secure (HTTP protect software), other.
Also supplied from Aisin AW, Fujitsu Ten Ltd (car navigation system supplier for export), other.
Payment
record: Regular
Location: Business area in
Bank References
SMBC
(Marunouchi)
Mizuho
Bank (Hiroo)
Relations:
Satisfactory
FINANCES
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Terms Ending: |
31/03/2007 |
31/03/2006 |
31/03/2005 |
31/03/2004 |
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Annual
Sales |
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36,000 |
34,073 |
31,128 |
36,708 |
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Recur.
Profit |
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1,400 |
1,374 |
565 |
731 |
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Net
Profit |
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1,000 |
985 |
420 |
330 |
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Total
Assets |
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11,773 |
11,462 |
10,163 |
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Current
Assets |
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9,090 |
8,698 |
7,584 |
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Current
Liabs |
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5,034 |
2,621 |
2,027 |
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Net
Worth |
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3,150 |
5,233 |
4,896 |
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Capital,
Paid-Up |
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500 |
500 |
500 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.66 |
9.46 |
-15.20 |
-22.63 |
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Current Ratio |
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180.57 |
331.86 |
374.15 |
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N.Worth Ratio |
.. |
26.76 |
45.66 |
48.17 |
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R.Profit/Sales |
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3.89 |
4.03 |
1.82 |
.. |
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N.Profit/Sales |
2.78 |
2.89 |
1.35 |
0.90 |
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Return On Equity |
.. |
31.27 |
8.03 |
6.74 |
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Notes:
Forecast (or estimated) figures for the 31/03/2007 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%)