MIRA INFORM REPORT

 

 

Report Date :           

23.02.2012

 

IDENTIFICATION DETAILS

 

Name :

GS YUASA CORPORATION

 

 

Registered Office :

1 Inobanbacho Nishinosho Minamiku Kyoto 601-8520

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

April 2004

 

 

Com. Reg. No.:

1300-01-025374 (Kyoto-Minamiku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer  of automotive batteries, industrial batteries

 

 

No. of Employees :

12574

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

Yen 8,521.9 Million

 

 

Status :

Good

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

 

GS YUASA CORPORATION

(The inquired GS Yuasa International Corp was absorbed by the Subject in Apr 2011)

 

 

REGD NAME

 

GS Yuasa Corporation KK

 

 

MAIN OFFICE

 

1 Inobanbacho Nishinosho Minamiku Kyoto 601-8520 JAPAN

Tel: 075-312-1211     -

 

URL:                             http://www.gs-yuasa.com

E-Mail address:            (thru the URL)

 

 

ACTIVITIES

 

Mfg of automotive batteries, industrial batteries

 

 

BRANCHES

 

Tokyo

 

 

FACTORIES

 

(subsidiaries)

 

 

CHIEF EXEC

 

MAKOTO YODA, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES                    FAIR                 　A/SALES       Yen 272,514 M

PAYMENTS                  REGULAR         　CAPITAL        Yen 33,021 M

TREND             UP                    　WORTH         Yen 122,310 M

STARTED                     2004                 　EMPLOYES   12,574

 

 

COMMENT    

 

MFR OF AUTOMOTIVE BATTERIES 

 

FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 8,521.9 MILLION, 30 DAYS NORMAL TERMS

 

                        Forecast figures for the 31/03/2012 fiscal term.

 

 

HIGHLIGHTS

 

This the holding company set up thru consolidation of Yuasa Corp and Japan Storage Battery in Apr 2004.  Top-ranked mfr of automotive-use lead-based storage batteries in Japan, and 3rd-ranked in the world.  Placing more emphasis on lithium-ion battery business.  Also engaged in production of lighting equipment.  In the road lighting business, the firm intends to shift away from sodium lamps, and emphasizes LED lighting equipment thru tie-up with sharp Corp.  It will start full-scale operation at its plant for secondary batteries for Honda’s hybrid cars in the second half of Mar 2012 term behind the schedule   In Apr 2011 absorbed GS Yuasa International Ltd, the firm’s international business unit, to streamline operations.

 

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2011 fiscal term amounted to Yen 272,514 million, a 10.2% up from Yen 247,224 million in the previous term.  Demand for automotive batteries increased, led by the increased automobile production.  By Divisions, Domestic Automotive Batteries up to Yen 60,305 million; Domestic Industrial Batteries up to Yen 8,436 million; Overseas Sales up to Yen 119,776 million, as exports to China and other S/E Asian markets increased.  The recurring profit was posted at Yen 17,513 million and the net profit at Yen 11,722 million, respectively, compared with Yen 10,171 million recurring profit and Yen 6,487 million net profit, respectively, a year ago. 

 

(Apr/Dec/2011 results): Sales Yen 205,253 million (up 4.0%), operating profit Yen 8,927 million (down 25.3%), recurring profit Yen 10,002 million (down 18.0%), net profit Yen 5,727 million (down 28.8%).  (% as compared with the corresponding period a year ago).

 

For the current term ending Mar 2012 the recurring profit is projected at Yen 18,000 million and the net profit at Yen 12,000 million, on a 10.1% rise in turnover, to Yen 300,000 million.  Demand for automotive-use lead batteries is increasing.  In the overseas market, industrial power source units for mobile phone base stations are growing.  But profit margin is eroded by rise in material lead prices.  The firm will triple lithium ion battery supply to Honda Motor in fall 2012.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 8,521.9 million, on 30 days normal terms.

 

 

REGISTRATION

           

Date Registered:　Apr 2004

Regd No.:         1300-01-025374 (Kyoto-Minamiku)

Legal Status:      Limited Company (Kabushiki Kaisha

Authorized:       1,400 million shares

Issued:                413,574,714 shares

Sum:                   Yen 33,021 million

 

Major shareholders (%): Master Trust Bank of Japan T (4.5), Japan Trustee Services T (3.4), Meiji Yasuda Life Ins (3.3), Nippon Life Ins (3.2), Toyota Motor (2.7), MUFG (2.2), Bank of Kyoto (1.8), SMBC (1.7), Chuo Mitsui Trust (1.4), Tokio Marine & Nichido Fire Ins (1.3); foreign owners (12.3)

 

No. of shareholders: 52,021

 

Listed on the S/Exchange (s) of: Tokyo

 

Managements: Makoto Yoda, pres; Katsuyuki Ono, s/mgn dir; Koichi Shiina, s/mgn dir; Hideyuki Maeno, mgn dir; Noboru Kitamura, mgn dir; Nobuyuki Ueoka, mgn dir; Hideaki Yoshimura, mgn dir

 

Nothing detrimental is known as to the commercial morality of executives.

 

Related companies: GS Yuasa, GS Yuasa Battery, other.

 

 

OPERATION

           

Activities: Manufactures batteries: motorcycle & automotive batteries, chargers for motorcycles & automotive batteries, lead-acid stationary batteries, traction batteries, power supply systems, lighting equipment, ultra-violet systems, other electric equipment (--100%)

 

(Sales Breakdown by Divisions): Domestic automotive batteries (22%), domestic industrial batteries & power source units (24%), overseas batteries & power source units (43%), others (11%).

Overseas Sales (43.1%): Asia (20.1%), Europe (15.3%), others (7.7%)

 

Clients: [Mfrs, wholesalers] GS Yuasa, GS Yuasa Battery, GS Yuasa Technology, other

            No. of accounts: 500

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Canon Machinery, Fujitsu Telecom Networks, Mitsubishi Aluminium, Mitsubishi Shoji Machinecs, other

 

Payment record: Regular

 

Location: Business area in Kyoto.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

MUFG (Kyoto-Chuo)

SMBC (Osaka)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2011

31/03/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

272,514

247,224

 

  Cost of Sales

206,888

187,537

 

      GROSS PROFIT

65,625

59,687

 

  Selling & Adm Costs

48,036

48,165

 

      OPERATING PROFIT

17,589

11,521

 

  Non-Operating P/L

-76

-1,350

 

      RECURRING PROFIT

17,513

10,171

　

      NET PROFIT

11,722

6,487

BALANCE SHEET

 

 

 

 

  Cash

　

11,230

14,542

 

  Receivables

 

54,730

54,483

 

  Inventory

 

37,961

35,729

 

  Securities, Marketable

12,809

10,205

 

  Other Current Assets

11,405

13,951

 

      TOTAL CURRENT ASSETS

128,135

128,910

 

  Property & Equipment

80,397

72,187

 

  Intangibles

 

1,439

1,517

 

  Investments, Other Fixed Assets

37,475

34,190

 

      TOTAL ASSETS

247,446

236,804

 

  Payables

 

27,540

23,596

 

  Short-Term Bank Loans

15,621

22,616

 

　

 

　

　

 

  Other Current Liabs

26,857

29,827

 

      TOTAL CURRENT LIABS

70,018

76,039

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

32,667

32,688

 

  Reserve for Retirement Allw

8,117

6,747

 

  Other Debts

　

14,334

9,470

 

      TOTAL LIABILITIES

125,136

124,944

 

      MINORITY INTERESTS

 

 

 

Common stock

33,021

33,021

 

Additional paid-in capital

54,880

54,880

 

Retained earnings

24,086

14,634

 

Evaluation p/l on investments/securities

4,810

4,830

 

Others

 

5,820

4,781

 

Treasury stock, at cost

(307)

(286)

 

      TOTAL S/HOLDERS` EQUITY

122,310

111,860

　

      TOTAL EQUITIES

247,446

236,804

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2011

31/03/2010

 

Cash Flows from Operating Activities

　

25,478

22,827

 

Cash Flows from Investment Activities

-25,444

-13,066

 

Cash Flows from Financing Activities

8

284

　

Cash, Bank Deposits at the Term End

　

24,030

24,722

ANALYTICAL RATIOS            Terms ending:

31/03/2011

31/03/2010

 

 

Net Worth (S/Holders' Equity)

122,310

111,860

 

 

Current Ratio (%)

183.00

169.53

 

 

Net Worth Ratio (%)

49.43

47.24

 

 

Recurring Profit Ratio (%)

6.43

4.11

 

 

Net Profit Ratio (%)

4.30

2.62

 

 

Return On Equity (%)

9.58

5.80

 

 

           


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.25

UK Pound

1

Rs.76.75

Euro

1

Rs.65.16

 

 

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.