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Report Date : |
09.04.2014 |
IDENTIFICATION DETAILS
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Name : |
YUASA TRADING CO LTD |
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Registered Office : |
13-10 Nihombashi-Ohdenmacho Chuoku Tokyo 103-8570 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
June 1919 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale of industrial machinery, machine tools. |
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No. of Employees |
1,660 |
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy
|
Source
: CIA |
YUASA TRADING CO LTD
REGD NAME: Yuasa
Shoji KK
MAIN OFFICE: 13-10
Nihombashi-Ohdenmacho Chuoku Tokyo 103-8570 JAPAN
Tel:
03-3665-6511 Fax: 03-3665-6513 -
URL: http://www.yuasa.co.jp
E-Mail address: (thru the URL)
Import, export, wholesale
of industrial machinery, machine tools, other
Sapporo, Sendai,
Nagoya, Osaka, Hiroshima, Fukuoka, other (Tot32)
China (8) Taiwan
(2), Thailand (2), Malaysia (3), Indonesia (2), India (2),
Vietnam (2), USA (2), Mexico, Germany
ETSURO SATO, PRES
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 400,252 M
PAYMENTSREGULAR CAPITAL Yen
20644 M
TREND UP WORTH Yen 38,869 M
STARTED 1919 EMPLOYES 1,660
TRADING HOUSE SPECIALIZING IN INDUSTRIAL MACHINERY
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
309,196 |
-87 |
-5,133 |
(%) |
26,724 |
|
(Consolidated) |
31/03/2011 |
355,910 |
4,691 |
3,293 |
15.11 |
30,205 |
|
31/03/2012 |
396,732 |
6,714 |
4,202 |
11.47 |
33,821 |
|
|
31/03/2013 |
400,252 |
7,827 |
5,276 |
0.89 |
38,669 |
|
|
31/03/2014 |
420,000 |
9,500 |
5,300 |
4.93 |
.. |
Unit: In Million Yen
Forecast figures for the 31/03/2014 fiscal term.
This is the leading mfr long-established trading house dating back to
1666. Involved in transactions with variety
of industrial machinery and machine tools and construction materials and
machinery as well as airconditioners.
Top-ranked player machine tool transactions. The company will propose projects for mega
solar facilities on non-performing golf courses. It will install water-purifying systems at
disaster-prevention warehouses, a key growth area, in collaboration with
suppliers.
The sales volume for Mar/2013 fiscal term amounted to Yen 400,252
million, a 0.9% up from Yen 396,732 million in the previous term. The recurring profit was posted at Yen 7,827
million and the net profit at Yen 5,276 million, respectively, compared with
Yen 6,714 million recurring profit and Yen 4,202 million net profit,
respectively, a year ago.
(Apr/Dec/2013 results): Sales Yen 307,077 million (up 5.0%), operating
profit Yen 5,712 million (up 12.5%), recurring profit Yen 5,870 million (up
9.5%), net profit Yen 3,498 million (up 11.2%).
(% compared with the corresponding period a year ago).
For the term that ended Mar 2014 the
recurring profit was projected at Yen 9,500 million and the net profit at Yen
5,300 million, on a 4.9% rise in turnover, to Yen 420,000 million. Sales of machine tools grew in Japan and
North America, mainly to the automobile industry, and large orders shed up
sales I the second half. Final results
are yet to be released.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
Date Registered: Jun 1919
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 400 million shares
Issued: 231,558,826 shares
Sum: Yen 20,644 million
Major
shareholders (%): Japan Trustee Services Bank (7.2), Company’s Treasury Stock (5.2),
Master Trust Bank of Japan (3.2), Yuasa Tankyo S/Holding Assn (2.9), Tobu Yuasa
Yamazumi Stockhold (2.5), Seibu Yuasa Yamazumi Stockhold (2.5), SMBC (2.5),
Mori Seiki (2.5), DMG Mori Seiki (2.5), Daikin Industries (1.9), TOTO Ltd
(1.7); foreign owners (10.7)
No.
of shareholders: 12,582
Listed on the S/Exchange (s) of: Tokyo
Managements: Etsuro Sato,
pres; Kazuaki Sawamura, s/mgn dir; Michimasa Suzuki, g/mgn dir; AkioMiyazaki,
mgn dir; Ryoichi Shirai, mgn dir; Yoshiyasu Matsudaira, dir; Kazumi Mizumachi, dir;
Haruo Sanoki, dir Eizo Haimoto, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Kokko Co, Yuasa Techno, Yuasa Primes,
other.
Activities: Trading firm for import,
export and wholesale of: industrial machinery (17%), industrial equipment
(22%), housing equipment $ pipe products & airconditioners (26%), housing
& building exteriors (11%), construction machinery (7%), others (18%)
Clients: [Mfrs,
wholesalers] Miydui Sumitomo Finance & Leasing, Nippon Kanzai Center, Senko
Group, Kyudeno Corp, other
No. of accounts:
300
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Ebara Corp, Sekisui Jushi Corp, Mitsui Leasing, Okuma Corp, Kubota
Machinery Japan, Dainichi Co, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References: SMBC (Ningyocho)
MUFG (H/O)
Relations:
Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
||||
|
|
|
Terms Ending: |
31/03/2013 |
31/03/2012 |
|
INCOME STATEMENT |
||||
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Annual Sales |
|
400,252 |
396,732 |
|
|
Cost of Sales |
365,671 |
363,213 |
||
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GROSS PROFIT |
34,580 |
33,518 |
||
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Selling & Adm Costs |
27,269 |
26,883 |
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OPERATING PROFIT |
7,310 |
6,634 |
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Non-Operating P/L |
517 |
80 |
||
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RECURRING PROFIT |
7,827 |
6,714 |
||
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NET PROFIT |
5,276 |
4,202 |
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BALANCE SHEET |
||||
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Cash |
|
28,911 |
30,653 |
|
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Receivables |
109,717 |
107,696 |
||
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Inventory |
14,018 |
14,436 |
||
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Securities, Marketable |
|
|
||
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Other Current Assets |
6,994 |
7,400 |
||
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TOTAL CURRENT ASSETS |
159,640 |
160,185 |
||
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Property & Equipment |
18,190 |
16,637 |
||
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Intangibles |
4,069 |
2,472 |
||
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Investments, Other Fixed Assets |
14,841 |
16,146 |
||
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TOTAL ASSETS |
196,740 |
195,440 |
||
|
Payables |
116,176 |
117,999 |
||
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Short-Term Bank Loans |
25,489 |
26,475 |
||
|
|
|
|
||
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Other Current Liabs |
8,189 |
7,992 |
||
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TOTAL CURRENT LIABS |
149,854 |
152,466 |
||
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Debentures |
|
|
||
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Long-Term Bank Loans |
4,940 |
5,606 |
||
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Reserve for Retirement Allw |
336 |
336 |
||
|
Other Debts |
|
2,940 |
3,210 |
|
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TOTAL LIABILITIES |
158,070 |
161,618 |
||
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MINORITY INTERESTS |
||||
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Common
stock |
20,644 |
20,644 |
||
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Additional
paid-in capital |
6,789 |
6,777 |
||
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Retained
earnings |
11,517 |
7,855 |
||
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Evaluation
p/l on investments/securities |
652 |
(52) |
||
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Others |
647 |
288 |
||
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Treasury
stock, at cost |
(1,580) |
(1,691) |
||
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TOTAL S/HOLDERS` EQUITY |
38,669 |
33,821 |
||
|
|
TOTAL EQUITIES |
196,740 |
195,440 |
|
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CONSOLIDATED CASH FLOWS |
||||
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Terms ending: |
31/03/2013 |
31/03/2012 |
||
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Cash
Flows from Operating Activities |
|
5,729 |
11,602 |
|
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Cash Flows
from Investment Activities |
-3,329 |
-724 |
||
|
Cash
Flows from Financing Activities |
-4,323 |
-5,440 |
||
|
|
Cash,
Bank Deposits at the Term End |
|
28,696 |
30,447 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
||
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Net
Worth (S/Holders' Equity) |
38,669 |
33,821 |
||
|
Current
Ratio (%) |
106.53 |
105.06 |
||
|
Net
Worth Ratio (%) |
19.65 |
17.31 |
||
|
Recurring
Profit Ratio (%) |
1.96 |
1.69 |
||
|
Net
Profit Ratio (%) |
1.32 |
1.06 |
||
|
Return
On Equity (%) |
13.64 |
12.42 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
Report Prepared
by : |
NIS |
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 |
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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 |
|
|
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 |
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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 |
-- |
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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.