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Report No. : |
348378 |
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Report Date : |
03.11.2015 |
IDENTIFICATION DETAILS
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Name : |
YANMAR CO LTD |
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Registered Office : |
Yanmar \flying-Y Bldg, 1-32 Chayamachi Kitaku Osaka 530-0013 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
January 1936 |
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Com. Reg. No.: |
1200-01-071567 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures industrial engines, marine engines, agricultural machinery & equipment, others (--100%). |
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No. of Employees : |
3,342 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 |
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Risk Category |
ECGC
Classification |
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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 first-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 |
YANMAR CO LTD
REGD NAME: Yanmar
KK
MAIN OFFICE: Yanmar
\flying-Y Bldg, 1-32 Chayamachi Kitaku Osaka 530-0013 JAPAN
Tel: 06-6376-6211
Fax: 06-6376-2455
*.. The is its Agricultural Machinery Division
E-Mail address: info@yanmar.co.jp
ACTIVITIES: Mfg
of diesel engines, agricultural/marine/industrial machinery
BRANCHES: Tokyo, Sapporo, Sendai, Nagoya,
Osaka, Takamatsu, Hiroshima, Fukuoka, Okinawa (Tot 9)
OVERSEAS: Asia (6), N America (3), Europe (6),
Russia, S America, Africa (--subsidiaries)
FACTORIES: Shiga (3), Amagasaki, other (Tot 8)
OFFICER(S): TAKEHITO
YAMAOKA, CH & PRES
Gakuto Suzuki, v pres Yasusuki Yamaoka, v ch
Hiroshi Karita, s/mgn
dir Shigeru Morimoto, mgn dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 361,720 M
PAYMENTS REGULAR CAPITAL Yen 6,300 M
TREND STEADY WORTH Yen 78,793 M
STARTED 1936 EMPLOYES 3,342
COMMENT: MFR SPECIALIZING IN DIESEL ENGINES AND
AGRICULTURAL MACHINERY.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS
ENGAGEMENTS.
This is a leading diesel engine mfr based in Osaka. Also manufactures agricultural machinery and equipment (see OPERATION). In Apr 2013 founded a Holding Company, Yanmar Holdings Co Ltd (See REGISTRATION), and became its wholly owned subsidiary. Products are widely exported with export ratio accounting for 44% of total sales. Products are manufactured by group factories. Distribution is also handled by the group firms in major areas. Group general trading houses handle exports and imports. Active in overseas operations, with particular stress in China.
The sales volume for Mar/2015 fiscal term amounted to Yen 361,720 million, a 7% up from Yen 338,665 million in the previous term. Exports of used machinery & agricultural equipment were robust to S/E Asia, particularly into China. The recurring profit was posted at Yen 15,553 million and net profit at Yen 13,239 million, respectively, compared with Yen 16,988 million recurring profit and Yen 14,367 million net profit, respectively, a year ago.
For the current term ending Mar 2016 the recurring profit is projected at Yen 16,000 million and net profit at Yen 14,000 million, respectively, on a 5% rise in turnover, to Yen 379,500 million. Exports & overseas production continue steady & rising.
The financial situation is considered maintained FAIR and should be good for ORDINARY business engagements.
Date Registered: Jan 1936
Regd No.:
1200-01-071567
(Osaka-Kitaku)
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 49.6
million shares
Issued: 12.6
million shares
Sum: Yen
6,300 million
Major shareholders
(%):
Yanmar
Holdings Co Ltd* (100)
*.. Holding Company, founded 2013, capital Yen 90 million, sales Yen 655,019 million, operating profit Yen 39,772 million, recurring profit Yen 39,605 million, net profit Yen 39,605 million, total assets Yen 629,998 million, net worth Yen 187,185 million, employees 17,007, pres Takehito Yamaoka, concurrently
Nothing detrimental is knows as to the commercial morality of executives.
Activities: Manufactures industrial engines, marine engines, agricultural machinery & equipment, others (--100%).
(Handling
Items):
Industrial
Engines: vertical engines, air-cooled engines, horizontal engines, diesel
generators;
Power
Products: generators, welders, pumps;
Marine
Engines: small-size engines for: pleasure boats, fishery boats, sail drive
units, for life boats, other; large-size engineers: propulsion engines,
auxiliary engines, marine compressors;
Agricultural
Machinery: tractors, combine, rice trans-planters, tiller transporters, lawn
mowers, snow throwers, rice hulling machines, tractors, other.
Overseas
Sales Ratio (44%).
Clients: [Mfrs,
wholesalers] Yanmar Agricultural Equipment, Seirei Ind, Yanmar Energy System
(--all group firms), Sumitomo Corp, Mitsubishi Corp, Yanmar Marine System,
other.
Goods are exported to worldwide
destinations.
No. of accounts:
800
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Seirei Ind, Bridgestone Tire Kyoji Hambai, Matsue Diesel, Kanzaki Kokyu Koki Mfg, Yanmar Casting
Technology, Yanmar Engineering, Daichu Co, Fuso Ind, other.
Payment record: Regular
Location: Business area in
Osaka. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Resona Bank
(Osaka)
MUFG (Osaka)
Relations:
Satisfactory
(In Million
Yen)
|
Terms Ending: |
31/03/2016 |
31/03/2015 |
31/03/2014 |
31/03/2013 |
|
|
Annual
Sales |
|
379,500 |
361,720 |
338,665 |
305,754 |
|
Recur.
Profit |
|
16,000 |
15,553 |
16,988 |
11,866 |
|
Net
Profit |
|
14,000 |
13,239 |
14,367 |
7,258 |
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Total
Assets |
|
|
319,146 |
331,643 |
323,077 |
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Current
Assets |
|
|
129,861 |
145,699 |
152,435 |
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Current
Liabs |
|
|
157,380 |
175,142 |
167,413 |
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Net
Worth |
|
|
78,793 |
71,818 |
57,180 |
|
Capital,
Paid-Up |
|
|
6,300 |
6,300 |
6,300 |
|
Div.Ttl
in Million (¥) |
|
|
187 |
352 |
164 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
4.92 |
6.81 |
10.76 |
-1.90 |
|
Current Ratio |
|
.. |
82.51 |
83.19 |
91.05 |
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N.Worth Ratio |
|
.. |
24.69 |
21.66 |
17.70 |
|
R.Profit/Sales |
|
4.22 |
4.30 |
5.02 |
3.88 |
|
N.Profit/Sales |
|
3.69 |
3.66 |
4.24 |
2.37 |
|
Return On Equity |
|
.. |
16.80 |
20.00 |
12.69 |
Notes: Forecast (or estimated) figures for the
31/03/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.48 |
|
|
1 |
Rs.101.06 |
|
Euro |
1 |
Rs.72.22 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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Report Prepared
by : |
TPT |
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.