| AKTENZEICHEN: |
10.01.2008 11:42:52 |
STANDARDBERICHT
D-U-N-S: 69-071-9869 FULL REVISION
JAN 10 2008
YAMADA CHEMICAL INC. (BS SAMPLE REPORT)
RATING 5A 2
FINANCIAL
STRESS CLASS 1
STARTED 1920
(Trade Style:YAMAC) SALES 81,149 ML
(Subsid. of YAMADA INC.) WORTH 41,806 ML
IMPORT YES
YAMADA BLDG. 5F. EXPORT YES
2-16-7, TAKADA EMPLOYS 350 (100 HERE)
CHUO-KU HISTORY CLEAR
TOKYO 104-0032 JAPAN CONDITION GOOD
TEL: 03 31234567 CONTROL YR 1970
FAX: 03 37654321
SIC: 2816-0000 2851-0106 2819-0301
MFR INORGANIC PIGMENTS, WATERPROOF PAINTS, ALUMINUM CHLORIDE
CHIEF EXECUTIVE ICHIRO YAMADA / PRESIDENT
CURRENCY : All monetary amounts quoted in this report are
shown in JAPANESE YEN unless otherwise stated.
NARRATIVE SUMMARY
(7/07)
The subject is considered to be a large-sized company in the industry. The
business is well-established.
Subsidiary of Yamada Inc.
Ultimate Parent: Yamada Corp.
Sales of the subject for year were ranked as number amongst companies in the
same industry () in Japan database.
CURRENT INVESTIGATION
(7/07)
On July 25, 2007, Management, who stated that he/she is an authorized
spokesperson for the corporation, submitted financial statement. Rating and
Condition in this report were assigned based on financial statement in Mar
2007.
CONDITION
(7/07)
The overall financial condition as of the last fiscal closing dated 31 Mar,
2007 is considered to be Good, based upon increase in sales and profit, long
establishment, and relatively higher current ratio in this industry.
SALES AND PROFIT TREND (IN MILLIONS)
(7/07)
Mar 2003 Mar 2004 Mar 2005 Mar 2006 Mar 2007
-------- -------- -------- -------- --------
SALES 39,250 43,612 54,515 67,041 81,149
(11.1%) (25.0%) (22.9%) (21.0%)
ORDINARY 4,317 5,669 3,900 8,150 11,392
PROFIT (31.3%) (-31.2%) (108.9%) (39.7%)
NET PROFIT 1,177 1,308 1,934 3,584 5,547
(11.1%) (47.8%) (85.3%) (54.7%)
TREND ANALYSIS
(7/07)
Sales for the last fiscal year were up due to the introduction of new
products/merchandize, and a rise in prices. Profit for the last fiscal year
was up due to lower price of raw materials (or merchandise) purchased, and
decreased financial expenditure.
PROJECTION(S) FOR THE CURRENT TERM ENDING IN MAR 2008
(7/07)
Sales 97,377.000 million or more than 10% higher
Ordinary Profit 12,303.000 million or slightly higher
Net Profit 5,657.000 million or even
FINANCIAL STRESS SUMMARY
The Japan Financial Stress Model predicts the likelihood of a firm ceasing
business without paying all creditors in full, or re-organizing or obtaining
relief from creditors over the next 12 months. Scores were calculated using a
statistically valid model, created by analyzing TSR corporate data.
The Financial Stress Class of 1 for this company shows that during the
previous year, firms with this classification had a failure rate of 0.37% (37
per 10,000), which is lower than Japan database average of 0.61% (61 per
10,000).
Financial Stress Class: 1
(Highest Risk: 5; Lowest Risk: 1)
Incidence of Financial Stress Among
Companies with this Classification: 0.37% (37 per 10,000)
Incidence of Financial Stress:
- Japan Database Average: 0.61% (61 per 10,000)
Financial Stress Percentile: 100
(Highest Risk: 1; Lowest Risk: 100)
Financial Stress Score: 1502
(Highest Risk: 1016; Lowest Risk: 1947)
Key to Scores:
------------------------------------------------------------------------------
| Stress| % of Bus. | Fin. Stress | Fin. Stress | Incidence of Fin
| Class | within range | Percentile | Score | Stress
------------------------------------------------------------------------------
| 1 | Top 80 % | 21 - 100 | 1363-1947 | 0.37 %
| 2 | 11th - 20th | 11 - 20 | 1338-1362 | 0.93 %
| 3 | 5th - 10th | 5 - 10 | 1308-1337 | 1.43 %
| 4 | 2nd - 4th | 2 - 4 | 1264-1307 | 2.42 %
| 5 | Lowest 1% | 1 | 1016-1263 | 5.82 %
------------------------------------------------------------------------------
The Financial Stress Class for this company is based on the following factors:
- Information in D&B files indicates positive (net worth minus issued
capital).
- Current ratio(s) suggests potential lower risk of financial stress.
- Company size suggests potential lower risk.
Notes:
- The Financial Stress Class indicates that this firm shares some of the same
business and financial characteristics of other companies with this
classification. It does not mean the firm will necessarily experience
financial stress.
- The Incidence of Financial Stress shows the percentage of firms in a given
Class that discontinued operations over the past year with loss to creditors.
- The Incidence of Financial Stress - Japan Database Average represents the
average failure rate in Japan and is provided for comparative purposes.
- The Financial Stress Percentile reflects the relative ranking of a company
among all scorable companies in D&B's file.
- The Financial Stress Score offers a more precise measure of the level of
risk than the Class and Percentile. It is especially helpful to customers
using a scorecard approach to determining overall business performance.
- All Financial Stress Class, Percentile, Score and Incidence statistics are
based on latest analysis derived from D&B Japan database.
- Financial statements of banking, insurance and securities companies are not
used for failure risk score calculation.
- Estimated financial statement is not used for failure risk score
calculation.
FINANCIAL STRESS NORMS
Percentile
Subject Company: 100
Norms for companies in the same...
- Region (TOKYO): 50
- Industry: 64
(MFR CHEMICALS & ALLIED PRODUCTS)
- Employee Range (100-499): 86
- Years in Business Range (26+): 56
Key Comparisons
The subject company has a Financial Stress Percentile that shows:
- Lower risk than other companies in the same region.
- Lower risk than other companies in the same industry.
- Lower risk than other companies in the same employee size range.
- Lower risk than other companies with a comparable number of years
in business.
FINANCE
(7/07)
COMPARATIVES
Mar 31, 2005 Mar 31, 2006 Mar 31, 2007
(in millions) (in millions) (in millions)
------------ ------------ ------------
CURRENT ASSETS 44,138 47,015 59,956
CURRENT LIABILITIES 22,286 25,809 30,874
------------ ------------ ------------
WORKING CAPITAL 21,852 21,206 29,082
OTHER ASSETS 14,342 18,727 22,347
OTHER LIABILITIES 7,845 8,362 9,623
------------ ------------ ------------
TANGIBLE NET WORTH 28,349 31,571 41,806
------------ ------------ ------------
TOTAL LIABILITIES 30,131 34,171 40,497
TOTAL ASSETS 58,513 65,775 82,336
CASH & BANK 8,209 7,093 2,500
TRADE RECEIVABLE 24,125 30,396 33,930
INVENTORY 4,366 5,985 13,800
FIXED ASSETS 8,416 11,529 12,879
TRADE PAYABLE 11,808 13,446 16,379
Mar 31, 2005 Mar 31, 2006 Mar 31, 2007
(in millions) (in millions) (in millions)
------------ ------------ ------------
ANNUAL SALES 54,515 67,041 81,149
NET PROFIT 1,934 3,584 5,547
NON-OP. INCOME/EXP. 500 300 196
KEY RATIOS
Mar 2005 Mar 2006 Mar 2007
-------- -------- --------
ORDINARY PROFIT/SALES (%) 14.9 12.1 14.0
NET PROFIT/SALES (%) 3.5 5.3 6.8
CURRENT RATIO (%) 198.0 182.1 194.1
QUICK RATIO (%) 175.5 158.8 146.7
COLLECTION PERIOD (MONTHS) 5.3 5.4 5.0
INVENTORY PERIOD (MONTHS) 0.9 1.0 2.0
PAYMENT PERIOD (MONTHS) 2.5 2.4 2.4
INVESTED CAPITAL RATIO (%) 39.6 46.9 43.4
NET WORTH/TOTAL ASSETS (%) 48.4 47.9 50.7
DEBT RATIO (%) 106.2 108.2 96.8
TOTAL ASSETS TURNOVER (TIMES) 0.9 1.0 0.9
Individual Statement for year ending Mar 31, 2007 (in millions).
Cash and Bank 2,500 Trade Creditors 16,379
Marketable Securities 8,885 Short-Term Borrowings 3,300
Trade Receivables 33,930 Other A/C Pay.& Accr.Exp. 1,293
Inventories 13,800 Accrued Income Tax 4,283
Short-term Loans 500 Other Reserve(s) 2,356
Other Current Assets 361 Other Current Liabilities 3,263
Reserve for Doubtful A/C -20
----------- -----------
TOTAL CURRENT ASSETS 59,956 TOTAL CURRENT LIABILITIES 30,874
----------- -----------
Buildings & Structures 8,121 Bonds 703
Fixtures & Fittings 4,665 Long-Term Loans 6,744
Construction in Progress 93 Miscellaneous Provisions 1,700
Other Non-Current Liab. 476
----------- -----------
TOTAL FIXED ASSETS 12,879 TOTAL NON-CURRENT LIAB. 9,623
----------- -----------
Intangible Assets 33
-----------
TOTAL INTANGIBLE ASSETS 33
-----------
Investment in Securities 7,655
Other Investments 1,811
----------- -----------
INVESTMENT & OTHER ASSETS 9,466 TOTAL LIABILITIES 40,497
----------- -----------
Deferred Assets 2 Paid-in Capital 5,752
Capital Surplus 5,968
Earned Surplus 893
Others 29,226
-----------
TOTAL EQUITY 41,839
=========== ===========
TOTAL ASSETS 82,336 EQUITY & LIABILITIES 82,336
=========== ===========
DISCOUNTED NOTES 150
ENDORSED NOTES 50
ACCUMULATED DEPRECIATION 1,600
Profit & Loss Statement for the period from Apr 1, 2006 to Mar 31, 2007 (in
millions):
Sales : 81,149
Cost of Goods Sold : 55,182
------------
Gross Profit/Loss : 25,966
Sell.,General & Adm. Exp. : 14,770
------------
Operating Profit/Loss : 11,196
Non-operating Income : 1,477
Non-operating Expenses : 1,281
------------
Ordinary Profit/Loss : 11,392
------------
Special Income : 100
Special Expenses : 227
------------
Profit/Loss Before Tax : 11,265
Corporate Income Tax : 5,718
------------
Net Profit/Loss : 5,547
------------
The above book financial statement and profit and loss statement were prepared
by Yamada Chemical Inc.
The following key indicators are judged from financial ratios to be as
follows :
(BETTER) <- | -> (WORSE)
HIGH ABOVE AVERAGE AVERAGE BELOW AVERAGE LOW
---- ------------- ------- ------------- ---
PROFITABILITY: Y
STABILITY : Y
EFFICIENCY : Y
FINANCIAL PROFILE STATEMENT STATISTICS & ANALYSIS
-------------------------------------------------
Research and analysis of all business corporations in Japan in relationship to
the industry financial statement profile(s) of similar type of business shows,
on the whole, this company's latest financial condition is on the same level
with the industry average.
This business entity's financial statement condition as compared to companies
in the same industry in Japan shows its financial condition and ratios to be:
PROFITABILITY of the company can be judged by the ratio of Recurring Profit
(the profit before deducting extraordinary income and expenses) to Sales.
Recurring Profit/Sales Ratio of this business is 14.038% versus the industry
average of 8.2% which is considered to be AVERAGE.
FINANCIAL STABILITY of the company can be measured by the ratio of Net Worth
to Total Assets Ratio. Net Worth/Total Assets Ratio of this company is 50.775%
versus industrial average of 51.5%, which considered to be AVERAGE.
EFFICIENCY of the daily operation is indicated by the Total Assets Turnover
(Sales/Total Assets). The total assets Turnover of this business is 0.9 versus
industry average of 0.8, which is considered to be AVERAGE.
BANKING
(7/07)
The company maintains relationships with several banks in JAPAN,
including the following:
Mizuho Bank Ltd. (Headquarters Office)
Bank of Tokyo-Mitsubishi UFJ Ltd. (Aoyama)
Sumitomo Mitsui Banking Corp. (Shibaura)
The following information was obtained during this investigation: (in
millions)
Mizuho Bank Ltd. (Headquarters Office)
(as of Mar 31 2006)
Deposit Balance 50
Short-Term Borrowings 100
Long-Term Borrowings 200
Bank of Tokyo-Mitsubishi UFJ Ltd. (Aoyama)
(as of Mar 31 2006)
Short-Term Borrowings 100
Long-Term Borrowings 250
Sumitomo Mitsui Banking Corp. (Shibaura)
(as of Mar 31 2006)
Short-Term Borrowings 200
Long-Term Borrowings 150
HISTORY
(7/07)
Subject was established on Jul 1, 1934, succeeding a business started on Jan
1, 1920.
Authorized capital: 70,000,000 shares. Paid-in capital 5,752,000,000 yen, no.
of shares issued : 500,000, as of July 25 2007.
Subject is listed on the following exchange(s): Unlisted.
Shareholders :
Yamada Inc. 51.3%
Ikeda Corp. 11.0%
Taro Yamada 10.5%
Kyodo Bank Ltd. 4.1%
Toko Bank Ltd. 3.2%
Other individuals & corporations 19.9% (none owns more than 10%)
Total No. of Shareholders : 380
Taro Yamada: a son of president
Capital Trend :
Initial Capital Investment 100.000 million yen
Mar 31 1980 2,000.000 million yen
May 31 1990 3,000.000 million yen
May 31 1995 5,752.000 million yen
Name Changes :
From: Yamada K.K.
To : The current name in: Feb 1997
Address Changes :
From: 1-5-3, Akasaka
Minato-ku, Tokyo
To : 1-2-3, Kitashinagawa on: Dec 12 1990
Shinagawa-ku, Tokyo
To : The current address on: May 5 1993
Key Events :
* Jan 1 1920
Started with a sole proprietorship business.
* Oct 1 1934
Incorporated into subject.
* May 1 1996
Absorbed Suzuki Corp.
* Dec 15 1970
Yamada Inc. acquired a controlling interest in subject.
PRINCIPALS
(7/07)
Yamada; Ichiro President
Ishida; Tadashi Man.Dir.
Kobayashi; Kenji Man.Dir.
Hori; Satoshi Director
Yoshida; Shigeo Director
Kumada; Yoshio Director
Shibamoto; Masao Director
Tanaka; Seiji Director
Hashimoto; Ryutaro Auditor
PRIMARY EXECUTIVES
(7/07)
ICHIRO YAMADA, President, born in 1929, married, graduated from University of
Tokyo (Commerce) in 1952.
Business Background :
1952-1965 DDD K.K.
1965 Started with subject.
1977 Appointed Director
1984 Appointed Man.Dir.
1986 Appointed Sr.Man.Dir.
1997 Appointed President
OPERATIONS
(7/07)
TRADING STYLE : YAMAC
Line of Products/Services
Manufacturing inorganic pigments such as 44.0%
zinc pigments, chorome pogments and antimony oxide
Manufacturing waterproof paints 34.0%
Manufacturing aluminum chloride 14.0%
Manufacturing industrial alcohols 5.0%
Manufacturing benzene 2.5%
Manufacturing raw plutonium 0.5%
TERRITORY
Local 90.0%
International 10.0%
Exporting to UNITED STATES 30.0%
CHINA 5.0%
KOREA, REPUBLIC OF 5.0%
OTHERS 60.0%
CUSTOMER TYPES
manufacturers 40.0%
trading firms 30.0%
others 30.0%
Total number of customers : 1000
MAJOR CUSTOMERS
Tokyo Waterworks Co. Ltd. (12.0%)
ABC Chemical Co. Ltd. (5.0%)
PURCHASING : Local and Overseas.
Local Suppliers 85.0%
Overseas Suppliers 15.0%
Importing from UNITED STATES 50.0%
GERMANY 30.0%
UNITED KINGDOM 10.0%
OTHERS 10.0%
Total Number of Accounts : 100
MAJOR SUPPLIERS
ABC Co. Ltd.
Minato-ku, Tokyo
DEF Japan Corp.
Toyonaka, Osaka
GHI Inc.
Germany
(10.0%)
JKL Corp.
(15.0%)
PURCHASING AND SELLING TERMS
Domestic Purchasing Terms :
O/A 30.0% 30 - 60 DAYS
PROMISSORY NOTES 70.0% 120 - 150 DAYS
International Purchasing Terms :
L/C 50.0%
D/P 30.0%
Others 20.0%
Domestic Selling Terms :
O/A 40.0% 30 - 120 DAYS
PROMISSORY NOTES 60.0% 120 - 150 DAYS
International Selling Terms :
T/T 60.0% 30 - 60 DAYS
D/A 20.0%
D/P 20.0%
NUMBER OF EMPLOYEES : 350 (Non-Consolidated)
(100 Here)
(20 Part-time)
LOCATION
(7/07)
Location area type: A prime commercial area
Ownership of premises: Rents
PLANT
1-2-3, Hitotsubashi
Minato-ku
TOKYO
TEL: 03-37405400
BRANCH
4-5-6, Kawaramachi, Chuo-ku
Osaka
OSAKA
TEL: 06-3334444
2-5-3, Shibaura
Minato-ku
TOKYO
TEL: 03-33215678
OFFICE
Berlin
GERMANY
PARENT
(7/07)
Ultimate Parent Name: Yamada Corp.
Ultimate Parent Address:
2-1-18, Yamatocho
Itabashi-ku
TOKYO 173
JAPAN
TEL: 03-39628111
Owns 51.0% of subject's immediate parent.
Parent Name: Yamada Inc.
Parent Address:
1-1-6, Kyobashi
Chuo-ku
TOKYO 104-0001
JAPAN
TEL: 03-32732451
Owns 51.3% of subject.
SUBSIDIARY COMPANIES
(7/07)
Consolidated Non-Consolidated
Subsidiary/Affiliate
------------ ----------------
Domestic 0 2
Overseas 0 2
------------ ----------------
Total 0 4
Total Subsidiaries: 4
MAJOR SUBSIDIARIES
Suzuki Corp.
2-13-5, Aoyama
Minato-ku
TOKYO
JAPAN
(non-consolidated)
100.0% owned by subject.
DEF Japan Corp.
Toyonaka
Osaka
OSAKA
JAPAN
(non-consolidated)
100.0% owned by subject.
ABC GmbH
Berlin
GERMANY
(non-consolidated)
100.0% owned by subject.
DEF (USA) Corp.
New York
UNITED STATES
(non-consolidated)
80.0% owned by subject.
AFFILIATED COMPANIES
(7/07)
Domestic 1
Overseas 1
---------------------------
Total 2
MAJOR AFFILIATES
Ikeda Corp.
2-15-3, Meito-ku
Nagoya
AICHI
JAPAN
Owns 11.0% of subject.
Yamada France S.A.
Paris
FRANCE
40.0% owned by subject.
(45- / 25/7/07)
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