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Report Date : |
21.02.2014 |
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 : |
December 1926 |
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Com. Reg. No.: |
059219 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Imports, wholesale, retail of musical instruments; operation of music 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 : |
Slow but correct |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 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
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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)
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
PAYMENTS SLOW BUT CORRECT CAPITAL Yen 200 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: Slow but corrrect
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)
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Terms
Ending: |
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31/03/2014 |
31/03/2013 |
31/03/2012 |
31/03/2011 |
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Annual
Sales |
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18,790 |
18,250 |
18,500 |
22,000 |
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Recur.
Profit |
|
.. |
.. |
.. |
.. |
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Net
Profit |
|
150 |
100 |
130 |
150 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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3,925 |
3,814 |
3,723 |
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Capital,
Paid-Up |
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200 |
200 |
200 |
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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 |
2.96 |
-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 |
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Notes: Financials are not disclosed from Mar/2009 fiscal term.
Forecast (or estimated) figures for the 31/03/2014 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.62.28 |
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|
1 |
Rs.103.84 |
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Euro |
1 |
Rs.85.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.