MIRA INFORM REPORT

 

 

Report Date :

31.07.2014

 

IDENTIFICATION DETAILS

 

Name :

YAMASHITA SYSTEMS CORPORATION

 

 

Registered Office :

4-8-10 Higashi-Shinagawa Shinagawaku Tokyo 141-0002

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

November 1973

 

 

Com. Reg. No.:

0107-01-009942

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturing of industrial micro-computer board & systems.

 

 

No. of Employees

34

 

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

 

Status :

Satisfactory

Payment Behaviour :

Slow but correct

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

 

 

 

Company name and address

 

YAMASHITA SYSTEMS CORPORATION

 

REGD NAME:    Yamashita Systems KK

MAIN OFFICE:  4-8-10 Higashi-Shinagawa Shinagawaku Tokyo 141-0002JAPAN

Tel: 03-3740-2401      Fax: 03-3474-2155

 

URL:                 http://www.misnet.co.jp

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Mfg of industrial micro-computer board & systems

 

 

BRANCHES

 

Nil

 

 

FACTORIES

 

(subcontracted)

 

 

OFFICERS

 

KATSUYOSHI YAMASHITA, PRES

Shin’ichi Yanagi, dir                   Mitsuhiro Nomura, dir

Shin’ichiro Yamashita, dir           Mamoru Nakamura, dir

Meiho Go, dir

                       

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY    

 

FINANCES        FAIR                             A/SALES          Yen 851 M

PAYMENTSSLOW BUT CORRECT         CAPITAL           Yen 40 M

TREND SLOW                          WORTH            Yen 475 M       

STARTED         1973                             EMPLOYES      34

 

COMMENT    

 

MFR OF INDUSTRIAL MICRO-COMPUTER BOARDS & SYSTEMS.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY

BUSINESS ENGAGEMENTS.

                       

 

HIGHLIGHTS

           

The subject company was established on the basis of a division (mfg systems) separated from Yamashita Electric Co Ltd, Tokyo (See REGISTRATION).  This is a specialized mfr of industrial micro-computer boards & systems, for use in: car park systems, touch panel information terminals, security systems, coil parking systems, POS systems, other.  Clients include electric & electronics makers, other.

 

 

FINANCIAL INFORMATION

           

The sales volume for Dec/2013 fiscal term amounted to Yen 851 million, a 9% down from Yen 933 million in the previous term.  The recurring profit was posted at Yen 41 million and the net profit at Yen 31 million, respectively, compared with Yen 35 million recurring profit and Yen 34 million net profit, respectively, a year ago.

 

For the current term ending Dec 2014 the recurring profit is projected at Yen 45 million and the net profit at Yen 35 million, respectively, on a 5% rise in turnover, to Yen 895 million. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:       Nov 1973

Regd No.:                 0107-01-009942 (Tokyo-Shinagawaku)

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         320,000 shares

Issued:                80,000 shares

Sum:                   Yen 40 million

Major shareholders (%): Yamashita Electric Co Ltd* (89.8), other

No. of shareholders: 5

 

*.. Mfr of electric equipment, Tokyo, founded 1937, capital Yen 330 million, sales Yen 4,050 million, net profit Yen 16 million, employees 207, pres Shin’ichiro Yamashita

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Manufactures (subcontracted) industrial board computers & systems for use in: bicycle parking systems, touch panel information terminals, security systems, coil parking systems, POS systems, other (--100%)

 

Clients: [Mfrs, wholesalers] Satori Electric Co (42.2%), Osaka MIS (33.8%), NEC Nagano (3.1%), other

No. of accounts: 50

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Wako Denki Co (19.1%), Mitsunami Co (17.1%), Abeisa Technology (11%), Nihon Alps Electronics (4.6%), other

 

Payment record: Slow but correct

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactory.

 

Bank References:

Shoko Chukin Bank (Omori)

Mizuho Bank (Shinagawa)

Relations: Satisfactory

 

 

FINANCES

 

 (In Million Yen)

       Terms Ending:

31/12/2014

31/12/2013

31/12/2012

31/12/2011

Annual Sales

　

895

851

933

807

Recur. Profit

　

45

41

35

38

Net Profit

　

35

31

34

22

Total Assets

　

　

585

626

543

Current Assets

　

　

533

561

486

Current Liabs

　

　

60

104

54

Net Worth

　

　

475

456

428

Capital, Paid-Up

　

　

40

40

40

Div.Ttl in Million (¥)

　

　

12

6.4

0.00

<Analytical Data>

　

(%)

(%)

(%)

(%)

    S.Growth Rate

　

5.17

-8.79

15.61

28.71

    Current Ratio

　

..

888.33

539.42

900.00

    N.Worth Ratio

　

..

81.20

72.84

78.82

    R.Profit/Sales

　

5.03

4.82

3.75

4.71

    N.Profit/Sales

　

3.91

3.64

3.64

2.73

    Return On Equity

　

..

6.53

7.46

5.14

 

Notes: Forecast (or estimated) figures for the 31/12/2014 fiscal term.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.15

UK Pound

1

Rs.101.92

Euro

1

Rs.80.64

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.