MIRA
INFORM REPORT
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Report Date : |
15.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
ANEST IWATA CORPORATION |
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Registered Office : |
3176 Shinyoshidacho Kohokuku Yokohama 223-8501 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Jun 1948 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of painting machines |
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 828.9 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
ANEST IWATA
CORPORATION
REGD NAME
Anest Iwata KK
MAIN OFFICE
3176 Shinyoshidacho Kohokuku Yokohama 223-8501 JAPAN
Tel : 045-591-9358
Fax : 045-591-9362
URL : http://www.anest-iwata.co.jp/
E-Mail address: aijinfo@anest-iwata.co.jp
ACTIVITIES
Mfg of painting machines
BRANCH(ES)
Tokyo, Sapporo, Sendai, Niigata, Ohmiya, Chiba, Nagoya,
Osaka, other (Tot 26)
OVERSEAS
(Related companies): USA (3), Europe (6), Asia (11),
Australia
FACTORY(IES)
Akita, Fukushima
CHIEF EXEC
KIYOSHI MORIMOTO, PRES
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 26,739 M
PAYMENTS REGULAR CAPITAL Yen 3,354 M
TREND STEADY WORTH Yen 16,347 M
STARTED 1948 EMPLOYES 935
COMMENT
MFR SPECIALIZING IN PAINTING MACHINES. FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 828.9 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2008 fiscal term
HIGHLIGHTS
The subject company is a comprehensive mfr of painting machines with domestic share of over 60%. Started originally in 1926, on own account, developing spray guns and compressors while making machinery parts & components. Also makes compressors. Produces painting robots developed with Mitsubishi Heavy Ind. Engaged in OEM exports to US firms, too. Has 16 subsidiaries, including 11 overseas, and 8 affiliated firms, including 6 overseas.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen
26,739 million, a 6.8% up from Yen 25,033 million in the previous term. The recurring profit was posted at Yen 3,393
million and the net profit at Yen 2,046 million, respectively, compared with
Yen 2,608 million recurring profit and Yen 1,946 million net profit,
respectively, a year ago.
(Apr/Sept/2007 results): Sales Yen 13,713 million (up 3.5%), operating profit Yen 1,609 million (down 6.5%), recurring profit Yen 1,851 million (down 6.4%), net profit Yen 1,212 million (up 1.4%). (% compared with the same period last year). Newly developed products contributed.
For the current term ending Mar 2008 the recurring profit is
projected at Yen 3,600 million and the net profit at Yen 2,300 million, on a
4.7% rise in turnover, to Yen 23,000 million.
Mainstay compressors will expand with contribution of newly-launched
products. Exports of painting equipment
will grow steadily. Profitability will
improve supported by shorter lead time and increased shift to material
procurement from overseas. Established
second painting machine sales sub in India with aim to promote sales to
Japanese-affiliated firms.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 828.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jun
1948
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 200
million shares
Issued: 50,207,000
shares
Sum: Yen
3,354 million
Major shareholders (%): Dai-Ichi Life Ins (5.4%), Japan Trustee Services Bank T (5.1), Meiji Yasuda Life Ins (3.8),
Customers’ S/Holding Assn (3.7), Material Suppliers’ S/Holding Assn (3.7), Master Trust
Bank
of Japan T (3.5), MUFG (2.7), Resona Bank (2.6), Mizuho Corporate Bank (2.3),
Joyo
Bank (2.2); foreign owners (3.4).
No. of shareholders: 4,051
Listed on the S/Exchange (s) of: Tokyo
Managements: Kiyoshi Morimoto, pres; Hideyuki Takita, dir; Noriyuki Iida, dir; Takahiro Tsubota, dir;
Hajime
Iwata, dir; Koichi Kuroki, dir
Nothing detrimental is known as to the commercial morality
of executives.
Related companies
Yamada America, Yamada Europe, Yamada Products, other.
OPERATION
Activities: Manufactures painting machines, associated
equipment & components, compressors, others:
(Sales
Breakdown by Divisions):
Compressors
(43%): reciprocating compressors, scroll compressors, screw
compressors;
Vacuum Equipment (6%):
vacuum pumping systems, vacuum chunk, de-aerators, vacuum shaping, vacuum
drying, their parts (O-rings, clamps, flanges, elbows, etc);
Painting
Equipment (35%): spray guns, paint supply equipment, air brush, other;
Painting
Process Systems (16%)
Overseas Sales Ratio
(33.3%): Europe (UK, France, Italy, etc) 12.1%; Asia (China, Korea,
Thailand, etc) 14.6%; Other region (USA, Australia) 6.4%
Clients: [Mfrs, wholesalers] Yuasa Corp, Maru-T Ohtsuka Corp, Kainan Co, Banzai Ltd, G-Net Corp, other.
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Mitsubishi Heavy Ind, Kanaden
Corp, Showa Denki Engineering, CKD Corp Tokyo Hambai, other.
Payment record: Regular
Location: Business area in Yokohama. Office premises at the caption address are owned and maintained
satisfactorily.
Bank References
Resona Bank (Shintoshin)
MUFG (Ebisu)
Relations: Satisfactory
Financials
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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26,739 |
25,033 |
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Cost of Sales |
16,649 |
15,796 |
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GROSS PROFIT |
10,089 |
9,236 |
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Selling & Adm Costs |
7,179 |
7,041 |
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OPERATING PROFIT |
2,910 |
2,194 |
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Non-Operating P/L |
483 |
414 |
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RECURRING PROFIT |
3,393 |
2,608 |
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NET PROFIT |
2,046 |
1,946 |
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BALANCE SHEET |
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Cash |
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5,222 |
5,431 |
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Receivables |
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6,635 |
5,970 |
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Inventory |
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3,290 |
3,191 |
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Securities, Marketable |
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Other Current Assets |
998 |
973 |
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TOTAL CURRENT ASSETS |
16,145 |
15,565 |
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Property & Equipment |
5,224 |
4,975 |
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Intangibles |
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40 |
42 |
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Investments, Other Fixed Assets |
5,952 |
5,851 |
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TOTAL ASSETS |
27,361 |
26,433 |
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Payables |
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3,426 |
3,273 |
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Short-Term Bank Loans |
456 |
352 |
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Other Current Liabs |
3,680 |
2,861 |
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TOTAL CURRENT LIABS |
7,562 |
6,486 |
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Debentures |
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Long-Term Bank Loans |
67 |
798 |
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Reserve for Retirement Allw |
3,266 |
3,508 |
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Other Debts |
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118 |
166 |
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TOTAL LIABILITIES |
11,013 |
10,958 |
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MINORITY INTERESTS |
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263 |
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Common
stock |
3,354 |
3,354 |
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Additional
paid-in capital |
1,380 |
1,380 |
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Retained
earnings |
10,129 |
8,894 |
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Evaluation
p/l on investments/securities |
1,183 |
1,675 |
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Others |
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320 |
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Treasury
stock, at cost |
(19) |
(16) |
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TOTAL S/HOLDERS` EQUITY |
16,347 |
15,211 |
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TOTAL EQUITIES |
27,361 |
26,433 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash
Flows from Operating Activities |
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2,047 |
1,851 |
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Cash Flows
from Investment Activities |
-1,358 |
-251 |
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Cash
Flows from Financing Activities |
-859 |
-989 |
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Cash,
Bank Deposits at the Term End |
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4,500 |
4,657 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
16,347 |
15,211 |
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Current
Ratio (%) |
213.50 |
239.98 |
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Net
Worth Ratio (%) |
59.75 |
57.55 |
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Recurring
Profit Ratio (%) |
12.69 |
10.42 |
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Net
Profit Ratio (%) |
7.65 |
7.77 |
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Return
On Equity (%) |
12.52 |
12.79 |
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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. |
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%)