MIRA
INFORM REPORT
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Report Date : |
12.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
AMADA CUTTING CO LTD |
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Registered Office : |
200 Ishida Isehara Kanagawa-Pref |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
September 1997 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Wholesale of Metal Cutting Machines
& Tools |
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 420 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
Name
AMADA CUTTING CO LTD
REGD NAME
KK Amada Cutting
MAIN OFFICE
200 Ishida Isehara Kanagawa-Pref JAPAN
Tel: 0463-96-3351
Fax: 0463-96-0109
URL: http://www.amada.co.jp/ (Of
the parent, Amada Co Ltd)
E-Mail address: info@amada.co.jp
ACTIVITIES
Wholesale of metal cutting machines & tools
BRANCHES
35 sales offices nationwide
FACTORY(IES)
At the caption address, Tokyo, Fukui, Ono (of the parent
& subsidiaries)
OFFICER(S)
MASAHIRO TADOKORO, PRES Masahito
Itoh, dir
Yutaka Saiki, dir Tohru
Tokiwa, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 22,300 M
PAYMENTS REGULAR CAPITAL Yen 400 M
TREND STEADY WORTH Yen 4,657 M
STARTED 1997 EMPLOYES 130
COMMENT
WHOLESALER OF CUTTING MACHINES & TOOLS, WHOLLY OWNED BY
AMADA CO LTD. FINANCIAL SITUATION
CONSIDERED FAIR TO GOOD AND RESPONSIBLE FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 420 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of sales division separated from Amada Co Ltd, metalworking machinery mfr, at the caption address (See REGISTRATION). Specializes in wholesaling metalworking machinery & tools, manufactured by the parent, operating a total 35 sales offices nationwide.
FINANCIAL INFORMATION
Financials
are only partially disclosed.
The
sales volume for Mar/2007 fiscal term amounted to Yen 22,300 million, an 11%
hike from Yen 20,154 million in the previous term. Sales rose particularly to carmakers. Exports also increased.
The net profit was posted at Yen 1,925 million, up from 1,702 million a
year ago.
For
the term that ended Mar 2008 the net profit was projected and believed posted
at Yen 2,000 million, on an 8% rise in turnover, to Yen 24,000 million.
The financial situation is considered FAIR to GOOD and
responsible for ORDINARY business engagements. Max credit limit is estimated at
Yen 420 million, on 30 days normal terms.
REGISTRATION
Date Registered: Sept
1997
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 32,000
shares
Issued: 8,000
shares
Sum: Yen
400 million
Major shareholders (%)
Amada Co Ltd*(100)
* Largest mfr of comprehensive metalworking machinery, at
the caption address, founded 1948, listed Tokyo & Osaka S/E’s, capital Yen
54,768 million, turnover Yen284,218 million, operating profit Yen 44,939 million,
recurring profit Yen 47,705 million, net profit Yen 28,337 million, total
assets Yen 543,535 million, net worth Yen 425,588 million, employees 5,516,
pres Mitsuo Okamoto
Consolidated Financials are attached (See SUPPLOEMENTS)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Wholesales metalworking machines & tools:
cutting machines, cutting drills, cutting blades,
cutting oil, others, produced by the parent, Amada Co Ltd (--100%).
Operates 35 sales offices nationwide.
Clients
Agent dealers, others
No. of accounts
1,000
Domestic areas of activities
Nationwide
Suppliers
[Mfr] Wholly supplied from the
parent, Amada Co Ltd
Payment record
Regular
Location
Business
area in Isehara City, Kanagawa-Pref.
Office premises at the caption address are owned by the parent, Amada Co
Ltd, and maintained satisfactorily.
Bank References
Mizuho Bank (Shinjuku-Nishiguchi)
SMBC (Tokyo-Chuo)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
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31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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24,000 |
22,300 |
20,154 |
17,180 |
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Recur.
Profit |
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Net
Profit |
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2,000 |
1,925 |
1,702 |
800 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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4,657 |
2,732 |
1,030 |
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Capital,
Paid-Up |
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400 |
400 |
400 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
7.62 |
10.65 |
17.31 |
428.94 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
8.33 |
8.63 |
8.44 |
4.66 |
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Notes: Financials are only partially disclosed.
Forecast (or estimated) figures for the 31/03/2008 fiscal
term.
SUPPLEMENTS
CONSOLIDATED
FINANCIALS OF THE PARENT, AMADA CO LTD
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2008 |
31/03/2007 |
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INCOME STATEMENT |
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Annual Sales |
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284,218 |
262,239 |
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Cost of Sales |
156,512 |
145,820 |
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GROSS PROFIT |
127,706 |
116,419 |
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Selling & Adm Costs |
82,767 |
77,331 |
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OPERATING PROFIT |
44,939 |
39,088 |
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Non-Operating P/L |
2,756 |
5,403 |
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RECURRING PROFIT |
47,705 |
44,491 |
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NET PROFIT |
28,337 |
27,506 |
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BALANCE SHEET |
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Cash |
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66,073 |
77,784 |
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Receivables |
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143,565 |
141,777 |
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Inventory |
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71,087 |
59,660 |
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Securities, Marketable |
35,169 |
30,364 |
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Other Current Assets |
10,846 |
10,114 |
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TOTAL CURRENT ASSETS |
326,740 |
319,699 |
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Property & Equipment |
115,833 |
110,330 |
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Intangibles |
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7,265 |
6,987 |
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Investments, Other Fixed Assets |
93,697 |
108,457 |
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TOTAL ASSETS |
543,535 |
545,473 |
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Payables |
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29,013 |
27,499 |
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Short-Term Bank Loans |
5,971 |
9,630 |
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Other Current Liabs |
53,983 |
58,923 |
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TOTAL CURRENT LIABS |
88,967 |
96,052 |
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Debentures |
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Long-Term Bank Loans |
311 |
828 |
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Reserve for Retirement Allw |
14,529 |
15,926 |
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Other Debts |
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14,139 |
13,698 |
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TOTAL LIABILITIES |
117,946 |
126,504 |
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MINORITY INTERESTS |
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Common
stock |
54,768 |
54,768 |
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Additional
paid-in capital |
163,199 |
163,657 |
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Retained
earnings |
215,450 |
197,110 |
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Evaluation
p/l on investments/securities |
(427) |
6,715 |
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Others |
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686 |
1,418 |
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Treasury
stock, at cost |
(8,088) |
(4,699) |
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TOTAL S/HOLDERS` EQUITY |
425,588 |
418,969 |
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TOTAL EQUITIES |
543,535 |
545,473 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2008 |
31/03/2007 |
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Cash
Flows from Operating Activities |
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26,322 |
20,975 |
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Cash
Flows from Investment Activities |
-17,168 |
-15,963 |
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Cash
Flows from Financing Activities |
-18,143 |
-6,946 |
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Cash,
Bank Deposits at the Term End |
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86,823 |
95,532 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
Terms Ending: |
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Net
Worth (S/Holders' Equity) |
425,588 |
Annual
Sales |
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Current
Ratio (%) |
367.26 |
Recur.
Profit |
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Net
Worth Ratio (%) |
78.30 |
Net
Profit |
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Recurring
Profit Ratio (%) |
16.78 |
Total
Assets |
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Net
Profit Ratio (%) |
9.97 |
Net
Worth |
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Return
On Equity (%) |
6.66 |
Capital,
Paid-Up |
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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%)