MIRA INFORM REPORT

 

 

Report Date :

04.07.2012

 

IDENTIFICATION DETAILS

 

Name :

THE YOKOHAMA RUBBER MB JAPAN CORPORATION

 

 

Registered Office :

KDX Nishi-Gotanda Bldg, 7-20-9 Nishigotanda Shinagawaku Tokyo 141-0031

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

December 1965

 

 

Com. Reg. No.:

0107-01-019450 (Tokyo-Shinagawaku)

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Import, export, wholesale of industrial rubber products

 

 

No. of Employees :

540

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 and address

 

THE YOKOHAMA RUBBER MB JAPAN CORPORATION

REGD NAME:    Yokohama Gomu MB Japan KK

MAIN OFFICE:  KDX Nishi-Gotanda Bldg, 7-20-9 Nishigotanda Shinagawaku Tokyo 141-0031

JAPAN

Tel: 03-5719-7331          Fax: 03-3779-7503

 

URL:                 http://www.yrc.co.jp/mb

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Import, export, wholesale of industrial rubber products

 

BRANCHES   

 

Sapporo, Sendai, Nagoya, Osaka, Hiroshima, Fukuoka

 

 

OFFICERS

 

TETSUYA SANO, PRES            Kazuya Nakazawa, v pres

Masashi Iida, s/mgn dir              Kenji Kamiyoshi, dir

Tatsushi Kobayashi, dir              Kazuyuki Mineo, dir                  

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 49,286 M

PAYMENTS      NO COMPLAINTS          CAPITAL           Yen 167 M

TREND UP                                WORTH            Yen 7,286 M

STARTED         1965                             EMPLOYES      540

 

 

COMMENT

 

TRADING FIRM, OWNED BY YOKOHAMA RUBBER CO LTD.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

                       

HIGHLIGHTS

           

            The subject company was established on the basis of a division separated from Yokohama Rubber Co Ltd (See REGISTRATION).  This is a trading firm specializing in import, export and wholesale of industrial rubber products, such as industrial rubber belts, hoses, other, for use in various industries.  75% of the goods are supplied from the parent, Yokohama Rubber Co.  Clients include steel mills, auto makers, chemical industries, other, nationwide

 

 

FINANCIAL INFORMATION

           

            The sales volume for Dec/2011 fiscal term amounted to Yen 49,286 million, a 191% up from Yen 16,894 million for irregular 9 months in the previous term (growth rate is adjusted on a 12-month basis).  This is the result of a group merger to streamline group operations.  The recurring profit was posted at Yen 905 million and the net profit at Yen 205 million, respectively, compared with Yen 195 million recurring profit and Yen 85 million net profit, respectively, a year ago.

 

            For the current term ending Dec 2012 the recurring profit is projected at Yen 910 million and the net profit at Yen 210 million, respectively, on a 3% rise in turnover, to Yen 51,000 million.   Business is seen steadily expanding. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:  Dec 1965

Regd No.:         0107-01-019450 (Tokyo-Shinagawaku)

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         327,000 shares

Issued:                327,000 shares

Sum:                   Yen 167.5 million

Major shareholders (%): Yokohama Rubber Co Ltd* (100)

 

*.. Third largest tire mfr, Tokyo, founded 1917, listed Tokyo S/E, capital Yen 38,909 million, sales Yen 465,135 million, operating profits Yen 26,290 million, recurring profit Yen 20,717 million, net profit Yen 11,618 million, total assets Yen 601,786 million, net worth Yen 168,286 million, employees 19,272, pres Hikomitsu Noji

Consolidated Financials are attached (See SUPPLEMENTS)

 

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

OPERATION

           

Activities: Trading firm for import, export and wholesale of industrial rubber products (rubber belts, conveyer belts, hoses, other) for use in: construction, civil engineering (bridges, roads, other), transportation, ships, tanks (tank seal), chemical Ind, other (--100%)

 

Clients: [Mfrs, wholesalers] Kaken Material, Noguchi Kosan Co, Kyoritsu Chemical & Co, JFE Shoji Trading, JFE Steel, Taiheiyo Cement, Mazda Motor, other 

No. of accounts: 500

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] Yokohama Rubber Co (75%), Yokohama Rubber Surfacing Co, AICA Kogyo Co, Fuji Koatsu Co, Kurashiki Kako Co, other

 

Payment record: No Complaints

 

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

 

Bank References:

Mizuho Corporate Bank (Uchisaiwaicho)

Mizuho Bank (Shimbashi)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/12/2012

31/12/2011

31/12/2010

31/03/2010

Annual Sales

　

51,000

49,286

16,894

10,164

Recur. Profit

　

910

905

195

　

Net Profit

　

210

209

85

86

Total Assets

　

　

26,708

23,787

5,949

Current Assets

　

　

24,859

21,956

　

Current Liabs

　

　

17,801

15,346

　

Net Worth

　

　

7,286

7,201

2,541

Capital, Paid-Up

　

　

167

167

167

Div.Ttl in million(¥)

　

　

119

55

55

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

3.48

118.80

66.21

-15.55

    Current Ratio

 

..

139.65

143.07

..

    N.Worth Ratio

..

27.28

30.27

42.71

    R.Profit/Sales

 

1.78

1.84

1.15

..

    N.Profit/Sales

0.41

0.42

0.50

0.85

    Return On Equity

..

2.87

1.18

3.38

 

Notes: Financials are only partially disclosed.  Accounting term was changed to Jan/Dec from the 31/12/2010 fiscal term.  Growth rates are adjusted on a 12-month basis.

Forecast (or estimated) figures for the 31/12/2012 fiscal term.

 

 

SUPPLEMTNTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, YOKOHAMA RUBBER CO LTD

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/12/2011

31/03/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

465,133

519,742

 

  Cost of Sales

327,271

359,209

 

      GROSS PROFIT

137,862

160,532

 

  Selling & Adm Costs

111,571

131,041

 

      OPERATING PROFIT

26,290

29,490

 

  Non-Operating P/L

-5,573

-6,134

 

      RECURRING PROFIT

20,717

23,356

　

      NET PROFIT

11,618

13,923

BALANCE SHEET

 

 

 

 

  Cash

　

21,750

28,161

 

  Receivables

 

142,131

111,701

 

  Inventory

 

66,800

68,434

 

  Securities, Marketable

　

　

 

  Other Current Assets

26,796

14,931

 

      TOTAL CURRENT ASSETS

257,477

223,227

 

  Property & Equipment

174,608

177,370

 

  Intangibles

 

1,588

1,528

 

  Investments, Other Fixed Assets

68,113

76,790

 

      TOTAL ASSETS

501,786

478,915

 

  Payables

 

86,961

79,610

 

  Short-Term Bank Loans

89,385

78,569

 

　

 

　

　

 

  Other Current Liabs

55,697

46,072

 

      TOTAL CURRENT LIABS

232,043

204,251

 

  Debentures

 

20,000

20,000

 

  Long-Term Bank Loans

43,612

45,204

 

  Reserve for Retirement Allw

18,402

16,280

 

  Other Debts

　

19,442

22,309

 

      TOTAL LIABILITIES

333,499

308,044

 

      MINORITY INTERESTS

 

 

 

Common stock

38,909

38,909

 

Additional paid-in capital

31,952

31,952

 

Retained earnings

117,016

108,083

 

Evaluation p/l on investments/securities

11,321

16,425

 

Others

 

(26,159)

(19,752)

 

Treasury stock, at cost

(4,753)

(4,746)

 

      TOTAL S/HOLDERS` EQUITY

168,286

170,871

　

      TOTAL EQUITIES

501,786

478,915

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/12/2011

31/12/2010

 

Cash Flows from Operating Activities

　

8,124

41,165

 

Cash Flows from Investment Activities

-26,655

-20,575

 

Cash Flows from Financing Activities

12,841

-7,340

　

Cash, Bank Deposits at the Term End

　

21,566

28,161

ANALYTICAL RATIOS            Terms ending:

31/12/2011

31/03/2011

 

 

Net Worth (S/Holders' Equity)

168,286

170,871

 

 

Current Ratio (%)

110.96

109.29

 

 

Net Worth Ratio (%)

33.54

35.68

 

 

Recurring Profit Ratio (%)

4.45

4.49

 

 

Net Profit Ratio (%)

2.50

2.68

 

 

Return On Equity (%)

6.90

8.15

 

Notes: Accounting term is changed to Jan/Dec from the 31/12/2011 fiscal term.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.81

UK Pound

1

Rs.86.04

Euro

1

Rs.69.06

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.