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MIRA INFORM REPORT

 

 

Report Date :            

08.04.2011

 

IDENTIFICATION DETAILS

 

Name :

MARUBENI AEROSPACE CORPORATION

 

 

Registered Office :

Marubeni Honsha Bldg 3F, 1-4-2 Ohtemachi Chiyodaku Tokyo 100-8088

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

January 1993

 

 

Com. Reg. No.:

(Tokyo-Chiyodaku) 029485

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, wholesale of aircrafts, their engines, parts & components

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

Yen 467.3 Million

Status :

Satisfactory

Payment Behaviour :

Regular

Litigation :

----

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

MARUBENI AEROSPACE CORPORATION

 

 

REGD NAME

 

Marubeni Aerospace KK

 

 

MAIN OFFICE

 

Marubeni Honsha Bldg 3F, 1-4-2 Ohtemachi Chiyodaku Tokyo 100-8088 JAPAN

Tel: 03-5220-7700     Fax: 03-5220-7710

URL:                             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                                  Shigeru Ohashi, ch

Shin’ichi Amano, mgn dir                                   Akira Onosawa, mgn dir

Tatsuya Yagi, dir                                               Masaki Saijo, dir                                   

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES                    FAIR                             A/SALES          Yen 25,550 M

PAYMENTS      REGULAR                     CAPITAL           Yen 650 M

TREND             STEADY                       WORTH            Yen 2,430 M

STARTED                     1993                             EMPLOYES      88

 

 

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 467.3 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.  This is the sole sales representative in Japan of Gulfstream Aerospace Corp USA.

 

Regarding queries raised:

We do not hear of any negative reports on the queries: US foreign corrupt practices act, public liens, violation of country laws, other.  No direct military or government relationship is reported for owners, employees, or family members.  Certain thing is that no military or government members in the board member.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2010 fiscal term amounted to Yen 25,550 million, an 11% up from Yen 23,061 million in the previous term.  This is attributed to the unit price hike of aircrafts and engines, as reported.  The recurring profit was posted at Yen 793 million and the net profit at Yen 456 million, respectively, compared with Yen 538 million recurring profit and Yen 332 million net profit, respectively, a year ago.

 

For the current term ending Mar 2011 the recurring profit is projected at Yen 800 million and the net profit at Yen 460 million, respectively, on a 4% rise in turnover, to Yen 26,500 million. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 467.3 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered: Jan 1993

Regd No.:          (Tokyo-Chiyodaku) 029485

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 7,965,055 million, operating profit Yen 118,926 million, recurring profit Yen 166,427 million, net profit Yen 95,312 million, total assets Yen 4,586,572 million, net worth Yen 799,746 million, employ-    ees 32,301, 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%).　

 

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)

MUFG (H/O)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2011

31/03/2010

31/03/2009

31/03/2008

Annual Sales

　

26,500

25,550

23,061

29,084

Recur. Profit

　

800

793

538

850

Net Profit

　

460

456

332

458

Total Assets

　

　

10,461

9,219

8,286

Current Assets

　

　

9,420

8,078

7,385

Current Liabs

　

　

8,017

7,113

6,267

Net Worth

　

　

2,430

2,099

2,005

Capital, Paid-Up

　

　

650

650

650

Div.P.Share(¥)

　

　

12,677.00

9,237.00

12,737.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

3.72

10.79

-20.71

45.69

    Current Ratio

 

..

117.50

113.57

117.84

    N.Worth Ratio

..

23.23

22.77

24.20

    R.Profit/Sales

 

3.02

3.10

2.33

2.92

    N.Profit/Sales

1.74

1.78

1.44

1.57

    Return On Equity

..

18.77

15.82

22.84

 

Notes: Forecast (or estimated) figures for the 31/03/2011 fiscal term

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, MARUBENI CORP

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2010

31/03/2009

INCOME STATEMENT

 

 

 

  Annual Sales

　

7,965,055

10,462,067

 

  Cost of Sales

7,473,382

9,817,264

 

      GROSS PROFIT

491,673

644,803

 

  Selling & Adm Costs

372,747

410,738

 

      OPERATING PROFIT

118,926

234,065

 

  Non-Operating P/L

47,501

-33,169

 

      RECURRING PROFIT

166,427

200,896

　

      NET PROFIT

95,312

111,208

BALANCE SHEET

 

 

 

 

  Cash

　

570,789

573,924

 

  Receivables

 

864,780

809,595

 

  Inventory

 

328,916

385,090

 

  Securities, Marketable

3,743

951

 

  Other Current Assets

472,900

559,195

 

      TOTAL CURRENT ASSETS

2,241,128

2,328,755

 

  Property & Equipment

691,136

704,821

 

  Intangibles

 

92,388

101,729

 

  Investments, Other Fixed Assets

1,561,920

1,572,004

 

      TOTAL ASSETS

4,586,572

4,707,309

 

  Payables

 

879,895

814,124

 

  Short-Term Bank Loans

334,705

473,378

 

　

 

　

　

 

  Other Current Liabs

389,172

447,363

 

      TOTAL CURRENT LIABS

1,603,772

1,734,865

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

2,104,718

2,266,724

 

  Reserve for Retirement Allw

44,154

51,384

 

  Other Debts

　

34,182

30,980

 

      TOTAL LIABILITIES

3,786,826

4,083,953

 

      MINORITY INTERESTS

 

 

 

Common stock

262,686

262,686

 

Additional paid-in capital

158,409

158,454

 

Retained earnings

594,509

510,484

 

Evaluation p/l on investments/securities

33,808

6,750

 

Others

 

(249,028)

(314,300)

 

Treasury stock, at cost

(638)

(716)

 

      TOTAL S/HOLDERS` EQUITY

799,746

623,358

　

      TOTAL EQUITIES

4,586,572

4,707,309

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2010

31/03/2009

 

Cash Flows from Operating Activities

　

280,610

343,618

 

Cash Flows from Investment Activities

-35,207

-387,069

 

Cash Flows from Financing Activities

-254,655

257,608

　

Cash, Bank Deposits at the Term End

　

570,789

573,924

ANALYTICAL RATIOS            Terms ending:

31/03/2010

31/03/2009

 

 

Net Worth (S/Holders' Equity)

799,746

623,358

 

 

Current Ratio (%)

139.74

134.23

 

 

Net Worth Ratio (%)

17.44

13.24

 

 

Recurring Profit Ratio (%)

2.09

1.92

 

 

Net Profit Ratio (%)

1.20

1.06

 

 

Return On Equity (%)

11.92

17.84

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.22

UK Pound

1

Rs.71.97

Euro

1

Rs.63.23

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.