|
Report Date : |
19.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
YAMADA CORPORATION |
|
|
|
|
Registered Office : |
1-1-3, Minami-magome, Ota-ku, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
20.12.1039 |
|
|
|
|
Com. Reg. No.: |
0108-01-012135 |
|
|
|
|
Legal Form : |
Listed |
|
|
|
|
Line of Business : |
Manufacturer of Machine Tools, Auto Parts and Industrial Pumps. |
|
|
|
|
No of Employees : |
290 |
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 |
|
Maximum Credit Limit : |
US$ 2.5 Million |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
YAMADA CORPORATION
========
Country: Japan
Company name: YAMADA CORPORATION
Name in local language: YAMADA
CORPORATION, K.K.
Office address: 1-1-3, Minami-magome, Ota-ku,
Tokyo 143-0025
Office tel: 03-3777-5101
Office fax: 03-3777-4108
Website: www.yamadacorp.co.jp
Business type: Manufacturer
Industry: Machine
tools, auto parts and industrial pumps.
Established: December 20, 1039
Capital: Jp.
600,000,000 yen
Employees: 290
Corporate formation: Listed
Corporation No.: 0108-01-012135
(Tokyo Legal Affairs Bureau)
=====================
As of March 31, 2014:
Paid in capital : Jp.
600,000,000 yen
Number of authorized shares : 48,000,000
shares
Shares issued : 12,000,000
shares
Number of shareholder : 1,373
Name of shareholders Number of thousand shares (%)
------------------------------------------------------------------------------------------------------------
Mr. Shotaro Yamada, president 874 (7.28)
Howa Corporation 865 (7.20)
Saitama Resona Bank, Ltd. 588
(4.90)
Mr. Kazumasa Yamada
525 (4.38)
Mr. Yasuo Sasaki 435 (3.62)
Banzai Corporation 434 (3.62)
Mr. Toyoo Yamada 415
(3.45)
Fuji Sash Co., Ltd. 300 (2.50)
Ms. Michiko Yamada 249
(2.07)
Japan Securities Finance Service Co., Ltd. 244 (2.03)
-----------------------------------------------------------------------------------------------------------
Total
4,930 (41.09)
===========================================
Activity Product/Service
Description
-------------------------------------------------------------------------------
Manufacturing Equipment for automobile
Manufacturing Industrial pumps
=======================
President Mr. Shotaro Yamada
Nationality: Japan
Director Mr. Hiroki Murase
Nationality: Japan
Director Mr. Kotaro Yamada
Nationality: Japan
Nationality: Japan
Director Mr. Kazunori Wasemoto
Nationality: Japan
Auditor Mr.
Norinobu Shiozawa
Nationality: Japan
Auditor Mr. Morichika Iwaki
Nationality: Japan
Auditor Mr. Kenji Toyota
Nationality: Japan
Note: The names of director(s) and auditor(s) are phonetically spelt.
*Key Personnel*
==============
Mr. Shotaro Yamada
President and representative director
Born on February 19, 1963
Business career:
Apr. 1985: Employed by Kubota Corp.
Oct. 1987: Employed by the subject.
Jun. 1992: Director.
Jun. 2012: Representative director and president.
Other responsibilities:
Chairman of:
- Yamada America Inc.
- Yamada Europe B.V.
President of:
- Yamada Products Service Corp.
- Yamada Shanghai Pump Trading Co., Ltd.
Home address: 5-7-14, Chuo, Ota-ku, Tokyo
===========
Currency: (local currency - Jp. yen)
-------------------------------------------------------------------------------------
Year | Sales | Net Income
-------------------------------------------------------------------------------------
|
2009 |
8,297,000,000 |
loss 142,000,000 |
|
2010 |
6,521,000,000 |
loss 513,000,000 |
|
2011 |
7,938,000,000 |
465,000,000 |
|
2012 |
8,312,000,000 |
504,000,000 |
|
2013 |
8,279,000,000 |
647,000,000 |
|
2014 |
9,074,000,000 |
878,000,000 |
======================
*Book Closing*
============
March 31st
*Financials*
==========
|
Consolidated Balance Sheet |
|
|
|
|
Unit: millions of JP yen |
|
|
|
|
|
3/31/2012 |
3/31/2013 |
3/31/2014 |
|
Current assets |
5,741 |
5,901 |
6,459 |
|
Cash & deposits |
2,134 |
2,263 |
2,412 |
|
Account receivables |
1,664 |
1,540 |
1,778 |
|
Inventories |
1,806 |
1,943 |
1,979 |
|
Others |
137 |
155 |
290 |
|
Fixed assets |
4,034 |
3,134 |
3,542 |
|
Tangible assets |
3,307 |
2,672 |
3,035 |
|
Intangible assets |
89 |
72 |
53 |
|
Investments & others |
637 |
389 |
453 |
|
Total Assets |
9,776 |
9,035 |
10,001 |
|
|
|
|
|
|
Current liabilities |
2,675 |
2,504 |
2,356 |
|
Account payables |
1,111 |
1,494 |
1,448 |
|
Short term loans |
279 |
127 |
102 |
|
Bonds payable due |
500 |
300 |
0 |
|
Long term loans due |
377 |
122 |
150 |
|
Outstanding taxes |
7 |
129 |
278 |
|
Others |
401 |
332 |
378 |
|
Fixed liabilities |
1,994 |
1,550 |
1,715 |
|
Bonds payable |
300 |
0 |
0 |
|
Long term loans |
571 |
690 |
830 |
|
Retirement benefits |
563 |
456 |
449 |
|
Others |
560 |
404 |
436 |
|
Shareholders' equity |
4,215 |
4,791 |
5,532 |
|
Paid up capital |
600 |
600 |
600 |
|
Capital reserves |
56 |
56 |
58 |
|
Retained earnings |
3,566 |
4,143 |
4,878 |
|
Treasury stock |
-8 |
-8 |
-4 |
|
Valuation & adjustment |
-186 |
-44 |
146 |
|
Minority Interest |
1,077 |
233 |
251 |
|
Total Net Assets |
5,106 |
4,980 |
5,929 |
|
Total Liabilities & Net
Assets |
9,776 |
9,035 |
10,001 |
|
|
|
|
|
|
|
|
|
|
|
Consolidated Income Statement |
|
|
|
|
Unit : millions of JP yen |
|
|
|
|
|
3/31/2012 |
3/31/2013 |
3/31/2014 |
|
Sales |
8,312 |
8,279 |
9,074 |
|
Cost of goods sold |
5,055 |
4,874 |
5,305 |
|
Gross profit(loss) |
3,256 |
3,405 |
3,768 |
|
Sales/administrative expenses |
2,458 |
2,358 |
2,526 |
|
Operating profit(loss) |
798 |
1,046 |
1,242 |
|
Non operating income |
40 |
45 |
69 |
|
Non operating expenses |
138 |
160 |
31 |
|
Ordinary profit(loss) |
700 |
931 |
1,280 |
|
Special profits |
10 |
36 |
3 |
|
Special losses |
59 |
112 |
26 |
|
Pretax profit |
651 |
855 |
1,257 |
|
Taxes & adjustment |
78 |
273 |
369 |
|
Minority interest |
68 |
-64 |
9 |
|
Net profit |
504 |
647 |
878 |
*Latest Financials *
================
On November 7, 2014, the subject released the following business results
and forecast:
As of September 30, 2014:
Unit: millions of JPY
|
Year term |
Sales |
Operating profit |
Ordinary profit |
Net profit |
|
2Q 2014 |
4,298 |
467 |
524 |
307 |
|
2Q 2015 |
4,627 |
555 |
558 |
368 |
|
FY 2015(F) |
9,200 |
1,030 |
1,030 |
720 |
|
Current assets; |
6,608 |
|
Non-current assets; |
3,666 |
|
Total assets; |
10,275 |
|
Current liabilities; |
2,267 |
|
Non-current liabilities; |
1,733 |
|
Shareholders’ equity; |
5,828 |
|
Retained earnings; |
5,175 |
|
Total net assets; |
6,273 |
|
Total liabilities and net assets; |
10,275 |
*Bank Details*
============
Bank Name : Saitama Resona
Bank, Ltd.
Branch : Tokyo
Bank Name : Sumitomo Mitsui
Banking Corp.
Branch : Hatanodai
Bank Name : Bank of Yokohama,
Ltd.
Branch : Hashimoto
Bank Name : Mizuho Bank, Ltd.
Branch : Marunouchi
Chuo
*Credit Opinion*
=============
The subject is a non-affiliated manufacturer of industrial pumps and
car-mounted equipment.
While a steady shipment has continued in the domestic auto market, the
subject expects conservative figures
taking some reaction after tax hike into consideration.
All of overseas businesses have been growing.
Since the intra-company exchange rate is set as US$ 1.00 for JPY 98.00,
the current situation would be pretty favorable.
A new plan of making pumps for shale gas is on the way in The United
States.
Negative factors are not observed in particular at present.
Our standard suggestion would be up to US$ 2.5 million on terms of 90
days.
===========================
Branch name: Sapporo
sales office
Branch address: Toyohira-ku, Sapporo-shi
----------------------------------------------------------------------------------------------------
Branch name: Nagoya sales office
Branch address: Moriyama-ku, Nagoya-shi
----------------------------------------------------------------------------------------------------
Branch name: Osaka sales office
Branch address: Joto-ku, Osaka-shi
Four other local sales offices are in Sendai, Tokyo, Hiroshima and
Fukuoka cities.
========================================
*Main Products & Services*
======================
Manufacture of the following products:
Piston pump
Ink pump
Diaphragm pump
Lubrication equipment
Automotive equipment
Grease gun
Hose reel
Control equipment
For Mar. 2014 term:
Automotive-related equipment (27%)
Industrial equipment (60%)
Others (13%)
Overseas business (48%)
===============================================
Sagamihara plant: 1-2-38, Miyashimo, Chuo-ku, Sagamihara-shi, Kanagawa
pref.
Hashimoto warehouse: Midori-ku, Sagamihara-shi, Kanagawa pref.
======================
*Address*
=========
Registered address is the same as the operational address.
The quoted address and phone number are for Sagamihara plant.
*Company History*
================
Date Development
-----------------------------------------------------------------------------------------------
1905 Started manufacturing valves and cocks
in Tokyo.
December 20, 1939 Incorporated under the name of
“Yamada Yuki Seisakusho K.K.” with
an investment of JPY 180,000.
Started manufacturing grease pumps.
February 1947 Renamed as “Yamada Yuki Seizo Co., Ltd.”
September 1962 Went public on the TSE(#6392).
October 1963 Founded Sagamihara plant.
1969 Increased the capital to JPY 600
million.
April 1977 Relocated the head office to the current
address.
December 1985 Founded a joint venture, Yamada Europe B.V. in
The Netherlands.
September 1986 Founded a subsidiary, Yamada America Inc.
October 1990 Took the current company name.
1996 ISO9001 certified.
January 2000 Yamada Europe became an entire
subsidiary.
January 2007 Founded Yamada Shanghai Pump Trading Co.,
Ltd.
2014 Opened an office in Bangkok.
================
*Suppliers*
==========
Y.T.S. Corp.
Yamada Metal Tech Corp.
Nederman International Trading K.K.
Ishikawa Press Co., Ltd.
Groz Engineering Tools Pvt. Ltd.
*Customers*
==========
Banzai Corp.
Trusco Nakayama Co., Ltd.
Yamazen Corp.
Yuasa Corp.
Iyasaka Corp.
Anzen Jidosha Co., Ltd.
================================================
Company name: Yamada America Inc.
Country: U.S.A.
Status: Subsidiary
----------------------------------------------------------------------------------------------------
Company name: Yamada Europe B.V.
Country: The Netherlands
Status: Subsidiary
----------------------------------------------------------------------------------------------------
Company name: Yamada Shanghai Co., Ltd.
Country: China
Status: Subsidiary
----------------------------------------------------------------------------------------------------
Company name: Yamada Products Service Co., Ltd.
Country: Japan
Status: Subsidiary
----------------------------------------------------------------------------------------------------
Company name: Yamada Metal Tech Co., Ltd.
Country: Japan
Status: Subsidiary
RELATED PARTIES DESCRIPTION
===========================
*Subsidiaries & Affiliates*
=====================
As of March 31, 2014 the subject owns and controls a total of five
subsidiaries at home and abroad.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.32 |
|
|
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.78.11 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.