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Report Date : |
26.09.2014 |
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.: |
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 1, 2014
|
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 |
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. 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 |
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
Imports,
wholesale, retail of musical instruments; operation of music classes
Tokyo, Chiba,
Saitama, Kanagawa, Osaka, Hiroshima, Fukuoka, other (Tot 44)
Music Classes:
34 locations in
the greater-Tokyo area
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
FINANCES FAIR A/SALES Yen 20,515 M
PAYMENTSNO
COMPLAINTS CAPITAL Yen 100 M
TREND UP WORTH Yen 4,035 M
STARTED 1926 EMPLOYES 260
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. In Apr 2013 merged Shinseido Co
Ltd, retailer of musical instruments, operating 131 shops nationwide.
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.
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.
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, Univeral 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
(In Million Yen)
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Terms Ending: |
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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 |
|
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.61.02 |
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|
1 |
Rs.99.42 |
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Euro |
1 |
Rs.77.84 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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 |
-- |
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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.