MIRA
INFORM REPORT
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Report Date : |
25.10.2007 |
IDENTIFICATION DETAILS
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Name : |
KAGOME CO., LTD |
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Registered Office : |
3-14-15, Nishiki, Naka Ku, 4600003, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
August 1949 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Manufacturer of tomato processed foods/beverages |
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 4,927.1 MILLION |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
KAGOME CO LTD
REGD NAME: Kagome KK
MAIN OFFICE
3-14-15 Nishiki Nakaku
Tel : 052-951-3571
Fax : -
URL : http://www.kagome.co.jp/
E-Mail :
info@kagome.co.jp
ACTIVITIES
Mfg of tomato processed foods/beverages
BRANCH(ES)
OVERSEAS
FACTORY(IES)
Nasu,
CHIEF EXEC
KOJI KIOKA, PRES
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 187,004 M
PAYMENTS REGULAR CAPITAL Yen 19,985 M
TREND STEADY WORTH Yen 92,399 M
STARTED 1949 EMPLOYES 2,002
COMMENT
MFR OF TOMATO PROCESSED FOODS.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR
ORDINARYBUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 4,927.1 MILLION, 30 DAYS NORMAL TERMS.
Forecast (or estimated) figures for 31/03/2008 fiscal term
HIGHLIGHTS
This is pioneer and largest mfr of tomato processed foods,
including ketchup and juice, and branded out into fruit juice and other
beverages & paste sauce. Highly competitive in natural tomato juices.
Expanding overseas operations. Advanced
to vegetable fermented drinks. Has global tie-up with H J Heinz of USA. Clients
include major food mfrs, wholesaler, etc, nationwide.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen
187,004 million, a 12.3% up from Yen 166,456 million in the previous term. Vegetable-based juice/beverages were
favorably expanded. Lactic drinks, including
mail-order sales, were also expanded.
The recurring profit was posted at Yen 8,296 million and the net profit
at Yen 4,086 million, respectively, compared with Yen 6,834 million recurring
profit and Yen 3,617 million net profit, respectively, a year ago. Rise in materials costs were absorbed by the
expanded sales volume.
(Apr/Jun/2007 results): Sales Yen 52,972 million (up 11.4%),
operating profit Yen 4,455 million (up 47.9%), recurring profit Yen 4,241
million (up 48.4%), net profit Yen 2,400 million (up 55.7%). (% compared with
the same period a year ago). Vegetable
drinks showed steady growth. Also
vegetable-based lactic acid drink contributed by expanded sales territories.
For the current term ending Mar 2008 the recurring profit is
projected at Yen 9,000 million and the net profit at Yen 4,700 million, on a 7%
rise in turnover, to Yen 200,000 million.
Launched vegetable-based alcoholic drinks jointly developed with Asahi
Breweries this summer.
The financial situation is considered FAIR and good for
ORDINARY business engagements. Max credit limit is estimated at Yen 4,927.1
million, on 30 days normal terms.
REGISTRATION
Date Registered : Aug
1949
Legal Status :
Limited Company (Kabushiki Kaisha)
Authorized :
279,150,000 shares
Issued :
99,616,944 shares
Sum :
Yen 19,985 million
Major shareholders (%): Asahi Breweries (10.0), Dynapac Co
(4.3), Master Trust Bank of Japan T
(3.0), MUFG (2.2), Hisao Kawaguchi (1.5), Yoshiko Kanie (1.8), Eikichi Kanie
(1.3), Tatsuaki Sano (1.4), Nippon Life Ins (1.3), Toshichika Kanie (1.3);
foreign owners (1.8).
No. of shareholders: 136,969
Listed on the S/Exchange (s) of:
Managements: Koji Kioka, pres; Uki Takada, dir, Yasuki
Hiraoka, dir; Hidekuni Nishi, dir; Setsuhiro Ohtake, dir; Tetsuya Takahashi,
dir, Taizo Sano, dir; Koichi Sano, dir; Koichi Hamuro, dir; Naoyuki Terada,
dir; Kiyoshi Fukaya, dir
Nothing detrimental is known as to the commercial morality
of executives.
Related companies: Kagome Inc (
OPERATION
Activities: Manufactures tomato-based foods & beverages
(--100%)..
Clients: [Food processors, wholesalers] Kokubu Ltd, Meidi-Ya
Ltd, Ryoshoku Ltd, other
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Kureha Chemical, Toyo Seikan
Kaisha, Dyna Pac, Kureha Corp,
Ibaraki-Pref Economic Federation, other..
Payment record
Regular
Location
Business area in
Bank References
MUFG (
Mizuho Corporate Bank (
Relations: Satisfactory
Financials
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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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187,004
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166,456
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Cost of Sales |
96,342
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84,239
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GROSS PROFIT |
90,662
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82,217
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Selling & Adm Costs |
81,076
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74,961
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OPERATING PROFIT |
9,586
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7,255
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Non-Operating P/L |
-1,290
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-421 |
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RECURRING PROFIT |
8,296
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6,834
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NET PROFIT |
4,086
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3,617
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BALANCE SHEET |
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Cash |
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8,015
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4,979
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Receivables |
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28,834
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25,078
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Inventory |
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15,831
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14,540
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Securities, Marketable |
22,113
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9,931
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Other Current Assets |
12,839
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12,290
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TOTAL CURRENT ASSETS |
87,632
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66,818
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Property & Equipment |
45,256
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42,118
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Intangibles |
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2,086
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2,276
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Investments, Other Fixed Assets |
15,587
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17,502
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TOTAL ASSETS |
150,561
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128,714
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Payables |
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17,724
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13,676
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Short-Term Bank Loans |
3,385
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2,771
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Other Current Liabs |
20,556
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22,660
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TOTAL CURRENT LIABS |
41,665
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39,107
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Debentures |
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Long-Term Bank Loans |
7,357
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9,236
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Reserve for Retirement Allw |
2,632
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2,681
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Other Debts |
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6,508
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7,170
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TOTAL LIABILITIES |
58,162
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58,194
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MINORITY INTERESTS |
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1,799
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Common stock |
19,985
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11,685
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Additional paid-in capital |
23,733
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15,433
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Retained earnings |
41,316
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38,821
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Evaluation p/l on
investments/securities |
2,462
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3,043
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Others |
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(237) |
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Treasury stock, at cost |
(33) |
(25) |
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TOTAL S/HOLDERS` EQUITY |
92,399
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68,720
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TOTAL EQUITIES |
150,561
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128,714
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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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8,080
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1,312
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Cash Flows from Investment
Activities |
-8,513
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-9,192
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Cash Flows from Financing Activities |
14,904
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-1,578
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Cash, Bank Deposits at the Term End |
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29,981
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14,910
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
92,399
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68,720
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Current Ratio (%) |
210.33
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170.86
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Net Worth Ratio (%) |
61.37
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53.39
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Recurring Profit Ratio (%) |
4.44 |
4.11 |
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Net Profit Ratio (%) |
2.18 |
2.17 |
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Return On Equity (%) |
4.42 |
5.26 |
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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%)