MIRA INFORM REPORT

 

 

Report Date :

07.07.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

YAMAHA MOTOR ELECTRONICS CO LTD

 

 

Registered Office :

1450-6 Mori Morimachi Shuchigun Shizuoka-Pref 437-0292

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

November 1973

 

 

Com. Reg. No.:

0804-01-017496 (shizuoka-Shuchigun)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of electric components for motorcycles, other vehicles

 

 

No. of Employees :

641

 

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 :

Good

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, 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

 

YAMAHA MOTOR ELECTRONICS CO LTD

 

 

REGD NAME

 

Yamaha Motor Electronics KK

 

 

MAIN OFFICE

 

1450-6 Mori Morimachi Shuchigun Shizuoka-Pref 437-0292 JAPAN

Tel: 0538-85-0211      Fax: 0538-85-0591

 

URL:                 http://www.yamaha-motor-elect.co.jp

E-Mail address:            (thru the URL)

 

 

ACTIVITIES  

 

Mfg of electric components for motorcycles, other vehicles

 

 

BRANCHES

 

Nil

 

 

OVERSEAS

 

Indonesia, Taiwan, Vietnam, Thailand, China, Brazil

 

 

FACTORIES

 

At the caption address (5 plants), Osaka

 

OFFICERS

 

TATSUYA WATANBE, PRES     Masato Suzuki, ch

Katsuaki Watanabe, dir              Takuji Yonetani, dir

Kazuma Yamamoto, dir              Norio Hayashi, dir                     

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                 A/SALES          Yen 18,614 M

PAYMENTS REGULAR  CAPITAL           Yen 272 M

TREND UP                    WORTH            Yen 4,427 M

STARTED         1973                 EMPLOYES      641

 

 

COMMENT

 

MFR OF ELECTRIC COMPONENTS FOR MOTORCYCLES, OTHER,  WHOLLY OWNED BY YAMAHA MOTOR CO.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

           

HIGHLIGHTS

           

The subject company was established on the basis of a division separated from Yamaha Motor Co Ltd (See REGISTRATION).  This is a specialized mfr of electric components for motorcycles, snowboards, golf carts, other (See OPERATION).  Clients include major car makers nationwide.

 

 

FINANCIAL INFORMATION

           

The sales volume for Dec/2011 fiscal term amounted to Yen 18,614 million, a 2% up from Yen 18,216 million in the previous term.  The recurring profit was posted at Yen 1,568 million and the net profit at Yen 1,329 million, respectively, compared with Yen 3,124 million recurring profit and Yen 2,368 million net profit, respectively, a year ago.

 

For the current term ending Dec 2012 the recurring profit is projected at Yen 1,600 million and the net profit at Yen 1,400 million, respectively, on a 7% rise in turnover, to Yen 20,000 million.   Motorcycle sales will grow strongly, backed by post-Thailand flood recovery.  Sales of outboard motors and mounters will perform well.

 

Financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

 

REGISTRATION

 

Date Registered:  Nov 1973

Regd No.:         0804-01-017496 (shizuoka-Shuchigun)

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         1.1 million shares

Issued:    291,000 shares

Sum:                   Yen 272 million

Major shareholders (%): Yamaha Motor Co* (97.2), YMAP (2.8)

No. of shareholders: 2

 

*.. Yamaha Motor Co Ltd, Shizuoka, founded 1955, listed Tokyo S/E, capital Yen 85,666 Million, sales Yen 1,276,159 million, operating profit Yen 53,405 million, recurring profit Yen 63,495 million, net profit Yen 26,960 million, total assets Yen 900,420 million, net worth Yen 309,914 million, employees 54,677, pres Hiroyuki Yanagi

 

Consolidated Financials are attached (See SUPPLEMENTS)

 

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

 

 

OPERATION

           

Activities: Manufactures electric components for: motorcycles, snowboards, golf carts, outboard motors, multi-purpose engines, others (--100%).

 

(Mfg items): Flywheel magnet generator, igniter unit, ignition coil, starting motor, anti-theft device, digital meter, geared motor, others

 

Clients: [Car makers, wholesalers] Yamaha Motor Co, Yamaha Motor Power Products, Toyota Auto Body Co, Honda Motor Co, Kubota Corp, Aisin AW Co, other

Exports to: KTM (Austria),Triumph (UK), Piaggio (Italy), other

            No. of accounts: 800

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Sanyo Electric, Toshiba Device, FDK, Asahi Denso Co, Amagata Sangyo Co, other

 

Payment record: Regular

 

Location: Business area in Shuchigun, Shizuoka-Pref.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

Mizuho Corporate Bank (Hamamatsu)

Shizuoka Bank (Morimachi)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/12/2012

31/12/2011

31/12/2010

31/12/2009

Annual Sales

　

20,000

18,614

18,216

15,660

Recur. Profit

　

1,600

1,568

3,124

952

Net Profit

　

1,400

1,329

2,368

799

Total Assets

　

　

8,933

8,188

8,270

Current Assets

　

　

4,828

3,906

3,814

Current Liabs

　

　

4,501

4,597

5,198

Net Worth

　

　

4,427

3,588

3,070

Capital, Paid-Up

　

　

272

272

272

Div.P.Share(¥)

　

　

　

　

　

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

7.45

2.18

16.32

-22.25

    Current Ratio

 

..

107.27

84.97

73.37

    N.Worth Ratio

..

49.56

43.82

37.12

    R.Profit/Sales

 

8.00

8.42

17.15

6.08

    N.Profit/Sales

7.00

7.14

13.00

5.10

    Return On Equity

..

30.02

66.00

26.03

 

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

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, YAMAHA MOTOR CO LTD

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/12/2011

31/12/2010

INCOME STATEMENT

 

 

 

  Annual Sales

　

1,276,159

1,294,131

 

  Cost of Sales

1,000,113

998,565

 

      GROSS PROFIT

276,046

295,565

 

  Selling & Adm Costs

222,640

244,256

 

      OPERATING PROFIT

53,405

51,308

 

  Non-Operating P/L

10,090

14,834

 

      RECURRING PROFIT

63,495

66,142

　

      NET PROFIT

26,960

18,300

BALANCE SHEET

 

 

 

 

  Cash

　

133,707

205,362

 

  Receivables

 

166,531

183,711

 

  Inventory

 

213,558

213,634

 

  Securities, Marketable

　

　

 

  Other Current Assets

　

　

 

      TOTAL CURRENT ASSETS

561,205

639,028

 

  Property & Equipment

248,430

250,320

 

  Intangibles

 

3,469

4,247

 

  Investments, Other Fixed Assets

　

　

 

      TOTAL ASSETS

900,420

978,343

 

  Payables

 

121,974

125,809

 

  Short-Term Bank Loans

42,919

35,455

 

　

 

　

　

 

  Other Current Liabs

　

　

 

      TOTAL CURRENT LIABS

366,415

365,131

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

162,403

229,410

 

  Reserve for Retirement Allw

39,611

35,423

 

  Other Debts

　

　

　

 

      TOTAL LIABILITIES

590,505

667,533

 

      MINORITY INTERESTS

 

 

 

Common stock

85,666

85,666

 

Additional paid-in capital

74,582

98,147

 

Retained earnings

249,478

199,190

 

Evaluation p/l on investments/securities

(1,470)

2,719

 

Others

 

　

　

 

Treasury stock, at cost

(683)

(681)

 

      TOTAL S/HOLDERS` EQUITY

309,914

310,809

　

      TOTAL EQUITIES

900,420

978,343

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/12/2011

31/12/2010

 

Cash Flows from Operating Activities

　

33,328

104,531

 

Cash Flows from Investment Activities

-46,517

-37,632

 

Cash Flows from Financing Activities

-51,927

5,296

　

Cash, Bank Deposits at the Term End

　

133,593

203,878

ANALYTICAL RATIOS            Terms ending:

31/12/2011

31/12/2010

 

 

Net Worth (S/Holders' Equity)

309,914

310,809

 

 

Current Ratio (%)

153.16

175.01

 

 

Net Worth Ratio (%)

34.42

31.77

 

 

Recurring Profit Ratio (%)

4.98

5.11

 

 

Net Profit Ratio (%)

2.11

1.41

 

 

Return On Equity (%)

8.70

5.89

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.42

UK Pound

1

Rs.86.04

Euro

1

Rs.68.61

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.