MIRA
INFORM REPORT
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Report Date : |
02.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SOJITZU AEROSPACE CORPORATION |
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Registered Office : |
Akasaka Twin Tower Bldg 17F, 2-17-22 Akasaka Minatoku Tokyo 107-8518 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
April 1975 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, Wholesale of Aerospace and Defense Equipment |
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 1,525.4 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
SOJITZU AEROSPACE CORPORATION
REGD NAME: Sojitz Aerospace KK
MAIN OFFICE: Akasaka Twin Tower
Bldg 17F, 2-17-22 Akasaka Minatoku Tokyo 107-8518 JAPAN
Tel:
03-5574-6006 Fax: 03-5574-6001
URL: http://www.sojitz-aero.com/
E-Mail address:info@sojitz-aero.com
ACTIVITIES
Import, wholesale of aerospace & defense equipment
BRANCHES
Nagoya, Osaka
OVERSEAS
Sojitz Aerospace America Corp (New York, Los Angeles, St
Louis, Mesa)
OFFICER(S)
MASAFUMI DOI, PRES
Minoru Ohba, s/mgn dir
Takao Miyazaki, mgn dir
Takeshi Sekine, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 131,507 M
PAYMENTS REGULAR CAPITAL Yen 1,410 M
TREND STEADY WORTH Yen 3,871 M
STARTED 1975 EMPLOYES 115
COMMENT
IMPORTER OF AEROSPACE & DEFENSE EQUIPMENT, WHOLLY OWNED
BY SOJITZ CORP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 1,525.4 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established originally by the then Nissho Iwai Corp in order to advance into aerospace business. In 2004, when Nissho Iwai Corp merged with Nichimen Corp to become Sojitz Corp, the firm renamed as captioned. This is a trading house handling aviation, ships, vehicles, rockets, others. Major client is Japan’s Maritime Self-Defense Forces, to which the firm supplies escort ships, submarines, vehicles, other. Has a subsidiary in USA, Sojitz Aerospace America Corp with four offices located.
FINANCIAL INFORMATION
Financials are consolidated by the parent, Sojitz Corp, of which consolidated financials are as attached (See SUPPLEMENTS).
The sales volume for Mar/2007 fiscal term amounted to Yen 131,507 million, a 25% up from Yen 105,326 million in the previous term. The price hike of materials & equipment pushed the sales amount in Yen terms. The recurring profit was posted at Yen 934 million and the net profit at Yen 674 million, respectively, compared with Yen 770 million net profit a year ago. The rising costs of operations reduced profitability.
For the term just ended Mar 2008 the recurring profit was projected at Yen 960 million and the net profit at Yen 685 million, respectively, on a 9% rise in turnover, to Yen 143,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,525.4 million, on 30 days normal terms.
REGISTRATION
Date Registered: Apr 1975
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 11 million shares
Issued: 2.82 million shares
Sum: Yen 1,410 million
Major shareholders (%)
Sojitz Corp*(100)
* General Trading House, specializing in aircraft, lumber & urban development, founded 2003 by the merger of the then Nissho Iwai Corp & Nichimen Corp, listed Tokyo, Osaka S/E’s, capital Yen 122,790 million, turnover Yen 5,218,153 million, operating profit Yen 77,932 million recurring profit Yen 89,535 million, net profit Yen 58,766 million, total assets Yen 2,619,507 million, net worth Yen 488,586 million, employees 18,844, pres Yutaka Kase
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports and wholesales aircrafts, their parts & components, defense equipment & products, vehicles, bridges, others (--100%).
(Handling Items):
Aviation: aircrafts, their parts & components;
Maritime: Escort ships/submarines for National Defense Forces;
Land: Vehicles, temporary panel bridges others for National Defense Forces;
Space: Rockets boosters, high-tech products for satellite, others.
Clients
[Governments, mfrs, wholesalers] National Self-Defense Forces, Mitsubishi Heavy Ind, IHI, Kawasaki Heavy Ind, Fuji Heavy Ind, Toshiba Corp, Mitsubishi Electric Co, IHI Aerospace, other.
No. of accounts
1,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Mitsubishi Heavy Ind, Fuji Heavy Ind, Sojitz Aerospace America, Sojitz Corp America, Yokohama Rubber, Shin-Meiwa Corp, Toshiba Corp, other.
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
MUFG (H/O)
Mizuho Corporate Bank (Uchisaiwaicho)
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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143,000 |
131,507 |
105,326 |
88,105 |
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Recur.
Profit |
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960 |
934 |
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Net
Profit |
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685 |
674 |
770 |
446 |
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Total
Assets |
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29,533 |
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Current
Assets |
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28,634 |
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Current
Liabs |
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24,615 |
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Net
Worth |
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3,871 |
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Capital,
Paid-Up |
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1,410 |
1,410 |
1,410 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
8.74 |
24.86 |
19.55 |
-11.01 |
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Current Ratio |
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.. |
116.33 |
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N.Worth Ratio |
.. |
13.11 |
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.. |
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R.Profit/Sales |
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0.67 |
0.71 |
.. |
.. |
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N.Profit/Sales |
0.48 |
0.51 |
0.73 |
0.51 |
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Return On Equity |
.. |
17.41 |
.. |
.. |
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Notes: Forecast (or estimated) figures for the 31/03/2008
fiscal term.
SUPPLEMENTS:
CONSOLIDATED FINANCIALS OF THE PARENT, SOJITZ CORP
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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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5,218,153 |
4,972,059 |
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Cost of Sales |
4,963,686 |
4,729,892 |
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GROSS PROFIT |
254,466 |
242,166 |
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Selling & Adm Costs |
176,533 |
165,964 |
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OPERATING PROFIT |
77,932 |
76,202 |
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Non-Operating P/L |
11,603 |
2,571 |
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RECURRING PROFIT |
89,535 |
78,773 |
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NET PROFIT |
58,766 |
43,706 |
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BALANCE SHEET |
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Cash |
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471,570 |
521,937 |
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Receivables |
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672,658 |
613,513 |
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Inventory |
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315,885 |
214,163 |
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Securities, Marketable |
7,251 |
6,471 |
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Other Current Assets |
147,717 |
154,370 |
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TOTAL CURRENT ASSETS |
1,615,081 |
1,510,454 |
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Property & Equipment |
229,966 |
246,665 |
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Intangibles |
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99,127 |
100,131 |
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Investments, Other Fixed Assets |
675,333 |
664,429 |
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TOTAL ASSETS |
2,619,507 |
2,521,679 |
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Payables |
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531,508 |
451,438 |
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Short-Term Bank Loans |
501,055 |
775,555 |
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Other Current Liabs |
186,934 |
189,723 |
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TOTAL CURRENT LIABS |
1,219,497 |
1,416,716 |
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Debentures |
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245,540 |
99,036 |
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Long-Term Bank Loans |
560,187 |
473,109 |
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Reserve for Retirement Allw |
23,920 |
25,558 |
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Other Debts |
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38,728 |
43,184 |
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TOTAL LIABILITIES |
2,087,872 |
2,057,603 |
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MINORITY INTERESTS |
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37,125 |
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Common
stock |
122,790 |
130,549 |
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Additional
paid-in capital |
158,593 |
166,754 |
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Retained
earnings |
147,206 |
92,487 |
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Evaluation
p/l on investments/securities |
94,316 |
90,547 |
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Others |
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8,856 |
(53,275) |
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Treasury
stock, at cost |
(126) |
(113) |
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TOTAL S/HOLDERS` EQUITY |
531,635 |
426,949 |
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TOTAL EQUITIES |
2,619,507 |
2,521,679 |
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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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7,040 |
43,155 |
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Cash
Flows from Investment Activities |
42,706 |
99,155 |
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Cash
Flows from Financing Activities |
-95,476 |
-55,805 |
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Cash,
Bank Deposits at the Term End |
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464,273 |
506,254 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
531,635 |
426,949 |
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Current
Ratio (%) |
132.44 |
106.62 |
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Net
Worth Ratio (%) |
20.30 |
16.93 |
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Recurring
Profit Ratio (%) |
1.72 |
1.58 |
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Net
Profit Ratio (%) |
1.13 |
0.88 |
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Return
On Equity (%) |
11.05 |
10.24 |
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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%)