MIRA
INFORM REPORT
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Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
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Name : |
YAMAHA MOTOR CO LTD |
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Registered Office : |
2500 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
July 1955 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures: motorcycles (66%), marine engines & boats (17%), power products (9%), industrial machinery and robots (2%), others (6%) |
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No of Employees : |
52,431 |
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 – June 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 & address
YAMAHA MOTOR CO LTD
REGD NAME
Yamaha Hatsudoki
KK
MAIN OFFICE
2500 Shingai Iwata
City Shizuoka-Pref 438-8501 Japan
Tel:
0538-32-1103
Fax:
0538-32-1634 -
URL: http://www.yamaha-motor.co.jp
E-Mail address: (thru the URL)
ACTIVITIES: Mfg
of motorcycles, scooters, boats, golf car, snowmobiles, other
BRANCHES: Kosai,
Fukuroi, Hamamatsu, Iwata, other (Tot 10)
OVERSEAS: North
America (9), South America (11), Europe (14), China (14), Indonesia (9),
India (4), Taiwan
(5), Thailand (4), Vietnam, Philippines, Cambodia, Singapore,
Australia, New Zealand
FACTORIES: At
the caption address, Hamamatsu (2), other (Tot 7)
CHIEF EXEC: HIROYUKI
YANAGI, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,410,472 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 85,703 M
TREND UP WORTH Yen
422,792 M
STARTED 1955 EMPLOYES 52,431
COMMENT: MFR OF MOTORCYCLES, SCOOTERS, OTHER FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million Yen
Forecast figures for the 31/12/2014 fiscal term.
HIGHLIGHTS
This is a second-ranked motorcycle mfr in global market. Affiliated with Yamaha Corp. Also produces boats, outboard motors,
buggies, snowmobiles, other. Supplies automobile
engines to Toyota Motor. Has business
alliance with Toyota. Placing more
emphasis on production in emerging countries.
The company plans to launch a 3-wheeler cart-attached electric bicycle,
and is targeting sales expansion in the home-delivery industry. It is developing prototype electric
motorcycles, including scooters and hobby motorcycles. .
FINANCIAL INFORMATION
The sales volume for Dec/2013 fiscal term amounted to Yen 1,410,472 million,
a 16.6% up from Yen 1,207,675 million in the previous term. Sales of marine equipment rose in North
America and sales of motorcycles improved in the mainstay market of Indonesia,
with the weaker Yen making a strong contribution to overseas profit
growth. The recurring profit was posted
at Yen 60,092 million and the net profit at Yen 44,057 million, respectively,
compared with Yen 27,267 million recurring profit and Yen 7,489 million net
profit, respectively, a year ago.
(Jan/Jun/2014 results): Sales Yen 756,025 million (up 7.6%), operating
profit Yen 49,109 million (up 62.4%), recurring profit Yen 49,130 million (up
60.6%), net profit Yen 32,234 million (up 57.6%). (% compared with the corresponding period a
year ago).
For the current term ending Dec 2014 the recurring profit is projected
at Yen 85,000 million and the net profit at Yen 50,000 million, respectively,
on a 6.3% rise in turnover, to Yen 1,500,000 million. Sales of lucrative products, including
outboard motors and buggies, will fare well, mainly in the US.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
REGISTRATION
Date Registered: Jul 1955
Legal Status: Limited
Company (Kabushiki Kaisha
Authorized:
900 million shares
Issued: 349,803,684
shares
Sum: Yen
85,703 million
Major
shareholders (%): Yamaha Corp (12.1), State Street Bank & Trust (9.2), Toyota Motor
(3.5), Mizuho Bank (3.3), Master Trust Bank of Japan T (3.1), Mitsui Co (2.4),
Japan Trustee Services T (2.3), State Street Bank & Trust 505223 (2.3), GIC
Private Limited (2.3), Shizuoka Bank (1.9); foreign owners (46.2)
No.
of shareholders: 27,771
Listed on the S/Exchange (s) of: Tokyo
Managements: Hiroyuki Yanagi,
pres; Takaaki Kimura, v pres; Kozo Shinozaki, mgn dir; Nobuya Hideshima, mgn
dir; Masahiro Takizawa, mgn dir; Hiroyuki Suzuki, dir; Yoshiaki Hashimoto, dir;
Katsuaki Watanabe, dir; Toshizumi Kato, dir
Nothing
detrimental is known as to the commercial morality of executives.
Related
companies: Yamaha Motor Corp USA, Yamaha Motorcycles Sales Co, Yamaha Motor (UK)
Limited, Shanghai Yamada Jianshe Marketing Co, other.
(Total 111: domestic 22, overseas 89
consolidated subsidiaries).
OPERATION
Activities: Manufactures:
motorcycles (66%), marine engines & boats (17%), power products (9%),
industrial machinery and robots (2%), others (6%)
Overseas
Sales Ratio (90%)
(Mfg
Items): motorcycles, scooters, electrically power assisted bicycles, boats, sail
boats, personal watercrafts, pools, utility boats, fishing boats, outboard
motors, 4-wheel ATVs, recreational of-highway vehicles, racing kart engines,
golf cars, multi-purpose engines, generators, water pumps, snowmobiles,
small-sized snow throwers, automobile engines, surface mounters, intelligent
machinery, industrial-use unmanned helicopters, electrical power units for
wheelchairs, helmets, other
Clients: [Mfrs,
wholesalers] Yamaha Motor Europe, Yamaha Motor USA, Yamaha Motorcycles Co,
Yamada Motor Indonesia, Yamada Motor CIS, other
No. of accounts: 1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Yamada Motor Solution, Ryowa Corp, Enshu Limited, Mikuni Corp, KYB
Co, Hamamatsu Tekko Co, Ryobi Limited, NOK, Johoku Industrial Co, other
Payment record: No Complaints
Location: Business area in
Iwata City, Shizuoka-Pref. Office
premises at the caption address are owned and maintained satisfactorily.
Bank References:
SMBC (Nagoya)
Shizuoka Bank
(Hamamatsu)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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FINANCES: (Consolidated in million yen) |
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Terms Ending: |
31/12/2013 |
31/12/2012 |
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INCOME STATEMENT |
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Annual Sales |
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1,410,472 |
1,207,675 |
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Cost of Sales |
1,091,706 |
972,607 |
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GROSS PROFIT |
318,765 |
235,068 |
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Selling & Adm Costs |
263,628 |
216,470 |
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OPERATING PROFIT |
55,137 |
18,598 |
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Non-Operating P/L |
4,955 |
8,669 |
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RECURRING PROFIT |
60,092 |
27,267 |
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NET PROFIT |
44,057 |
7,489 |
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BALANCE SHEET |
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Cash |
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119,859 |
106,462 |
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Receivables |
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238,102 |
192,143 |
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Inventory |
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271,544 |
233,427 |
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Securities, Marketable |
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Other Current Assets |
74,009 |
53,765 |
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TOTAL CURRENT ASSETS |
703,514 |
585,797 |
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Property & Equipment |
301,109 |
272,942 |
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Intangibles |
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6,791 |
3,940 |
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Investments, Other Fixed Assets |
135,177 |
99,650 |
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TOTAL ASSETS |
1,146,591 |
962,329 |
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Payables |
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141,710 |
114,344 |
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Short-Term Bank Loans |
170,328 |
102,476 |
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Other Current Liabs |
203,188 |
174,333 |
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TOTAL CURRENT LIABS |
515,226 |
391,153 |
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Debentures |
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Long-Term Bank Loans |
139,370 |
166,340 |
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Reserve for Retirement Allw |
45,321 |
44,098 |
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Other Debts |
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23,882 |
19,176 |
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TOTAL LIABILITIES |
723,799 |
620,767 |
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MINORITY INTERESTS |
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Common
stock |
85,703 |
85,666 |
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Additional
paid-in capital |
74,619 |
74,582 |
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Retained
earnings |
288,548 |
249,723 |
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Evaluation
p/l on investments/securities |
12,110 |
1,843 |
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Others |
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(37,497) |
(69,567) |
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Treasury
stock, at cost |
(691) |
(686) |
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TOTAL S/HOLDERS` EQUITY |
422,792 |
341,561 |
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TOTAL EQUITIES |
1,146,591 |
962,329 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/12/2013 |
31/12/2012 |
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Cash
Flows from Operating Activities |
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66,976 |
-2,385 |
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Cash
Flows from Investment Activities |
-62,679 |
-51,081 |
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Cash
Flows from Financing Activities |
3,620 |
15,761 |
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Cash,
Bank Deposits at the Term End |
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120,033 |
106,532 |
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ANALYTICAL RATIOS Terms ending: |
31/12/2013 |
31/12/2012 |
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Net Worth
(S/Holders' Equity) |
422,792 |
341,561 |
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Current
Ratio (%) |
136.54 |
149.76 |
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Net
Worth Ratio (%) |
36.87 |
35.49 |
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Recurring
Profit Ratio (%) |
4.26 |
2.26 |
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Net
Profit Ratio (%) |
3.12 |
0.62 |
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Return
On Equity (%) |
10.42 |
2.19 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.61 |
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1 |
Rs.100.49 |
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Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
TPT |
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.