MIRA
INFORM REPORT
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Report Date : |
16.09.2014 |
IDENTIFICATION DETAILS
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Name : |
YAMANO MUSIC CO
LTD |
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Registered Office : |
4-5-6 |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
December 1926 |
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Com. Reg. No.: |
(Tokyo-Chuoku) 059219 |
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Legal Form : |
Limited Company |
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Line of Business : |
Imports,
wholesale, retail of musical instruments; operation of music classes |
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No. of Employees : |
260 |
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
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Source
: CIA |
Company name and address
YAMANO MUSIC CO LTD
REGD NAME: KK
Yamano Gakki (Gakki means musical instruments)
MAIN OFFICE: 4-5-6
Ginza Chuoku
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
ACTIVITIES
Imports,
wholesale, retail of musical instruments; operation of music classes
SHOPS
Tokyo,
Chiba, Saitama, Kanagawa, Osaka, Hiroshima, Fukuoka, other (Tot 44)
Music Classes
34
locations in the greater-Tokyo area
OFFICER(S)
MASAHIKO
YAMANO, PRES Susumu Ikeda, v pres
Kikutoshi Andoh, s/mgn dir Takashi Nonomura, dir
Kimiko Yamano, dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 20,515 M
PAYMENTSno
complaints CAPITAL Yen 100 M
TREND UP WORTH Yen 4,085 M
STARTED 1926 EMPLOYES 260
COMMENT
IMPORTER,
WHOLESALER AND RETAILER OF MUSICAL INSTRUMENTS.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
HIGHLIGHTS
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 is its
international trading & administration divisions. The firm is essentially owned by the Yamano
family. In Apr 2013 merged Shinseido Co
Ltd, retailer of musical instruments, operating 131 shops nationwide.
FINANCIAL INFORMATION
Financials
are only partially disclosed as is the case with family-based companies.
The sales volume for Mar/2014 fiscal
term amounted to Yen 20,515 million, a 12% up from Yen 18,250 million in the
previous term. The merged Shinseido Co
Ltd contributed in the full term. The
net profit was posted at Yen 110 million, compared with Yen 100 million a year
ago.
For
the current term ending Mar 2015 the net profit is projected at Yen 130
million, on a 5% rise in turnover, to Yen 21,500 million.
The
financial situation is considered FAIR and good for ORDINARY business
engagements.
REGISTRATION
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 (42), Kimiko
Yamano (17), Yamano Creates (12), other
No. of shareholders: 75
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Imports, wholesales and retails
(including online shops) musical instruments and accessories; operates piano
& electronic organ classes (--100%).
Operates
a total 44 retail shops and 34 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, Roland, Prima Musical Instruments, other.
Payment record: no
complaints
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
FINANCES
(In
Million Yen)
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Terms Ending: |
|
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
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Annual
Sales |
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21,500 |
20,515 |
18,250 |
18,500 |
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Recur.
Profit |
|
.. |
.. |
.. |
.. |
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Net
Profit |
|
130 |
110 |
100 |
130 |
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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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4,035 |
3,925 |
3,814 |
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Capital,
Paid-Up |
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|
100 |
100 |
100 |
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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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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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4.80 |
12.41 |
-1.35 |
-15.91 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
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0.60 |
0.54 |
0.55 |
0.70 |
Notes:
Financials are not disclosed from Mar/2009 fiscal term.
Forecast
(or estimated) figures for the 31/03/2015 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.60.99 |
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|
1 |
Rs.99.09 |
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Euro |
1 |
Rs.79.03 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
PDT |
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 |
-- |
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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.