MIRA INFORM REPORT

 

 

Report Date :

10.05.2007

 

IDENTIFICATION DETAILS

 

Name :

MIKUNI WINE CO LTD

 

 

Registered Office :

180 Kano Okegawa City Saitama-Pref 363-0001

 

 

Country :

Japan

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

Dec 1999

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Import and wholesale of wines

 

 

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

 

Maximum Credit Limit :

Yen 25.1 millions

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

NAME

 

MIKUNI WINE CO LTD

 

 

REGD NAME

 

Mikuni Wine KK

 

 

MAIN OFFICE

 

180 Kano Okegawa City Saitama-Pref 363-0001 JAPAN

Tel: 048-774-1121

Fax: 048-774-0017

URL: http://www.mikuniwine.co.jp/

E-Mail address: mikuni-wine@mikuni-ccbc.co.jp

 

 

ACTIVITIES

 

Import, wholesale of wines

 

 

BRANCHES

 

Tokyo, Osaka, Okegawa, Kitamoto, Takasaki, Niigata

 

 

OFFICERS

 

JUN IMAI, PRES & CEO                        Taiji Amemiya, dir

Eiji Nomoto, dir                                      Masashi Sudoh, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 2,177 M

PAYMENTS      REGULAR                     CAPITAL           Yen 100 M

TREND             STEADY                       WORTH            Yen 299 M

STARTED         1999                             EMPLOYES      43

 

 

 

 

 

 

 

COMMENT

 

IMPORTER AND WHOLESALER SPECIALIZING IN WINES, WHOLLY      OWNED BY MIKUNI COCA-COLA BOTTLING CO LTD.  FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: YEN 25.1 MILLION, 30 DAYS NORMAL TERMS.

 

 

HIGHLIGHTS

 

The subject company was established originally in 1985 as Wine Import Division by Mikuni Coca-Cola Bottling Co Ltd, at the caption address (see REGISTRATION) for importing wines from France, and in 1999 separated as independent entity, Mikuni Wine Co Ltd.  Now import sources cover about 15 countries (wine producers), such as France, Germany, Italy, Spain, Portugal, Chile, Australia, USA, etc.  Goods are shipped to department stores, chain stores, liquor wholesalers, other, nationwide.  Imports are handled by Mitsui & Co, leading general trading house of Japan and majority shareholder of the parent, Mikuni Coca-Cola Bottling Co Ltd.  Mitsui & Co supplies all the goods & materials for Mikuni Coca-Cola, too.

 

 

FINANCIAL INFORMATION

 

Financials are consolidated by the parent, Mikuni Coca-Cola Bottling Co Ltd, the consolidated financials of which are attached herein.

 

The sales volume for Dec/2006 fiscal term amounted to Yen 2,177 million, a 4.5% up from Yen 2,084 million in the previous term.  Demand increased for imported wines; particularly Bourgogne red wines which the firm first started imports in 2004 were most widely distributed nationwide.  The net profit increased 16% to Yen 36 million from Yen 31 million a year ago.  While the parent’s non-alcoholic beverages sales declined due to unusually cool and unchangeable summer weather, the wine division sales account for about 1% of the total group sales.

 

For the current term ending Dec 2007 the net profit is projected at Yen 38 million, on a 6% rise in turnover, to Yen 2,300.  Popularity for red wines will continue.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 25.1 million, on 30 days normal terms.

 

 

REGISTRATION

 

Date Registered:            Dec 1999

Legal Status:                 Limited Company (Kabushiki Kaisha)

Authorized:                    8,000 shares

Issued:                          2,000 shares

Sum:                            Yen 100 million

Major shareholders (%): Mikuni Coca-Cola Bottling Co Ltd*(100)

*.. One of leading Coca-Cola bottling companies in Japan, at the caption address, founded 1963, listed Tokyo S/E, capital Yen 5,407 million, sales Yen 128,638 million, recurring profit Yen 4,673 million, net profit Yen 2,435 million, total assets Yen 74,213             million, net worth Yen 61,609 million, employees 1,826, pres Hiroshi Hirano; covering three prefectures of Saitama, Gunma & Niigata; 32.1% owned by Mitsui & Co Ltd, leading general trading house, Tokyo.

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

 

Activities: Imports and wholesales wines, whiskies, liqueur, other liquor (--100%).

 

Brands handled (few examples):

 

France: Joseph Drouhin, Billecart-Salmon, BruMont, Michel Guerard;

Germany: Dr. Loosen, Langguth;

Italy: Cecchi, Cordici, Teruzzi & Ruthod, Fuligni, Lugi Einandi, A-Mano;

Spain: Roger Goulart;

Portugal: Exporao, Smith Woodhouse;

USA: Domaine Drouhin, Marimar Torres, Hedges;

Chile: Miguel Torres, Casa Donoso;

South Africa: Vergelen, Boschendal, JC LeRoux;

Australia: Cumulus, Jindalee.

 

Clients: [Department stores, wholesalers] Nihon Shurui Hambai (Shurui means alcoholic     drinks), Isetan, Tokyu Department Stores, Hiroya Co, KK Masuki, Nisshoku Co, other.

 

No. of accounts: 700

 

Domestic areas of activities: Nationwide

 

Suppliers: [Negociants, wholesalers] Imports from France, Germany, Italy, Spain, Portugal, USA, Chile, South Africa, Australia, other of total 14 countries, through Mitsui & Co.

 

Payment record: Regular

 

Location: Business area in Okegawa City, Saitama-Pref.  Office premises at the caption address are owned by the parent and maintained satisfactorily.

 

 

Bank References

 

SMBC (Ohmiya)

Towa Bank (Okegawa)

 

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

       Terms Ending:

31/12/2007

31/12/2006

31/12/2005

31/12/2004

Annual Sales

　

2,300

2,177

2,084

1,906

Recur. Profit

　

　

67

46

　

Net Profit

　

38

36

31

27

Total Assets

　

　

1,600

1,433

　

Current Assets

　

　

1,525

1,433

　

Current Liabs

　

　

535

938

　

Net Worth

　

　

299

272

243

Capital, Paid-Up

　

　

100

100

100

Div.P.Share(¥)

　

　

　

　

　

<Analytical Data>

(%)

(%)

(%)

(%)

       S.Growth Rate

5.65

4.46

9.34

9.23

       Current Ratio

 

..

285.05

152.77

..

       N.Worth Ratio

..

18.69

18.98

..

       R.Profit/Sales

 

..

3.08

2.21

..

       N.Profit/Sales

1.65

1.65

1.49

1.42

       Return On Equity

..

12.04

11.40

11.11

 

Notes: Forecast (or estimated) figures for 31/12/2007 fiscal term.

 

 

Consolidated financials of the parent,

Mikuni Coca-Cola Bottling Co Ltd

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/12/2006

31/12/2005

INCOME STATEMENT

 

 

 

  Annual Sales

　

128,638

132,649

 

  Cost of Sales

76,072

78,618

 

      GROSS PROFIT

52,566

54,030

 

  Selling & Adm Costs

47,908

48,754

 

      OPERATING PROFIT

4,657

5,275

 

  Non-Operating P/L

16

376

 

      RECURRING PROFIT

4,673

5,651

　

      NET PROFIT

2,435

3,086

BALANCE SHEET

 

 

 

 

  Cash

　

7,551

5,206

 

  Receivables

 

8,227

8,299

 

  Inventory

 

　

200

 

  Securities, Marketable

5,592

4,948

 

  Other Current Assets

9,605

11,946

 

      TOTAL CURRENT ASSETS

30,975

30,599

 

  Property & Equipment

30,348

32,439

 

  Intangibles

 

1,400

1,694

 

  Investments, Other Fixed Assets

11,490

9,746

 

      TOTAL ASSETS

74,213

74,478

 

  Payables

 

3,286

3,613

 

  Short-Term Bank Loans

3,927

4,012

 

　

 

　

　

 

  Other Current Liabs

4,462

2,804

 

      TOTAL CURRENT LIABS

11,675

10,429

 

  Debentures

 

　

　

 

  Long-Term Bank Loans

　

　

 

  Reserve for Retirement Allw

53

224

 

  Other Debts

　

876

971

 

      TOTAL LIABILITIES

12,604

11,624

 

      MINORITY INTERESTS

 

 

 

Common stock

5,407

5,407

 

Additional paid-in capital

5,357

5,357

 

Retained earnings

54,532

53,180

 

Evaluation p/l on investments/securities

177

268

 

Others

 

1

1

 

Treasury stock, at cost

(3,865)

(1,360)

 

      TOTAL S/HOLDERS` EQUITY

61,609

62,853

　

      TOTAL EQUITIES

74,213

74,478

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/12/2006

31/12/2005

 

Cash Flows from Operating Activities

　

11,085

11,203

 

Cash Flows from Investment Activities

-5,195

-8,456

 

Cash Flows from Financing Activities

-3,544

-2,410

　

Cash, Bank Deposits at the Term End

　

7,550

5,205

ANALYTICAL RATIOS            Terms ending:

31/12/2006

31/12/2005

 

 

Net Worth (S/Holders' Equity)

61,609

62,853

 

 

Current Ratio (%)

265.31

293.40

 

 

Net Worth Ratio (%)

83.02

84.39

 

 

Recurring Profit Ratio (%)

3.63

4.26

 

 

Net Profit Ratio (%)

1.89

2.33

 

 

Return On Equity (%)

3.95

4.91

 

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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