MIRA
INFORM REPORT
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Report Date : |
11.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
Q P CORPORATION |
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Registered Office : |
1-4-13 Shibuya Shibuyaku Tokyo 150-0002 |
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Country : |
Japan |
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Financials (as on) : |
30.11.2006 |
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Date of Incorporation : |
Nov 1919 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of mayonnaise, salad dressings |
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 15,487.9 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
Q P CORPORATION
REGD NAME: Q P KK
MAIN OFFICE
1-4-13 Shibuya Shibuyaku Tokyo 150-0002 JAPAN
Tel: 03-3486-3331 Fax:
03-3498-1806
URL
E-Mail address
info@kewpie.co.jp
ACTIVITIES
Mfg of mayonnaise, salad dressings
BRANCH(ES)
Sapporo, Sendai, Tokyo, Yokohama, Nagoya, Osaka, Takamatsu,
Hiroshima, Fukuoka, other (Tot 33)
OVERSEAS
USA (2), Netherlands, China (2)
(--subsidiaries)
FACTORY(IES)
Hashikami, Goka, Sengawa, Nakagawara, Komoro, Fuji Yoshida, Itami,
Izumisano, Tosu
CHIEF EXEC
YUTAKA SUZUKI, PRES & CEO
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen
456,067 M
PAYMENTS REGULAR CAPITAL Yen
24,104 M
TREND STEADY WORTH Yen
156,217 M
STARTED 1919 EMPLOYES 8,805
COMMENT
LARGEST MFR OF
MAYONNAISE & SALAD DRESSINGS.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 15,487.9 MILLION, 30
DAYS NORMAL TERMS.
Forecast (or estimated) figures for 30/11/2007 fiscal term
HIGHLIGHTS
This is the
nation’s largest producer of mayonnaise and salad dressings, set up originally
in 1919 as maker of sauce and other foods.
In 1925 commenced mayonnaise production. And expanded into dressings, egg products and canned foods on
strength of mayonnaise. Also produces
delicatessen including vegetables & foods for senior citizens.
FINANCIAL INFORMATION
The sales volume for Nov/2006 fiscal term
amounted to Yen 456.067 million, a 0.2% up from Yen 456,067 million in the
previous term. By divisions, mayonnaise
& dressings rose 1.9% to Yen 2,152 million; fruits & cooked foods
remained similar at Yen 50,242 million; health-care products down 11.3% to Yen
13,259 million; vegetables & salads up 2.8% to Yen 99,896 million. The recurring profit was posted at Yen
14,262 million and the net profit at Yen 6,071 million, respectively, compared
with Yen 12,829 million recurring profit and Yen 5,465 million net profit,
respectively, a year ago.
(Dec/2006/Aug/2007
results): Sales Yen 351,101 million (up 3.8%), operating profit Yen 11,884
million (up22.6%), recurring profit Yen 11,966 million (up 21.5%), net profit
Yen 5,809 million (up 48.7%). (%
compared with the same period last year).
For the term ended
Nov 2007 the recurring profit was projected at Yen 15,200 million and the net
profit at Yen 6,500, respectively, on a 1.9% rise in turnover, to Yen 465,000
million. Sales growth driven by
healthy-type dressings. Hyaluronic acid
expanded for foods, cosmetics and supplements produced on OEM basis. Materials edible oil prices soared but
offset by expanded high-priced products and scale-back promotion expenses. Functional health foods grew.
The financial
situation is considered FAIR and good for ORDINARY business engagements. Max
credit limit is estimated at Yen 15,487.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov 1919
Legal Status: Limited Company
(Kabushiki Kaisha)
Authorized: 250 million
shares
Issued: 155,464,515
shares
Sum: Yen 24,104
million
Major shareholders (%): Nakashima Co (16.9),
Touka Co (3.1), TCSB (Mizuho Bank) (2.9), Master Trust Bank of Japan T (2.7),
Japan Trustee Services T (2.7), Kiei-Kai Research Foundation (2.7), Zenkyoren
(2.5), SMBC (2.0), Nippon Life Ins (2.0), Dai-ichi Life ins (1.9); foreign
owners (7.5).
No. of shareholders
97,085
Listed on the S/Exchange (s) of
Tokyo
Managements: Yutaka Suzuki, pres; Shizuo
Hatanaka, s/mgn dir; Toshimasa Tatebe, s/mgn dir; Amane Nakashima, mgn dir;
Hidenobu Yamagami, mgn dir; Katsuhiko Sasaki, mgn dir; Akio Okumura, mgn dir;
Ietoki Shima, dir; Mineo Hasegawa, dir; Mitsugu Endo, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Deria Foods, Q P Egg
Corp, Kanae Foods, other (Tot 7 domestic);
Overseas: Q&B Foods Inc, Henningsen
Foods Inc (--USA), Henningsen Nederland BV (Netherlands), Beijing Q P Foods Co,
Hangzhou Q P Foods Co (--China), Thai Q P Co, Q P (Thailand) Co (--Thailand)
OPERATION
Activities: Manufactures mayonnaise &
salad dressings, condiments & processed foods, health foods, egg products,
salad & prepared foods (--80%), physical/foods distribution services by a
subsidiary, KRS Corp (20%).
Clients
[Food processors, wholesalers] Ryoshoku Ltd,
Mitsui & Co, Itochu Shokuhin, Kokubu & Co, other.
No. of accounts: 2,000
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Mitsui & Co, Mitsubishi Corp, Toyo Seikan,
Mitsubishi Corp, other..
Payment record: Regular
Location
Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References
SMBC (Shinjuku-Nishiguchi)
Mizuho Corporate Bank (Shinjuku)
Relations: Satisfactory
Financials
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FINANCES: (Consolidated in million yen) |
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Terms Ending: |
30/11/2006 |
30/11/2005 |
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INCOME STATEMENT |
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Annual Sales |
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456,067 |
455,007 |
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Cost of Sales |
345,241 |
346,520 |
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GROSS PROFIT |
110,825 |
108,487 |
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Selling & Adm Costs |
96,665 |
95,656 |
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OPERATING PROFIT |
14,159 |
12,830 |
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Non-Operating P/L |
103 |
-1 |
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RECURRING PROFIT |
14,262 |
12,829 |
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NET PROFIT |
6,071 |
5,465 |
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BALANCE SHEET |
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Cash |
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22,179 |
13,153 |
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Receivables |
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73,689 |
66,066 |
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Inventory |
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15,761 |
16,224 |
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Securities, Marketable |
12 |
27 |
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Other Current Assets |
6,878 |
5,047 |
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TOTAL CURRENT ASSETS |
118,519 |
100,517 |
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Property & Equipment |
120,116 |
117,807 |
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Intangibles |
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2,817 |
2,986 |
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Investments, Other Fixed Assets |
48,734 |
44,414 |
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TOTAL ASSETS |
290,186 |
265,724 |
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Payables |
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43,741 |
37,133 |
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Short-Term Bank Loans |
13,487 |
17,662 |
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Other Current Liabs |
34,946 |
29,515 |
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TOTAL CURRENT LIABS |
92,174 |
84,310 |
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Debentures |
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10,500 |
10,000 |
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Long-Term Bank Loans |
19,260 |
10,380 |
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Reserve for Retirement Allw |
3,732 |
4,062 |
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Other Debts |
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8,303 |
6,639 |
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TOTAL LIABILITIES |
133,969 |
115,391 |
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MINORITY INTERESTS |
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17,919 |
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Common stock |
24,104 |
24,104 |
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Additional paid-in capital |
29,432 |
29,418 |
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Retained earnings |
83,305 |
79,295 |
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Evaluation p/l on investments/securities |
4,676 |
4,448 |
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Others |
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16,968 |
(2,353) |
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Treasury stock, at cost |
(2,268) |
(2,500) |
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TOTAL S/HOLDERS` EQUITY |
156,217 |
132,412 |
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TOTAL EQUITIES |
290,186 |
265,724 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
30/11/2006 |
30/11/2005 |
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Cash Flows from Operating Activities |
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21,443 |
15,686 |
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Cash Flows from Investment
Activities |
-16,589 |
-11,625 |
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Cash Flows from Financing Activities |
3,187 |
-7,415 |
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Cash, Bank Deposits at the Term End |
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21,212 |
13,127 |
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ANALYTICAL RATIOS Terms ending: |
30/11/2006 |
30/11/2005 |
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Net Worth (S/Holders' Equity) |
156,217 |
132,412 |
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Current Ratio (%) |
128.58 |
119.22 |
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Net Worth Ratio (%) |
53.83 |
49.83 |
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Recurring Profit Ratio (%) |
3.13 |
2.82 |
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Net Profit Ratio (%) |
1.33 |
1.20 |
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Return On Equity (%) |
3.89 |
4.13 |
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%)