MIRA
INFORM REPORT
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Report Date : |
06.10.2008 |
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 562.1 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, Okayama
OVERSEAS
Marubeni Aerospace America Corp: Head Office (New York),
Branch (Los Angeles, Phoenix & Dallas)
OFFICER(S)
YOJI YAMASHITA, PRES
Ryoichi Obata, mgn dir
Takashi Tanabe, mgn dir
Shin’ichi Amano, dir
Masafumi Hasegawa, dir
Yen Amount: In million
Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 29,084 M
PAYMENTS REGULAR CAPITAL Yen 650 M
TREND STEADY WORTH Yen 2,005 M
STARTED 1993 EMPLOYES 70
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 562.1 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.
Regarding queries raised from your client:
We contacted Mr Tagami,
administration division of the firm who denied all queries from your
client. We gave him the name of your
inquiring party. Shigeru Ohashi was ex
president and now retired, replaced by Yoji Yamashita, who took the office in
Mar 2007. No retirees or government
members on the board. Re public liens,
as far as we have investigated in the market no such incident is reported. Violation of country laws cannot be
ascertained.
FINANCIAL INFORMATION
The
sales volume for Mar/2008 fiscal term amounted to Yen 29,084 million, a 46%
hike from Yen 19,963 million in the previous term. Due to restructuring of all group firms, the business operations
once transferred to a sister company has been integrated to the subject company
and sales rose. The recurring profit
was posted at Yen 850 million and the net profit at Yen 458 million, respectively,
compared with Yen 881 million recurring profit and Yen 482 million net profit,
respectively, a year ago.
For
the current term ending Mar 2009 the recurring profit is projected at Yen 855
million and the net profit at Yen 460 million, respectively, on a 4% rise in
turnover, to Yen 31,000 million. Flight
charter business is rising, according to the firm.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 562.1 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
Consolidated
Financials are as attached (See SUPPLEMENTS)
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 Ministry, 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: |
31/03/2009 |
31/03/2008 |
31/03/2007 |
31/03/2006 |
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Annual
Sales |
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30,100 |
29,084 |
19,963 |
29,481 |
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Recur.
Profit |
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855 |
850 |
881 |
653 |
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Net
Profit |
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460 |
458 |
482 |
197 |
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Total
Assets |
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8,286 |
9,387 |
6,158 |
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Current
Assets |
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7,385 |
9,194 |
5,952 |
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Current
Liabs |
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6,267 |
7,563 |
4,659 |
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Net
Worth |
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2,005 |
1,807 |
1,483 |
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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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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
3.49 |
45.69 |
-32.29 |
-18.78 |
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Current Ratio |
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.. |
117.84 |
121.57 |
127.75 |
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N.Worth Ratio |
.. |
24.20 |
19.25 |
24.08 |
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R.Profit/Sales |
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2.84 |
2.92 |
4.41 |
2.21 |
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N.Profit/Sales |
1.53 |
1.57 |
2.41 |
0.67 |
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Return On Equity |
.. |
22.84 |
26.67 |
13.28 |
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Notes: Forecast (or estimated) figures for the 31/03/2009
fiscal term.
SUPPLEMENTS:
CONSOLIDATED
FINANCIALS OF THE PARENT, MARUBENI CORP
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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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10,631,601 |
9,554,943 |
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Cost of Sales |
10,034,685 |
9,023,772 |
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GROSS PROFIT |
596,916 |
531,171 |
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Selling & Adm Costs |
396,763 |
366,151 |
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OPERATING PROFIT |
200,153 |
165,020 |
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Non-Operating P/L |
16,044 |
28,795 |
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RECURRING PROFIT |
216,197 |
193,815 |
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NET PROFIT |
147,249 |
119,349 |
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BALANCE SHEET |
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Cash |
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402,281 |
414,952 |
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Receivables |
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1,120,945 |
1,032,790 |
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Inventory |
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474,512 |
420,533 |
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Securities, Marketable |
9,477 |
26,693 |
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Other Current Assets |
600,721 |
607,624 |
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TOTAL CURRENT ASSETS |
2,607,936 |
2,502,592 |
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Property & Equipment |
798,779 |
731,452 |
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Intangibles |
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116,546 |
86,654 |
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Investments, Other Fixed Assets |
1,683,964 |
1,552,606 |
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TOTAL ASSETS |
5,207,225 |
4,873,304 |
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Payables |
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833,421 |
762,520 |
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Short-Term Bank Loans |
236,027 |
170,423 |
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Other Current Liabs |
841,679 |
947,323 |
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TOTAL CURRENT LIABS |
1,911,127 |
1,880,266 |
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Debentures |
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Long-Term Bank Loans |
2,368,124 |
2,130,137 |
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Reserve for Retirement Allw |
23,622 |
12,075 |
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Other Debts |
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43,731 |
29,987 |
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TOTAL LIABILITIES |
4,346,604 |
4,052,465 |
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MINORITY INTERESTS |
80,817 |
75,385 |
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Common
stock |
262,686 |
262,686 |
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Additional
paid-in capital |
158,461 |
155,905 |
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Retained
earnings |
423,591 |
298,011 |
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Evaluation
p/l on investments/securities |
50,463 |
102,899 |
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Others |
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(114,792) |
(73,560) |
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Treasury
stock, at cost |
(645) |
(487) |
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TOTAL S/HOLDERS` EQUITY |
779,764 |
745,454 |
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TOTAL EQUITIES |
5,207,225 |
4,873,304 |
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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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235,290 |
192,075 |
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Cash
Flows from Investment Activities |
-305,855 |
-235,147 |
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Cash
Flows from Financing Activities |
65,865 |
24,819 |
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Cash,
Bank Deposits at the Term End |
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402,281 |
414,952 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
779,764 |
745,454 |
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Current
Ratio (%) |
136.46 |
133.10 |
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Net
Worth Ratio (%) |
14.97 |
15.30 |
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Recurring
Profit Ratio (%) |
2.03 |
2.03 |
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Net
Profit Ratio (%) |
1.39 |
1.25 |
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Return
On Equity (%) |
18.88 |
16.01 |
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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.46.88 |
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UK Pound |
1 |
Rs.82.97 |
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Euro |
1 |
Rs.64.99 |
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%)