MIRA
INFORM REPORT
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Report Date : |
24.10.2008 |
IDENTIFICATION DETAILS
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Name : |
YAMANO MUSIC CO LTD |
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Registered Office : |
4-5-6 |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
December 1926 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Imports, Wholesale, Retail of Musical Instruments;
Operation of Music Classes |
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 472.5 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name & address
YAMANO MUSIC CO
LTD
REGD NAME: KK Yamano Gakki (Gakki means musical
instruments)
MAIN OFFICE: 4-5-6 Ginza Chuoku Tokyo 104-0061 JAPAN
Tel: 03-3562-5051
* The given address is its international trading division at: 2-1-4
Yanagibashi Taitoku Tokyo;
Tel: 03-3862-8151; Fax: 03-3862-8686
URL: http://www.yamano-music.co.jp/
E-Mail address: info@yamano-music.co.jp
ACTIVITIES
Imports, wholesale, retail of musical instruments; operation
of music classes
BRANCHES
Tokyo (13), Chiba (4), Saitama (8), Kanagawa (8), Osaka (3), Hiroshima (1), Fukuoka (2), Hokkaido (2)
Music Classes: Tokyo (13), Hiroshima, other (Tot 19) (--Piano/electronic organ classes)
OFFICER(S)
Masamitsu Yamano, ch
MASAHIKO YAMANO, PRES
Susumu Ikeda, v pres
Tohru Kanoh, s/mgn dir
Kikutoshi Andoh, mgn dir
Tsunekatsu Yumoto, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 26,500 M
PAYMENTS REGULAR CAPITAL Yen 200 M
TREND STEADY WORTH Yen 3,240 M
STARTED 1926 EMPLOYES 357
COMMENT
IMPORTER, WHOLESALER AND RETAILER OF MUSICAL INSTRUMENTS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 472.5 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established originally in 1892 by Seitaro Yamano for selling musical instruments, on his account. Incorporated in 1926, the firm has been succeeded by his descendants. Masahiko is the founder’s great grandson, who took the pres office in 2003. Imports, wholesales and retails musical instruments, CD’s, DVD’s, AV software, other accessories. Operates a total 29 retail shops, including in-shop stores in department stores, nationwide. Goods are also widely retailed online. Also operates a total 19 music classes/saloons centrally in Tokyo. The given address is its international trading & administration divisions. The firm is essentially owned by the Yamano family.
FINANCIAL INFORMATION
Being a family-based company, financials are only partially disclosed.
The sales volume for Mar/2007 fiscal term amounted to Yen 26,500 million, a slight rise from Yen 26,282 million in the previous term. Consumer spending was sluggish, though music classes enjoyed good sales. The net profit is believed (or estimated) posted at Yen 235 million, compared with Yen 230 million a year ago. These figures are only estimated as the firm stopped disclosing net profits as from Mar/2006 fiscal term.
For the term that ended Mar 2008 the net profit was projected at Yen 230 million, on a 2% rise in turnover, to Yen 27,000 million. No information is released and available in any of the date bases.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 472.5 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1926
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 16 million shares
Issued: 4 million shares
Sum: Yen 200 million
Major shareholders (%)
Masahiko Yamano (36), Masamitsu Yamano (17), Kimiko Yamano (12), Yamano Creates (7), Mari Yamano (4)
No. of shareholders: 85
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports, wholesales and retails (including online shops) musical instruments and accessories; operates piano & electronic organ classes (--100%).
Operates a total 29 retail shops and 19 music classes nationwide.
(Handling items): pianos, electronic organs, guitars, ukulele, digital keyboards, flute, clarinet, trumpet, horn, other including accessories, CD’s DVD’s AV software, other.
Clients
Consumers, retail stores, other
No. of accounts: Unavailable
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Gibson Musical Instruments, Fender Musical Instruments,
Yamaha Corp, Sony Music Distribution, Toshiba EMI, Pony Canyon, Avex Distribution, Victor Distribution, Prima Gakki Co, other.
Payment record: Regular
Location
Business area in Tokyo. Office premises at the caption address are owned and maintained satisfactorily.
Bank References
Mizuho Bank (Ginza)
MUFG (Ginza)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
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31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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27,000 |
26,500 |
26,282 |
26,147 |
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Recur.
Profit |
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Net
Profit |
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230 |
235 |
230 |
275 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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3,240 |
3,005 |
2,775 |
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Capital,
Paid-Up |
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200 |
200 |
200 |
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Div.P.Share(¥) |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.89 |
0.83 |
0.52 |
0.57 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
0.85 |
0.89 |
0.88 |
1.05 |
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Notes: Financials are only partially disclosed. Net worth is estimated by us only.
Forecast (or estimated) figures for the 31/03/2008 fiscal
term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.95 |
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UK Pound |
1 |
Rs.79.56 |
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Euro |
1 |
Rs.63.65 |
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%)