MIRA
INFORM REPORT
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Report Date : |
27.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
YAMAZEN CORPORATION |
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Registered Office : |
2-3-16 Itachibori Nishiku Osaka 550-8660 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
May 1947 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Export, Wholesale of Machine Tools, Housing
Equipment |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
YEN 5,818.5 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name & address
YAMAZEN
CORPORATION
REGD NAME: KK Yamazen
MAIN OFFICE: 2-3-16 Itachibori
Nishiku Osaka 550-8660 JAPAN
Tel:
06-6534-3021 Fax: 06-637-2105
URL: http://www.yamazen.co.jp/
E-Mail address:info@yamazen.co.jp
ACTIVITIES
Import, export, wholesale of machine tools, housing
equipment
BRANCHES
Tokyo, Osaka, Nagoya, Hiroshima, Fukuoka, other (Tot 53)
OVERSEAS
Yamazen Inc (USA), Yamazen Co Ltd (Taiwan), Yamazen (Singapore) Pte Ltd,
Yamazen (Malaysia) Sdn Bhd, Yamazen (Thailand), Yamazen Thai
Engineering Co Ltd (Thailand).
(Consolidated subsidiaries) Plustech Inc (USA), PT Yamazen Indonesia,
Yamazen Machinery & Tools India Pte Ltd, Yamazen (Shanghai) Trading Co Ltd,
Yamazen (Shenzhen) Trading Co Ltd, Yamazen (Korea) Ltd. (Non-consolidated subsidiaries).
CHIEF EXEC
TOHRU YOSHII, PRES & CEO
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 376,852 M
PAYMENTS REGULAR CAPITAL Yen 7,909 M
TREND STEADY WORTH Yen 36,439 M
STARTED 1947 EMPLOYES 1,635
COMMENT
TRADING HOUSE SPECIALIZING IN MACHINE TOOLS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 5,818.5 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2008 fiscal term
HIGHLIGHTS
This is a leading specialized trader of machinery & tools, particularly strong in machine tools, founded by Takeo Yamamoto. Also deals in housing-related equipment and materials. Aggressively expanding into new areas of high-tech machinery & systems, such as industrial robots, household & OA equipment. Also aggressive in expanding operations into China by establishing offices in Tianjin & Guangzhou, aiming to expand sales of machine tools & electronic equipment. The firm has 4 sales offices in India. Founded JV with Nichiden for operating intra-corporate e-commerce portal site, to meet increasing electronic procurement of producer goods among leading manufacturers. In Apr 2008, opened an office in Manila.
FINANCIAL INFORMATION
The sales volume for Mar/2008 fiscal term amounted to Yen 376,852 million, a 0.2% down from Yen 377,610 million in the previous term. Machine tools, industrial systems, machinery & tools and system engineering divisions declined 3.4% to Yen 230,297 million, due to slow recovery in industrial activities. The recurring profit was posted at Yen 11,405 million and the net profit at Yen 5,496 million, respectively, compared with Yen 12,913 million recurring profit and Yen 7,506 million net profit, respectively, a year ago. Wrote off extraordinary losses of Yen 2,433 million from the disposal of office building in Fukuoka.
For the current term ending Mar 2009 the recurring profit is projected at Yen 12,000 million and the net pro it at Yen 6,950 million, on a 1.1% rise in turnover, to Yen 381,000 million. Machine tools for auto & semiconductor industries will increase. Sales of construction equipment for
remodeling houses will steadily grow. Extraordinary losses are gone and net profit will increase.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 5,818.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: May 1947
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 200 million shares
Issued: 93,840,310 shares
Sum: Yen 7,909 million
Major shareholders (%)
Japan Trustee Services Bank T (8.0), Osaka Customers’ S/Holding Assn (6.4), Tokyo Customers’ S/Holding Assn (5.1), Mizuho Corporate Bank (4.9), Mori Seiki (3.6), Resona Bank (3.2), Employees’ S/Holding Assn (2.9), Master Trust Bank of Japan T (2.5), Nagoya Customers’ S/Holding Assn (1.9); foreign owners (7.3)
No. of shareholders: 5,252
Listed on the S/Exchange (s) of: Tokyo, Osaka
Managements
Tohru Yoshii, pres & CEO; Fumiyoshi Ogata, v pres; Sadaharu Kasahara, s/mgn dir; Yuzo Tani, s/mgn dir, Yasuhide Kimura, s/mgn dir; Masami Yamamoto, mgn dir; Katsuhiko Shimizu, dir, Koji Nishio, dir
Nothing detrimental is known as to the commercial morality of executives.
Related companies
Yamazen Create, Yamazen Logistics, Yamazen Inc (USA), Yamazen General Service Corp, Yamazen Co Ltd (Taiwan), other
OPERATION
Activities: Trading house for import, export and wholesale of machine & industrial tools & housing equipment:
(Sales breakdown by divisions):
Machine Tools (23.7%); Industrial Facilities & Systems (17.1%); Machinery & Tools (17.5%); System Engineering (2.8%); Housing Construction Materials (13.3%); Household & Home Equipment (12.6%); International Operations (11.9%); Others (1.1%).
Overseas sales ratio 11.7%, of which: USA 1.3%, Asia 10.4%
Clients
[DIY goods chains, mfrs, wholesalers] Toyo Corp, Kahma, Kohnan Shoji, Etoh Oxygen, Nishikawa Sangyo, Toyo Corp, other.
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Daikin Ind, Cleanup Corp, OSG Corp, Corona Corp, Mori Seiki Co, other.
Payment record: Regular
Location
Business area in Osaka. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
Mizuho Corporate Bank (Osaka)
Resona Bank (Osaka)
Relations: Satisfactory
FINANCES
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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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376,852 |
377,610 |
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Cost of Sales |
333,773 |
334,922 |
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GROSS PROFIT |
43,078 |
42,688 |
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Selling & Adm Costs |
31,559 |
30,370 |
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OPERATING PROFIT |
11,518 |
12,317 |
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Non-Operating P/L |
-113 |
596 |
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RECURRING PROFIT |
11,405 |
12,913 |
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NET PROFIT |
5,496 |
7,506 |
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BALANCE SHEET |
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Cash |
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29,221 |
28,943 |
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Receivables |
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96,751 |
104,522 |
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Inventory |
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11,398 |
12,838 |
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Securities, Marketable |
8,580 |
8,103 |
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Other Current Assets |
2,388 |
1,594 |
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TOTAL CURRENT ASSETS |
148,338 |
156,000 |
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Property & Equipment |
12,213 |
16,523 |
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Intangibles |
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1,456 |
981 |
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Investments, Other Fixed Assets |
10,185 |
16,655 |
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TOTAL ASSETS |
172,192 |
190,159 |
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Payables |
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113,375 |
122,636 |
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Short-Term Bank Loans |
11,386 |
15,982 |
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Other Current Liabs |
6,841 |
10,777 |
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TOTAL CURRENT LIABS |
131,602 |
149,395 |
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Debentures |
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Long-Term Bank Loans |
3,096 |
2,026 |
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Reserve for Retirement Allw |
72 |
364 |
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Other Debts |
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2,983 |
3,563 |
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TOTAL LIABILITIES |
137,753 |
155,348 |
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MINORITY INTERESTS |
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Common
stock |
7,909 |
7,909 |
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Additional
paid-in capital |
6,081 |
6,081 |
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Retained
earnings |
22,075 |
17,961 |
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Evaluation
p/l on investments/securities |
1,767 |
3,389 |
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Others |
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(1,378) |
(515) |
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Treasury
stock, at cost |
(15) |
(15) |
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TOTAL S/HOLDERS` EQUITY |
36,439 |
34,810 |
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TOTAL EQUITIES |
174,192 |
190,159 |
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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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6,064 |
6,045 |
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Cash
Flows from Investment Activities |
1,482 |
1,210 |
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Cash
Flows from Financing Activities |
-7,876 |
-7,337 |
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Cash,
Bank Deposits at the Term End |
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36,668 |
36,820 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
36,439 |
34,810 |
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Current
Ratio (%) |
112.72 |
104.42 |
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Net Worth
Ratio (%) |
20.92 |
18.31 |
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Recurring
Profit Ratio (%) |
3.03 |
3.42 |
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Net
Profit Ratio (%) |
1.46 |
1.99 |
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Return
On Equity (%) |
15.08 |
21.56 |
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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%)