|
Report No. : |
303514 |
|
Report Date : |
16.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
YAMAZEN CORPORATION |
|
|
|
|
Registered Office : |
2-3-16, Itachibori, Nishi-ku, Osaka-shi, Osaka 550-0012 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
30.05.1947 |
|
|
|
|
Com. Reg. No.: |
1200-01-049040 |
|
|
|
|
Legal Form : |
Listed |
|
|
|
|
Line of Business : |
Trading company specializing in machinery, housing materials and
consumer products |
|
|
|
|
No. of Employees : |
2,526 (as of March 31, 2014, consolidated) |
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 : |
Satisfactory |
|
Payment Behaviour : |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
YAMAZEN
CORPORATION
OUTLINE
========
Country: Japan
Company name: YAMAZEN CORPORATION
Name in local language: YAMAZEN,
K.K.
Office address: 2-3-16, Itachibori, Nishi-ku,
Osaka-shi, Osaka 550-0012
Office tel: 06-6534-3021
Office fax: 06-6534-3162
Website: www.yamazen.co.jp
Business type: Trader
Industry: Machinery
Established: May 30, 1947
Capital: Jp. 7,909,539,560 yen
Employees: 2,526 (as of March 31, 2014,
consolidated)
Corporate formation: Listed
Corporation No.: 1200-01-049040
(Osaka Legal Affairs Bureau)
As of March 31,
2014:
Paid-in capital Jp.
7,909,539,560 yen
Number of authorized shares 200,000,000
shares
Number of outstanding shares 93,840,310
shares
Total number of shareholders 5,455
Shareholder Name No of Shares %
-------------------------------------------------------------------------------------------------------------------------------
Yamazen Business Partners Shareholders Association 8,612,000 9.17
Tokyo Yamazen Business Partners Shareholders Assc. 5,674,000 6.04
DMG Mori Seiki Co., Ltd.
3,542,000 3.77
Employees shareholders fund
3,343,000 3.56
Mizuho Bank, Ltd. 3,272,000 3.48
Resona Bank, Ltd.
3,067,000 3.26
Master Trust Bank of Japan, Ltd.(trust unit) 2,761,000 2.94
Nagoya Yamazen Business Partners Shareholders Assc. 2,353,000 2.50
Japan Trustee Services Bank, Ltd.(trust unit) 1,563,000 1.66
Hiroshima Yamazen Business Partners Shareholders Assc. 1,406,000 1.49
-------------------------------------------------------------------------------------------------------------------------------
Total 35,596,000 37.93
===========================================
Activity Product/Service
Description
-------------------------------------------------------------------------------
Trading Machine tools
Trading Industrial
systems
Trading Industrial tools
Trading Housing equipment
& materials
Trading Electric
appliances
Trading Interior goods
President Mr. Toru Yoshii (*)
Nationality: Japan
Vice President Mr. Meguru Nakata (*)
Nationality: Japan
Vice President Mr. Masami Yamamoto
Nationality: Japan
Senior Managing Director Mr.
Mitsuo Terasaka
Nationality: Japan
Senior Managing Director Mr.
Takashi Kakegawa
Nationality: Japan
Managing Director Mr. Hiroshi Fukuda
Nationality: Japan
Managing Director Mr. Nobuo Sekiya
Nationality: Japan
Director Mr. Taichi Asou
Nationality: Japan
Director Mr. Yuji Nagao
Nationality: Japan
Auditor Mr. Yoshikazu Matsumura
Nationality: Japan
Auditor Mr. Kimiaki Yamasaki
Nationality: Japan
Auditor Mr. Makoto Sakaguchi
Nationality: Japan
Auditor Mr. Yoshinori Tsuda
Nationality: Japan
Note: The names of director(s) and auditor(s) are phonetically spelt.
(*): Representative directors
*Key Personnel*
==============
Mr. Toru Yoshii, president of the subject.
Date of birth: Jan. 2, 1940
Business career:
Aug. 1963 Employed
by the subject.
Dec. 1986 Director.
Apr. 1991 Managing
director.
May 1999 Senior
managing director.
June 2001 Vice
president.
Apr. 2003 Appointed
as Representative director, president & CEO.
Currency: (local
currency - Jp. yen)
-------------------------------------------------------------------------------------
Year |
Sales | Net Income
------------------------------------------------------------------------------------
|
2009 |
325,947,000,000 |
3,791,000,000 |
|
2010 |
241,410,000,000 |
438,000,000 |
|
2011 |
323,703,000,000 |
4,363,000,000 |
|
2012 |
372,830,000,000 |
4,933,000,000 |
|
2013 |
370,338,000,000 |
6,249,000,000 |
|
2014 |
395,249,000,000 |
5,515,000,000 |
=====================
*Book Closing*
============
March 31st
*Financials*
=========
|
Consolidated Balance Sheet : |
|
|
|
|
Denomination:
Jp. million yen |
|
|
|
|
|
03/31/2012 |
03/31/2013 |
03/31/2014 |
|
Current assets |
137,495 |
139,017 |
155,870 |
|
Cash & deposits
|
22,298 |
23,797 |
30,631 |
|
Accounts receivable
|
92,861 |
85,976 |
96,949 |
|
Securities marketable
|
2,000 |
7,000 |
6,500 |
|
Inventories |
15,934 |
17,928 |
18,062 |
|
Other assets
|
4,301 |
4,315 |
3,728 |
|
Fixed assets |
20,064 |
21,160 |
23,217 |
|
Tangible fixed assets
|
10,334 |
10,175 |
10,104 |
|
Intangible fixed assets |
1,286 |
1,187 |
1,788 |
|
Investment & others
|
8,442 |
9,797 |
11,324 |
|
Total Assets |
157,560 |
160,178 |
179,088 |
|
|
|
|
|
|
Current liabilities |
112,310 |
106,749 |
118,898 |
|
Accounts payable
|
94,504 |
92,796 |
105,232 |
|
Short-term loans
|
5,189 |
3,099 |
2,227 |
|
Outstanding taxes
|
3,297 |
2,028 |
2,542 |
|
Others |
9,318 |
8,824 |
8,897 |
|
Fixed liabilities |
1,733 |
1,959 |
4,283 |
|
Long-term loans
|
322 |
233 |
- |
|
Deferred tax liabilities
|
262 |
650 |
40 |
|
Retirement benefits |
- |
98 |
3,052 |
|
Others |
1,149 |
976 |
1,191 |
|
Shareholder's equity |
45,084 |
49,927 |
54,307 |
|
Paid in capital
|
7,909 |
7,909 |
7,909 |
|
Capital reserves
|
6,081 |
6,081 |
6,081 |
|
Retained earnings
|
31,109 |
35,952 |
40,332 |
|
Treasury stock
|
-16 |
-16 |
-16 |
|
Valuation & adjustment |
-1,616 |
1,406 |
1,478 |
|
Minority Interest |
48 |
75 |
120 |
|
Total Net Assets |
43,515 |
51,469 |
55,906 |
|
Total Liabilities & Net
Assets |
157,560 |
160,178 |
179,088 |
|
|
|
|
|
|
|
|
|
|
|
Consolidated Income Statement |
|
|
|
|
Denomination: Jp. million yen |
|
|
|
|
|
03/31/2012 |
03/31/2013 |
03/31/2014 |
|
Sales |
372,830 |
370,338 |
395,249 |
|
Cost of goods sold |
325,258 |
323,307 |
345,041 |
|
Gross profit |
47,571 |
47,031 |
50,208 |
|
Selling, general & admin.
expenses |
37,043 |
37,274 |
40,645 |
|
Operating profit |
10,528 |
9,756 |
9,562 |
|
Non operating income |
2,176 |
2,074 |
1,815 |
|
Non operating expenses |
1,548 |
1,480 |
1,540 |
|
Ordinary profit |
11,155 |
10,351 |
9,838 |
|
Special profit |
7 |
6 |
30 |
|
Special loss |
2,633 |
205 |
675 |
|
Pretax profit |
8,530 |
10,152 |
9,192 |
|
Provisions for taxes |
3,580 |
3,885 |
3,640 |
|
Minority Interest |
16 |
17 |
37 |
|
Net profit |
4,933 |
6,249 |
5,515 |
|
|
|
|
|
*Latest Financials*
===============
On November 10, 2014 the subject released the following business results
and forecast:
As September 30, 2013 (2Q 2015 term)
Unit: millions of JPY
|
Year |
Sales |
Operating profit |
Ordinary profit |
Net profit |
|
2Q 2014 |
187,259 |
4,011 |
4,238 |
2,648 |
|
2Q 2015 |
201,265 |
4,689 |
4,809 |
3,086 |
|
FY 2015(F) |
420,000 |
11,300 |
11,500 |
7,200 |
Current assets 155,111
Fixed assets
24,773
Total assets 179,885
Current liabilities 115,496
Fixed liabilities 4,730
Shareholders’ equity
56,124
Retained earnings 42,150
Total net assets
59,658
Total liabilities & net assets 179,885
*Bank Details*
===========
Mizuho Bank, Ltd., Osaka business office
Resona Bank, Ltd., Osaka business office
Sumitomo Mitsui Banking Corp., Senba branch
Bank of Tokyo-Mitsubishi UFJ, Ltd., Osaka business office and Osaka Chuo
branch
Mizuho Trust & Banking Co., Ltd., Osaka branch
*Credit Opinion*
=============
The subject is an Osaka-based well-established trading company
specializing in machinery, housing materials and consumer products since 1947.
A steady performance has been maintained for years except for 2004 term.
Suffered from big loss for 2004 term due mainly to disposal losses of
properties.
While the housing-related business is soft, remodeling-related business
is supporting the performance. Robust growth of machine tools and
automotive-related equipment has been seen in Asia. Home appliances have been
steady, and items for the elderly are growing.
The subject is focusing on the Asian markets with its mainstay items.
Financial condition is sound enough.
No particular precaution is to be utilized with the subject.
========================================
*Main Products
& Services*
=====================
Main fields of business are production equipment and consumer goods.
In the production equipment sector, provides machine tools, industrial
systems etc. that support manufacturing industries.
In the consumer goods sector, provides housing equipment and home
products that enhance quality of life and facilitate the 'creation of
comfortable living space.'
1). Production equipment
- Machine tools
Metal cutting / Mold work/Metal forming machine
- Industrial system
Factory automation/ distribution-related equipment/ Mechatronics-related
equipment/
Environmental facility equipment/ Air-conditioning equipment/
Industrial machinery & equipment/ Steel frame, plate, compact processing
machine
- Industrial tools
Cutting tooling system/Measuring equipment/Hand/Electric/Oil & air
pressure tools/Various equipment
- System engineering
Total planning of factory manufacturing facilities and system
- International Operation division
Importing & exporting/Technology tie up, Overseas Procurement,
Supporting to move
manufacturing facility to overseas/Trilateral transaction
2). Consumer goods
- Housing equipment and materials
- Home products
Electric appliances, Interior, Leisure/sport goods, Work tools,
Exterior, Gardening goods, Housing equipments and materials, Office equipments,
Nursing care products
For Mar. 2014 term:
Domestic industrial products (44%)
Overseas industrial products (19%)
Housing (16%)
Home appliances (19%)
Others (2%)
Overseas business (19%)
*Qualification*
============
ISO14001.............certified in March 2000
======================
*Address*
=========
Registered address is the same as the operational head office
The quoted address, Yamazen Dai-2 Bldg., 3-2-5, Itachibori, Nishi-ku,
Osaka-shi, Osaka, is for Export/Import Section of Sales Division.
The quoted phone number, 06-6534-3038 belongs to Control & General
Affairs Department.
*Company History*
================
Date Development
----------------------------------------------------------
May 1947 Takeo Yamamoto established Yamazen Tool Co.,
Ltd. in Fukui-city.
Sept. 1951 Head Office moved to Osaka-city.
Apr. 1955 Corporate name changed to Yamazen Co., Ltd.
Aug. 1957 Tokyo Branch Office (the present Tokyo Head
Office) established in
Minato-ku, Tokyo.
Sept. 1960 Nagoya Sales Office (the present Nagoya
Regional H. Q.) established.
Jan. 1961 Fukuoka Sales Office (the present Kyushu
Branch) established.
Oct. 1962 Listing of stocks in Second section of the
Osaka Stock Market.
Mar. 1963 Hiroshima Sales Office (the present Hiroshima
Branch) established.
Sept. 1963 Listing of stocks in Second section of the
Tokyo Stock Market.
Feb. 1965 Yamazen Inc. established in U.S.A.
Feb. 1970 Listing of stocks in first section of the
Tokyo and Osaka Stock Markets.
Nov. 1971 Corporate name changed to Yamazen Corporation.
Jun. 1990 Yamazen(Malaysia) Sdn. Bhd. established.
Dec 1990 Yamazen(Singapore) Pte. Ltd. established.
Feb. 1991 Yamazen Taiwan Co., Ltd. established.
Apr 1997 Yamazen Thai Engineering Co., Ltd.
Dec. 1997 Yamazen Hong Kong Ltd. established.
Jul. 1999 Yamazen(Korea) Ltd. established.
Mar. 2000 Osaka Head Office site obtained the ISO14001
Environment certificate.
Mar. 2001 The registered site for the ISO14001
Environment certificate expanded to
Tokyo Head
Office.
Mar. 2002 The registered site for the ISO14001
Environment certificate expanded to
all the
offices in Japan.
Jul. 2002 Yamazen(Shanghai) Trading Co., Ltd.
established.
Dec. 2005 Yamazen(Shenzhen) Trading Co., Ltd.
established.
Dec. 2008 Yamazen Europe GmbH established in Germany.
Apr. 2012: Made a re-formation at the company by
dividing into five major divisions
including
International Business Division.
*Offices*
========
Domestic:
- Head office
2-3-16, Itachibori, Nishi-ku, Osaka city, Osaka 550-0012
TEL: 06-6534-3021 FAX:
06-6534-3162
- Tokyo Head office
156, Miyazaki, Miyamae-ku, Kawasaki city, Kanagawa 216-0033
TEL: 044-872-0300 FAX:
044-872-0308
- Nagoya branch
2-10-10, Shirotori, Atsuta-ku, Nagoya city, Aichi 456-0035
TEL: 052-682-1239 FAX:
052-682-5324
- Kyushu branch
2-9-11, Hakataeki-minami, Hakata-ku, Fukuoka city, Fukuoka 812-0011
TEL: 092-431-7331 FAX:
092-482-4369
- Hiroshima branch
3-11, Hirose Kitamachi, Naka-ku, Hiroshima city, Hiroshima 730-0803
TEL: 082-233-5150 FAX:
082-294-1780
A total of 55 domestic business facilities are operated across the
nation
Overseas:
Regional headquarters in Chicago, Taipei, Singapore, Bangkok and
Shanghai and one branch office and a total of 40 Sales & Service offices.
================
*Suppliers*
==========
DMG Mori Seiki Co., Ltd.
Daikin Industries, Ltd.
OSG Co., Ltd.
Cleanup Co., Ltd.
Corona Corp.
*Customers*
==========
Toyo Corp.
Nishikawa Sangyo Co., Ltd.
Eto Oxygen Co., Ltd.
Konan Shoji Co., Ltd.
Kahma Co., Ltd.
===========================
*Subsidiaries,
Joint-ventures & Affiliates*
=================================
As of March 31, 2014 the subject owns and controls a total of 24
subsidiaries and two affiliates at home and abroad. Some of them are as
follows:
- Yamazen Create Co., Ltd.
- Yamazen General Service Corp.
- Yamazen Logistics Co., Ltd.
- Yamazen Precision Engineering Co., Ltd.
- Travel Topia Inc.
- Astaff Corporation
- Nihon Butsuryu Shinbun Co., Ltd.
- Yamazen Real Estate Corporation
- Procuebynet Corp.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.76 |
|
|
1 |
Rs.94.02 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.