MIRA
INFORM REPORT
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Report Date : |
06.08.2008 |
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 Tokyo 151-0073 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
July 1976 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Wholesale of Special Metal Parts and Components for
Aircrafts |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
YEN 30.5 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
FUSOH AVIATION CO
LTD
REGD NAME: Fusoh Aviation KK
MAIN OFFICE: Sasazuka Soei Bldg
3F, 1-56-10 Sasazuka Shibuyaku Tokyo 151-0073 JAPAN
Tel:
03-5371-0411 Fax: 03-5371-0415
URL: http://www.fusoh-aviation.co.jp/
E-Mail address: tanabe@fusoh-aviation.co.jp
ACTIVITIES
Import, wholesale of special metal parts & components
for aircrafts
BRANCHES
Osaka; Frankfurt (--rep office)
OVERSEAS
Fusoh Aviation USA, Fusoh Aviation Europe (Germany)
(--subsidiary purchasing companies)
OFFICER(S)
MAKIKO MARUYAMA, PRES
Takashi Nakajima, dir
Akira Tanabe, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,587 M
PAYMENTS REGULAR CAPITAL Yen 50 M
TREND STEADY WORTH Yen 356 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 30.5 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. Makiko Maruyama took the pres office in Jan 2007. 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. Clients include National Defense Agency, heavy machinery mfrs, airlines, other, nationwide.
(Brief History):
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 Tiernay Metal, USA. Opened USA office in 1989. In 1990, started business with Ulbrich Stainless Steel & Special Metals Inc, USA.
FINANCIAL INFORMATION
The sales volume for Dec/2007 fiscal term amounted to Yen 1,587 million, an 8% down from Yen 1,715 million in the previous term. Supply to Self Defense Forces decreased. Demand from heavy machinery makers also decreased. The net profit was posted at Yen 56 million, compared with Yen 68 million a year ago. Financials are disclosed in digested form only.
For the current term ending Dec 2008 the net profit is projected at Yen 57 million, on a slight rise in turnover, to Yen 1,600 million.
The financial situation is considered maintained FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 30.5 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), Hisako Mochizuki (6), Katsuya
Kobayashi (6), Makiko Maruyama (6), Shoichi Mochizuki (6)
*.. 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 air crafts, 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, edge light panels, cable as- semblies, helmets, other.
Clients
[Defense Agency, aircraft mfrs, machinery mfrs] National Defense Agency,
IHI, 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 Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
MUFG (Sasazuka)
Mizuho Bank (Shinjuku-Nishiguchi)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/12/2008 |
31/12/2007 |
31/12/2006 |
31/12/2005 |
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Annual
Sales |
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1,600 |
1,587 |
1,715 |
1,586 |
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Recur.
Profit |
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150 |
152 |
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61 |
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Net
Profit |
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57 |
56 |
68 |
29 |
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Total
Assets |
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1,088 |
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899 |
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Current
Assets |
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1,026 |
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838 |
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Current
Liabs |
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481 |
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476 |
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Net
Worth |
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356 |
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252 |
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Capital,
Paid-Up |
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50 |
50 |
50 |
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Div.P.Share(¥) |
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75.00 |
100.00 |
75.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
0.82 |
-7.46 |
8.13 |
44.31 |
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Current Ratio |
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213.31 |
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176.05 |
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N.Worth Ratio |
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32.72 |
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28.03 |
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R.Profit/Sales |
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9.38 |
9.58 |
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3.85 |
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N.Profit/Sales |
3.56 |
3.53 |
3.97 |
1.83 |
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Return On Equity |
.. |
15.73 |
.. |
11.51 |
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Notes: Financials are only partially disclosed for the
31/12/2006 fiscal term.
Forecast (or estimated) figures for the 31/12/2008 fiscal
term.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.00 |
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UK Pound |
1 |
Rs.82.14 |
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Euro |
1 |
Rs.65.09 |
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%)