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Report No. : |
319121 |
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Report Date : |
24.04.2015 |
IDENTIFICATION DETAILS
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Name : |
YAMANO MUSIC CO LTD |
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Registered Office : |
4-5-6 Ginza Chuoku Tokyo 104-0061 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
December 1926 |
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Legal Form : |
Limited Company |
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Line of Business : |
Imports, wholesales and retails (including
online shops) musical instruments and accessories; operates piano &
electronic organ classes (--100%). |
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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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Maximum Credit Limit : |
Yen 376.2 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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. Since the complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster in 2011, Japan's industrial sector has become 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 four 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. A sales tax increase caused the economy to contract during the 2nd and 3rd quarters of 2014. The economy has largely recovered in the three years since the disaster, but reconstruction in the Tohoku region has been uneven due to labor shortages. 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 2014 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 government will continue a longstanding debate on restructuring the economy and reining in Japan's huge government debt, which amounts to more than 240% 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 2015, although the government in 2014 decided to postpone the final phase of the increase until 2017 to give the economy time to recover from the 2014 increase. 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 Tokyo 104-0061 JAPAN
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 (Tot 36)
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
PAYMENTSSLOW BUT CORRECT
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.
MAX CREDIT LIMIT: YEN 376.2 MILLION, 30 DAYS NORMAL TERMS
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 term that ended Mar 2015 the net profit was projected at Yen 130 million, on a 5% rise in turnover, to Yen 21,500 million. Final results are yet to be released.
The financial situation is
considered FAIR and good for ORDINARY business engagements. Max credit limit is
estimated at Yen 376.2 million, on 30 days normal terms.
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 36 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: Slow but correct
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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.. |
.. |
.. |
.. |
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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 only partially 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.63.19 |
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|
1 |
Rs.94.94 |
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Euro |
1 |
Rs.67.66 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
VNT |
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.