MIRA INFORM REPORT

 

 

Report Date :

23.09.2014

 

IDENTIFICATION DETAILS

 

Name :

YAMATO SCIENTIFIC CO LTD

 

 

Registered Office :

2-1-6 Nihombashi-Honcho Chuoku Tokyo 103-0023

 

 

Country :

Japan

 

 

Financials (as on) :

30.09.2013

 

 

Date of Incorporation :

November 1946

 

 

Com. Reg. No.:

0100-01-059565

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of scientific equipment, medical equipment, test & laboratory equipment

 

 

No. of Employees :

613

 

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 :

Moderate / Satisfactory

Payment Behaviour :

Unknown / Slow but correct / 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 – 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

 

YAMATO SCIENTIFIC CO LTD

 

 

REGD NAME

 

Yamato Kagaku KK

 

 

MAIN OFFICE

 

2-1-6 Nihombashi-Honcho Chuoku Tokyo 103-0023 JAPAN

Tel: 03-3231-1111     

Fax: 03-3231-1141

                                               

URL:                 http://www.yamato-net.co.jp

E-Mail address: (thru the URL)

 

 

ACTIVITIES

 

Mfg of scientific equipment, medical equipment, test & laboratory equipment

 

 

BRANCHES

 

Sapporo, Sendai, Nagoya, Shizuoka, Fukuoka, other (Tot 16)

 

 

OVERSEAS

 

USA, China (2), Taiwan, Thailand

 

 

FACTORIES

 

Minami Alps City (Yamanashi-Pref), China

 

 

OFFICERS

 

SATOSHI MORIKAWA, PRES    Kaoru Morikawa, ch

Nobuo Kakehi, mgn dir               Isao Satoh, dir

Tohru Miyaji, dir                         Koji Ida, dir                   

 

Yen Amount:    In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 18,168 M*

PAYMENTS      NO COMPLAINTS          CAPITAL           Yen 758 M

TREND             STEADY                       WORTH            Yen 2,981 M

STARTED         1946                             EMPLOYES      613

 

*.. For irregular 9 months due to change in accounting term

 

 

COMMENT

 

MFR OF SCIENTIFIC EQUIPMENT, OTHER.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

                       

HIGHLIGHTS

           

The subject company was established originally in 1889 by Sosuke Morikawa, on his account.  In 1915 the firm succeeded in developing the first X-ray tube in Japan.  Incorporated in 1946, the firm changed the mainline to mfg of R&D-related instruments.  Present executives are the founder’s descendants.  This is a specialized mfr of: scientific equipment, medical equipment, facilities for Test & Laboratory, measuring instruments, other.  Has mfg base in China.  Clients include major electronics mfrs, universities, laboratories, pharmaceutical makers, other, nationwide.

 

 

FINANCIAL INFORMATION

           

The sales volume for Sept/2013 fiscal term for irregular 9 months due to change in accounting term amounted to Yen18,168 million, a 0.5% down (as adjusted on a 12-month basis)  from Yen 24,361 million in the previous term.  The recurring profit was posted at Yen 199 million and the net profit at Yen 502 million, respectively, compared with Yen 637 million recurring profit and Yen 315 million net profit, respectively, a year ago.

 

For the current term ending Sept 2014 the recurring profit is projected at Yen 650 million and the net profit at Yen 350 million, respectively, on a 3% rise in turnover, to Yen 25,000 million.  (Sales growth rates are all adjusted on a regular 12-month basis). 

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 223.9 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:          Nov 1946

Regd No.:                     0100-01-059565 (Tokyo-Chuoku)

Legal Status:               Limited Company (Kabushiki Kaisha)

Authorized:                  40 million shares

Issued:                         11.1 million shares

Sum:                            Yen 758 million

Major shareholders (%): Satoshi Morikawa (12.8), Keiwa Sogyo Co (12.4), Akane Ida

                                    (9.2), Kaori Morikawa (9.1), Mizuho Bank (4.8), Yamato Materials (4.2)

No. of shareholders:    251

           

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

 

 

OPERATION

           

Activities: Manufactures scientific instruments (31%), facilities & equipment for test & laboratories (26%), measuring instruments (17%), analytical instruments (16%), others (10%).

 

Clients: [Mfrs, wholesalers] Canon Inc, Sony Corp, Panasonic Corp, Tokyo University, Sharp Ltd, Takeda Pharmaceutical Co, Toshiba Corp, National Institute of Advanced Industrial & Technology, other

No. of accounts: 500

Domestic areas of activities: Nationwide

Suppliers: [Mfrs, wholesalers] ESPEC Corp, SII Nano Technology Inc, Millipore Japan, Hitachi High Technologies, Otsuka Electronics Co, Horiba Ltd, other

 

Payment record: No Complaints

 

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

 

Bank References:

Mizuho Bank (Nihombashi)

SMBC (Nihombashi)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

30/09/2014

30/09/2013

31/12/2012

31/12/2011

Annual Sales

　

25,000

18,168

24,361

26,601

Recur. Profit

　

650

199

637

766

Net Profit

　

350

502

315

718

Total Assets

　

　

20,133

19,059

19,197

Current Assets

　

　

10,286

10,795

10,926

Current Liabs

　

　

10,270

11,292

12,214

Net Worth

　

　

2,981

2,480

2,299

Capital, Paid-Up

　

　

758

758

758

Div.P.Share(¥)

　

　

5.00

5.00

5.00

<Analytical Data>

　

(%)

(%)

(%)

(%)

    S.Growth Rate

　

3.20

-0.56

-8.42

5.82

    Current Ratio

　

..

100.16

95.60

89.45

    N.Worth Ratio

　

..

14.81

13.01

11.98

    R.Profit/Sales

　

2.60

1.10

2.61

2.88

    N.Profit/Sales

　

1.40

2.76

1.29

2.70

    Return On Equity

　

..

16.84

12.70

31.23

 

Notes: The 30/09/2013 fiscal term is for irregular 9 months due to change in accounting term to Oct/Sept from the previous Jan/Dec term.  The growth rates are adjusted on a 12-month basis.

Forecast (or estimated) figures for the 30/09/2014 fiscal term.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.79

UK Pound

1

Rs.99.30

Euro

1

Rs.78.16

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

SHG

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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