MIRA
INFORM REPORT
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Report Date : |
24th February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
NIPPON MEAT PACKERS INC |
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Registered Office : |
Itou Bldg, 3-6-14 Minami-Honmachi Chuoku Osaka 541-0054, Japan |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
May 1949 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufactures and processes ham & sausages, processed foods,
fresh meats, seafood, dairy products, 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 32,434.5 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
Company Name
NIPPON MEAT PACKERS INC
REGD NAME
Nippon Ham KK
MAIN OFFICE
Itou Bldg, 3-6-14 Minami-Honmachi Chuoku Osaka 541-0054 JAPAN
Tel :
06-6282-3031
Fax :
06-6232-1056
URL : http://www.nipponham.co.jp/
E-Mail address :
info@nipponham.co.jp
ACTIVITIES
Meat processor
BRANCHES
Domestically 406 branches/offices; 2 labs
OVERSEAS
32 locations in 12 countries
FACTORY(IES)
113 factories domestically
CHIEF EXEC
YOSHIKIYO FUJII, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen
963,664 M
PAYMENTS REGULAR CAPITAL Yen 24,166 M
TREND STEADY WORTH Yen 291,580 M
STARTED 1949 EMPLOYES 15,330
COMMENT
MEAT PROCESSOR
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 32,434.5 MILLION, 30 DAYS NORMAL
TERMS..
Forecast (or estimated) figures for 31/03/2007 fiscal term
HIGHLIGHTS
This is major comprehensive meat processor. Top-ranked in ham & sausages. Engaged in meat mfg from cattle & hog
raising to ham & sausage processing and marketing. Operates livestock farm
in Australia through subsidiary.
Diversified into seafood and dairy products. Owns professional baseball
team. In June 2006, closed down
production of ham/sausages at Osaka-Kita & Wakayama plants and refurbished
into distribution center. Restructuring
is being carried out.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen
963,664 million, a 3.1% up from Yen 934,678 million in the previous term. Processed food and meat sales grew but
imported been turned unprofitable. The
recurring profit was posted at Yen 2,335 million and the net profit at Yen 952
million, respectively, compared with Yen 22,382 million recurring profit and
Yen 11,839 million net profit, respectively, a year ago. Profits decline is referred to restructuring
costs & expenses.
For the current term ending Mar 2007 the recurring profit is
projected at Yen 14,000 million and the net profit at Yen 9,000 million, on a
1.7% rise in turnover, to Yen 980,000 million.
Processed food and meat will continue to grow. Profits will improve thru disposal of below-cost products.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 32,434.5 million, on 30 days normal terms.
REGISTRATION
Date Registered : May
1949
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
570 million shares
Issued :
228,445,360 shares
Sum :
Yen 24,166 million
Major shareholders (%)
Master Trust Bank of Japan T (6.9), Mitsubishi Corp (5.1),
Japan Trustee Services Bank T (4.8), Hyakujushi Bank (4.3), Meiji Yasuda Life
Ins (4.2), Norin Chukin Bank (3.9), Nippon Life Ins (3.5), MUFG (3.2), Dai-ichi
Life Ins (3.1), Nipponkoa Ins (2.1); foreign owners (21.2)
No. of shareholders: 11,321
Listed on the S/Exchange (s) of
Tokyo, Osaka, Luxemburg, Paris
Managements
Yoshikiyo Fujii, pres & CEO; Yosuke Umemoto, v pres;
Sumio Munemura, dir; Haruaki Takeda, dir; Keiji Okoso, dir; Hiroshi Kobayashi, dir;
Noboru Takesoe, dir; Satoshi
Tsuchida, dir; Sachiko Hayakawa, dir
Nothing detrimental is known as to the commercial morality
of executives.
Related companies
Nippon Ham Shokuhin, Marine Foods, others (Tot 118 as of
Mar/06)
OPERATION
Activities: Manufactures and processes ham & sausages
(13.9%), processed foods (19.2%), fresh meats (51.6%), seafood (8.6%), dairy
products (2.2%), others (4.5%).
Clients
Department stores, chain stores, food processors, butchers,
schools, other
No. of accounts
3,000
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Mitsubishi Corp, Toyota Tsusho Corp,
other.
Payment record
Regular
Location
Business area in Osaka.
Office premises at the caption address are owned and maintained satisfactorily.
Bank References
Hyakujushi Bank (Osaka)
Norin Chukin Bank (Osaka)
Relations: Satisfactory
FINANCES
(Consolidated in million yen)
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME STATEMENT |
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Annual Sales |
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963,664 |
934,678 |
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Cost of Sales |
789,461 |
736,119 |
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GROSS PROFIT |
174,203 |
198,559 |
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Selling & Adm Costs |
164,128 |
171,315 |
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OPERATING PROFIT |
10,075 |
27,244 |
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Non-Operating P/L |
-7,740 |
-4,862 |
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RECURRING PROFIT |
2,335 |
22,382 |
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NET PROFIT |
952 |
11,839 |
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BALANCE SHEET |
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Cash |
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27,180 |
66,793 |
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Receivables |
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102,832 |
97,283 |
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Inventory |
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117,011 |
95,646 |
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Securities, Marketable |
198 |
1,595 |
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Other Current Assets |
23,822 |
19,496 |
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TOTAL CURRENT ASSETS |
271,043 |
280,813 |
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Property & Equipment |
259,727 |
266,494 |
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Intangibles |
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Investments, Other Fixed Assets |
60,656 |
63,943 |
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TOTAL ASSETS |
591,426 |
611,250 |
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Payables |
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88,141 |
91,077 |
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Short-Term Bank Loans |
71,823 |
78,480 |
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Other Current Liabs |
36,949 |
56,783 |
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TOTAL CURRENT LIABS |
196,913 |
226,340 |
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Debentures |
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Long-Term Bank Loans |
86,663 |
61,724 |
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Reserve for Retirement Allw |
10,743 |
48,074 |
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Other Debts |
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3,577 |
3,537 |
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TOTAL LIABILITIES |
297,896 |
339,675 |
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MINORITY INTERESTS |
1,950 |
2,954 |
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Common
stock |
24,166 |
24,166 |
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Additional
paid-in capital |
50,688 |
50,553 |
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Retained
earnings |
203,542 |
206,346 |
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Evaluation
p/l on investments/securities |
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Others |
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13,405 |
(12,250) |
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Treasury
stock, at cost |
(221) |
(194) |
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TOTAL S/HOLDERS` EQUITY |
291,580 |
268,621 |
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TOTAL EQUITIES |
591,426 |
611,250 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2006 |
31/03/2005 |
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Cash
Flows from Operating Activities |
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-21,207 |
34,880 |
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Cash
Flows from Investment Activities |
-16,661 |
-23,530 |
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Cash Flows
from Financing Activities |
-1,746 |
-18,145 |
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Cash,
Bank Deposits at the Term End |
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27,180 |
66,793 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2006 |
31/03/2005 |
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Net
Worth (S/Holders' Equity) |
291,580 |
268,621 |
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Current
Ratio (%) |
137.65 |
124.07 |
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Net
Worth Ratio (%) |
49.30 |
43.95 |
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Recurring
Profit Ratio (%) |
0.24 |
2.39 |
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Net
Profit Ratio (%) |
0.10 |
1.27 |
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Return
On Equity (%) |
0.33 |
4.41 |
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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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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%)
PRIVATE & CONFIDENTIAL : This information
is provided to you at your request, you having employed MIPL for such purpose.
You will use the information as aid only in determining the propriety of giving
credit and generally as an aid to your business and for no other purpose. You
will hold the information in strict confidence, and shall not reveal it or make
it known to the subject persons, firms or corporations or to any other. MIPL
does not warrant the correctness of the information as you hold it free of any
liability whatsoever. You will be liable to and indemnify MIPL for any loss,
damage or expense, occasioned by your breach or non observance of any one, or
more of these conditions