MIRA
INFORM REPORT
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Report Date : |
26.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
MARUBENI AEROSPACE CORPORATION |
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Registered Office : |
Marubeni Honsha Bldg 3F, 1-4-2 Ohtemachi Chiyodaku Tokyo 100-0004 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
January 1993 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Wholesale of Aircrafts, their Engines, Parts and
Components |
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 247.0 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
MARUBENI AEROSPACE CORPORATION
REGD NAME: Marubeni Aerospace KK
MAIN OFFICE: Marubeni Honsha Bldg
3F, 1-4-2 Ohtemachi Chiyodaku Tokyo 100-0004 JAPAN
Tel:
03-5220-7700 Fax: 03-5220-7710
URL: http://www.marubeni-aerospace.com/
E-Mail address: customer@asp.marubeni.co.jp; charter@asp.marubeni.co.jp
ACTIVITIES
Import, wholesale of aircrafts, their engines, parts &
components
BRANCHES
Nagoya, Akashi
OVERSEAS
Marubeni Aerospace America Corp: Head Office (New York),
Branch (Los Angeles, Phoenix & Dallas)
OFFICER(S)
YOJI YAMASHITA, PRES
Takashi Tanabe, mgn dir
Shin’ichi Amano, dir
Ryoichi Obata, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 19,963 M
PAYMENTS REGULAR CAPITAL Yen 650 M
TREND STEADY WORTH Yen 1,807 M
STARTED 1993 EMPLOYES 95
COMMENT
TRADING HOUSE SPECIALIZING IN ARICRAFTS & ENGINES,
WHOLLY OWNED BY MARUBENI CORP.
FINANCIAL SITUATION CONSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 247.0 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established on the basis of a division separated from the Transportation Machinery Group of Marubeni Corp, leading general trading house, at the caption address (see REGISTRATION), originally named Nippon Aircraft Leasing Inc, at the caption address. In Oct 1998 acquired the business rights of the Aerospace Division of Okura & Co Ltd and renamed as captioned. This is a trading house for import and wholesale of aircrafts, aircraft engines, aerospace & communications equipment, defense-related equipment, airport equipment & facilities, navigation management & consultancy business, aircraft chartering agency business and the related. 5 staff members are loaned from the parent. In Feb 1999 established Marubeni Aerospace America Corporation in New York, with branches at Los Angeles, Phoenix, and Dallas. Transferred some of business operations to sister company in 2007.
Historical business results in brief:
Nov/1998: Received order for BSAT-2 a/b broadcast satellite.
Mar/1999: Delivered the large scale EH-101 helicopter to Tokyo Metropolitan Police Dept.
May/1999: Delivered mobile phone interference-canceller system to Kansai Cellular Tele- phone Company.
Sept/1999: Delivered high-altitude meteorological observation system to NASDA (National Space Development Agency of Japan)
Dec/1999: Agreement to supply Gulfstream V to private companies
Jan/2000: Received order for a communications satellite N-STAR for NTT DoCoMo
Mar/2000: delivered the fifth Gulfstream IV multi-purpose support aircraft (U-4) to Japan Air Self defense Force
Apr/2000: Started aircraft management services
Dec/2000: Agreement to supply Gulfstream V-SP to private firms
Oct/2001: Received order for a communications satellite BSAT-2C: Received order for two Gulfstream V (search & rescue aircraft) for Japan Coast Guard Agency
Jun/2002: Started jet charter service business
Dec/2002: Tie-up with Deer Jet Co Ltd (Beijing, China) to operate chartering business targeting Japanese companies
Jan/2004: Tie-up with Air group (USA)
July/2004: Received orders of Inmulsat leasing circuit
The subject firm is supervised by the Transportation Machinery Division at the parent, consisting of three groups: aerospace & defense systems group; automotive, construction & agricultural machinery group and marine vessel group. The group subsidiaries are: Ma- rubeni Aerospace Corp, Marubeni Techno System Corp, and Marubeni Auto & Construction Machinery America. The Division’s sales account for about 5%, or Yen 358,700 million, of the Marubeni’s consolidated sales.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 19,963 million, a 32% down from Yen 29,481 million in the previous term. This is referred to the transfer of some of business operations to a sister company. The recurring profit was posted at Yen 881 million and the net profit at Yen 483 million, respectively, compared with Yen 653 million recurring profit and Yen 317 million net profit, respectively, a year ago.
For the term ended Mar 2008 the net profit was projected at Yen 485 million, on a 10% rise in turnover, to Yen 22,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 247.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jan 1993
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 32,000 shares
Issued: 13,000 shares
Sum: Yen 650 million
Major shareholders (%)
Marubeni Corporation*(100)
*.. One of big 5 general trading houses, Tokyo, founded 1949, listed Tokyo, Osaka, Nagoya, Frankfurt, Düsseldorf S/E’s, capital Yen 262,686 million, turnover Yen 10,631,606 million, operating profit Yen 200,153 million, recurring profit Yen 216,197 million, net profit Yen 147,219 million, total assets Yen 5,207,225 million, net worth Yen 779,764 million, employ- ees 32,208, pres Teruo Asada
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: This is a trading house for import and wholesale of aircraft (fixed wing/rotary wing), engines (gas turbine) for jet aircraft, helicopters & marine vessels aircraft onboard equipment, aerospace & communications equipment, defense-related equipment & facilities, airport-related facilities & equipment, aircraft navigation management & consulting, aircraft chartering agency business, and the related (--100%).
Organization Chart: Administration Group: Marubeni Aerospace America Corp; Sales & Marketing Group I: Propulsion System Div, Government aircraft Div; Helicopter Div; Sales & Marketing Group II: Commercial Business Aircraft Div, Electronic System Div
Clients
[Mfrs, governments] Japan Defense Agency, Tokyo Metropolitan Police Dept,
Ministry of Land, Infrastructure & Transport, Japan Maritime Safety Agency, Japan Mete- orological Agency, Fire & Disaster Management Agency, National Space Development Agency of Japan, Kawasaki Heavy Ind, Mitsubishi Heavy Ind, Fuji Heavy Ind, IHI Ind, Japan Radio, Mitsubishi Electric, Toshiba Corp, Hitachi Ltd, Japan Airline, ANA, Aero Asahi Corp, Nakanihon Air Service, Tokyo Aircraft Instrument, Japan Aircraft Mfg, Aerospace Logistics & Electronics Engineering, NEC-Toshiba Space Systems, other.
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers
[Mfrs] Gulfstream Aerospace, Augusta-Westland International, Honeywell
International, orbital Sciences, Lockheed Martin, Raytheon, ITT, Rolls-Royce, General Electric, Goodrich, TRW Aeronautical Systems, Chelton, Parker Hannifin, BAE Systems, L3 Communications, CMC Electronics, Cytec Engineering Materials, ADI, Jeppesen, other.
Payment record: Regular
Location
Business area in Tokyo. Office premises at the caption address are owned by the parent, Marubeni Corp, and maintained satisfactorily.
Bank References
Mizuho Corporate Bank (Ohtemachi)
Sumitomo Trust Bank (Tokyo)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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22,000 |
19,963 |
29,481 |
36,296 |
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Recur.
Profit |
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881 |
653 |
465 |
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Net
Profit |
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485 |
483 |
317 |
192 |
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Total
Assets |
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9,387 |
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Current
Assets |
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9,194 |
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Current
Liabs |
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7,563 |
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Net
Worth |
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1,807 |
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Capital,
Paid-Up |
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650 |
650 |
650 |
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Div.P.Share(¥) |
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13413.00 |
8809.00 |
8333.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
10.20 |
-32.29 |
-18.78 |
74.54 |
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Current Ratio |
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.. |
121.57 |
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.. |
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N.Worth Ratio |
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19.25 |
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.. |
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R.Profit/Sales |
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4.41 |
2.21 |
1.28 |
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N.Profit/Sales |
2.20 |
2.42 |
1.08 |
0.53 |
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Return On Equity |
.. |
26.73 |
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.. |
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Notes: Forecast (or estimated) figures for the 31/03/2008
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.42.79 |
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UK Pound |
1 |
Rs.85.04 |
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Euro |
1 |
Rs.67.39 |
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%)