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Report No. : |
330371 |
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Report Date : |
04.07.2015 |
IDENTIFICATION DETAILS
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Name : |
YAMASA CORPORATION |
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Registered Office : |
2-10-1 Araoicho Choshi Chiba-Pref 288-0056 |
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Country : |
Japan |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
Nov., 1928 |
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Com. Reg. No.: |
0400-01-052527 (Chiba-Choshi) |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of Soy Sauce, Seasonings, Pharmaceutical Products. |
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No. of Employees : |
810 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 1,670.7 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 an 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. Scarce in many natural
resources, Japan has long been dependent on imported raw materials. Since the
complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami
disaster in 2011, Japan's industrial sector has become even more dependent than
it was previously on imported fossil 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 impressive - 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 aftereffects 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. 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 of that year disrupted
manufacturing. The economy has largely recovered in the four years since the
disaster, although reconstruction in the affected Tohoku region has lagged, in part
due to a shortage of labor in the construction sector. Japan enjoyed a sharp
uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s “Three
Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary
easing, “flexible” fiscal policy, and structural reform. Abe’s government has
replaced the preceding administration’s plan to phase out nuclear power with a
new policy of seeking to restart nuclear power plants that meet strict new
safety standards, and emphasizing nuclear energy’s importance as a base-load
electricity source. Japan joined the Trans-Pacific Partnership (TPP)
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. While seeking to stimulate and reform the
economy, the government must also devise a strategy for reining in Japan's huge
government debt, which amounts to more than 230% of GDP. To help raise
government revenue, Japan adopted legislation in 2012 to gradually raise the
consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8%
implemented in April 2014. That increase had a contractionary effect on GDP,
however, so PM Abe in late 2014 decided to postpone the final phase of the
increase until April 2017 to give the economy more time to recover. Led by the
Bank of Japan’s aggressive monetary easing, Japan is making progress in ending
deflation, but demographics - low birthrate and an aging, shrinking population
- pose major long-term challenges for the economy.
|
Source
: CIA |
YAMASA CORPORATION
REGD NAME: Yamasa
Shoyu KK
MAIN OFFICE: 2-10-1
Araoicho Choshi Chiba-Pref 288-0056 JAPAN
Tel: 04479-22-0095 Fax: 0479-22-3435
E-Mail address: (thru the URL)
Mfg of soy sauce,
seasonings, pharmaceutical products
Tokyo, Osaka,
Sapporo, other (Tot 9)
USA, Thailand,
China
At the caption address,
Narita, USA, Thailand
MICHIO HAMAGUCHI,
PRES Naoyuki Ishibashi, mgn dir
Toshitada Noguchi,
dir Yoshinori Yamauchi, dir
Junji Ueno, dir Makoto Igarashi, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 52,147 M
PAYMENTSREGULAR CAPITAL Yen 100 M
TREND STEADY WORTH Yen 31,651 M
STARTED 1928 EMPLOYES 810
MFR OF SOY SAUCE AND SEASONINGS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 1,670.7 MILLION, 30 DAYS NORMAL TERMS
The subject company is an old-established mfr of soy sauce dating back
to 1945 and was incorporated in 1928. A
specialized mfr of soy sauce, various seasonings and pharmaceutical products. Ranked 2nd in this line of
business after Kikkoman Corp. Operates
mfg bases in USA, Thailand and China (subcontracted). Invested Yen 12,000 million to build Narita
factory which contribute to increased production. Clients include food makers, other
The sales volume for Dec/2014 fiscal term amounted to Yen 52,147
million, a 2% up from Yen 51,047 million in the previous term. The recurring profit was posted at Yen 1,700
million and he net profit at Yen 1,193 million, respectively, compared with Yen
1,382 million recurring profit and Yen 888 million net profit, respectively, a
year ago.
For the current term ending Dec 2015 the recurring profit is projected
at Yen 1,800 million and the net profit at Yen 1,250 million, respectively, on
a 3% rise in turnover, to Yen 53,700 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 1,690.7 million, on 30 days normal terms.
Date
Registered: Nov 1928
Regd
No.: 0400-01-052527 (Chiba-Choshi)
Legal
Status: Limited Company (Kabushiki Kaisha)
Authorized:
29.2 million shares
Issued:
7.3 million shares
Sum:
Yen 375 million
Major shareholders
(%): Michio Hamaguchi, Company’s Treasury Stock, other
No.
of shareholders: 48
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures soy
sauce, various seasonings, pharmaceutical products (bio grade), others (--100%)
Clients: [Mfrs,
wholesalers] Mitsubishi Foods, Kato Sangyo Co, Kokubu Ltd, Seiko Fresh Foods,
Nippon Access Hokkaido, Odakyu Restaurant Systems, other
No. of accounts:
500
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs, wholesalers]
Mitsubishi Corporation, Yoshino Kogyosho, Yamasa ORM, Japan Seasoning, other
Payment record: Regular
Location: Business area in
Chiba. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank (Kobunacho)
MUFG (Yaesudori)
Relations: Satisfactory
(In Million Yen)
|
Terms Ending: |
31/12/2015 |
31/12/2014 |
31/12/2013 |
31/12/2012 |
|
|
Annual
Sales |
|
53,700 |
52,147 |
51,047 |
51,217 |
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Recur.
Profit |
|
1,800 |
1,700 |
1,382 |
-905 |
|
Net
Profit |
|
1,250 |
1,193 |
888 |
-738 |
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Total
Assets |
|
|
58,641 |
57,672 |
58,224 |
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Current
Assets |
|
|
31,280 |
28,629 |
26,445 |
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Current
Liabs |
|
|
21,061 |
17,765 |
18,339 |
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Net
Worth |
|
|
31,651 |
30,567 |
29,419 |
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Capital,
Paid-Up |
|
|
100 |
100 |
100 |
|
Div.P.Share(¥) |
|
|
0.00 |
0.00 |
0.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
2.98 |
2.15 |
-0.33 |
2.36 |
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Current Ratio |
|
.. |
148.52 |
161.15 |
144.20 |
|
N.Worth Ratio |
|
.. |
53.97 |
53.00 |
50.53 |
|
R.Profit/Sales |
|
3.35 |
3.26 |
2.71 |
-1.77 |
|
N.Profit/Sales |
|
2.33 |
2.29 |
1.74 |
-1.44 |
|
Return On Equity |
|
.. |
3.77 |
2.91 |
-2.51 |
Notes: Forecast (or estimated) figures for the
31/12/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.40 |
|
|
1 |
Rs.98.94 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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.