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Report Date : |
18.12.2012 |
IDENTIFICATION DETAILS
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Name : |
YAMANO MUSIC CO LTD |
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Registered Office : |
4-5-6 Ginza Chuoku Tokyo 104-0061 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
December 1926 |
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Com. Reg. No.: |
(Tokyo-Chuoku)
059219 |
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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 |
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No. of Employees : |
320 employees |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a
strong work ethic, mastery of high technology, and a comparatively small
defense allocation (1% of GDP) helped Japan develop a technologically advanced
economy. Two notable characteristics of the post-war economy were the close
interlocking structures of manufacturers, suppliers, and distributors, known as
keiretsu, and the guarantee of lifetime employment for a substantial portion of
the urban labor force. Both features are now eroding under the dual pressures
of global competition and domestic demographic change. Japan's industrial
sector is heavily dependent on imported raw materials and fuels. A tiny
agricultural sector is highly subsidized and protected, with crop yields among
the highest in the world. Usually self-sufficient in rice, Japan imports about
60% of its food on a caloric basis. Japan maintains one of the world's largest
fishing fleets and accounts for nearly 15% of the global catch. For three decades,
overall real economic growth had been spectacular - a 10% average in the 1960s,
a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed
markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s
that required a protracted period of time for firms to reduce excess debt,
capital, and labor. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2011 stood as the fourth-largest
economy in the world after second-place China, which surpassed Japan in 2001,
and third-place India, which edged out Japan in 2011. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan further into recession. Government stimulus spending helped the economy
recover in late 2009 and 2010, but the economy contracted again in 2011 as the
massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity
supplies remain tight because Japan has temporarily shut down almost all of its
nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled
by the earthquake and resulting tsunami. Estimates of the direct costs of the
damage - rebuilding homes, factories, and infrastructure - range from $235
billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister
Yoshihiko NODA has proposed opening the agricultural and services sectors to
greater foreign competition and boosting exports through membership in the
US-led Trans-Pacific Partnership trade talks and by pursuing free-trade
agreements with the EU and others, but debate continues on restructuring the
economy and reining in Japan's huge government debt, which exceeds 200% of GDP.
Persistent deflation, reliance on exports to drive growth, and an aging and
shrinking population are other major long-term challenges for the economy.
|
Source : CIA |
YAMANO MUSIC CO LTD
KK Yamano Gakki
(Gakki means musical instruments)
4-5-6 Ginza Chuoku
Tokyo 104-0061 JAPAN
Tel: 03-3562-5051 Fax: 03-3862-8686
* The is its accounting/operation divisions
URL: http://www.yamano-music.co.jp/
E-Mail address: info@yamano-music.co.jp
Imports,
wholesale, retail of musical instruments; operation of music classes
Tokyo,
Chiba, Saitama, Kanagawa, Osaka, Hiroshima, Fukuoka, other (Tot
35)
Tokyo
(12), Hiroshima, other (Tot 20 (--Piano/electronic organ classes)
MASAHIKO
YAMANO, PRES Susumu Ikeda, v pres
Kikutoshi Andoh, s/mgn dir Takashi Nonomura, dir
Masataka Hayasaka, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 21,000 M
PAYMENTS No
Complaints CAPITAL Yen
200 M
TREND SLOW WORTH Yen
3,814 M
STARTED 1926 EMPLOYES 320
IMPORTER,
WHOLESALER AND RETAILER OF MUSICAL INSTRUMENTS.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
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 35 retail shops, including in-shop stores in department stores, nationwide. Goods are also widely retailed online. Also operates a total 20 music classes/saloons centrally in Tokyo. The given address is its international trading & administration divisions. The firm is essentially owned by the Yamano family.
Financials are only partially disclosed as is the case with family-based companies.
The sales volume for Mar/2012 fiscal term amounted to Yen 21,000 million, a 5% down from Yen 22,000 million in the previous term. Consumer spending was sluggish. Closed down 6 music classes during the term. The net profit is believed (or estimated) posted at Yen 130 million, compared with Yen 150 million a year ago. These figures are only estimated as the firm stopped disclosing net profits as from Mar/2006 fiscal term.
For the current term ending Mar 2013 the net profit is projected at Yen 120 million, on a similar turnover, at Yen 21,000 million.
The financial situation is considered FAIR and good for ORDINARY business engagements.
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.
Activities: Imports,
wholesales and retails (including online shops) musical instruments and accessories;
operates piano & electronic organ classes (--100%).
Operates a total 35 retail shops and 20 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
Wholesaling clients: Mitsukoshi Isetan Department Store, Takashimaya, Sogo Department Store, Aeon Retail Co, Seibu Department Store, Odakyu Department Store, Parco Co, other
No. of accounts: 500 (wholesale div)
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, EMI Music Japan, other.
Payment record: No Complaints
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
(In Million Yen)
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31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
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Annual
Sales |
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21,000 |
21,000 |
22,000 |
23,000 |
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Recur.
Profit |
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Net
Profit |
|
120 |
130 |
150 |
160 |
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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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3,814 |
3,723 |
3,618 |
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Capital,
Paid-Up |
|
|
200 |
200 |
200 |
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Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
0.00 |
-4.55 |
-4.35 |
-8.00 |
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Current Ratio |
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|
.. |
.. |
.. |
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N.Worth Ratio |
|
.. |
.. |
.. |
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N.Profit/Sales |
0.57 |
0.62 |
0.68 |
0.70 |
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Notes:
Financials are not disclosed from Mar/2009 fiscal term. The figures are all estimated by us only.
Forecast
(or estimated) figures for the 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
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UK Pound |
1 |
Rs.88.40 |
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Euro |
1 |
Rs.71.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
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 |
|
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.