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Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
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Name : |
YAMATO SEWING MACHINE MFG CO LTD |
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Registered Office : |
4-4-12 Nishitenma Kitaku |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
December 1946 |
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Com. Reg. No.: |
(Osaka-Chuoku) 071421 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of industrial sewing machines |
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No. of Employees : |
115 |
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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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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
YAMATO SEWING MACHINE MFG CO LTD
REGD NAME: Yamato
Mishin Seizo KK
MAIN OFFICE: 4-4-12
Nishitenma Kitaku Osaka 530-0047 JAPAN
Tel: 06-6364-5621
Fax: 06-6364-7185
URL: http://www.yamato-sewing.com/
E-Mail address: osaka@yamato-sewing.com
Mfg of industrial
sewing machines
Tokyo
USA, Germany, Mexico, China (4), Hong Kong, Singapore (2), India (2), (--subsidiary sales offices) (see OPERATION)
Toyonaka (Osaka),
Shinoyama (Hyogo)
SHOGO KONDO, PRES
& CEO Kenji Yagami, v pres Akikure Osamu, s/mgn dir
Hidekazu
Matsukuchi, s/mgn dir Shiro
Yamada, mgn dir
Masayuki Nakaoka,
dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 6,441 M
PAYMENTS NO
COMPLAINTS CAPITAL Yen 363 M
TREND SLOW WORTH Yen
2,849 M
STARTED 1946 EMPLOYES 115
MFR OF INDUSTRIAL SEWING MACHINES.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
The subject
company was established originally in 1927 by Manjiro Kondo, on his account, in
order to make most of his experience when he was with Industrial Dept of Singer
Company (Japan Branch) and began importing industrial sewing machines from USA
& Europe. Incorporated in 1946, the
firm has been succeeded by his descendants.
Shogo Kondo is the 4th generation master, who took the pres
office in Jun 1995. This is a
specialized mfr of industrial sewing machines (see OPERATION for details).
Domestic distribution and marketing is conducted by Yamato Sales &
Service Co Ltd (subsidiary & sole distributorship in domestic
markets). (See OPERATION). Goods are also
imported and exported. About 60-70% of
sales are of overseas operations.
(Brief Historical
Facts)
May 1927: Manjiro Kondo founded, on his account, for import of
industrial sewing machines, and was incorporated in Dec 1946 by the founder;
(Distributor agreements concluded with): Apr 1964: AMF-REECE (USA);
May 1965: Complett (Italy)
Oct 1967: Opened USA office; Jan 1989 Hong Kong Office; Jul 1993
Singapore Office;
Jan 1990 Hamburg Office; Dec 2000 China Office to be followed.
The sales volume for Mar/2012 fiscal term amounted to Yen 6,441 million,
a 3% down from Yen 6,616 million in the previous term. Exports were hurt by the high Yen, reducing
earnings & profits in Yen terms. The
recurring profit was posted at Yen 88 million and the net profit at Yen 58
million, respectively, compared with Yen 132 million recurring profit and Yen
53 million net profit, respectively, a year ago.
For the current term ending Mar 2013 the
recurring profit is projected at Yen 90 million and the net profit at Yen 60
million, respectively, on a 3% rise in turnover, to Yen 6,600 million. Exports into China continue robust.
The financial situation is considered FAIR
and good for ORDINARY business engagements.
Date Registered: Dec
1946
Regd No.:
(Osaka-Chuoku) 071421
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 28 million shares
Issued: 7,268,000 shares
Sum: Yen 363.4 million
Major
shareholders (%): Shogo Kondo (6.9), Kondo Bldg*(6.8), Naoki Kondo (3.0), Shinji Kondo
(2.9), Tomiko Kondo (2.8)
* Real estate owner & manager, owned by
the Kondo family
No. of shareholders: 41
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures, imports and exports
industrial sewing machines (--100%).
(Products line-ups):
Overlock/Safety stitch machines, safety stitch
machines with top feed mechanism;
Cylinder bed overlock machines, cylinder bed overlock machines with top feed mechanism, equipped with: Self cleaning system, simple release presser foot, high speed with less oil, compact motor, compact spot light, floating foot, casting including lower knife holder, 2-needle clamps, soft chain;
Interlock/Double
Chain Stitch Machines: short cylinder bed interlock stitch machines,
cylinder bed interlock stitch machines, extra small cylinder bed interlock
stitch machines, flat bed interlock stitch machines, interlock stitch machines
with top feed mechanism, feed-off-the-arm flatseamer, multi needle double chain
stitch machines, looper in line of feed, multi needle double chain stitch
machines;
Chain
Stitch Machines; Blind Stitch Machines;
Automatic
Units: automatic serging unit, automatic blind hemmer, automatic lapel sewer,
automatic pocket facing setter, automatic open hemmer, “No Trim” sleeve hemmer,
automatic placket setter, automatic pocket welter.
(Overseas Sales Network):
Yamato USA Inc;
Yamato Europe GmbH (Germany); Yamato (Hong Kong) Co Ltd;
Yamato Singapore
Pte Ltd;
Yamato Sewing Machine (Ningbo) Co Ltd;
Yamato Sewing Machine Mfg Co Ltd (Qingdao Office); Yamato Sewing Machine Mfg Co
Ltd (Shanghai Office); Yamato (Hong Kong) Co
Ltd (Dongguan Office) (--China);
Yamato Mexico
Office (Mexico);
Yamato Singapore
Pte Ltd (India Liaison Office, Tirupur Main Branch); Yamato Singapore
Pte Ltd (India
Liaison Office, New Delhi Branch)
(Domestic Sales Network):
Yamato Sales & Service Co Ltd (subsidiary sales
distributorship)
Founded Nov/2001
at the caption address; pres Hiromi Ikawa
Branch: Tokyo,
Okayama
Area Customer
Service Centers: Miyazaki, Kumamoto, Fukuoka, Takamatsu, Nagoya,
Niigata, and
Sendai
Clients: [Mfrs,
wholesalers] Exports to China, India, Hong Kong, Singapore, USA, Europe,
Mexico, other.
Domestically distributed solely through:
Yamato Sales & Service Co Ltd (subsidiary & exclusive distributorship).
No. of accounts:
1,000 (downstream customers)
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Daikyo Kogyo (15%), Yamato Seiki (15%), Musashi Kogyo, Yamato
Chugoku (--subsidiary makers), Ishikawa Chuzosho (foundry), Tochidensha (sewing
machine parts mfr), Nissin Mfg, other.
Payment record: No Complaints
Location: Business area in
Osaka. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
MUFG (Tenroku)
Mizuho Bank
(Tenmabashi)
Relations:
Satisfactory
(In Million Yen)
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Terms Ending: |
31/03/2013 |
31/03/2012 |
31/03/2011 |
31/03/2010 |
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Annual
Sales |
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6,600 |
6,441 |
6,616 |
4,538 |
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Recur.
Profit |
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90 |
88 |
132 |
135 |
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Net
Profit |
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60 |
58 |
53 |
110 |
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Total
Assets |
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9,750 |
9,835 |
8,993 |
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Current
Assets |
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5,227 |
5,248 |
4,523 |
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Current
Liabs |
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2,134 |
2,233 |
1,978 |
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Net
Worth |
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2,849 |
2,792 |
2,738 |
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Capital,
Paid-Up |
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363 |
363 |
363 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.47 |
-2.65 |
45.79 |
-17.72 |
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Current Ratio |
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.. |
244.94 |
235.02 |
228.67 |
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N.Worth Ratio |
.. |
29.22 |
28.39 |
30.45 |
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R.Profit/Sales |
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1.36 |
1.37 |
2.00 |
2.97 |
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N.Profit/Sales |
0.91 |
0.90 |
0.80 |
2.42 |
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Return On Equity |
.. |
2.04 |
1.90 |
4.02 |
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Notes: Forecast
(or estimated) figures for 31/03/2013 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.63 |
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1 |
Rs.86.17 |
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Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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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 |
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-- |
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.