MIRA
INFORM REPORT
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Report Date : |
15.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
YAMADA CORPORATION |
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Registered Office : |
1-1-3 Minami-Magome Ohtaku 143-8504 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
Dec 1939 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of automobile maintenance &
industrial equipment |
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 222.8 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
NAME
YAMADA CORPORATION
REGD NAME
KK Yamada Corporation
MAIN OFFICE
1-1-3 Minami-Magome Ohtaku 143-8504 JAPAN
Tel : 03-3777-5101
Fax : 03-3777-5178
URL : http://www.yamadacorp.co.jp/
E-Mail address: sales@yamadacorp.co.jp
*.. The given phone/Fax numbers are those of the International Division.
ACTIVITIES
Mfg of automobile maintenance & industrial equipment
BRANCH(ES)
Sapporo, Sendai, Nagoya, Osaka, Hiroshima, Fukuoka
OVERSEAS
(Subsidiaries): Yamada America Inc (USA); Yamada Europe BV (Netherlands); Yamada (Shanghai) Pump Co Ltd (China)
FACTORY(IES)
Sagamihara (2)
CHIEF EXEC
TOYOO YAMADA, PRES
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 9,864 M
PAYMENTS REGULAR CAPITAL Yen 600 M
TREND STEADY WORTH Yen 5,219 M
STARTED 1939 EMPLOYES 325
COMMENT
MFR SPECIALIZING IN AUTOMOTIVE MAINTENANCE EQUIPMENT. FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 222.8 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2008 fiscal term
HIGHLIGHTS
The subject company is a leading mfr of automotive maintenance equipment and tools. Also makes industrial & painting machinery use equipment. Develops application of lucrative diaphragm pumps, especially for chemical & pharmaceutical industries. Has sales subsidiaries in US, Netherlands and China. Goods are exported, too.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 9,864 million, a 6.9% up from Yen 9,230 million in the previous term. Exports of diaphragm pumps, mainstay item, were robust into N America & S/E Asian countries. As a result, Industrial Equipment Div was up 16.5% to Yen 5,793 million; while Auto Equipment Div down 7.4% to Yen 3,076 million, due to decreased sales domestically of exhaust gas reels, lubricators, chlorofluoro carbon recovery systems, etc, hit by depressed new model car sales in domestic market. Sales in USA & Canada were up by Yen 36 million to Yen 1,596 million. Overseas sales accounted for 35.2% of total group sales. The recurring profit was posted at Yen 787 million and the net profit at Yen 243 million, respectively, compared with Yen 678 million recurring profit and Yen 341 million net profit, respectively, a year ago.
(Apr/Jun/2007 results): Sales Yen 2,549 million (up 13.3%), operating
profit Yen 251 (up 8.5%), recurring profit Yen 255 million (up 119.8%), net
profit Yen 160 million (up 187.8%). (%
compared with the same period a year ago).
Automotive Div up 5.9% to Yen 738 million, thanks to the recovery of
waste gas exhaust hose reels market, others.
Industrial Equipment Div up 16.5% to Yen 1,536 million, aided by
increased sales of the mainstay diaphragm pumps & accessories.
For the current term ending Mar 2008 the recurring profit is
projected at Yen 830 million and the net profit at Yen 350 million, on a 4.5%
rise in turnover, to Yen 10,310 million.
Exports of pumps for mines faring well on the back of higher resources
prices. Automotive maintenance
equipment for dealers and maintenance shops may struggle. Higher material aluminum prices may not be
covered sufficiently by product price hike.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 222.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec
1939
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 48
million shares
Issued: 12
million shares
Sum: Yen
600 million
Major shareholders (%): Howa Co (6.2), Kazumasa Yamada (5.2), Saitama Resona Bank (4.9), Banzai Ltd (3.6),
Toyoo
Yamada (3.4), Japan Securities Finance (2.9), Shotaro Yamada (2.8), Bank of
Yokohama
(2.5), Fujisash Co (2.5), YTS Co (2.2); foreign owners (0.5).
No. of shareholders: 5,404
Listed on the S/Exchange (s) of: Tokyo
Managements: Toyoo Yamada, pres; Minoru Murata, s/mgn dir; Kazumasa Yamada, mgn dir; Shotaro
Yamada, mgn dir; Morimasa Takeda, mgn dir; Shoichiro Kageyama, dir; Hiromasa
Kumagai,
dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies
YSC, Yamada Europe, Yamada Products, YTS Co, other.
OPERATION
Activities: Manufactures automotive maintenance equipment &
industrial equipment:
(Sales Breakdown
by Divisions):.
Automotive Equipment Div (31%): hand pumps, bucket type pumps, lubricating supply pumps, exhaust gas hoses & reels, chlorofluoro carbon recovery systems, waste oil drainers, tire airflaters, nitrogen filling systems, car crashers, others;
Industrial Equipment Div
(59%): air pumps (for paints, adhesives, ink, chemicals Industries), double
diaphragm pumps & systems, their parts & components;
Others (10%): Maintenance and
repairing services related to these products;
Overseas Sales
Ratio (35.2%): USA/Canada 35.2%; Europe & S/E Asia 19.0%.
Clients: [Mfrs, wholesalers, car repair shops] Banzai Co, Trusco Nakayama Corp, Yuasa Corp, Anzen Motor Car, Maeda Kiko Co, Iyasaka Ltd, other.
No. of accounts: 800
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] YTS Co, Yamada Metal Tech, MY
Engineering, KDK Co (--subsidiaries), other..
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are leased and maintained
satisfactorily.
Bank References
Saitama Resona Bank (Ohtemachi-Chuo)
SMBC (Hatanodai)
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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9,864 |
9,230 |
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Cost of Sales |
5,994 |
5,915 |
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GROSS PROFIT |
3,870 |
3,315 |
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Selling & Adm Costs |
2,992 |
2,613 |
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OPERATING PROFIT |
877 |
702 |
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Non-Operating P/L |
-90 |
-24 |
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RECURRING PROFIT |
787 |
678 |
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NET PROFIT |
243 |
341 |
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BALANCE SHEET |
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Cash |
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1,429 |
1,962 |
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Receivables |
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2,331 |
1,913 |
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Inventory |
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2,386 |
2,176 |
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Securities, Marketable |
72 |
50 |
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Other Current Assets |
209 |
216 |
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TOTAL CURRENT ASSETS |
6,427 |
6,317 |
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Property & Equipment |
3,895 |
3,241 |
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Intangibles |
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148 |
21 |
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Investments, Other Fixed Assets |
1,232 |
1,415 |
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TOTAL ASSETS |
11,702 |
10,994 |
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Payables |
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1,574 |
1,453 |
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Short-Term Bank Loans |
659 |
519 |
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Other Current Liabs |
905 |
1,426 |
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TOTAL CURRENT LIABS |
3,138 |
3,398 |
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Debentures |
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950 |
400 |
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Long-Term Bank Loans |
967 |
649 |
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Reserve for Retirement Allw |
1,015 |
1,095 |
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Other Debts |
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413 |
328 |
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TOTAL LIABILITIES |
6,483 |
5,870 |
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MINORITY INTERESTS |
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900 |
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Common
stock |
600 |
600 |
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Additional
paid-in capital |
55 |
53 |
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Retained
earnings |
3,261 |
3,193 |
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Evaluation
p/l on investments/securities |
303 |
415 |
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Others |
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1,010 |
(22) |
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Treasury
stock, at cost |
(10) |
(15) |
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TOTAL S/HOLDERS` EQUITY |
5,219 |
4,224 |
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TOTAL EQUITIES |
11,702 |
10,994 |
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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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299 |
546 |
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Cash
Flows from Investment Activities |
-1,009 |
-295 |
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Cash
Flows from Financing Activities |
182 |
-91 |
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Cash,
Bank Deposits at the Term End |
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1,369 |
1,879 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
5,219 |
4,224 |
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Current
Ratio (%) |
204.81 |
185.90 |
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Net
Worth Ratio (%) |
44.60 |
38.42 |
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Recurring
Profit Ratio (%) |
7.98 |
7.35 |
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Net
Profit Ratio (%) |
2.46 |
3.69 |
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Return
On Equity (%) |
4.66 |
8.07 |
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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%)