MIRA
INFORM REPORT
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Report Date : |
11.01.2007 |
IDENTIFICATION DETAILS
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Name : |
MIZKAN GROUP CO LTD |
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Registered Office : |
2-6 |
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Country : |
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Date of Incorporation : |
Dec 1998 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturing of vinegar, citrus seasoning, cooking wines, dressing, others. |
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
1739.3 millions |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
MIZKAN GROUP CO LTD
REGD NAME
Mizkan Group Honsha KK
MAIN OFFICE
2-6 Nakamuracho Handa City
Aichi-Pref 475-8585
Tel : 0569-21-3331
URL : http://www.mizkan.co.jp
E-Mail address: info@mizkan.co.jp
ACTIVITIES
Mfg of vinegar,
citrus seasoning, cooking wines, dressing, others.
BRANCHES
FACTORY(IES)
At the caption
address
OVERSEAS
Mizkan America Inc, Mizkan Asia Pacific Pte Ltd (Singapore), Mizkan (Thailand) Co Ltd, Mizkan UK Ltd (UK), 4 firms in China. (-subsidiaries)
OFFICERS
KAZUHIDE MATAZAEMON
NAKANO VIII, PRES & CEO
Fuji Nakano, honorary
ch
MITSUO TOKUNAGA, PRES
Jun Kagawa, v pres
Shingo Nakamura, dir
Hideto Katoh, dir
Takashi Kondoh, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 100,800 M
PAYMENTS REGULAR CAPITAL Yen 330 M
TREND STEADY WORTH Yen
6,665 M
STARTED 1998 EMPLOYES 168*
*..
Group employees about 2,570
COMMENT
MFR SPECIALIZING IN VINEGAR AND FOOD SEASONINGS, CORE OF MIZKAN GROUP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 1,739.3 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established originally
in 1804 by Matazaemon Nakano (The First) in order to make vinegar from sake
lees, the first of its kind in
Entered in 1997 into mfg natto or fermented
soybeans. In order to integrate
management and operations, founded Mizkan Group Co Ltd as the group holding
company. Operates 8 overseas
subsidiaries (See OPERATION), with 4 in
FINANCIAL INFORMATION
The sales volume for Feb/2006 fiscal term
amounted to Yen 100,800 million, a 1.1% up from Yen 99,700 million in the
previous term. Seasoned rice vinegar
enjoyed good sales in
For the current term ending Feb 2007 the net profit is projected at Yen 630 million, on a 2% rise in turnover, to Yen 103,000 million. Vinegar continues in good demand both at home and abroad.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 1,739.3 million, on 30 days normal terms.
REGISTRATION
Date Registered: Dec 1998
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 26,400
shares
Issued: 6,600
shares
Sum: Yen
330 million
Major shareholders (%): Mizkan Group Co Ltd*(100)
*.. Holding company of 9 main group firms, at the caption address, engaged in management, supervision, planning, market research, accounting, financing, etc for the group firms, sales Yen 14,107 million, recurring profit Yen 3,003 million, net profit Yen 2,616 million, employees 10 net, pres Kazuhide Matazaemon Nakano VIII, concurrently.
Nothing detrimental
is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures vinegar (from rice lees), citrus seasoning, sweet seasoning, cooking wine, mustard, salad dressing, soup base, sauces, fermented soybeans, chilled foods, other food seasoning & spices (--100%).
(Overseas
subsidiaries)
Mizkan America Inc: started 1996, owning 10 plants nationwide, dealing in various seasoning products such as vinegars, mustards, cooking wines, Asian sauces and salad dressings.
Mizkan UK Ltd: founded 1998, producing rice vinegar, malt vinegar, rice
wines, etc.
Mizkan
Asia Pacific Pte Ltd; Mizkan (
Clients: [Food processors, food dealers, food chains, wholesalers] Kokubu & Co, Meidi-Ya Co, Itochu Shokuhin, Aeon Corp, Daiei Inc, Kato Sangyo, Ryoshoku Ltd, Seiyu Ltd, CGC Group, Ito-Yokado, other.
No. of accounts:
2,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs]
Mizkan Sanmi, other group firms.
Payment record:
Regular
Location: Business area in
Bank References
Bank of
Tokyo-Mitsubishi UFJ (Handa)
Mizuho Bank
(Nagoya-Chuo)
Relations:
Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
28/02/2007 |
28/02/2006 |
28/02/2005 |
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Annual
Sales |
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103,000
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100,800
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99,700
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Recur.
Profit |
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Net
Profit |
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630 |
604 |
1,174
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Total
Assets |
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23,024
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23,520
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Current
Assets |
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19,136
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19,642
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Current
Liabs |
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13,288
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13,665
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Net
Worth |
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6,665
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6,759
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Capital,
Paid-Up |
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330 |
330 |
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<Analytical
Data> |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.18 |
1.10 |
5.95 |
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Current Ratio |
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144.01
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143.74
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N.Worth Ratio |
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28.95
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28.74
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R.Profit/Sales |
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.. |
.. |
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N.Profit/Sales |
0.61 |
0.60 |
1.18 |
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Return On Equity |
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9.06 |
17.37
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Note: Forecast (or
estimated) for the 28/02/2007 fiscal term.
(*) Pretax profits
disclosed from the Taxation Office.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we have
no basis upon which to recommend credit dealings |
No Rating |
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