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Report Date : |
14.11.2013 |
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) : |
31.03.2013 |
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Date of Incorporation : |
Dec 1926 |
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Com. Reg. No.: |
(Tokyo-Chuoku) 059219 |
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Legal Form : |
Limited Company |
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Line of Business : |
Imports, wholesales and retails (including online shops)
musical instruments and accessories; operates piano & electronic organ
classes |
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No. of Employees : |
255 |
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 – March 31st,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
small agricultural sector is highly subsidized and protected, with crop yields
among the highest in the world. While self-sufficient in rice production, Japan
imports about 60% of its food on a caloric basis. 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.
Modest economic growth continued after 2000, but the economy has fallen into
recession three times since 2008. A sharp downturn in business investment and
global demand for Japan's exports in late 2008 pushed Japan 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 and the ensuing tsunami in March disrupted manufacturing. The
economy has largely recovered in the two years since the disaster, but
reconstruction in the Tohoku region has been uneven. Newly-elected Prime
Minister Shinzo ABE has declared the economy his government's top priority; he
has pledged to reconsider his predecessor's plan to permanently close nuclear
power plants and is pursuing an economic revitalization agenda of fiscal
stimulus and regulatory reform and has said he will press the Bank of Japan to
loosen monetary policy. Measured on a purchasing power parity (PPP) basis that
adjusts for price differences, Japan in 2012 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 2012. The new government will
continue a longstanding debate 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
REGD NAME: KK
Yamano Gakki (Gakki means musical instruments)
MAIN OFFICE: 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 34)
Music Classes: 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
18,250 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen
100 M
TREND SLOW WORTH Yen
3,925 M
STARTED 1926 EMPLOYES 255
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/2013 fiscal term amounted to Yen 18,250 million, a 1% down
from Yen 18,500 million in the previous term. Consumer spending was sluggish. Closed down 3 music classes during the
term. The net profit was posted at
Yen 100 million, compared with Yen 130 million a year ago.
For
the current term ending Mar 2014 the net profit is projected at Yen 150
million, on a 3% rise in turnover, to Yen 18,790 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: 80
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 34 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)
|
Terms Ending: |
|
31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
|
Annual
Sales |
|
18,790 |
18,250 |
18,500 |
22,000 |
|
Recur.
Profit |
|
.. |
.. |
.. |
.. |
|
Net
Profit |
|
150 |
100 |
130 |
150 |
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Total
Assets |
|
|
N/A |
N/A |
N/A |
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Net
Worth |
|
|
3,925 |
3,814 |
3,723 |
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Capital,
Paid-Up |
|
|
100 |
100 |
100 |
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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 |
2.96 |
-1.35 |
-15.91 |
-4.35 |
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|
Current Ratio |
|
|
.. |
.. |
.. |
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N.Worth Ratio |
|
.. |
.. |
.. |
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N.Profit/Sales |
0.80 |
0.55 |
0.70 |
0.68 |
|
Notes:
Financials are not disclosed from Mar/2009 fiscal term.
Forecast
(or estimated) figures for the 31/03/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.63.65 |
|
UK Pound |
1 |
Rs.101.16 |
|
Euro |
1 |
Rs.85.55 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
|
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 |
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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 |
|
<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%)