MIRA
INFORM REPORT
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Report Date : |
13.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
FFA INTERNATIONAL KK |
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Registered Office : |
1-16-7 Kyobashi Chuoku Tokyo 104-8315 |
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Country : |
Japan |
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Date of Incorporation : |
Nov 2003 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, wholesale of frozen food
materials |
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 17.5 millions |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name
FFA INTERNATIONAL KK
REGD NAME
FFA International KK
MAIN OFFICE
1-16-7 Kyobashi Chuoku Tokyo 104-8315 JAPAN
Tel : 03-5250-1150
URL : http://www.ffa.ajinomoto.com
(of the parent)
E-Mail address: info@ffa.ajinomoto.com
ACTIVITIES
Import, wholesale of frozen food materials
BRANCHES
Nil
FACTORY(IES)
(subcontracted)
OFFICERS
SHOTA MITSUIKI, PRES
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,000 M
PAYMENTS REGULAR CAPITAL Yen 30 M
TREND STEADY WORTH Yen 100 M
STARTED 2003 EMPLOYES 5
COMMENT
TRADING DIVISION BELONGING TO AJINOMOTO FROZEN FOODS CO INC,
WHOLLY OWNED BY AJINOMOTO CO INC. FINANCIAL SITUATION CONSIDERED FAIR AND
GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 17.5 MILLION, 30 DAYS NORMAL
TERMS.
HIGHLIGHTS
The subject company was established on the basis of a trading
division separated from Ajinomoto Frozen Foods Co Inc, mfr of commercial &
home-use frozen foods, at the caption address, wholly owned by Ajinomoto Co
Inc. (See REGISTRATION for both
firms). This is a trading division with
management and operations integrated with the parent, Ajinomoto Frozen Foods Co
Inc.
FINANCIAL INFORMATION
Financials are consolidated by the top parent, Ajinomoto Co Inc, which financial reports are as attached. Hence, financials are not openly disclosed.
The sales volume for Mar/2007 fiscal term amounted to Yen 1,000 million, a similar amount in the previous term. The net profit is believed posted at Yen 10 million.
For the current term ending Mar 2008 the net profit is
projected at Yen 12 million, on a 10% rise in turnover, to Yen 1,100
million. Business is on the rise.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max
credit limit is estimated at Yen 17.5 million, on 30 days normal terms. Max credit limit of the top parent,
Ajinomoto Co Inc: Yen 39,489.8 million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov
2003
Legal Status: Limited
Company (Kabushiki Kaisha)
Authorized: 2,400
shares
Issued: 600
shares
Sum: Yen
30 million
Major shareholders (%):
Ajinomoto Frozen Foods Co Inc*(100)
*.. Mfr of frozen foods, wholly owned by Ajinomoto Co Inc**, at the caption address, founded 1970, capital Yen 9,537 million, turnover Yen 106,000 million, net profit Yen 1,590 million, employees 1,100, pres Taiji Shindo
**.. Largest seasoning mfr known for monosodium glutamate, at the caption address, founded 1925, listed Tokyo, Osaka SE’s, sales Yen 1,158,510 million, operating profit Yen 63,800 million, recurring profit Yen 61,589 million, net profit Yen 30,229 million, total assets Yen 1,061,688 million, net worth Yen 563,445 million, employees 24,733, pres Norio Yamaguchi
Consolidated financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality
of executives.
OPERATION
Activities: Imports and wholesales frozen foods, prepared foods,
cooked Chinese foods, other foodstuffs for exclusive supply to the parent,
Ajinomoto Frozen Foods Co Inc (--100%).
Clients: [Mfr, wholesaler] Shipped wholly to the parent, Ajinomoto Frozen Foods Co Inc.
No. of accounts: 1
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Imports from China, other.
Payment record: Regular
Location: Business area in Tokyo. Office premises at the caption address are owned by the parent
and maintained satisfactorily.
Bank References
MUFG (H/O)
Mizuho Corporate Bank (H/O)
Relations: Satisfactory
SUPPLEMENTS
Consolidated financials of the top parent, Ajinomoto Co Inc
FINANCES: (In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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1,158,510 |
1,106,807 |
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Cost of Sales |
828,050 |
795,007 |
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GROSS PROFIT |
330,459 |
311,799 |
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Selling & Adm Costs |
266,658 |
251,476 |
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OPERATING PROFIT |
63,800 |
60,322 |
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Non-Operating P/L |
-2,211 |
1,126 |
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RECURRING PROFIT |
61,589 |
61,448 |
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NET PROFIT |
30,229 |
34,912 |
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BALANCE SHEET |
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Cash |
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81,958 |
72,168 |
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Receivables |
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206,228 |
196,967 |
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Inventory |
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122,652 |
108,324 |
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Securities, Marketable |
32 |
4,228 |
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Other Current Assets |
49,256 |
44,304 |
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TOTAL CURRENT ASSETS |
460,126 |
425,991 |
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Property & Equipment |
385,928 |
341,950 |
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Intangibles |
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63,900 |
68,505 |
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Investments, Other Fixed Assets |
151,734 |
160,959 |
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TOTAL ASSETS |
1,061,688 |
997,405 |
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Payables |
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122,029 |
109,092 |
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Short-Term Bank Loans |
27,734 |
24,851 |
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Other Current Liabs |
116,690 |
103,897 |
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TOTAL CURRENT LIABS |
266,453 |
237,840 |
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Debentures |
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70,000 |
85,000 |
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Long-Term Bank Loans |
38,088 |
25,382 |
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Reserve for Retirement Allw |
53,622 |
58,841 |
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Other Debts |
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25,940 |
28,934 |
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TOTAL LIABILITIES |
454,103 |
435,997 |
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MINORITY INTERESTS |
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32,644 |
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Common
stock |
79,863 |
79,863 |
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Additional
paid-in capital |
111,581 |
111,579 |
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Retained
earnings |
365,791 |
341,528 |
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Evaluation
p/l on investments/securities |
15,633 |
23,848 |
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Others |
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37,618 |
(25,546) |
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Treasury
stock, at cost |
(2,902) |
(2,510) |
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TOTAL S/HOLDERS` EQUITY |
607,584 |
528,762 |
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TOTAL EQUITIES |
1,061,688 |
997,405 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash
Flows from Operating Activities |
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75,764 |
55,174 |
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Cash
Flows from Investment Activities |
-67,911 |
-83,731 |
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Cash
Flows from Financing Activities |
-5,504 |
6,640 |
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Cash,
Bank Deposits at the Term End |
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81,486 |
75,133 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
607,584 |
528,762 |
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Current
Ratio (%) |
172.69 |
179.11 |
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Net
Worth Ratio (%) |
57.23 |
53.01 |
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Recurring
Profit Ratio (%) |
5.32 |
5.55 |
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Net
Profit Ratio (%) |
2.61 |
3.15 |
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Return
On Equity (%) |
4.98 |
6.60 |
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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. |
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%)