MIRA
INFORM REPORT
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Report Date : |
18.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
AMADA CO LTD |
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Registered Office : |
200 Ishida Isehara City Kanagawa-Pref 259-1196 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
May 1948 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturing of Metal Working
Machinery |
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 9333.5 Millions |
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Status : |
Good |
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Payment Behaviour : |
Regular |
name
AMADA CO LTD
REGD NAME
KK Amada
MAIN OFFICE
200 Ishida Isehara City Kanagawa-Pref 259-1196 JAPAN
Tel : 0463-96-1111
Fax : 0463-96-3281
URL : http://www.amada.co.jp/
E-Mail address: info@amada.co.jp
ACTIVITIES
Mfg of metal working machinery
BRANCHES
46 (domestic), 200 affiliates overseas
FACTORY(IES)
Fujinomiya, Odawara, Ono, Isehara
CHIEF EXEC
MITSUO OKAMOTO, PRES & CEO
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 262,239 M
PAYMENTS REGULAR CAPITAL Yen 54,768 M
TREND STEADY WORTH Yen 418,969 M
STARTED 1948 EMPLOYES 5,516
COMMENT
MFR OF METAL WORKING MACHINERY. FINANCIAL SITUATION CONSIDERED FAIR
AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 9,333.5 MILLION, 30 DAYS NORMAL TERMS.
Forecast
(or estimated) figures for 31/03/2008 fiscal term
HIGHLIGHTS
This is a leading and comprehensive metalworking machinery company. Core of Amada group firms focusing on marketing with mfg division spun off as subsidiaries. Emphasizing software related areas following merger of Amada Metecs in Apr 2000. Owns sales & development sites in major cities around the world, with production sites in US, France, Australia and China. Established US software subsidiary in 1996 as part of efforts in software development. In Oct 2003, took over Amada Mechanics, a subsidiary mfr of machine tools, as part of group restructuring.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen
262,239 million, an 18.2% up from Yen 221,780 million in the previous
term. Sales of mainstay steel metal
fabrication expanded, led by products for N America and Asia. Sales in Europe stool at high level. Domestic sales also grew steadily. The recurring profit was posted at Yen
44,491 million and the net profit at Yen 27,506 million, respectively, compared
with Yen 33,259 million recurring profit and Yen 22,297 million net profit,
respectively, a year ago.
For the current term ending Mar 2008the recurring profit is
projected at Yen 51,300 million and the net profit at Yen 29,700 million, on a
10.6 % rise in turnover, to Yen 290,000 million. Sales/service base in
Chicago will start operation in Sept/2007 to bolster sales efforts in Central
East region in N America. Setting up
new branch in Germany during 2008.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 9,333.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: May
1948
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 550
million shares
Issued: 406,434,117
shares
Sum: Yen
54,768 million
Major shareholders (%): Japan Trustee Services Bank (10.9), Master Trust Bank of Japan T (5.2), Trust &
Custody Services Bank (Mizuho Bank) (4.6), Company’s Treasury Stock (3.5), Nippon
Life Ins (2.9, Trust & Custody Services, Trust (2.6), Sumitomo Trust Bank (2.9), Amada
Foundation (2.4); foreign owners (39.2)
No. of shareholders: 16,698
Listed on the S/Exchange (s) of: Tokyo, Osaka
Managements: Mitsuo Okamoto, pres & CEO; Toshio Takagi, mgn dir; Kojiro Hirosawa, dir; Yoshihiro
Yamashita,
dir; Naoki Orita, dir; Yuji Fujita, dir; Hideaki Takahashi, dir; Tsutomu Isobe,
dir
Nothing detrimental is known as to the commercial morality
of executives.
Related companies
Amada America, Techno Wasino, Amada Prestech, other (Tot 49 as
of Mar/06)
OPERATION
Activities: Metalworking machine company:
(Breakdown
of sales):
Sheet metal fabrication machines (50%), Software FA (3%),
maintenance, repairing, other services (4%), consumable products (15%), metal
sheet cutting (13%), forging presses (5%), machine tools (8%), real estate
leasing, others (2%).
Overseas sales ratio 48.2%: N America 12.0%; Europe 20.8%,
Asia 13.8%, other 1.7%
Clients: [Mfrs, wholesalers] Mitsui & Co, Toshiba Corp, Nissan Motors, Mitsubishi Electric, Fujitsu Ltd, Nippon Steel, other.
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Hitachi Metals, Fanuc ltd, Metal
One, Amada Soft Services, THK, other.
Payment record: Regular
Location: Business area in Isehara City, Kanagawa-Pref. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References
Mizuho Bank (Shinjuku-Nishiguchi)
SMBC (Tokyo-Chuo)
Relations: Satisfactory
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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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262,239 |
221,780 |
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Cost of Sales |
145,820 |
125,133 |
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GROSS PROFIT |
116,419 |
96,646 |
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Selling & Adm Costs |
77,371 |
68,326 |
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OPERATING PROFIT |
39,088 |
28,320 |
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Non-Operating P/L |
5,403 |
4,939 |
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RECURRING PROFIT |
44,491 |
33,259 |
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NET PROFIT |
27,506 |
22,297 |
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BALANCE SHEET |
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Cash |
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77,784 |
74,118 |
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Receivables |
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141,777 |
132,484 |
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Inventory |
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59,660 |
50,099 |
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Securities, Marketable |
30,364 |
33,719 |
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Other Current Assets |
10,114 |
7,509 |
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TOTAL CURRENT ASSETS |
319,699 |
297,929 |
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Property & Equipment |
110,330 |
100,309 |
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Intangibles |
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6,987 |
5,927 |
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Investments, Other Fixed Assets |
108,457 |
107,083 |
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TOTAL ASSETS |
545,473 |
511,248 |
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Payables |
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27,499 |
25,728 |
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Short-Term Bank Loans |
9,630 |
7,288 |
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Other Current Liabs |
58,923 |
46,879 |
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TOTAL CURRENT LIABS |
96,052 |
79,895 |
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Debentures |
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Long-Term Bank Loans |
828 |
310 |
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Reserve for Retirement Allw |
15,926 |
17,303 |
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Other Debts |
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13,698 |
15,696 |
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TOTAL LIABILITIES |
126,504 |
113,204 |
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MINORITY INTERESTS |
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3,353 |
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Common
stock |
54,768 |
54,768 |
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Additional
paid-in capital |
163,657 |
163,376 |
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Retained
earnings |
197,110 |
179,716 |
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Evaluation
p/l on investments/securities |
6,715 |
9,151 |
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Others |
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1,418 |
(7,705) |
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Treasury
stock, at cost |
(4,699) |
(4,615) |
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TOTAL S/HOLDERS` EQUITY |
418,969 |
394,691 |
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TOTAL EQUITIES |
545,473 |
511,248 |
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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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20,975 |
36,045 |
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Cash
Flows from Investment Activities |
-15,963 |
-8,649 |
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Cash
Flows from Financing Activities |
-6,946 |
-5,882 |
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Cash,
Bank Deposits at the Term End |
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95,532 |
95,567 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
418,969 |
394,691 |
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Current
Ratio (%) |
332.84 |
372.90 |
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Net
Worth Ratio (%) |
76.81 |
77.20 |
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Recurring
Profit Ratio (%) |
16.97 |
15.00 |
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Net Profit
Ratio (%) |
10.49 |
10.05 |
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Return
On Equity (%) |
6.57 |
5.65 |
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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%)