MIRA INFORM REPORT

 

 

Report Date :           

07.06.2011

 

IDENTIFICATION DETAILS

 

Name :

YAMANO MUSIC CO LTD

 

 

Registered Office :

4-5-6 Ginza Chuoku Tokyo 104-0061

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

December 1926

 

 

Com. Reg. No.:

(Tokyo-Chuoku) 059219

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Imports, wholesale, retail of musical instruments; operation of music classes

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

Yen 420.0 Million

Status :

Moderate

Payment Behaviour :

Regular

Litigation :

Clear

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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

 

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          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, Chiba, Saitama, Kanagawa, Osaka, Hiroshima, Fukuoka, other　(Tot 34)

 

 

Music Classes

 

Tokyo (13), Hiroshima, other (Tot (--Piano/electronic organ classes)

 

 

OFFICER(S)  

 

Masamitsu Yamano, ch              MASAHIKO YAMANO, PRES

Susumu Ikeda, v pres                 Kikutoshi Andoh, s/mgn dir                                            

Takashi Nonomura, dir                Masataka Hayakawa, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES                    FAIR                             A/SALES          Yen 23,000 M

PAYMENTS                  REGULAR                     CAPITAL           Yen 200 M

TREND             SLOW                          WORTH            Yen 3,618 M

STARTED                     1926                             EMPLOYES      320

 

 

COMMENT    

 

IMPORTER, WHOLESALER AND RETAILER OF MUSICAL INSTRUMENTS. 

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY  BUSINESS ENGAGEMENTS.

 

MAX CREDIT LIMIT: YEN 420.0 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 34 retail shops, including in-shop stores in department stores, nationwide.   Goods are also widely retailed online.  Also operates a total 26 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

 

Financials are only partially disclosed as is the case with family-based companies.

 

The sales volume for Mar/2010 fiscal term amounted to Yen 23,000 million, an 8% down from Yen 25,000 million in the previous term.  Consumer spending was sluggish.  Closed down some of its music classes.  The net profit is believed (or estimated) posted at Yen 160 million, compared with Yen 180 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 2011 the net profit was projected at Yen 170 million, on a 4% rise in turnover, to Yen 24,000 million.  Final results are yet to be released.

           

The financial situation is considered FAIR and good for ORDINARY business engagements.            Max credit limit is estimated at Yen 420.0 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:　       Dec 1926

Regd No.:                       (Tokyo-Chuoku) 059219

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 34 retail shops and 26 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 Marketing, Victor

Entertainment, Universal Music, 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)

 

Terms Ending:

　

31/03/2011

31/03/2010

31/03/2009

31/03/2008

Annual Sales

　

24,000

23,000

25,000

26,500

Recur. Profit

　

　

　

　

　

Net Profit

　

170

160

180

200

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

3,618

3,506

3,380

Capital, Paid-Up

　

　

200

200

200

Div.P.Share(¥)

　

　

　

　

　

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

4.35

-8.00

-5.66

0.00

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

..

..

..

    N.Profit/Sales

0.71

0.70

0.72

0.75

 

Notes: Financials are only partially disclosed.  Net worth is estimated by us only.

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

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.72

UK Pound

1

Rs.73.46

Euro

1

Rs.65.47

 

 

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

----

NB

New Business

----

 

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.